Good morning, macro enthusiasts. Here's your daily roundup covering the United States, Europe, and key emerging markets. We cut through the noise to deliver the essential facts, key surprises, and meaningful context from each region in one place.

🇺🇸 Data centers are carrying US construction while housing slides

US construction spending fell 1.9% in September vs. a forecast 0.3% gain. Residential dropped 5.5% while data-center building hit a record $96.5bn. ISM manufacturing rose to 55.5, but supplier delays flatter the headline.

🇺🇸 Data centers are carrying US construction while housing slides
US construction spending fell 1.9% in September vs. a forecast 0.3% gain. Residential dropped 5.5% while data-center building hit a record $96.5bn. ISM manufacturing rose to 55.5, but supplier delays flatter the headline.
Macro Soup

🇪🇺 Even a strong franc could not keep the energy shock out of Swiss prices

Swiss inflation hit 1.5% in October against a 1.3% forecast, with energy costs up 16% and core staying at 0.5%. German real retail sales fell 2.0%. Wednesday's euro-area flash print, expected at 3.9%, tests the case for European Central Bank hikes.

🇪🇺 Even a strong franc could not keep the energy shock out of Swiss prices
Swiss inflation hit 1.5% in October against a 1.3% forecast, with energy costs up 16% and core staying at 0.5%. German real retail sales fell 2.0%. Wednesday's euro-area flash print, expected at 3.9%, tests the case for European Central Bank hikes.
Macro Soup

🇬🇧 The BoE hike is priced in, so Thursday is about the vote and the forecast

The Bank of England is priced at about 92% to raise Bank Rate a quarter point to 4.00% on Thursday. The vote, seen at 7-2, and new forecasts after September's 3.5% CPI will decide whether gilts keep pricing three to four more hikes.

🇬🇧 The BoE hike is priced in, so Thursday is about the vote and the forecast
The Bank of England is priced at about 92% to raise Bank Rate a quarter point to 4.00% on Thursday. The vote, seen at 7-2, and new forecasts after September's 3.5% CPI will decide whether gilts keep pricing three to four more hikes.
Macro Soup

🌏 Indonesia's inflation is calm, but its stock market is pricing a crisis

Indonesian inflation eased to 3.23%, inside Bank Indonesia's target band, and the Jakarta Composite still fell 3.8% as foreign investors sold ahead of an index review. Turkey's inflation held at 29.77% after its first rate cut since January.

🌏 Indonesia's inflation is calm, but its stock market is pricing a crisis
Indonesian inflation eased to 3.23%, inside Bank Indonesia's target band, and the Jakarta Composite still fell 3.8% as foreign investors sold ahead of an index review. Turkey's inflation held at 29.77% after its first rate cut since January.
Macro Soup

🇨🇳 Beijing leans against the yuan's rise while the two factory PMIs point in opposite directions

The PBOC will raise the foreign-exchange reserve requirement to 6% from 4%, its first hike since 2021, after 13 straight sessions of yuan gains. The official manufacturing PMI fell to 49.3 while the private RatingDog gauge held at 52.0.

🇨🇳 Beijing leans against the yuan's rise while the two factory PMIs point in opposite directions
The PBOC will raise the foreign-exchange reserve requirement to 6% from 4%, its first hike since 2021, after 13 straight sessions of yuan gains. The official manufacturing PMI fell to 49.3 while the private RatingDog gauge held at 52.0.
Macro Soup

That's your daily macro roundup. For more detailed regional deep dives, check out our weekly editions. If you found this useful, feel free to forward it along. More signal, less noise, as ever. Cheers.