{LONGTERMINVESTORS} MACRO UPDATE U.S. · The personal consumption expenditures price index, the measure of inflation most valued by the Fed, rose 0.2 per cent in September, the same increase recorded in August. Compared to a year ago, the PCE price index rose 1.2 per cent, below the Fed's 2 per cent target but at its highest level in nearly two years, the data showed. · Core PCE, which excludes more volatile food and fuel prices, posted a smaller increase, rising 0.1 per cent after a 0.2 per cent increase in August. Eurozone · Euro-area growth stayed its course in the third quarter, Gross domestic product rose 0.3 percent in the three months to September, according to an initial estimate published by the European Union’s statistics office on Monday. · The inflation rate picked up to 0.5 percent in October, a separate report showed. Japan · Japan's industrial output stalled in September in a worrying sign that the economy may be losing some momentum due to weak consumer spending and exports. Indust

MACRO UPDATE

U.S.

·         The personal consumption expenditures price index, the measure of inflation most valued by the Fed, rose 0.2 per cent in September, the same increase recorded in August. Compared to a year ago, the PCE price index rose 1.2 per cent, below the Fed's 2 per cent target but at its highest level in nearly two years, the data showed.

·         Core PCE, which excludes more volatile food and fuel prices, posted a smaller increase, rising 0.1 per cent after a 0.2 per cent increase in August.

 

Eurozone

·         Euro-area growth stayed its course in the third quarter, Gross domestic productrose 0.3 percent in the three months to September, according to an initial estimate published by the European Union's statistics office on Monday.

·         The inflation rate picked up to 0.5 percent in October, a separate report showed.

 

Japan

·         Japan's industrial output stalled in September in a worrying sign that the economy may be losing some momentum due to weak consumer spending and exports. Industrial output was unchanged in September from the previous month.

·         Retail sales fell 1.9 percent in September from a year earlier, slightly more than a median market forecast for a 1.8 percent decline, separate data from the trade ministry showed.

 

Source: The Business Times, Bloomberg, Phillip Securities Research (Singapore)

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CA Mihir Desai

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