A cautious Monday saved the “services-steady, goods-soft” narrative intact. Europe’s enterprise temper slipped once more. U.S. manufacturing facility sentiment in Texas weakened.
Mexico’s mid-month inflation combine stayed benign on core. Singapore printed low inflation. Canada’s factories cooled after a powerful September.
Brazil’s tax haul jumped, hinting at fiscal respiration room regardless of softer retail momentum earlier within the month.
United States
The Dallas Fed manufacturing index fell to −10.4, signaling ongoing items softness. Treasury payments tailed decrease (3-month 3.745%, 6-month 3.670%), and the 2-year observe auctioned at 3.489%.
The Conference Board’s Employment Trends Index edged as much as 106.84.
Translation: development appears service-led; tight financing eases a contact on the entrance finish, however factories stay beneath stress.
Europe
Germany’s Ifo Business Climate eased to 88.1 as expectations dipped to 90.6; present circumstances held close to trough ranges at 85.6. French short-bill funding stayed orderly with yields little modified.
Read-through: Europe is stabilizing, not re-accelerating. The ECB retains optionality whereas watching a fragile restoration.
Asia-Pacific
Singapore’s CPI ran 1.2% y/y with flat m/m, and core printed 1.20%—a clear disinflation profile that helps a gradual MAS stance.
Korea’s client confidence rose to 112.4, reinforcing resilient home demand. Japan was on vacation.
Net: Asia’s buffers and demand pockets stay constructive for threat.
Latin America
Mexico’s first-half November inflation confirmed headline firming to 0.47% m/m however core almost flat at 0.04% m/m. That mixture helps Banxico’s gradualism.
Brazil’s FGV client confidence rose to 89.8. Federal tax income surged to R$261.90B ($48B) in September, bettering near-term fiscal optics at the same time as exercise information recently have cooled.
Policy lens: BCB can keep affected person; fiscal alerts flip much less detrimental on the margin.
Canada
Manufacturing gross sales fell 1.1% m/m after +3.3% prior, in step with a slower items pulse. New housing weak spot earlier and softer retail final week preserve the BoC cautious on timing any easing.
What it means
The day bolstered a two-speed international combine: companies and home demand preserve development optimistic, whereas manufacturing drags.
Inflation alerts had been pleasant (Singapore, Mexico core), permitting main central banks to carry hearth.
For positioning: length stays supported by benign inflation and softer items; emphasize service-heavy exposures within the U.S. and Asia, keep selective in Europe, and in LatAm favor tales with bettering fiscal cushions and anchored core inflation.
