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Heading North

GLOBAL POLITICAL RISK

Modi, AMLO Top Major Economy Leader Poll, Macron Last

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Under Pressure

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Trend Condition Remains Bearish

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  • Supply-side issues continue to weigh on manufacturing but services came in higher than expected. Inflation pressures continued to rise, but output prices picked up a little less than in September. From the press release:
  • "positive demand-side factors were confined to the service sector as a considerable drag on order books came from the manufacturing sector in October. Surveyed goods producers mentioned that severe delays on input deliveries had caused customers to cancel or postpone their orders. There were also mentions of a slowdown in the automotive sector."
  • "Inflationary pressures grew stronger in October, particularly for goods producers. The overall rate of input cost inflation hit a 17-year high, with many firms attributing this to higher material prices. Greater costs for fuel and staff were also reported. Increased expenses were passed on to clients in many cases, with output charges rising for an eighth successive month, albeit at a slightly slower rate when compared to September."
  • "Output expectations strengthened during October to reach their most optimistic in four months. Increased positive sentiment reflected bullish projections towards demand, investment and company expansions plans, as well as expectations of supply-side and pandemic-related constraints easing. "