US construction spending picked up in August
US construction spending accelerated a little in August, new delayed data shows.
A Census Bureau report that had been delayed by the US government shutdown shows that construction spending rose by 0.2% in August, to an annualized ratee of $2.17trn.
Economists had been expecting construction spending to contract by 0.2% in August, so this is encouraging – although rather out of date too!
Closing post
Time to recap.
Japan and Switzerland have both suffered an economic hit from Donald Trump’s trade wars.
Japan’s GDP shrank by 0.4% in July-September, dragged down by a fall in exports.
In a double-blow to Tokyo, shares in Japanese tourism and retail firms have fallen sharply after China warned its citizens not to travel to Japan.
Switzerland, which agreed a new trade deal with the US last week, shrank by 0.5% in Q3.
The European Commission, though, is more optimistic than earlier this year. It has raised its forecast for eurozone growth this year.
Shares in Google’s parent company, Alphabet, have jumped by more than 5% after Berkshire Hathaway took a stake in the firm.
But billionaire tech investor Peter Thiel has sold his entire stake in Nvidia…
WPP’s share price has risen sharply amid speculation that the advertising group could be the subject of a takeover by a rival or a private equity buyer.
