Euro zone M3 money supply unexpectedly picked up in August
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European shares opened in positive territory, but soon reversed their gains. The Dax underperforms, losing more than 1%, after Deutsche Bank shares hit a record low. US Equities opened slightly lower.
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Saudi Arabia and Iran dashed hopes that OPEC oil producers could clinch an output‐limiting deal in Algeria this week as sources within the group said the differences between Saudi Arabia and Tehran remained too wide. Both the Brent and WTI oil price dropped more than 2% today with the Brent hovering around $46/barrel.
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British retail sales fell unexpectedly this month after a strong showing in August, the CBI survey showed, but retailers expected sales to recover in October.
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Euro zone M3 money supply unexpectedly picked up in August, accelerating to 5.1% Y/Y from 4.9% Y/Y in July. Lending data were however slightly disappointing with loans to non‐financial corporations falling from the previous month, while lending to households accelerated slightly.
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The World Trade Organization cut its forecast for global trade growth this year to 1.7% from 2.8% in April, reflecting a slowdown in China and falling levels of imports into the United States.
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