The figure plots the evolution of average import tariffs and the average imports-to-GDP ratio from the year before the tariff increase (year –1) through the following 5 years.
Source: FED St. Louis
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German ZEW
German investor confidence edged up this month though there’s little optimism about a strong pickup from the current slowdown
ZEW President Achim Wambach said survey participants “don’t expect to see a speedy recovery of the currently weak development of the economy”
Japanese PIL
Japan’s economy was bound to take a hit from a string of natural disasters that disrupted production in 3Q, as the GDP data bore out. The good news is that the effects will pass, and a rebound in 4Q is likely
The negatives in the data were discouraging, but not alarming. Business investment declined, breaking a seven-quarter expansion. Consumption retreated marginally. Exports also fell. But consider the positives. Reconstruction-related demand will provide a boost going forward. A decline in inventories has probably set up production for a rebound
Chinese Industrial Production
China’s economy showed tentative signs of stabilization in October with infrastructure investment and industrial production picking up, even as weak retail sales underscored strong downward pressure on output
Those readings signal that government stimulus aimed at spurring infrastructure investment is finally passing through into the real economy. Leading drivers of the rebound were investment in environmental protection and cleanup, and road transportation projects, which quickened noticeably in October
source: Bloomberg
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