EWA

Flash Australia PMI signals faster output growth in October as COVID-19 containment measures loosen.Resurgent service sector leads the upturn as manufacturing expansion slows.Business confidence improves to strongest for just over two years.Subdued demand remains key concern for upturn stamina.

Australia has officially entered a recession, but that could spur further deregulation and recovery efforts, helping stocks.The banking sector got a boost from a recent announcement of lending regulations. While it may pose longer-term problems, this is a short-term win, in my view.The country's relationship with China is a headwind going forward. However, a growing trade relationship with India could soften the blow.

Canadian oil and gas stocks never really recovered from the global financial crisis. They had a bounce in 2009 as the economy improved, but a surge in U.S. shale production sparked another crash in 2014.