Equity markets remain volatile as the slowing Chinese economy and uncertainty over earnings added to already struggled investors. Investors are already stressed over the effects of tightening U.S. monetary policy and political tensions in Europe from the U.K. to Italy are also hitting sentiment.
As far as data went, US retail sales rose a decent 0.8% in October. However, the greenback’s gains were capped following the latest cautious comments about their economic outlook from Fed Chair Jerome Powell. He emphasized the U.S. economy was strong but had concerns about how long the recovery could last.
And closer to home, New Zealand’s Manufacturing activity in New Zealand recorded its highest level in four months in October. The latest survey showed that their Business Performance of Manufacturing Index rose to 53.5 from 51.7 the previous month. This was the highest level of activity since May.