Every week we expect many interesting events that can shake the market.
British construction PMI dips to 13-month minimum in September
In September, the British construction sector declined for the first time for 13 months, thus underlining worries over the UK economy and nearly excluding the case for higher interest rates, as industry data disclosed on Tuesday.
As market research firm Markit informed the previous month its British construction purchasing managers' index inched down to a seasonally adjusted 48.1 from August’s outcome of 51.1. Financial experts had hoped the index would slump to 51 in September.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
September data disclosed a tough month for the British construction sector because a sustained sag in new work provoked the first reduction in business activity since August last year.
Survey respondents associated the sag in workloads to minor confidence as well as subdued risk appetite among clients, in particular in the commercial building sector.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.