Germany's government is facing a potential vote of no confidence, which could lead to elections in February. This political change is expected to bring up discussions about fiscal deficits, even though the changes are relatively minor.

In Canada, Finance Minister Chrystia Freeland has resigned due to disagreements with Prime Minister Justin Trudeau over how to handle US President-elect Trump's economic nationalism. This trend of blaming foreigners for domestic issues is becoming a global phenomenon, indicating potential political divisions in various countries.

Meanwhile, the labor market in the UK is showing signs of strength, with employment and real average earnings increasing, despite mixed data. Surveys of business sentiment may not accurately reflect the current economic reality, suggesting a possible lag in sentiment compared to actual performance. In the US, retail sales are expected to improve, with household consumption reaching record levels, although consumers remain skeptical about their financial well-being. It is possible that the retail sales figures do not fully capture overall spending growth, as they primarily focus on limited discretionary spending categories.