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Daily Briefing – Tuesday, October 31, 2017

Europe

European indexes opened to a green day this morning, with the FTSE up 0.32% on oil and consumer goods and services. As last week ended, Bloomberg reported that the Bank of England is expected to raise interest rates for the first time in over a decade this Thursday; the GBP has yet to react to the news.

 

US

With Trump expected to announce the next head of the Federal Reserve on Thursday, savings is at a 10-year low as spending in September surged from 0.1% to 1% and personal income doubled from 0.2% to 0.4%. Following last night’s Chinese equities tumble, and as investors await this week’s economic data, US indexes yesterday closed in the red.

 

Asia

Chinese equities recovered some of yesterday’s losses overnight, closing in the green, except for the Hang Seng that continued to slide by 0.1%. Manufacturing fell in October from its 5-year peak to 51.6, while the non-manufacturing PMI dropped a point to 54.3. Both the Nikkei and the yen stayed flat this morning, after the Bank of Japan kept interest rates steady at -0.1%. The bank also downgraded inflation expectations, and housing starts fell by -2.9%, while industrial output and household spending also recorded drops. On the outskirts of the continent, with Australia’s private sector credit down a notch, New Zealand overnight posted a sever drop in business confidence (down 10%) and economic activity expectations (down from 29.6% to 22.2%).

 

Today’s Events

10 AM GMT EU: GDP, Unemployment & CPIs
8:30 PM GMT API: Weekly Crude Oil Inventories
0:30 AM GMT Japan: Nikkei Manufacturing PMI

 

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