Good Morning Traders! This Monday we get German Industrial Orders and German Services PMI.
Here is what to keep in mind.
Sentiment
In a generally dovish policy statement, Governor of the Bank of Japan Ueda continued to obliquely suggest that the bank is making steady progress towards hitting its inflation objective, leaving open the possibility of a future normalisation date.
Christine Lagarde, president of the European Central Bank, stated that the bank is committed to bringing prices back to goal and that a slowdown in inflation is "certainly our forecast." Lagarde stated, "We are determined to bring inflation down to 2%," in comments that were published on the ECB's website on Saturday and were read by the Greek newspaper Kathimerini. "Our estimates indicate that we will arrive there in 2025."
The leader of China promised to increase market openness and increase imports, which have decreased this year. In a speech on Sunday to open the China International Import Expo in Shanghai, Li Qiang stated, "We will continue to promote opening up, with greater inclusivity and benefit-sharing," and China "will actively expand imports."
Oil prices in Asia increased on the reaffirmation by Saudi Arabia and Russia that they will maintain daily oil supply curbs exceeding one million barrels until the end of the year.
As part of a new shuttle diplomacy effort across the Middle East, Secretary of State Antony Blinken made surprise stops in the West Bank and Iraq with the goal of boosting aid to the Gaza Strip and preventing the Israel-Hamas conflict from sparking a larger war.
Docket
02:00 AM ET
German Industrial Orders MoM
Median Forecast -1.5% | Prior 3.9% | Range 1.0%/-3.5%
03:55 AM ET
German Services PMI Final
Median Forecast 48| Prior 48 | Range 48.2/48
German Composite PMI Final
Median Forecast 45.8 | Prior 45.8 | Range 45.8/45.8
Speakers
03:35 AM ET
ECB's de Guindos Speaks
07:45 AM ET
ECB's Holzmann and Valimaki Speak
Good Luck Today Traders!
