Market updates on September 20
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
American October wholesale inventories surge
In October, American wholesale inventories rallied a bit more than initially anticipated because sales went down, dropping a hint that inventory investment could potentially contribute to economic surge in the fourth quarter.
On Friday, the Commerce Department told that wholesale inventories inched up by up to 0.8% instead of soaring by nearly 0.7% as posted in September. Additionally, in September, stocks at wholesalers managed to add nearly 0.7%.
In October, they managed to surge by up to 6.9% year-on-year.
By the way, the component of wholesale inventories going into the calculation of gross domestic product surge managed to head north by up to 0.5% in October. In the third quarter, inventories bounced off after being suppressed in the April-June period.
As a matter of fact, inventories tacked on by up to 2.27% to the third quarter's 3.5% annualized surge rate. Taking into account firm domestic demand, American businesses will most probably keep boosting stocks of goods that in turn should back output at factories and back economic surge in the fourth quarter.
Besides this, in October, wholesale car inventories managed to inch up by up to 3.4% having rallied by 2.5% in September. Moreover, machinery inventories tacked on by nearly 2.1% having jumped by 1.4% in September. In October, shares of farm products went down by 2.7% having slumped by 4.7% in the prior month.
Moreover, petroleum inventories went down by 8.9% having surged by 5.7% in September.
In October, sales at wholesalers went down by 0.2% having ascended by up to 0.1% in September. Moreover, there were dives in sales of cars, hardware, and furniture.
Some financial experts are assured that at October's sales tempo, it would take wholesalers up to 1.28 months to totally clear shelves, in contrast with 1.27 months in September.
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We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
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The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.
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