The day began with a report from Bloomberg which announced that Special Prosecutor Robert Mueller had issued a subpoena to Deutsche Bank to force it to hand over documents relating to its relationship with Donald Trump and his family. The day didn’t get much better for Trump, as the US trade deficit was shown to have hit a nine-month high. It widened to $48.7 billion in October which was $1.2 billion more than had been forecast.
The US non-manufacturing PMI fell from 60.1 in October to 57.4 in November (against an expectation of 59), while the services PMI came in at 54.5 against a forecast of 54.7. As with the eurozone and UK PMI figures, the sectors are still growing so there is no real cause for alarm, but it will be interesting to see what the figures are in the next couple of months.
Later today we will see the employment change for November. The reading is expected to show that 210,000 workers were hired by private businesses in November.
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