Eurozone business activity accelerated to the strongest pace since May
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European equities opened weak as Asian risk off sentiment carried over to EMU, but equities gradually went up, well into positive territory on the back of strong EMU PMI's. Later on, risk sentiment deteriorated again, helped by another Trump tweet, pushing equities back to yesterday's closing levels.
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Eurozone business activity accelerated to the strongest pace since May, putting upward pressure on prices, according to a survey that highlights the expectations that the European Central Bank will soon begin easing its bond buying programme. Composite PMI index rose to 56.7 in Sept., from 55.7 in August, the strongest gain in 6 years.
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Mario Draghi has made a fresh plea to eurozone governments to reform their labour markets and improve the prospects of young people, saying higher unemployment rates for younger workers had high costs for society. Mario Draghi was silent on policy-sensitive issues.
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San Francisco Fed Williams called rates still low in the US, could see another rate hike in December and expects gradual increases of rates in the next couple of years. However, everything depending how the economy fares. Williams, who did a lot of research on the natural rate, said 2.5% is the new normal for the long run or neutral rate.
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Uber's license to operate taxis in London was revoked, a surprise decision that will affect the 3.5 million people and 40,000 drivers who use the app in the city. If the decision stands, Uber appeals, it will have a considerable impact on the company's global business. London is one of Uber's most established markets.
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"The recent euro appreciation may have a more limited dampening effect on inflation than what would be implied by historical averages" based on recent research, ECB Vice President Constancio said .
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