Dubai’s Purchasing Managers’ Index (PMI), a measure of the non-oil economy’s health, surged to 54.5 in October, up from previous month’s 51.5, IHS Markit said.
This is the largest improvement in business conditions in two years as new orders experienced strong rebounds. The tourism industry also underwent significant boosts due to the start of Expo 2020.
However, the growth of job creation in the non-oil sector was weak for the month.
US producer prices on the up again
Producer prices in the US rose by an annual rate of 8.6 percent in October, unchanged from the prior month’s level, the US Bureau of Labor Statistics revealed.
This is the highest level since at least November 2010.
On a monthly basis, producer inflation reached 0.6 percent in October, following September’s rise of 0.5 percent. A large chunk of the monthly inflation was attributed to a 1.2 percent jump in prices for goods. In particular, prices of gasoline went up by a monthly rate of 6.7 percent.
Trade balances in Europe
Germany’s trade balance recorded a surplus of €16.2 billion ($18.8 billion) in September, shrinking from a surplus of €20 billion a year ago, data from Germany’s Federal Statistical Office showed.
Imports rose by 12.9 percent to €101.6 billion, while exports grew by a lower rate, increasing by 7.1 percent to €117.8 billion .
On a seasonally adjusted basis, exports fell by 0.7 percent, the second reduction in a row, as supply chain disruptions continue to adversely impact the economy while imports posted a slight increase of 0.1 percent.
In addition, Germany’s current account surplus declined to €19.6 billion in September of 2021 from €25 billion a year ago, Deutsche Bundesbank said.
Meanwhile, France’s trade deficit expanded slightly to €6.78 billion ($7.85 billion) in September from €6.66 billion in October, France’s Ministry of the Economy and Finance said.
Exports fell by 0.9 percent, as exports of mechanical, computer and transport equipment slumped.
Imports also slid by 0.5 percent, partly due to drops in imports of transport equipment.
Economic sentiment in the Eurozone
The ZEW Indicator of Economic Sentiment for the Euro Area grew to 25.9 points in November from an over a year-and-a-half low recorded in October, according to the Centre for European Economic Research (ZEW).
Almost half of the surveyed analysts expected that economic activity would experience no change while 40 percent predicted an improvement.
Meanwhile, the current economic situation indicator in the Eurozone slipped to 11.6 points, while the inflation expectations decreased to 14.3 points.
As for Germany, the country’s Indicator of Economic Sentiment moved up to 31.7 points in November of 2021 from 22.3 points in October.
Financial market experts had a more favorable outlook for the coming six months and expected growth to increase and inflation to decline in the first quarter of 2022 in Germany and the Eurozone.
Japan’s current account
Japan’s current account surplus declined to JPY1.03 trillion ($9.14 billion) in September 2021 compared to the same month last year when it was valued at JPY1.5 trillion, official data revealed.
This was driven by a significant drop in the country’s goods account surplus, decreasing to JPY230 billion, down from JPY907 billion in September last year. Import went up by 41.6 percent while exports rose by a lower 16.1 percent.
Australia’s business confidence
The NAB business confidence index in Australie surged to 21 points in October following last month’s 10 points, according to the National Australia Bank.
This is the highest level since April as lockdowns ended in some of the country’s regions and vaccination rollouts started to gain momentum.
The country’s annual inflation rose slightly to 6.2 percent in October from September’s 6 percent, according to official data.
This is the highest rise in consumer prices since December 2017.
The jump in prices was fuelled partly by a 7.3 percent increase in transportation costs and an 8.4 percent inflation for food and non-alcoholic beverages prices.
Meanwhile, the monthly inflation rate reached 0.84 percent in October up from 0.62 percent in the previous month.