Japan Q3 GDP (second reading) -0.9% q/q vs -0.8% expected

Japan’s economy contracted in Q3 on covid disruptions in a sign that it will be long struggle to ever raise interest rates.

GDP annualized -3.6% vs -3.1% expected (first estimate was -3.0%)
Private consumption -1.3% vs -1.1% prelim
External demand 0.0% vs +0.1% prelim

Japanese manufacturing sentiment hits a four-month high

The manufacturing Tankan from Reuters hit +22 from +13 a month ago in a climb to the best level in four months.

The non-manufacturing index rose to +6 from +1. That’s the best in 22-months but likely doesn’t fully capture the worries about omicron.

The yen is trading flat so far

Latest South African covid data shows more reason for hope

Testing picked back up in South Africa yesterday, leading to a jump in cases but the percentage of positive cases ebbed slightly in what could be an encouraging sign.

23 Nov: 605
24 Nov: 1018
25 Nov : 1950
26 Nov : 2173
27 Nov : 2629
28 Nov : 2308
29 Nov : 1

UK considering Christmas work-from-home order – report

The UK government is drawing up plans for a work-from-home order over Christmas as PM Boris Johnson hopes to slow the spread of omicron, according to the Telegraph.
Officials working on Covid policy have carried out modelling on the economic impact of urging people to work from home over t