Daily Summary: Better PMI data from Europe boosts market sentiment 📌

Today, the trading session was relatively calm as Wall Street stay closed due to Thanksgiving.

European indexes mostly gained. CAC40, DAX, FTSE, and the Spanish IBEX increased around 0.3% today.

The ECB's minutes were quite dovish. Bankers agreed not to rule out potentially another rate hike, but indicated that further tightening is not the base scenario. Bankers emphasized the risk of tightening policy too much and indicated that previous hikes have not yet fully reflected in the Eurozone economy.

EURUSD strengthened today by 0.16% to 1.091, and contracts on the dollar index (USDIDX) managed to erase part of the declines and are currently at the level of 103.66.

The New Zealand Dollar, Euro, and Sterling are some of the better-performing currencies today.

Set of PMI data for manufacturing from Europe:

• United Kingdom: Currently: 46.7. Expected: 45.0. Previous: 44.8
• France: Currently: 42.6. Expected: 43.0. Previous: 42.8
• Germany: Currently: 42.3. Expected: 41.2. Previous: 40.8
• Eurozone: Currently: 43.8. Expected: 43.4. Previous: 43.1

Set of PMI data for services from Europe:

• United Kingdom: Currently: 50.5. Expected: 49.5. Previous: 49.5
• France: Currently: 45.3. Expected: 45.6. Previous: 45.2
• Germany: Currently: 48.7. Expected: 48.5. Previous: 48.2
• Eurozone: Currently: 48.2. Expected: 48.0. Previous: 47.8

November data from the United Kingdom indicated stabilization of production after marginal declines in each of the previous three months. This was supported by a return to expansion in the service economy, along with a milder decline in industrial production.

PMI for Germany turned out to be a positive surprise - the index for manufacturing improved much more than expected, and the index for services was slightly above expectations. The readings were much stronger compared to France, where the industry surprised with a decline against the expected, slight improvement.

The Central Bank of Turkey raised interest rates by 5.0% to 40.0%, higher than market expectations of 37.0%. The Turkish Lira sharply strengthened against the USD shortly after the decision.

In the commentary under the CBRT decision, it was noted that it commits to maintaining conditions of monetary tightening. However, the cycle of rate hikes is to be ended soon.

The Swedish Riksbank decided to keep rates at 4.0%, even though analysts expected a rate hike of 25 basis points to 4.25%.

Bitcoin is in a sideways trend, with higher quotations of smaller cryptocurrencies, among which Sushi gains the most. The project awaits the publication of a new 'tokenomics' by the creators on November 25, aimed at improving functionality and reducing supply.