US: Markit Manufacturing PMI (Sept.): 53.5 as expected (prior: 53.1)
- Sentiment has increased from the prior month in line with expectations. Opinions were more positive on production, new orders and new business; new export orders have moderated; employment remained positive but at a slower pace than the prior month.
- Selling prices were on the rise, partly reflecting higher costs.
- Businesses remained cautious on future activity due to COVID and elections.
US: Markit Services PMI (Sept.): 54.6 vs 54.7 expected (prior: 55)
- Sentiment has eased in services, but at a much more moderate pace than seen in the eurozone.
- Views remained positive on new business and employment but at a slower pace than the prior month; expectations have moderated due to COVID cases and elections period.
- Selling prices were on the rise, reflecting higher costs.
- Composite index has moderated from the prior month (54.4 after 54.6), still pointing to decent growth trend.
US: House price Index MoM (FHFA) (July): 1% m/m vs 0.5% expected (prior: 1% revised from 0.9%)
- Another month of sustained growth in housing prices. The rise was also close to 1% m/m in all major districts.
UK: PMI Manufacturing (Sept.): 54.3 vs 54 expected (prior: 55.2)
- Preliminary data have pointed towards slow growth; views on production and new orders have eased from the prior month, while exports were better oriented thanks to Asian demand.
- Prospects look limited as demand peaked in August according to businesses.
UK: PMI Services (Sept.): 55.1 vs 55.9 expected (prior: 58.8)
- Sentiment in services has decreased more than expected from the prior month.
- Lack of new projects, weak demand and rising uncertainties on COVID have weighted down on the sentiment, before official announcement of renewed constraints on social distancing.
- While transport and tourism were the weakest sectors, sentiment remained positive in housing and digital services. Employment faced redundancy and firms will cut further labor force facing rising costs, partly due to some GBP weakness.
Eurozone: PMI Manufacturing (Sept.): 53.7 vs 51.9 expected (prior: 51.7)
- Sentiment in the manufacturing sector has rebounded more than expected.
- Preliminary data pointed to a strong rebound in sentiment in Germany (PMI index at 56.6), while the French index was just above 50 (50.9).
Eurozone: PMI Services (Sept.): 47.6 vs 50.6 expected (prior: 50.5)
- Sentiment in services has sharply decreased from the prior month; the index fell less in Germany (just below 50) than in France in preliminary data.
- Rising COVID cases and local restrictions on social distancing have weighted down on sentiment and on prospects in services.
- Divergence has increased in momentum in services and in the manufacturing sector; differences across countries have also increased, showing Germany still in rebound, while momentum faded in other euro members.
Germany: GFK consumer confidence (Oct.): -1.6 vs -0.8 expected (prior: -1.7 revised from -1.8)
- Confidence index was barely unchanged from the prior month and came below expectations. No more details available.
Norway: Unemployment rate (July): 5.2% as expected (prior: 5.2%)
- Unemployment rate remained stable after strong rise in May and June.
Poland: Unemployment rate (Aug.): 6.1% as expected (prior: 6.1%)
- After strong rise in April-May, the unemployment ratio remained stable.
Brazil: Consumer confidence (Sept.): 83.4 (prior: 80.2)
- A strong rebound in confidence, mainly expectations while sentiment on current economic situation remained negative.
Brazil: Current account (Aug.): 3721 M$ vs 2300 M$ expected (prior: 1398 M$ revised from 1628 M$)
- Current account surplus has strongly increased from past month revised data.
- Foreign direct investment has eased from USD 2685 M to USD 1430 M.