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UK manufacturing PMI expected to remain in contraction territory in September
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Data from member countries does not bode well for European CPI print
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Manufacturing ISM forecasted to jump back above the 50 pts barrier
8:55 am BST - Germany, Manufacturing PMI for September. A revision of the German PMI for September will be released. The reading should not have a major impact on the markets unless it shows a major deviation from preliminary values. Figures for the whole euro area will be released at 9:00 am BST.
9:30 am BST - UK, Manufacturing PMI for September. United Kingdom does not publish preliminary PMIs therefore today’s reading is likely to have an impact on GBP. A decline from 47.4 pts to 47 pts is expected in September.
10:00 am BST - Euro area, CPI inflation for September. Price growth in Spain and Germany slowed in September while Italian inflation remained unchanged. Such a data pack does not bode well for the European CPI figures scheduled for release today. Headline CPI gauge is expected to stay unchanged at 1% but given lacklustre data from member countries, expectations may be hard to meet.
1:30 pm BST - Canada, GDP report for July. Monthly GDP prints assured investors about the strength of the Canadian economy this year as reading for February was the only one that failed to meet expectations. It is expected that the country's economy grew 0.1% MoM in July.
3:00 pm BST - US, Manufacturing ISM for September. Manufacturing ISM unexpectedly dipped below the 50 pts threshold in August. The measure has been declining for over a year and in case it moves deeper into contraction territory, things may get ugly. Nevertheless, market consensus hints at a pick-up to 50.4 pts. Revised manufacturing PMI for September will be released 15 minutes earlier (2:45 pm BST).
9:40 pm BST - API report on oil inventories. Brent and WTI managed to fill the price gaps that resulted from drone attacks. As Saudi Arabia is said to have restored lost output and capacity, oil traders may focus on inventories’ data once again. Private report is expected to show a 0.7 mb decline in crude stockpiles.
Central bankers’ speeches
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8:15 am BST - Fed’s Evans
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10:20 am BST - RBA Governor Lowe
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1:50 pm BST - Fed’s Clarida
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2:30 pm BST - Fed’s Bowman
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5:00 pm BST - ECB’s Holzmann
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5:45 pm BST - ECB President Draghi
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6:30 pm BST - Bundesbank President Weidmann
