Industrial production in France, Italy and Greece surprised the market by improving in August, by +1.5% (MoM) in France, by +1.7% (MoM) and from -7.2% to -5.2% (YoY) in Italy, and from -4% to +2% (YoY) in Greece. The Portuguese Global Trade deficit widened in June, from €-1.997B to €-2.183B. The German Wholesale Price index has been released, rising more than expected in September, by +1.3% (MoM) and +4.2% (YoY). Germany will sell 30-year bonds today.
The market is becoming increasingly disenchanted with the half-life of European rescue efforts and the IMF downgraded their global glowth forecast yesterday to 3.6% for 2013 (from 3.9%), after the World Bank forecast update of China GDP to 7.7% in 2012 (from 8.2%) and to 8.1% in 2013 (from 8.6%).
Futures for the S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a lower NY opening between -0.08% and -0.17% ahead of the Fed's Beige Book in the US. WTI crude oil is down by -0.56%, at $91.90, and Gold falls to $1762 (-0.18%).