EU Flash Manufacturing & Services PMI will come out on Friday at 11:00 MT time!
German inflation stays above ECB objective
In August, inflation in Germany's most populous regions stayed above the ECB’s objective, thus adding weight to the major financial institution’s case for gradually winding down its enormous monetary stimulus program.
Well, with price pressures mounting in the euro zone, the EU’s key bank is geared towards wrapping up 2.6 trillion euros of bond purchases by the end of 2018. However, it has also added that interest rates are going to remain at record minimums through the summer of next year.
As a matter of fact, the ECB's inflation objective turns out to be quite below, although close to 2%.
Eventually, annual inflation in the most populous state of Germany, North Rhine-Westphalia, didn’t change keeping to 2% from July. That’s what preliminary regional statistics office data has recently uncovered.
In addition to this, in Bavaria, which happens to be Germany’s the second-most populous region, inflation was intact too – it kept to the reading of 2.2%. Then, in Baden-Wuerttemberg, which is the country’s third region in this regard, this crucial economic parameter went down to 2.1% from 2.2%.
In Hesse, inflation went down to about 1.7% and to 2% in both Saxony and Brandenburg.
In Germany, the state inflation readings that aren’t harmonized to compare with other euro zone members will show up in nationwide data at 1200 GMT.
A Reuters survey conducted before the publication of the regional data informed that Germany's harmonized consumer price inflation rate would go down to 2% from July’s outcome of 2.1%.
Besides this, in Spain that happens to be the EU’s number four economy inflation edged down to 2.2% in August.
On Friday, the euro zone is going to uncover preliminary August data. It’s generally anticipated to stay intact at about 2.1%, as follows from a Reuters survey.
The market sentiment is mixed, but there are still interesting movements on the market.
US Core monthly retails sales will be announced on Friday at 15:30 MT time.
The market sentiment deteriorated because of the election uncertainty and worries about rising virus cases all over the world. Let's make some analysis!
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.