Headlines discussed at LNWM’s Monday morning briefing:
— The US federal budget deficit rose to nearly $1 trillion for fiscal 2019 (4.6% of GDP), on corporate tax cuts and higher spending.
— US GDP growth is estimated to be 1.5% for 3rd quarter 2019; durable goods orders fell 1.1% in Sept., indicating softness in manufacturing;
— US consumer sentiment remained positive in Oct. (95.5 on the Index), albeit lower than in 2018, driven by healthy jobs market.
— Brexit is looking likely to happen by Jan. 31, 2020, as UK Parliament approved current deal but voted to extend the timeline past Oct. 31.
— Hong Kong’s economy is entering recession (negative growth two quarters in a row) as ongoing massive protests take their toll.
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