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United States
Wage growth in goods-producing industries is outpacing that in services.
Canada
Canadian employment unexpectedly declined slightly in October, extending September’s much larger contraction.
United Kingdom
Britain’s annual welfare spending has reached £330 billion, exceeding income tax and employee National Insurance receipts in roughly three-quarters of constituencies in England and Wales, as public opinion increasingly shifts toward viewing benefits as too generous.
China
Headline inflation slowed and trailed consensus, led by steep falls in food prices. Core inflation also remained sluggish.
Equities
Our calculation of UBS’s Intraday Recovery Score remained bearish, suggesting that investors continue to sell into rallies rather than buy dips.
Commodities
Market-driven investment is expected to avert shortages in nine of 10 critical minerals through 2050, but copper remains a key exception, with projected demand exceeding supply beginning in 2028.
Global Developments
This chart shows Goldman Sachs’ estimates of the impact of rising rates on global growth.
Food for Thought
Kalshi and Polymarket had a better batting average than polls and other forecasters in predicting the outcome of the most competitive US midterm races.
