Brief Overview of Key Economic Events from the Past Week
Last week saw several key economic indicators across major economies. In the U.S., crude oil inventories dropped by 2.191 million barrels, retail sales grew by 0.4%, and jobless claims decreased to 241,000. However, industrial production shrank by 0.3%, and building permits fell to 1.428 million. The Eurozone saw a 25-basis point rate cut by the ECB, with industrial production rising by 1.8%, while headline inflation slowed to 1.7%. In the U.K., unemployment dropped to 4.0%, while CPI growth slowed to 1.7%. Switzerland’s producer prices fell by 1.3% annually, and Canada’s CPI dropped to 1.6%. New Zealand’s CPI rose by 2.2%, while Australia added 64.1K new jobs. Japan’s industrial production fell by 3.3%, with exports down 1.7%. In China, industrial production grew by 5.4%, retail sales by 3.2%, and unemployment fell to 5.1%, though Q3 GDP grew at 4.6%.
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Please note that this analysis is provided for informational purposes only and should not be considered as investment advice. All trading involves risk.