The third week of October delivered crucial economic reports that shook up financial markets. Among the highlights are data from the United Kingdom, pivotal insights from the European Central Bank (ECB) meeting, and figures from the US retail sales report, all of which made waves in the market landscape.
● United Kingdom: Labour market data for August has been released. The unemployment rate dropped from 4.1% to 4.0%, surprising analysts. Average wages, including bonuses, increased by 3.8%. That being said, the number of initial jobless claims in September rose by 27.9 thousand, exceeding the forecast of 20.2 thousand, which indicates a slowdown in the labor market.
● Germany: The ZEW Economic Sentiment Index climbed to 13.1 in October from 3.6, surpassing expectations (10.2 was anticipated).
● Canada: The inflation report revealed that the consumer price index (CPI) fell to 1.6% from 2.0% in September, which was lower than expected (1.8% was forecasted). The CPI was -0.4% month-over-month, also below expectations.
● New Zealand: Inflation data indicated that the consumer price index (CPI) dropped to 2.2% year-over-year in the third quarter from 3.3%, with quarterly growth at 0.6%, which was lower than expected (0.7% was anticipated).
● United Kingdom: The consumer price index (CPI) fell to 1.7% in September from 2.2%, which is better than expected (1.9% was forecasted). The monthly change in CPI was 0.0%.
● Australia: The labor market report showed an increase in employment by 64.1 thousand in September, significantly surpassing the forecast (25.2 thousand were anticipated). The unemployment rate was 4.1%, better than the forecast (4.2%).
● Eurozone: The Consumer Price Index (CPI) declined from 2.2% to 1.7% in September, aligning with expectations. The core CPI decreased from 2.8% to 2.7%.
At the ECB meeting, the central bank reduced the key interest rate from 3.65% to 3.40%, and the deposit rate from 3.50% to 3.25%.
● USA: Retail sales in September rose by 0.4%, surpassing expectations (0.3% was anticipated).
The core retail sales index increased by 0.5%, higher than the forecast (0.1%).
The number of initial jobless claims was 241,000, matching forecasts.
The Philadelphia Fed Manufacturing Index increased from 1.7 to 10.3, exceeding expectations (4.2).
Oil inventories declined by 2.191 million barrels, falling short of the forecast for an increase of 1.8 million barrels.
● Japan: The Core Consumer Price Index (CPI) rose by 2.4% in September, meeting expectations. The national CPI decreased to 2.5% from 3.0%.
● United Kingdom: Retail sales increased by 0.3% in September, exceeding expectations for a 0.3% decline. Year-over-year growth was 3.9%, also above the forecast of 3.2%.
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