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SPD wins largest share of votes in German election

Chris Scicluna
Emily Nicol
  • German coalition talks could take several months.
  • Japan’s services PPI inflation slows in August; focus turns to Wednesday’s LDP election. 
  • In the euro area, Friday’s flash CPI estimate will conclude a busy week for data, while the ECB’s Sintra monetary policy forum earlier in the week will also be closely watched.
  • Attention in the US turns to fiscal policy, including averting a government shutdown.

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Japan’s flash composite PMI lifts in September

Chris Scicluna
Emily Nicol
  • Japan’s CPI rises to 0.0%Y/Y ex-fresh food in August – first non-negative print since July last year.
  • UK consumer confidence falls to 5-month low in September as concerns about rising cost of living and end of furlough grow.
  • New Zealand’s trade deficit widened in August, with exports retreating for a second month but imports continuing to surge higher.

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Fed signals taper to start ‘soon’

Chris Scicluna
Emily Nicol
  • Attention now turns to the BoE announcement, albeit policy settings likely to remain unmoved even as the MPC flags upside risks to inflation.
  • Australia’s composite PMI output index rises 2.7pts to 46.0 in September, led by a rebound in the manufacturing PMI.

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No surprises from the BoJ

Chris Scicluna
Emily Nicol
  • The BoJ left all policy settings unchanged today and maintained a positive outlook.
  • The PBoC left its prime loan rates unchanged for a 17th consecutive month.
  • In the US, the clear focus will be on the FOMC statement, updated projections and Jay Powell’s press conference.

 

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UK public borrowing higher than expected in August

Chris Scicluna
Emily Nicol
  • UK public borrowing bigger than expected in August but still trending well below OBR forecast to suggest room for manoeuvre at next month’s Budget.
  • RBA Board minutes contain no surprises.
  • Kiwi rates market prices out risk of 50bp rate hike following a speech by the RBNZ’s Hawkesby.

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