• U.S. housing data continue to slide in October, with housing starts down 4.1% m/m to 1.4 million units, while existing home sales fell 5.9% m/m to 4.3 million.
  • Retail sales surprised to the upside in October, rising by 1.3% m/m. Gains were relatively broad based and suggest the U.S. consumer remains on a firm footing. Real consumer spending is set to accelerate to 3% in Q4.
  • Results from the midterm elections showed the Democrats maintained control of the Senate but lost their majority in the House of Representatives.

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