Financial News

This week’s focus lies on global economic indicators, including consumer confidence, GDP, and jobless claims, affecting the trajectory of the Dollar, Euro, and Pound amid evolving monetary policies.

It was another testy week for the crypto market. While a hawkish Fed tested buyer appetite, Mt. Gox news offered investor relief mid-week.

Services PMI fell in September but managed to stay above the 50 level.

Manufacturing’s PMI remained at 43.4 in the Eurozone, while the Services sector’s index showed slight resilience, rising to 48.4 from 47.9.

The Bank of Japan left monetary policy ultra-loose this morning, with no changes to the Yield Curve Control policy or interest rates.

Rising interest rates put pressure on the housing market, but house prices remain high due to low supply.

The Bank of England’s MPC holds the 5.25% rate, cuts £100 billion in bond buys, and eyes potential tightening if inflation persists.

Federal Reserve Chairman Jerome Powell said the interest rate outlook isn’t set; experts diverged on interpreting Fed’s cautious future stance.

Fed’s economic projections show a stronger economy and higher interest rates.

The UK annual inflation rate fell short of forecasts. An unexpected softening in inflationary pressure will raise question marks over a BoE rate hike.

In August, Canada’s inflation hit 4.0% due to a 0.8% gasoline price surge, exceeding forecasts, with BOC predicting short-term spikes.

High interest rates put significant pressure on the activity in the housing market.

August’s IPPI saw a monthly gain of 1.3%, spurred mainly by a 10.6% leap in refined petroleum products.

The Fed, The Bank of England, and the Bank of Japan are in the spotlight this week. Private sector PMIs also need consideration as recession fears grow.

As BTC mining hits the 50% clean energy mark, the crypto world watches for Elon Musk and Tesla’s next move.

At 67.7 points, consumer sentiment is far away from the historical average reading of 86 points.

Tertiary industry defies expectations, with July 2023 showing a remarkable 2.7% year-on-year growth, indicating a robust recovery.

Natural gas prices are moving lower after the release of the EIA report.

The U.S. PPI for August 2023 rose 0.7%, with 80% due to a 2.0% spike in final demand goods, driven by a 20.0% surge in gasoline prices.

Australian employment figures sent a vastly different signal to the July report. A steady unemployment rate could ease fears of a slump in consumption.