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In another relatively uneventful month for economic data, investor attention was directed at rising interest rates and bond yields and election uncertainty in the United States. Economic indicators were on the whole relatively good showing that the global economy continues to expand at a moderating pace.
In October equity and bond markets were both a little weaker as investors worried about higher US interest rates and the outcome of the US elections.
Crude oil prices were about 3% weaker as oil producer nations failed to agree to production cuts.
Chinese economic data was relatively good helped by infrastructure and housing construction activity.
The US economy continues to grow moderately with some evidence that wages growth is picking up.
The Eurozone economy continues to grow in line with long term trend rates and business sentiment in both the manufacturing and services sectors has improved.
Meanwhile Australia’s economy is still somewhat mixed with softness in retail spending and low inflation but the recent lift in iron ore and coal prices should help provide support into 2017.