Yeah, thanks very much Matt It's been another complex if quieter than usual week for financial markets as the Thanksgiving holidays provides a backdrop for a market reflection This week we've had the release of the global PMI data for November where some signs of stabilization not least in Germany in the UK add to our conviction that Q3 was the peak of global growth divergence and Q4 and beyond is likely to see convergence or a renormalization in global growth dynamics. A theme that we discuss further in this week's blog. And the close of this week is likely conducted at a much slower tempo from the market perspective, but we're likely back to full speed next week. And there are a few things we've got our eye on.

Firstly, with the turkey and pumpkin pie a fading memory, next week sees the resumption of the U. S. data. We get the release of the Q3 GDP revision. Important now only to frame the slowdown into Q4, and the PCE print for November, again, is less relevant, as we know most of the components from the CPI report. Our focus will thus be more tilted toward Friday's ISM manufacturing report and more anecdotal reports from Black Friday and Cyber Monday sales, where both demand and the level of discounting could be significant indicators of the underlying growth trajectory in the U. S. The beta book on Wednesday may give more formal inference of the demand and loan dynamics and altogether may prove a more active week for U. S. Data.

Secondly, and again, relevant for our views of relative global growth, divergence or convergence the U.S. versus the rest of the world. We get some more interesting global growth data. German consumer confidence on Tuesday. Eurozone preliminary CPI for November on Thursday and the China PMI data for November on Thursday and Friday, will all add to the evolving picture of growth stabilisation in the global economy. The revised OECD economic outlook report on Wednesday may well put these data points into a global perspective, a subtle but important run of global data to look out for next week.

And then lastly, we get direct commentary from central bank governors next week. The recent rhetoric has mirrored our views of global convergence with a more dovish fed and an ECB and Bank of England that have been more inclined to push back against a more dovish market rate pricing. The ECB's Lagarde speaks to the European Parliament on Monday, Bank of England's Bailey on Wednesday, 50-year anniversary of the FX joint standing committee, and perhaps the biggest focus will be on Fed Chair Powell, who speaks in a fireside chat in Atlanta, Georgia, on Friday. With markets focused on relative central bank reaction functions, as well as absolute these three speeches will be closely watched next week.