United States

• Factory orders +0.2% vs +0.5%
• Initial jobless claims 191K vs 220K
• Industrial production +0.1% vs 0.0%
• ISM non-manufacturing PMI 52.6 vs 52.1
• ADP employment -32K vs +10K
• ISM manufacturing 48.2 vs 49.0

United Kingdom

• Construction PMI 39.4 vs 44.1
• Services PMI 51.3 vs 50.5 prelim

Germany

• Construction PMI 45.2 vs 42.8
• Industrial orders +1.5% vs +0.4%
• Manufacturing PMI 48.2 vs 48.4 prelim

Eurozone

• PPI +0.1% m/m, in line
• CPI +2.2% y/y vs +2.1%
• Manufacturing PMI 49.6 vs 49.7 prelim

Japan

• Consumer confidence 37.5 vs 35.8
• Services PMI 53.2 vs 53.1

Australia

• Q3 GDP +0.4% vs +0.7%
• Services PMI 52.8 vs 52.7

Canada

• Services PMI 44.3 vs 50.5
• Manufacturing PMI 48.4 vs 49.6

China

• S&P Global manufacturing PMI 49.9 vs 50.5 expected

BOJ likely to hike in December; yen jumps on the report

A Bloomberg report suggests the Bank of Japan is leaning toward a December rate hike, while keeping the door open for further tightening. Policymakers will track data and market conditions up to the final decision, but the signal was enough to move markets: the yen strengthened, JGB futures slipped, and traders boosted odds of a December move. The chatter aligns with Japan’s slow, deliberate push toward policy normalization despite lingering uncertainty around consumption and export demand.

China’s “Nvidia” soars 400% on debut

Moore Threads exploded more than 400% on its Shanghai IPO, raising $1.1B and tapping into heavy demand for domestic AI chipmakers as U.S. export controls reshape global semiconductor flows. The company joins peers like Enflame and Biren in racing to supply AI processors where Nvidia cannot. The surge also reflects Beijing’s fast-tracking of semiconductor listings as it pushes for deeper self-reliance in advanced computing.

AMD cleared to ship licensed AI chips to China

AMD CEO Lisa Su said the firm is authorized to export certain MI308 AI chips to China and is ready to pay the 15% fee required under the latest U.S. export-control arrangements. The framework, shared with Nvidia, has drawn legal scrutiny over whether it resembles an export tax, but AMD appears prepared to operate within the rules to serve Chinese customers within the allowed technical limits.

Nvidia awaits Trump’s call on H200 export licenses

The Trump administration is preparing a high-level meeting to decide whether Nvidia will be granted licenses to export the H200 to China, according to the Financial Times. Any relaxation would hand Nvidia a meaningful boost and ease pressure from Chinese demand shifting to domestic alternatives.

Tesla’s UK sales fall 19% as Chinese rivals surge

UK registrations for Tesla dropped 19% in November to 3,784 units, extending the steep slide seen in October. The market is tilting toward newer, cheaper Chinese EV models—led by BYD, whose UK sales more than tripled. Analysts point to a mix of stronger competition, fading demand, and reputational drag tied to Elon Musk’s political profile. Across the broader UK car market, registrations fell 6.3% y/y, pointing to a softer year-end backdrop.

JPMorgan: labor slump argues for Fed cuts, but inflation still sticky

JPMorgan sees the labor market taking center stage into early 2026. Chief economist Michael Feroli warns that weakening job demand is becoming harder to overlook, with several quarters of cooling hiring now giving way to rising layoff signals. He expects “uncomfortably slow” job creation over the next few months, though warns that persistent inflation will likely cap how far the Fed can ease in 2026.