Notable macro data

European inflation surprising mostly to the downside

Spanish Nov. CPI 6.8% YoY vs 7.4% expected / German Nov. CPI 10.0% YoY vs 10.4% expected / French Nov. CPI 6.2 YoY as expected / Italian Nov. CPI 11.8% YoY vs 11.3% / Overall Eurozone Nov. CPI 10% YoY vs 10.4% expected

European / Australian growth

German Nov. Unemployment Rate 5.6% vs 5.5% expected / Eurozone Nov. Manufacturing PMI 47.1 vs 47.3 expected. / UK Nov Manufacturing PMI 46.5 vs 46.2 expected / UK Oct. Mortgage Approvals 58.98K vs 60.20K expected, lowest monthly approvals since May 2020 / Australia Oct. Building Approvals -6.0% MoM vs -1.8% MoM expected.

US: macro weakness…

US consumer confidence declined again in November (although less...