Scoreboard: Taper debate

Wall Street was flat overnight as positive US data increased expectations of an impending taper, although bond and gold moves may suggest otherwise.

Global equities were weaker overnight, notionally on the view that a taper is close at hand – and for people of that view, there was some supporting data in US job openings. These rose 1 per cent in October to a five-year high. Similarly, US wholesalers told us that sales growth was strong in October – up 1 per cent, and more – they are lifting inventories in response and on the expectation of future strong sales growth – inventories up 1.4 per cent.


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