Economic data continue to come out positive.
The Chicago Federal Reserve reports that its national activity index showed a pick-up in US economic activity in October.
Led by improvements in production- and employment-related indicators, the Chicago Fed National Activity Index increased to –0.28 in October from –0.52 in September. Three of the four broad categories of indicators that make up the index made small positive contributions in October, while the consumption and housing category continued to make a large negative contribution.
Another positive report came from Moody's, which reported that US commercial property prices rose 4.3 percent in September.
In Europe, while investors remain nervous about sovereign debt issues, consumers became slightly more confident in November. Bloomberg reports:
European consumer confidence unexpectedly rose in November, suggesting the region’s recovery may be weathering government budget cuts.
An index of consumer sentiment in the 16-nation euro region increased to minus 9.5 from a revised minus 10.9 in October, the Brussels-based European Commission said today in an initial estimate today. That’s the highest since December 2007. Economists had forecast a reading of minus 11, the median of 20 estimates in a Bloomberg News survey showed.