Daily Review – Thursday 03-Nov-2016

Daily Review – Thursday 03-Nov-2016

US – ADP Non-Farm Employment Change
Non-Farm payrolls for the private sector missed its market expectations of 166K, growing only by 147K in October.

The September number has been revised from an initial 154K to a substantially higher 202K.


US – Crude Oil Inventories
Crude inventories rose 14.4M barrels in the week to Oct. 28, compared with expectations for an increase of 1.6M barrels.
This was the largest weekly build since the U.S. Energy Department started keeping records in 1982.

 

UK – Construction PMI
The Markit UK construction PMI edged up from 52.3 in September to 52.6 in October, indicating that the UK’s construction industry is expanding again after 3-months of decline during the summer season.
Key driver for the growth is the housing sector, while commercial construction remained stable and civil project decreased slightly.

 

UK – BRC Shop Price Index y/y
Contrary to what we are lead to believe that Brexit has resulted in higher inflation for British consumers, the BRC-Nielsen shop price index fell 1.7% in October compared to last year, slightly less than the -1.8% in September.

 

UK – Nationwide HPI m/m
The Nationwide house price index remained unchanged in October (0.0%) compared with the previous month.

On an annual basis October prices were 4.6% higher compared to last year.

 

EU – German Unemployment Change
The number of people unemployed in Germany fell 13K in October, more than the 1K that was expected by analysts.

 

EU – German 10-y Bond Auction
Supporting the assumption that the German economy is on a sustainable way upwards is the fact that the last 10-yr Bund auction resulted in an average yield of 0.12% with an bid-to-cover ratio of 1.5.

 

EU – Spanish Manufacturing PMI
The operating conditions for the Spanish manufacturing sector continues to improve as its October PMI grew to 53.3, up 1.0 point from 52.3 in September.
The overall health of the sector has been improving for 35 consecutive months with the last sub-50, indicating decline, reading dating back to December 2013.

 

EU – Italian Manufacturing PMI
The Italian manufacturing industry reported a modest increase in its operating conditions in October at 50.9, a minor decrease from 51.0 in September.

 

Japan – Consumer Confidence
The Japanese consumer confidence index fell more than what economists expected (42.6) to 42.3 in October from 43.0 in September.

 

Australia – Building Approvals m/m
A big surprise for the Australian building approvals in September. After 1.8% decline in August, analysts forecast a further -2.8% for September. However, the final number was a big -8.7%.

 

New Zealand – Inflation Expectations q/q
New Zealand’s inflation expectation for Q4 remained unchanged at 1.7%.

 

New Zealand – Employment Change q/q
Employment in New Zealand rose 1.4% in Q3 compared to Q2 where it rose 2.4%.

 

New Zealand – Unemployment Rate
New Zealand’s unemployment rate fell to 4.9% in Q3 from a revised 5.0% in Q2, the lowest unemployment rate since the Q4’16.

 

Upcoming Data Releases

Daily Review - Friday 04-Nov-2016 Daily Review - Wednesday 02-Nov-2016