Highlights of the week
Economist insights: Rebound of the ISM indices and a still-healthy labour market in the US, stabilisation of PMIs in China and uncertainty surrounding the renewal of stock market equivalence in Switzerland
- Greater optimism of purchasing managers in November: increase in new orders
- Low number of jobs created in November, but a still-dynamic labour market...
- ... with a stable wage growth and unemployment rate at 3.1% and 3.7%, respectively
- Stabilisation of PMIs in expansion territory…
- ...and strong growth in exports in October and November...
- .... back our scenario of a slight acceleration in GDP growth in the fourth quarter
- Decision by the Federal Council not to sign the draft institutional framework agreement with the EU...
- ...before making its final position known in spring 2019 following a broad public debate
- Uncertainty over the renewal of Swiss stock market equivalence granted by the EU
Focus eurozone: macroeconomic outlook
- GDP growth could decelerate to 1.5% in 2019 and to 1.4% in 2020
- Domestic demand would support economic growth
- Exports would suffer from the appreciation of the euro
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