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HONG KONG PRIVATE SECTOR PMI CLIMBS TO 47.7 IN SEPTEMBER - IHS MARKIT



The private sector in Hong Kong continued to contract in September, albeit at a slower pace, the latest survey from IHS Markit showed on Wednesday with a PMI score of 47.7.
That's up from 44.0, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, output and new orders fell at slower rates, while the was job growth for the first time in three months. Business sentiment was at its least negative since June 2019.
Supply chains remained under pressure as limited freight capacity reportedly contributed to delivery delays.

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JAPAN HAS Y2,102.8 BILLION CURRENT ACCOUNT SURPLUS IN AUGUST



Japan posted a current account surplus of 2,102.8 billion yen in August, the Ministry of Finance said on Thursday - down 1.5 percent on year.
That exceeded expectations for a surplus of 1,983.7 billion yen following the 1,468.3 billion yen surplus in July.
Exports were down 15.5 percent on year at 5.124 trillion yen, while imports sank an annual 22.0 percent to 4.711 trillion yen.
The trade surplus was 413 billion yen, up from 137.3 billion yen in the previous month.
The capital account saw a deficit of 9.3 billion yen and the financial account had a surplus of 560.0 billion yen.

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EUROPEAN ECONOMICS PREVIEW: UK GDP DATA DUE



Monthly GDP estimate, industrial production and foreign trade figures are due from the UK on Friday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics is scheduled to issue UK monthly GDP data. The economy is forecast to grow 4.6 percent on month in August, slower than the 6.6 percent increase in July. Industrial production and foreign trade figures are also due from the UK.
Industrial output is expected to climb 2.5 percent on month in August. The visible trade deficit is seen widening to GBP 9 billion from GBP 8.65 billion in July.
In the meantime, consumer prices from Norway and foreign trade from Denmark are due. At 2.45 am ET, the French statistical office Insee releases industrial production data for August. Economists forecast production to advance 1.7 percent on month, slower than the 3.8 percent increase posted in July.
At 3.00 am ET, foreign trade figures from Hungary and Austria are due.
At 4.00 am ET, Italy's Istat publishes industrial production for August. Economists forecast output to grow 1.3 percent on month, following a 7.4 percent rise in July. At 5.00 am ET, consumer prices and industrial production reports are due from Greece.

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JAPAN AUGUST CORE MACHINE ORDERS RISE 0.2%



The value of core machine orders in Japan gained a seasonally adjusted 0.2 percent on month in August, the Cabinet Office said on Monday - standing at 752.5 billion yen.
That beat forecasts for a decline of 1.0 percent following the 6.3 percent increase in July.
On a yearly basis, core machine orders sank 15.2 percent - beating expectations for a loss of 15.6 percent following the 16.2 percent drop in the previous month.
The total value of overall machinery orders received by 280 manufacturers operating in Japan increased by 19.8 percent on month in August and fell 16.5 percent on year.
Government orders were up 28.3 percent on month and down 19.4 percent on year at 267.7 billion yen, while overseas orders surged 49.6 percent on month and fell 7.4 percent on year at 919.0 billion yen and agency orders rose 0.5 percent on month and lost 18.1 percent on year at 99.9 billion yen.
For the third quarter of 2020, core machine orders are forecast to have fallen 1.9 percent on quarter and 15.5 percent on year.
Also on Monday: . The Bank of Japan said that producer prices in Japan were down 0.2 percent on month in September, missing expectations for a flat reading following the downwardly revised 0.1 percent increase in August (originally 0.2 percent).
On a yearly basis, producer prices sank 0.8 percent - again shy of expectations for a loss of 0.5 percent, which would have been unchanged from the August reading.
Export prices were up 0.1 percent on month and down 1.5 percent on year, the central bank said, while import prices rose 0.2 percent on month and tumbled 10.1 percent on year.
The BOJ also said that the value of overall bank lending in Japan was up 6.4 percent on year in September, coming in at 573.737 trillion yen. That was in line with expectations and down from the 6.7 percent gain in August. Excluding trusts, bank lending was up an annual 6.2 percent to 498.718 trillion yen, slowing from the 6.6 percent increase in the previous month. '
For the third quarter of 2020, overall bank lending was up 6.5 percent on year; excluding trusts, it was up 6.4 percent on year.

