Global Economy Briefing: November 24, 2025
Read about Global Economy Briefing: November 24, 2025 on The Rio Times.
A cautious Monday kept the “services-steady, goods-soft” narrative intact. Europe’s business mood slipped again. U.S. factory sentiment in Texas weakened.
Mexico’s mid-month inflation mix stayed benign on core. Singapore printed low inflation. Canada’s factories cooled after a strong September.
Brazil’s tax haul jumped, hinting at fiscal breathing room despite softer retail momentum earlier in the month.
United States
The Dallas Fed manufacturing index fell to −10.4, signaling ongoing goods softness. Treasury bills tailed lower (3-month 3.745%, 6-month 3.670%), and the 2-year note auctioned at 3.489%.
The Conference Board’s Employment Trends Index edged up to 106.84.
Translation: growth looks service-led; tight financing eases a touch at the front end, but factories remain under pressure.
Europe
Germany’s Ifo Business Climate eased to 88.1 as expectations dipped to 90.6; current conditions held near trough levels at 85.6. French short-bill funding stayed orderly with yields little changed.
Read-through: Europe is stabilizing, not re-accelerating. The ECB keeps optionality while watching a fragile recovery.
Asia-Pacific
Singapore’s CPI ran 1.2% y/y with flat m/m, and core printed 1.20%—a clean disinflation profile that supports a steady MAS stance.
Korea’s consumer confidence rose to 112.4, reinforcing resilient domestic demand. Japan was on holiday.
Net: Asia’s buffers and demand pockets remain constructive for risk.
Latin America
Mexico’s first-half November inflation showed headline firming to 0.47% m/m but core nearly flat at 0.04% m/m. That combination supports Banxico’s gradualism.
Brazil’s FGV consumer confidence rose to 89.8. Federal tax revenue surged to R$261.90B ($48B) in September, improving near-term fiscal optics even as activity data lately have cooled.
Policy lens: BCB can stay patient; fiscal signals turn less negative at the margin.
Canada
Manufacturing sales fell 1.1% m/m after +3.3% prior, consistent with a slower goods pulse. New housing weakness earlier and softer retail last week keep the BoC cautious on timing any easing.
What it means
The day reinforced a two-speed global mix: services and domestic demand keep growth positive, while manufacturing drags.
Inflation signals were friendly (Singapore, Mexico core), allowing major central banks to hold fire.
For positioning: duration remains supported by benign inflation and softer goods; emphasize service-heavy exposures in the U.S. and Asia, stay selective in Europe, and in LatAm favor stories with improving fiscal cushions and anchored core inflation.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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