Top-of-mind economic news as we start the week:
— U.S. GDP grew at an astonishing 5.2% rate in the 3rd quarter, even stronger than the initial estimate.
— Sales of new U.S. homes fell 5.6% in October on higher mortgage rates, but are up nearly 18% in the past 12 months.
— The Fed’s preferred inflation index showed U.S. prices rising 0.2% in October and 3.5% from a year ago, as expected.
— Inflation fell in the European Union to 2.4% at the cost of sluggish economic growth due to higher interest rates.
— The UN global climate conference (COP 28) hosted by the UAE faced controversy over leader’s fossil fuel remarks and restart of Israel-Hamas war.