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EUROPEAN ECONOMICS PREVIEW: UK UNEMPLOYMENT DATA DUE



Labor market statistics from the UK and economic confidence from Germany are due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK unemployment data for August. The jobless rate is forecast to rise to 4.3 percent in three months to August from 4.1 percent in the preceding period.
In the meantime, final consumer price data is due from Germany. According to preliminary estimate, consumer prices decreased 0.2 percent on year in September after staying flat in August.
At 3.00 am ET, industrial production from Turkey and Hungary are due. Turkey's industrial output is seen rising 3 percent in August after climbing 4.4 percent in July.
Half an hour later, Statistics Sweden publishes consumer price figures for September. Inflation is seen at 0.6 percent versus 0.8 percent in August.
At 5.00 am ET, Germany's ZEW economic confidence survey results are due. Economists forecast the economic sentiment index to fall to 73.0 in October from 77.4 in September.
At 8.30 am ET, the International Monetary Fund is set to publish the World Economic Outlook report.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE INDUSTRIAL OUTPUT DATA DUE



Industrial production from euro area is due on Wednesday, headlining a light day for the European economic news.
At 1.00 am ET, consumer price data is due from Statistics Finland. Prices had increased 0.2 percent on year in August.
At 3.00 am ET, Spain's INE is scheduled to release final consumer prices for September. Prices are expected to fall 0.4 percent on year, the same rate as initially estimated.
At 4.00 am ET, European Central Bank President Christine Lagarde is set to speak via videoconference at the 16th Global Roundtable organized by the United Nations Environment Programme Finance Initiative.
At 5.00 am ET, Eurostat is slated to issue area area industrial output data for August. Economists forecast production to grow 0.8 percent on month, slower than the 4.1 percent increase seen in July.

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CHINA'S INFLATION SLOWS IN SEPTEMBER; PPI CONTINUES TO FALL



China's consumer price growth slowed in September on easing food price inflation and producer prices continued to ease, data from the National Bureau of Statistics showed Thursday.
Consumer prices advanced 1.7 percent on a yearly basis in September, slower than the 2.4 percent increase seen in August. This was also slower than the economists' forecast of 1.8 percent.
At the same time, core inflation, which excludes food and energy prices, held steady at 0.5 percent in September.
Driven by a slowdown in pork price inflation, food prices grew 7.9 percent following 11.2 percent rise in August. Pork prices grew 25.5 percent but much slower than the 52.6 percent increase logged in the previous month.
On a monthly basis, consumer prices gained 0.2 percent versus a 0.4 percent rise a month ago. Another report from NBS showed that producer prices were down 2.1 percent annually after easing 2 percent in August. Economists had forecast an annual decrease of 1.8 percent.
With infrastructure-led stimulus still being ramped up and consumption rebounding, demand-side pressures on prices will probably strengthen in the coming months, pushing up underlying inflation, Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said.
However, the economists noted that the rebound in core consumer price inflation will still leave it relatively subdued and food price inflation looks set to drop back further in the near-term as pork supply continues to recover from last year's African swine fever outbreak.
The benign outlook for inflation means it is unlikely to be a major driver of policy decisions in the coming quarters, the economists added.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE CONSUMER PRICES, FOREIGN TRADE DATA DUE



Final consumer prices and foreign trade figures from euro area are due on Friday, headlining a light day for the European economic news.
At 2.00 am ET, the European Automobile Manufacturers Association is set to issue Europe's new car registrations data. Sales had declined 18.9 percent annually in August.
At 3.00 am ET, the Czech Statistical Office releases producer prices for September. Prices are forecast to drop 0.7 percent annually after falling 0.5 percent in August.
At 4.00 am ET, Italy's final consumer price data is due. Prices are forecast to fall 0.5 percent annually, as initially estimated in September.
At 5.00 am ET, Eurostat is scheduled to publish euro area final consumer prices and foreign trade data. According to flash estimate, consumer prices dropped 0.3 percent on year in September, following a 0.2 percent decrease in August.
The euro area trade surplus is forecast to fall to EUR 15.1 billion in August from EUR 27.9 billion in July.

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CHINA GDP EXPANDS 4.9% ON YEAR IN Q3



China's gross domestic product was up 4.9 percent on year in the third quarter of 2020, the National Bureau of Statistics said on Monday - missing forecasts for a gain of 5.2 percent but still up from 3.2 percent in the three months prior.
On a quarterly basis, GDP rose 2.7 percent - again shy of expectations for 3.2 percent and down sharply from the 11.5 percent gain in the previous three months.
The bureau also said that industrial production jumped 6.9 percent on year in September - beating forecasts for a gain of 5.8 percent and up from 5.6 percent in August.
Retail sales climbed an annual 3.3 percent, exceeding expectations for a rise of 1.8 percent following the 0.5 percent gain in the previous month.
Fixed asset investment was up 0.8 percent year to date in September, matching forecasts following the 0.3 percent fall a month earlier.
The jobless rate came in at 5.4 percent in September, down from 5.6 percent in August.

