Equity markets seem to anticipate a change in the Federal Reserve’s wording, at the upcoming last FOMC meeting for this year. The Fed will weigh its pledge to hold interest rates low for a “considerable time,” preparing markets for a first tightening. Stocks in Asia followed the decline in overseas and a stronger Yen pressured Tokyo indices. In China, consumer prices rose a more moderate-than-anticipated +1.4% (consensus: +1.6%) in November. Producer prices dropped -2.7% (expected -2.4%). This could give the Chinese central bank some room for stimulus. German exports remained on record path in October, despite a challenging environment. Shipments to other countries rose +4.9% year-on-year amounting EUR 103.9bn. Demand was particularly strong in countries outside the Eurozone, were exports advanced +7.6%. U.K. industrial production unexpectedly declined for the first time since May, dropping -0.7% in October.
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