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China October official factory PMI goes down more than expected
In October, surge in China's manufacturing sector decreased more than expected amid a weakening property market as well as tighter pollution rules, thus forcing many smelters, steels mills and also factories to reduce output over the winter.
Issued on Tuesday the official Purchasing Managers' Index kept to 51.6 in October versus September’s outcome of 52.4.
It turned to be the lowest result since July's 51.4, although it remained quite above the 50-point mark, separating surge from contraction on a monthly basis.
Market experts polled by Reuters had predicted that the reading would hit 52.0, tumbling marginally from September’s five-year maximum, although still quite above the recent trend.
A revival of China's manufacturing as well as industrial companies, spurred by government spending, unexpected strength in exports and a resilient property market – all of this has helped the Chinese economy to report better-than-anticipated surge of almost 6.9% through the first nine months of 2017.
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.
Every week we expect many interesting events that can shake the market.