A look at the main events of the past week
Chinese growth and New Zealand inflation top the scene in the Asian session
The absence of major US data is the most prominent headline for the week
Inflation from the UK and Canada the most important during the week
Miscellaneous data we will follow during the week In the absence of a large economic agenda and central banks, which will affect market movements directly, the markets are awaiting some sporadic data from the British and Canadian economy, the eurozone and Australia, especially inflation data, which has become the talk of the hour due to its continuous rises caused by the supply chain crisis and energy hikes.
A quick look at the main events of the past week
The week started with data from the German business confidence index and the eurozone on Tuesday, which fell less than the market expectations in the October survey ZEW Economic Sentiment Index declines in Germany and the Eurozone – Fayez Al-Ajmi (fayezalajmi-4x.com)
The most important last week was the US inflation data and the US Federal Reserve minutes, which topped the scene on Wednesday after inflation rose and exceeded expectations in September with an annual growth of 5.4% compared to 5.3%.
US inflation exceeds expectations and gold loses its gains – Fayez Al-Ajmi (fayezalajmi-4x.com)
The minutes of the meeting of the US Federal Reserve for its meeting held two weeks ago, issued on Wednesday, showed that the US Federal Reserve is expected to start reducing the pace of bond purchases amounting to 120 billion dollars per month in mid-November.
The US dollar is falling after the Fed minutes, so is the fall approaching – Fayez Al-Ajmi (fayezalajmi-4x.com)
On the other hand, we followed the Australian labor market data in the Asian session Thursday, where unemployment rates rose in September to 4.6% in Australia, which began on Monday to ease restrictions and return children to schools in Sydney after nearly four months of closure with high vaccination levels.
The impact of the shutdown on the Australian labor market data in September continues – Fayezalajmi (fayezalajmi-4x.com)
The Turkish economy was on the forefront of events during last week’s sessions, as the Turkish lira fell to record levels The Turkish lira incurs more losses – Fayez Al-Ajmi (fayezalajmi-4x.com)
The markets concluded the week with US data at the closing session of the week on Friday, as retail sales rose in September to come in violation of expectations, while the preliminary reading of the US consumer confidence index issued by the University of Michigan fell to 71.4 points US retail sales beat expectations – Fayezalajmi (fayezalajmi-4x.com)
After five consecutive weeks of gains in the US dollar index, the Dollar Index ended last week’s trading with a decline of about 0.15% at closing at 93.92, to rise this morning on Monday in the opening session and is now trading at 94.08 before the opening of European markets.
This week’s main events:
The absence of major economic data from the US economy from the scene this week will be the most prominent headline for this week, with the exception of some medium-impact data, while Britain, Canada, China and Australia lead the scene during the week.
Inflation rate in New Zealand exceeds expectations
Data released moments before the market opened showed that the quarterly inflation rate in New Zealand rose to 2.2% in the third quarter of this year ending in September, compared to 1.3% in the second quarter, and compared to expectations that it would rise to 1.5%, while the annual index rose to 4.9%.
In the details of the index, the food index rose by about 2.7%, affected by the increase in the prices of fruits and vegetables by 11%, and the index rose by 3.1% on an annual basis, while the transportation index rose by about 4.2% and 13% on an annual basis, and the housing and household utilities index rose by about 2.6% with an increase in Homeownership prices by 4.5% and the index rose by 6% on an annual basis.
The Chinese economy grew by 4.9% in the third quarter:
Data from the National Bureau of Statistics of China released this morning showed that China’s gross domestic product grew by 4.9% in the third quarter ending in September, compared to 7.9% in the second quarter and less than expectations of 5%, as the Chinese economy was affected by the energy shortage crisis in China and the slowdown in the real estate sector growth in the third quarter.
Retail sales exceeded expectations in September, rising by 4.4% on an annual basis, compared to 2.5% in August and expectations of 3.5%, while the unemployment rate reached 4.9%.
Industrial production rose by 3.1% in September, less than 5.3% in the August reading and less than expectations that indicated a growth of about 4.5%.
Inflation data from the United Kingdom and Canada is in the news After the data of China and New Zealand today, Monday, the markets are awaiting the CPI inflation data from the United Kingdom and Canada on Wednesday,
to top the most important events this week.
Although UK inflation is expected to stabilize at 3.2% in September, Bank of England President Bailey indicated Sunday in an online panel discussion that the bank expects inflation to rise twice the target and reach 4% and that inflation risks are rising strongly and therefore should The bank is preparing to intervene and raise interest rates for the first time since the beginning of the Corona crisis.
Miscellaneous data we will follow during the week Today, Monday, we will watch the statements of US Federal Reserve committee member Quarles in the European session, while US industrial production data will be released in the US session, in addition to the Canadian housing index and the Bank of Canada survey of business expectations.
Tuesday in the Asian session, the minutes of the previous Bank of Australia Monetary Policy Committee meeting will be announced, while we will follow the indicators of US building and housing permits and the prices of dairy products from New Zealand in the American session.
On Wednesday, we will monitor the inflation data represented by the consumer price index from Britain in the morning, in addition to the final reading of inflation in the euro area, and the markets will also monitor the Canadian inflation data in the American session.
Thursday in the American session, the weekly unemployment benefits data, the Philadelphia manufacturing index and the home sales from the American economy will be released in addition to the statements of the Reserve Bank of Australia Governor Lowe at the end of the American session.
Friday, the last session of the week, the manufacturing and services PMI data in Australia, Japan, the United Kingdom, and the euro area topped the scene, in addition to British and Canadian retail sales, and the services and manufacturing PMI data for the United States of America will be announced with statements by a member of the US Federal Committee Dudley in the American session. .
06/11/2024
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