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EUROPEAN ECONOMICS PREVIEW: GERMANY PRODUCER PRICES DATA DUE


Producer prices from Germany and current account from euro area are due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany's producer prices for September. Economists forecast prices to fall 1.4 percent annually, after easing 1.2 percent in August.
At 4.00 am ET, the European Central Bank releases euro area current account data for August. The current account surplus is seen at EUR 17.2 billion compared to a EUR 16.6 billion surplus logged in July.
In the meantime, industrial production and producer prices are due from Poland. Industrial output is expected to grow at a faster pace of 3.8 percent after rising 1.5 percent in August.
At 8.00 am ET, Hungary's central bank monetary policy announcement is due. Economists expect the bank to hold its key rate at 0.60 percent.

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AUSTRALIA'S LEADING INDEX SIGNALS ROBUST GROWTH MOMENTUM



Australia's leading index improved in September suggesting that momentum continued to show a significant improvement consistent with the economy moving out of recession, data from Westpac showed Wednesday.
The six-month annualized growth rate in the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose to -0.48 percent in September from -2.28 percent in August.
The leading index growth rate has lifted a whopping 5.11 percentage points since April, data showed.
The main components driving the improvement have been US industrial production, the S&P/ASX 200, aggregate monthly hours worked, the Westpac-MI Consumer Expectations index, and the Westpac-MI "Unemployment Expectations index.
However, these gains have been partially offset by a bigger drag from commodity prices and the dwelling approvals.
Westpac upgraded its growth outlook for 2021 to 2.8 percent and that for 2022 to 3.5 percent.
Key factors behind the improvement are a boost to consumer demand, as households spend around 50 percent of the personal tax cuts, and a lift in business investment in response to the accelerated depreciation allowances.
Bill Evans, chief economist at Westpac expects the cash rate, the three year bond target rate and the rate on the Term Funding Facility to be reduced from 0.25 percent to 0.10 percent at the upcoming meeting on November 3.

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EUROPEAN ECONOMICS PREVIEW: GERMAN CONSUMER CONFIDENCE DATA DUE



Consumer confidence from Germany is due on Thursday, headlining a light day for the European economic news.
At 2.00 am ET, Germany's Gfk consumer confidence data is due. The forward-looking consumer sentiment index is seen at -2.8 in November versus -1.6 in October.
In the meantime, unemployment data is due from Statistics Norway. The jobless rate is forecast to fall to 5.1 percent in three months to August.
At 2.45 am ET, the French statistical office Insee releases business confidence survey results. The sentiment index is forecast to remain unchanged at 96 in October. At 3.00 am ET, consumer confidence from Turkey is due.
At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey results. The order book balance is seen at -45 percent in October versus -48 percent in September.
At 7.00 am ET, Turkey's central bank announces its interest rate decision. The bank is expected to lift its one-week repo rate to 12.00 percent from 10.25 percent.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE FLASH PMI DATA DUE



Flash Purchasing Managers' survey data from euro area and the UK are due on Friday, headlining a busy day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK retail sales data for September. Sales are forecast to grow 0.4 percent on month, slower than the 0.8 percent increase in August.
At 3.15 am ET, IHS Markit releases France's composite PMI data. The composite index is forecast to fall to 48.0 in October from 48.5 in September. At 3.30 am ET, Germany's flash PMI data is due. The composite index is seen at 53.2 in October versus 54.7 in the previous month.
In the meantime, Statistics Sweden is scheduled to publish producer prices for September. Prices had declined 4.6 percent on year in August.
At 4.00 am ET, Germany's ifo business confidence survey results are due. Economists forecast the index to rise to 93.8 in October from 93.4 in September.
Also, flash PMI survey results are due from euro area. The composite index is expected to drop to 49.3 in October from 50.4 in the previous month.
At 4.30 am ET, UK composite PMI data is due. Economists forecast the indicator to drop marginally to 55.6 in October from 55.7 a month ago.
At 6.30 am ET, Russia's central bank announces the outcome of its monetary policy meeting. The bank is expected to hold its key rate at 4.25 percent.

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EUROPEAN ECONOMICS PREVIEW: GERMANY IFO BUSINESS CONFIDENCE DATA DUE


Flash Purchasing Managers' survey data from euro area and the UK are due on Friday, headlining a busy day for the European economic news.
usiness sentiment survey data from Germany is due on Monday, headlining a light day for the European economic news.
At 2.00 am ET, Statistics Finland releases producer and import prices for September.
At 4.00 am ET, the Turkish Statistical Institute is slated to issue manufacturing sentiment data for October.
In the meantime, Spain's INE issues producer prices and unemployment data. The jobless rate is forecast to rise to 16.7 percent in the third quarter from 15.33 percent in the second quarter.
At 5.00 am ET, Germany's ifo business confidence survey results are due. Economists forecast the business sentiment index to drop to 93.0 in October from 93.4 in the previous month.
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CHINA'S INDUSTRIAL PROFITS RISE FOR FIFTH MONTH



China's industrial profits increased for the fifth straight month in September, data from the National Bureau of Statistics showed Tuesday.
Industrial profits grew 10.1 percent on a yearly basis but slower than the 19.1 percent increase posted in August. This was the fifth consecutive rise.
The statistical office cited falling factory gate prices and rising raw material prices as major reason for the slowdown in industrial profits.
During January to September period, industrial profits declined 2.4 percent from the same period last year.

