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Trade the News - European Market Update - UK Manufacturing PMI Declines by More Than ExpectedEuropean Market Update - UK Manufacturing PMI Declines by More Than Expected
ยท *** ECONOMIC DATA ***
ยท SW Oct Swedbank PMI: 59.4 v 57.2e
ยท SZ Oct SVME PMI: 60.7 v 58.0e
ยท NO Oct Unemployment Rate: 1.7 v 1. 7%e
ยท IC Icelandic Central Bank unexpectedly raised interest rates by 45bps to 13.75% || was expected to hold rates at 13.30%
ยท UK Oct Manufacturing PMI: 52.9 v 54.5e || Prior revised from 55.1 to 54.7
ยท The manufacturing PMI in the UK expanded at its slowest rate in almost one-year during October suggesting that pound strength may be affecting the economy. The data comes ahead of manufacturing PMI figures in the Euro-Zone, which are due out tomorrow, and could be an indication of what's to come.
ยท *** SPEAKERS/COMMENTS ***
ยท UK Hometrack Forecasts UK house prices 4.5% in 2007 and +1.0% in 2008
ยท *** FIXED INCOME/FX/COMMODITIES/ERRATUM ***
ยท UBS cuts one-month dollar forecast to $1.45/Euro from $1.42/Euro
ยท UBS cuts three-month dollar forecast to $1.40/Euro from $1.35/Euro
ยท UBS cites strong underlying flows against the US || Says that the dollar is oversold over the past 12 months
ยท Saudi Central Bank cuts reverse repo rate by 25bps to 4.75%, raises banks reserve requirement ratio by 2 points to 9.00%, maintains key benchmark rate at 5.50%
ยท Europe was extremely quiet overnight due to a lack of major economic numbers as well as a lack of central bank speakers. Markets are currently digesting yesterday's FOMC decision, and are awaiting tomorrow's non-farm payrolls data in the state. European fixed- income futures are trading lower in the session on follow through from the recent hawkish rhetoric from the ECB as well as the inflation data in the Euro-Zone yesterday. Following the Fed's rate decision the Dollar is consolidating against the majors, but remains weaker against the commodity currencies, which are being buoyed by record oil prices.
COD % COD
DAX - 26.44 -0.33% Intersession
CAC 40 -33.44 - 0.57% Intersession
FTSE 100 -51.3 -0.76% Intersession
Euro Stoxx -1.63 -0.38% Intersession
Swiss Market -40.62 -0. 45% Intersession
IBEX 35 -60.9 -0.38% Intersession
S&P/MIB - 288 -0.71% Intersession
Sensex -43.81 -0. 22% Intersession
Nikkei 225 132.77 0.79% Closed
Hang Seng 140. 3 0.45% Closed
Shanghai -40.48 -0.68% Closed
Shenzhen -35. 646 -2.44% Closed
ASX 200 -22.36 -0.65% Closed
Kospi -1.71 - 0.08% Closed
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Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
co-founding Partner, Global-View.com
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