On Friday, we found out that the Eurozone’s painfully slow economic recovery continued for another quarter. Surprisingly, the growth was fuelled by better performances from some of the peripheries, although France did well, too, as it expanded 0.3% over the quarter.
At the beginning of this year, the People’s Bank of China (PBoC) engineered a decline in the renminbi, with the currency experiencing its biggest monthly drop on record against the U.S. dollar in March. The move was designed to dispel the belief that the yuan was a one-way bet and to ease pressure on China’s export sector.
While the manufacturing sector accounts for only 12% of the world’s largest economy, it remains a significant barometer for the health of the American economy and, as a rule, is a good indicator of how well the rest of the world is doing
Third-quarter GDP rose 3.5%, surpassing the median expectation of 3.0% on Bloomberg, and pulling the average growth rate up from 1.25% in the first half of the year up to 2% over the first nine months of the year. In the details, consumption rose 1.8% in Q3 just shy of the 1.9% rise expected, but a noticeable pullback from a 2.5% spending pace in Q2.