- UK GDP data came in weaker than initially expected, primarily due to lower government spending and exports. However, business investments performed better. The GDP growth rate for Q2 was 0.7% year-over-year (expected: 0.9% y/y; previous: 0.3% y/y) and 0.6% quarter-over-quarter (expected: 0.6% q/q; previous: 0.7% q/q).
- New stimulus measures for the real estate market are driving Shanghai indices up by over 3%. The Nikkei index is up by more than 1%.
- The People's Bank of China announced new stimulus measures for the real estate market, instructing banks to lower mortgage rates for existing home loans by October 31. Additionally, three tier-one cities (Guangzhou, Shanghai, and Shenzhen) have announced easing measures for home purchases..
- Poland's September CPI data shows inflation at 4.9% y/y (as expected; previous: 4.3%) and 0.1% m/m (as expected; previous: 0.1%). This however is a one-off as it is a result of higher base level.
- German CPI data from various states showed lower year-over-year figures but increased monthly price pressure. This could potentially influence the ECB's rate cut decisions.
- European stock markets are experiencing declines. The DAX is down 0.3%, FTSE 100 is down 0.77%, and CAC40 is down 1.57%. The automotive sector is under pressure due to earnings warnings from major companies like Stellantis, Volkswagen, and Porsche.
- ECB President Christine Lagarde spoke before the European Parliament's Economic and Monetary Affairs Committee, suggesting a gradual economic recovery in the EU despite mixed economic climate indicators.
- Wall Street shows mixed sentiments: Nasdaq is down 0.2%, Russell 2000 up 0.16%, while Dow Jones is down 0.3% and S&P500 is flat.
- The strongest currency today is the New Zealand Dollar, which appreciated the most. USDNZD and EURNZD are down 0.6%, while GBPNZD is 0.3% lower.
- The cryptocurrency market is seeing significant losses today. Ethereum is down 2.7%, Dogecoin falls by 9.95%, and Bitcoin declines 3.8%, to around 63,300 USD.
- Precious metals are starting the week with a slight correction: gold retreats by 0.5%, silver by 1.1%, and platinum by 2.15%.
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