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Construction output in Ireland increased by 4.5% year-on-year in Q3 2024, up from an upwardly revised 0.6% in the previous quarter and marking the fastest growth since Q2 2022. Non-residential building production accelerated (5.7% vs 2.5% in Q2), while growth in residential buildings slowed (4.4% vs 7.8%). Meanwhile, civil engineering sector production volume rebounded (0.8% vs -6.6%). On a quarterly basis, construction activity expanded by 0.9% in Q3, following a 3.3% increase in the previous quarter.

Irish Construction Output Grows at Highest Rate Since Mid-2022

The Logistics Manager’s Index (LMI) in the US came in at 58.4 in November 2024, slightly down from October’s 58.9 but marking the 12th consecutive month of growth, signaling a steady recovery in the logistics sector. This organic expansion contrasts with past sudden spikes caused by external shocks. Inventory Levels slowed to 56.1 (-3.3), aligning with seasonal patterns, which eased Warehousing Utilization (-4.0) and Transportation Prices (-0.3) but increased Warehousing (+0.8) and Transportation (+1.7) Capacity. Inventory Costs (+2.9) and Warehousing Prices (+0.8) saw the fastest growth, reflecting higher costs as more inventory is held closer to consumers. Researchers from several universities and CSCMP provided the report.

US Logistics Growth Eases Slightly in November

The euro edged up to $1.0527, partially recovering from a 0.8% drop on Monday before as political turmoil in France heightened market uncertainty. The currency remains under pressure amid fears of a government collapse in France, where Prime Minister Michel Barnier faces a no-confidence vote over a divisive budget plan involving tax hikes and spending cuts. Elevated demand for euro hedges has pushed volatility to its highest since March 2023, reflecting growing concerns over weak economic data, political instability across key Eurozone economies, and a strong U.S. dollar. On the monetary policy front, markets are increasingly factoring in a 50 basis point reduction in December, though a 25 basis point cut remains more likely. Over the past month, the euro has lost 3% against the dollar and over 1% against both the pound and Swiss franc. Parity with the dollar is becoming a growing concern among investors.

Euro Edges Up after Monday's Slide

The yield on the 10-year Swiss government bond hovered around 0.20%, near its lowest level since February 2022, driven by expectations of larger rate cuts by the Swiss National Bank (SNB). Swiss annual inflation rose by 0.7% in November, up from a three-year low of 0.6% in October but below the 0.8% forecast. Despite the uptick, inflation remains low, reinforcing expectations of a 50 bps rate cut instead of 25 bps. The SNB, which targets inflation between 0% and 2%, has already reduced its benchmark rate by 25 basis points three times in 2024, bringing it to 1%. Meanwhile, Switzerland's economy is growing slowly, with GDP expanding 0.4% quarter-on-quarter in Q3, down from 0.6% in Q2, partly due to weak manufacturing linked to geopolitical tensions and recession in key trading partner Germany.

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