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November 20, 2025
Preview: Due November 21 - U.S. November S&P PMIs - Modest corrections lower, still healthy
November 20, 2025 4:05 PM UTC
We expect November’s S and P PMIs to both see modest slippage, manufacturing to 52.0 from 52.5 and services to 54.5 from 54.8 but these will be more corrections from October improvements than any suggestion of underlying weakness. The levels will remain healthy.
SARB Reduced Key Rate to 6.75% Following Favorable Inflation Outlook
November 20, 2025 3:21 PM UTC
Bottom Line: South African Reserve Bank (SARB) cut the policy rate by 25 bps to 6.75% during the MPC on November 20 owing to moderate inflation, stronger ZAR, few power cuts (loadshedding) in Q3, balanced growth risks, and lower oil prices. The MPC decision was unanimous. SARB governor Kganyago ment
U.S. October Existing Home Sales - Starting to gain momentum
November 20, 2025 3:16 PM UTC
A 1.2% rise in October existing home sales is in line with other private sector surveys (NAHB, MBA and pending home sales) suggesting some revival in the housing market as the Fed resumes easing. With the scale of future easing uncertain the housing sector outlook is too.
U.S. Initial Claims stable but Continued Claims moving higher
November 20, 2025 2:45 PM UTC
Today we saw the non-farm payroll for September, as well as eight weeks of initial claims that take us to the survey week for November’s non-farm payroll. Initial claims remain low, though continued claims have been rising in recent weeks, hinting at downside risks for non-farm payrolls in October
U.S. September Employment - Case for a December easing looks a little weaker
November 20, 2025 2:04 PM UTC
September’s non-farm payroll will be the last released before the December 10 FOMC meeting and is surprisingly firm at 119k, albeit with 33k in negative revisions. A rise in unemployment to 4.4% from 4.3% and a 0.2% rise in average hourly earnings provide only marginal offsets to the headline. Nov