24th to 28th October
This week will be important in terms of economic data, as EU business surveys for October will come out, together with 3rd quarter growth figures from the US and the UK, and finally inflation data out of Australia and Japan. Also keep an eye on Europe this week as ECB President Mario Draghi will give a speech on Tuesday. Draghi will speak on “Stability, Equality and Monetary Policy”, but given last week press conference, he may just repeat some of those comments. To start the week, EUR Markit Services PMI (Oct) will be released which is an indicator of the economic situation in the Euro Zone services sector. It captures an overview of the condition of sales and employment. It is worth noting that the European service sector does not influence, either positively or negatively, the GDP as much as the PMI manufacturing does. Also Bank of Canada Governor Stephen Poloz is scheduled to speak in Ottawa. Market expects him to talk about the central bank’s recent decision to reduce the country’s growth outlook to 3 percent during the period 2017–2018 from 4 percent expected in July. In addition, Poloz is expected to provide some clues on cutting interest rates in the coming months. EUR Markit Services PMI (Oct) The IFO Current Assessment will be released by the CESifo Group, which is closely watched as an indicator of current conditions and business expectations in Germany and from US the Consumer Confidence will be released by the Conference Board captures the level of confidence that individuals have in economic activity. Also Governor of the Bank of England Mark Carney is scheduled to speak in London before the members of the House of Lords Economic Affairs Committee as regards the economic consequences of UK’s exit from the European Union. Market volatility can be expected. The President of the European Central Bank Mario Draghi is scheduled to speak in Berlin. He is expected to talk about the inclination of the central bank to provide further stimulus in December. He is also expected to provide clues as regards the different types of measures that are being planned. Market may remain volatile during his speech. Germany Ifo Business Climate The Consumer Price Index will be released by the RBA and republished by the Australian Bureau of Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. Also we will see US Crude Oil Inventories report. U.S. crude oil stocks dropped by as much as 5.2 million barrels to 468.7 million in the previous reporting period contrary to analyst’s expectation that the stocks would increase by 2.2 million barrels. As a result, crude oil prices rose and shares of oil companies registered gains. The annual gain declined to 2.1 percent and the total supply of petroleum products over the last four weeks rose modestly to 20.1 million barrels per day on average. The Gross Domestic Product will be released by the National Statistics is a measure of the total value of all goods and services produced by the UK. Also The Durable Goods Orders will be released by the US Census Bureau, measures the cost of orders received by manufacturers for durable goods, which means goods planned to last for three years or more, such as motor vehicles and appliances. The Gross Domestic Product Annualized will be released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time. GDP Annualized is a gross measure of market activity because it indicates the pace at which a country's economy is growing or decreasing. Monday
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