As expected the Eurogroup presented their proposal for ESM reform ahead of the 13-14 December EU Summit.

Economic news has been volatile. Real personal consumption expenditures rose +0.4% m/m in October to +2.9% y/y, and like holiday sales, it’s solid but unexciting.

Real GDP growth accelerated to +0.8% q/q in Q3, up from +0.2% in Q2.

In January 2018, Emerging Markets (EM) open to trade (from Asia, Eastern Europe and Latin America) recorded their highest aggregate Manufacturing PMI since March 2011, well in the growth territory.

Q3 GDP grew +2% q/q annualized as expected, to a +2.1% y/y rate, but the details were mixed.

In contrast to its Eurozone peers the Greek economy saw economic growth accelerate in Q3 2018 with GDP expanding by +1% q/q after +0.4% q/q in the previous quarter.

Growth edged up to +0.6% q/q (+2.2% annualized) in Q3, after a recession in H1 (-0.7% in Q1 and -0.1% in Q2).

Economic growth slowed to +7.1% y/y in Q3 (after +8.2% in Q2) due to a lower contribution of net export and a slower expansion of private consumption.