Good Morning Traders! This Thursday we get German Industrial Production data, as well as the BoE Decision Maker Panel Survey.
Here is what to expect.
Sentiment
Despite prior indications that the demand for Chinese goods remains weak globally, China's export slump eased in August. The customs department reported Thursday that imports decreased 7.3% and that overseas shipments dropped 8.8% in dollar terms from a year earlier last month, both of which were better than expected. Thus, the trade surplus for the month was $68 billion.
Since the inflation objective has not yet been reached, according to Bank of Japan Board Member Junko Nakagawa, it is prudent to continue monetary easing for the time being.
A lower-than-anticipated cutoff price is achieved for Japan's auction of 30-year government bonds amid predictions that yields will continue to rise.
Just days after avoiding a default with last-minute payments, Chinese developer Country Garden faces its next significant test on Monday when creditors complete voting on firm proposals to extend more bonds.
With Congress running out of time to strike a temporary funding agreement and House conservatives threatening to disrupt negotiations unless their demands for cuts are met, the US risks a government shutdown early next month.
After ending the greatest winning streak in more than four years, oil continued to rise as OPEC+ leaders extended supply restrictions through the end of 2023 and industry predictions indicated another drawdown in US crude stocks.
The dollar's recent gain has surprised doubters, and some hedge firms claim that the rally is still going strong.
Docket
02:00 AM ET
German Industrial Production MoM
Median Forecast -0.4% | Prior -1.5% | Range 0.6%/-1.5%
German Industrial Production YoY SA
Median Forecast -2.1% | Prior -1.83% | Range -0.9%/-3.0%
04:30 AM ET
BoE Decision Maker Panel Survey
05:00 AM ET
Eurozone GDP Revised YoY
Median Forecast 0.6% | Prior 0.6% | Range 0.6%/0.5%
Eurozone GDP Revised QoQ
Median Forecast 0.3% | Prior 0.3% | Range 0.3%/0.1%
Speakers
03:00 AM ET
ECB's Wunsch & Holzmann Speaks
ECB's Villeroy & Knot Speaks
04:30 AM ET
ECB's Elderson Speaks
05:30 AM ET
ECB's Holzmann Speaks
Good Luck Today Traders!
