Slight but still growth/Earnings comments still a mixed bag/Rental rates

Ahead of the US Q3 GDP figure at 8:30am est, the Eurozone saw a better than expected Q3 performance with a q/o/q gain of .4%, twice the estimate and higher by .9% y/o/y. Part of the increase was a better than expected print from Germany but only after their Q2 figure was revised down. It really was a slightly above estimate number from France and Spain that helped while Italy saw no growth vs the estimate of a .2%. 

Germany also said that in October the number of unemployed jumped by 27k which was about double the forecast of up 15k. The move in German bunds first responded up in yield on the GDP print but fell back down on the details and with this soft jobs data. Their unemployment rate was 6.1%, holding to match the highest since October 2020. 

Also out was the October Eurozone Economic Confidence index which fell to 95.6 from 96.3 which is below the estimate of no change and continues to flat line. Manufacturing weakened further while consumer confidence and those in retail and construction were less negative. Services continue to be the standout, though unchanged m/o/m in positive territory. Absorbing all the European data has the euro up vs the dollar but stocks are down across the region due to some disappointing earnings like from BASF.

Intraday German Bund move

German Unemployment Rate

Shifting to another slew of earnings.