The post-election global stock market rally paused as a mid-week agreement from OPEC to modestly cut annual oil production highlighted an otherwise quiet week of economic data.
Media attention remains on US politics as President-elect Trump’s new cabinet nominations commanded plenty of ink. US economic data were positive. The US economy grew faster than initially projected as Q3 GDP was revised upward. Weekly US jobless claims increased to 268,000 remaining near a four-decade low. October US pending home sales growth rose modestly m/m—reaching sales figures near ten year highs.
October euro-area unemployment rate fell to a seven year low of 9.8%. Economic data will be sparse in the week ahead with most attention focused on Sunday’s Italian constitutional referendum.