Three stories to chase up today:
First, the 33.1% annualized rise in US 3Q GDP - this is what full-throated and unconstrained fiscal and monetary stimulus can do;
Second, the unexpectedly sanguine results of the Eurozone's confidence and sentiment indexes for October. The survey period ended on Oct 22nd, so these surveys may just have missed, or disbelieved, news of the new European lockdowns;
Third, there's the divergence in Japan between retail sales (down 4% yoy) and wholesale sales (+14.9%). In both, the star performers are capital goods: so are producers simply stuffing the channels, or is there a genuine capital goods resurgence around the corner?
