Daily Update – 1st October 2019
German annual inflation unexpectedly slowed for the third consecutive month in September, data showed on Monday. The British pound edged higher against greenback on Monday, as pound shrugged off data pointing to a contraction in the UK economy as investor attention remained focused on Brexit news flow. UK data was generally encouraging. According to the official release, the kingdom’s Gross Domestic Product improved to 1.3% YoY in the second quarter of the year, while Total Business Investment in the same period falling by less than anticipated. The pound did not react to the data, given that there have been few signs of progress in breaking the Brexit deadlock with the European Union It’s another busy day ahead on the Eurozone economic calendar. Key stats include September manufacturing PMI numbers out of Spain and Italy and prelim September inflation numbers for the Eurozone. While finalized French and German manufacturing figures will likely have a muted impact, Eurozone manufacturing PMI numbers will also influence. From the U.S, the markets’ preferred ISM manufacturing PMI will also influence on the day. Forecasts are market risk positive. On the geopolitical risk front, Brexit, Impeachment talk and trade war chatter will likely continue to keep the news wires busy on the day. The news would have to be quite dire, however, to distract the markets from today’s stats.Yesterday's Focus
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