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Weekly Focus
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Upbeat earnings overshadow mixed data
Fri, Oct 23 2009, 17:42 GMT
by Allan von Mehren, Steen Bocian
Global update
- Q3 earnings in the US continue to surprise on the upside, around 80% have beaten expectations
- In Sweden, the Riksbank held the repo rate path unchanged
- Strong Q3 GDP growth in China and a round of healthy monthly activity indicators for September add further pressure on Chinese authorities to shift focus from supporting growth to controlling inflation risks
- In Euroland, PMI data and the German Ifo index showed further increases, suggesting that economic activity in Euroland continues to recover
- US housing data disappointed compared with expectations, suggesting that housing construction has lost some momentum heading into the current quarter
- An article in FT this week suggested that the Fed is warming up for a change in the ‘extended period’ phrase. While the Fed’s Beige Book indicated a modest improvement in activity, it had a weak undertone
- UK GDP unexpectedly declined in Q3 as the economy continues to struggle under its large dependence on the service industry
Market movers ahead
- In Norway, all focus is on the monetary policy meeting and the new Monetary Policy Report
- Key macro data to watch in Sweden will be the manufacturing confidence figures, and retail sales
- In the US, focus will be on Q3 GDP growth, durable goods orders and regional PMIs
- Euroland inflation data and M3 growth will be worth watching in addition to
German unemployment data - In Asia, the monetary policy meeting at the Bank of Japan will take centre stage
Published on Fri, Oct 23 2009, 17:48 GMT
Archive
- Squaring positions
Published On Fri, Nov 20 2009, 16:45 GMT - German locomotive at full steam
Published On Fri, Nov 13 2009, 17:59 GMT - More short-term strength
Published On Fri, Nov 6 2009, 17:10 GMT - Mood swings
Published On Fri, Oct 30 2009, 18:31 GMT - Upbeat earnings overshadow mixed data
Published On Fri, Oct 23 2009, 17:42 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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