Key Takeaways
- Spain's industrial production in October saw a monthly increase of 0.7%, surpassing estimates, but its non-seasonally adjusted annual growth significantly slowed to 1.6% from 4.5%.
- Spanish house price growth decelerated quarter-on-quarter in Q3 to 2.9% from 4.0%, while the year-on-year growth for Q2 remained robust at 12.8%.
- Switzerland's foreign currency reserves rose to CHF 727.4 billion in November, an increase from the previous month's CHF 724.8 billion.
- Russia's narrow money supply contracted slightly in November, and Singapore reported a strong 4.5% growth in retail sales.
Economic data released today painted a mixed picture across Europe, with Spain showing divergent trends in its industrial and housing sectors, while Switzerland's foreign currency reserves grew. Meanwhile, Russia's money supply contracted, and Singapore posted solid retail sales growth.
In Spain, industrial production in October increased by 0.7% month-on-month, exceeding the estimated 0.5% and the previous month's 0.4%. However, the year-on-year figures presented a more cautious outlook; seasonally adjusted industrial output grew by 1.2% (above the 0.8% estimate but down from 1.7% previously), while non-seasonally adjusted output saw a substantial slowdown, rising only 1.6% compared to 4.5% in the prior period.
The Spanish housing market also showed varied performance. The INE House Price Index for Q3 indicated a quarter-on-quarter increase of 2.9%, a deceleration from the 4.0% recorded previously. Conversely, the year-on-year house price growth for Q2 actually edged up to 12.8% from 12.7%, suggesting sustained annual appreciation despite the recent quarterly slowdown.
Elsewhere, Switzerland's foreign currency reserves saw an increase in November, reaching CHF 727.4 billion, up from CHF 724.8 billion in October. This modest rise indicates a continued accumulation of foreign assets by the Swiss National Bank.
In other global economic news, Russia's narrow money supply in November registered 19.07 trillion, a slight contraction from the 19.14 trillion reported in the previous month. Separately, Singapore announced a healthy 4.5% growth in its retail sales, signaling robust consumer activity in the Southeast Asian nation.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.