Wealth Management Review - ECB delays QE to 2015  Blue Horizon November 2014

The macro data in November were mixed. US non-farm payrolls rose by 321,000, the highest figure since January 2012. The unemployment rate remained unchanged at 5.8% and wage inflation remained low. While the Eurozone PMI fell to a 16-month low in November – to 51.4 from 52.1 – German manufacturing orders unexpectedly climbed by 2.5%, far above the expected 0.5%. This suggests that the German econ-omy, which has been stagnant in recent quarters, may be ready for a growth spurt soon.

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