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AUSTRALIA Q3 INFLATION CLIMBS TO 0.7% ON YEAR



Consumer prices in Australia were up 0.7 percent on year in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - in line with expectations following the 0.3 percent decline in the previous three months.
On a quarterly basis, inflation climbed 1.6 percent - exceeding expectations for 1.5 percent following the 1.9 percent contraction in the three months prior.
The Reserve Bank of Australia's trimmed mean was up 0.4 percent on quarter and 1.2 percent on year after slipping 0.1 percent on quarter and gaining 1.2 percent on year in Q2.
The RBA's weighted median was up 0.3 percent on quarter and 1.3 percent on year after rising 0.1 percent on quarter and 1.3 percent on year in the previous three months.

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UK CAR PRODUCTION FOR SEPTEMBER LOWEST IN 25 YEARS: SMMT



UK car production for the month of September reached its lowest for 25 years as demand from foreign markets remained negative, data from the Society of Motor Manufacturers and Traders showed Thursday.
Car manufacturing output slid 5 percent on a yearly basis to 114,732 units in September, the weakest level since 1995.
Production for foreign markets decreased 9.7 percent to 87,533 units as shipments to key overseas destinations namely China, the EU and US decreased from last year.
Meanwhile, output for domestic market advanced 14.5 percent in September.
The latest independent outlook forecasts factories to make fewer than 885,000 cars this year, the first time volumes will have dipped below one million since 2009.
With countries across Europe experiencing a surge in Covid-19 cases, and with local lockdowns already in place across many parts of the UK and beyond, the final quarter of 2020 looks increasingly challenging, the lobby said.

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NEW ZEALAND CONSUMER CONFIDENCE IMPROVES IN OCTOBER



New Zealand consumer sentiment improved in October after easing for three straight months, survey data from ANZ showed on Friday.
The ANZ-Roy Morgan consumer confidence index rose to 108.7 in October from 100.0 in September.
After three consecutive falls, consumers' perceptions of their current financial situation advanced 5 points to +3.
A net 28 percent of consumers expect to be better off financially this time next year, which was up 6 points. A net 11 percent think it was a good time to buy a major household item, which was up 12 points.
Perceptions regarding the next year's economic outlook climbed 14 points to -21 percent in October. The five-year outlook rose 7 points to +22 percent.
House price inflation expectations increased to 4.6 percent. Likewise, general inflation expectations rose 0.6 percentage points to 3.8 percent, the highest since February.

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AUSTRALIA BUILDING PERMITS SPIKE IN SEPTEMBER



The total number of building permits issued in Australia jumped a seasonally adjusted 15.4 percent on month in September, the Australian Bureau of Statistics said on Monday - coming in at 15,827.
That beat forecasts for an increase of 1.3 percent following the 2.2 percent decline in August. Consents were up 8.8 percent on year.
The rise was driven by private sector dwellings excluding houses, which increased by 23.4 percent in September, but remains 12.1 percent lower than at the same time last year. Private sector houses rose 9.7 percent, driven by strength across all states and territories, to be 20.7 percent higher than at the same time last year.
The value of total building approved fell 17.0 percent in September, in seasonally adjusted terms. The value of non-residential building fell 36.7 percent, after rising 40.0 percent in August.

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RBA CUTS KEY RATE TO RECORD LOW; EXPANDS QE



Australia's central bank unveiled a package of monetary easing to support job creation and the recovery of the economy from the pandemic.
The policy board of the Reserve Bank of Australia headed by the governor Philip Lowe decided to lower its key rate by 15 basis points to a record low of 0.10 percent.
The bank also decided to cut the target for the yield on the 3-year Australian Government bond to around 0.1 percent and to purchase A$100 billion government bonds of maturities of around 5 to 10 years over the next six months.
Further, the bank will reduce the interest rate on new drawings under the Term Funding Facility to 0.1 percent and cut the interest rate on Exchange Settlement balances to zero.
The bank said today's decision will assist the recovery by lowering financing costs for borrowers; contributing to a lower exchange rate than otherwise; and supporting asset prices and balance sheets.

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