Growth in the euro zone as a whole was just 0.2% in the quarter. Nusseibeh described the region’s momentum as “incredibly weak.”
That leaves the U.S. as the bright spot in the global economy. Household sentiment there improved for a third month in November, according to a University of Michigan index. The labor market remains robust, with employers adding 128,000 new jobs in October.
In tune with that resilience, Federal Reserve Chairman Jerome Powell on Wednesday stuck to his view that interest rates are probably on hold after three straight reductions. Manufacturing and business investment are under pressure though, just as elsewhere, showing how prospects of a trade deal remain crucial to providing confidence.
The latest talks are currently centering on a U.S. demand that China detail how it plans to reach as much as $50 billion in agricultural imports annually, according to people familiar with the matter. Chinese negotiators are resisting a proposal for monthly, quarterly and annual targets for purchases, and also insist that the two sides must agree to rollback tariffs in phases if a deal is reached, the people said.
This article was provided by Bloomberg News.