UK construction output continues to fall
|Monthly construction output fell a further 0.2% in August with the level of output now reaching 1.5% below its pre-pandemic level. Meanwhile, new work remained flat this month with repair and maintenance falling slightly. Today's data further illustrates the current challenges faced by the economy, with factors like supply chain issues, labour shortages and rising fuel prices continuing to hold back the post pandemic recovery heading into the final quarter. If the situation continues, we could be seeing some measures introduced to deal with the slowing pace of recovery in order to support the economy more effectively in the coming months.
Major banks start Wall Street earning season
As always, earnings season in the US begins with major financial institutions and today investors will receive earnings reports from JP Morgan as well as Blackrock. This is a very important time in markets as investors will be looking closely to see how companies performed during recent economic uncertainty brought on by supply issues, rising fuel prices and unclear monetary policy. While today’s results could have a limited impact on stock markets, they will be worth following as the FED continues to remain ambiguous in regards to a timeline for tapering, which it said would be announced once the economic data suggests continued growth and sustained recovery. In addition to today’s earnings reports, investors will also be keeping an eye on CPI data from the US and minutes from the recent central bank meeting which could further shed light on the prospects in the immediate future and cause some reactions through markets, particularly if something unexpected is announced.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.