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To our readers in the United States: Happy Thanksgiving!
The United States: Growth in small business employment has been slowing.
The Eurozone: Negative rates have been a drag on European bank shares. The ECB hopes that a tiering system would soften the blow. Reserves of up to 6x the amount of minimum reserve requirements are exempt from negative interest rates (see overview).
But a similar tiering system in Japan failed to boost bank share prices.
Asia-Pacific: Asia’s exports have stabilized.
China: Pervalle Global has suggested that China’s tariff-driven front-loading of industrial output pushed the Markit/Caixin PMI higher (see story). Will falling industrial profits reverse those PMI gains?
Also, Chinese cement prices are rising, outpacing steel prices over the past year.
Global Developments: Here are the ETF flows over the past month.
Food for Thought: Thanksgiving stats:
Edited by Devon Lall
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