ASIA:

India’s economy is forecast to grow by 7% this year, making it the 5th largest in the world, the International Monetary Fund (IMF) said. India’s economy has overtaken the United Kingdom’s in terms of size, making it the fifth biggest. That’s according to the latest figures from the International Monetary Fund. India’s growth is accompanied by a period of rapid inflation in the UK, creating a cost-of-living crisis and the risk of a recession which the Bank of England predicts could last into 2024. This situation, coupled with a turbulent political period and the continued hangover of Brexit, led to Indian output overtaking that of the UK in the final quarter of 2021, with the first of 2022 offering no change in the ranking.

The major Asian stock markets had a mixed day today:

• NIKKEI 225 decreased 484.84 points or -1.83% to 25,937.21
• Shanghai decreased 16.81 points or -0.55% to 3,024.39
• Hang Seng increased 56.96 points or 0.33% to 17.222.83
• Kospi decreased 15.44 points or -0.71% to 2,155.49
• ASX 200 decreased 80.80 points or -1.23% to 6,474.20
• SENSEX increased 1,016.96 points or 1.80% to 57,426.92
• Nifty50 increased 276.25 points or 1.64% to 17,094.35

The major Asian currency markets had a mixed day today:

• AUDUSD decreased 0.00854 or -1.31% to 0.64306
• NZDUSD decreased 0.00874 or -1.53% to 0.56356
• USDJPY increased 0.377 or 0.26% to 144.733
• USDCNY increased 0.03086 or 0.43% to 7.12776

Precious Metals:

• Gold increased 5.13 USD/t oz. or 0.31% to 1,665.42
• Silver increased 0.265 USD/t. oz or 1.41% to 19.080

Some economic news from last night:

China:

Chinese Composite PMI (Sep) decreased from 51.7 to 50.9

Manufacturing PMI (Sep) increased from 49.4 to 50.1

Non-Manufacturing PMI (Sep) decreased from 52.6 to 50.6

Caixin Manufacturing PMI (Sep) decreased from 49.5 to 48.1

Japan:

Jobs/applications ratio (Aug) increased from 1.29% to 1.32%

Industrial Production (MoM) (Aug) increased from 0.8% to 2.7%

Unemployment Rate (Aug) decreased from 2.6% to 2.5%

Retail Sales (YoY) (Aug) increased from 2.4% to 4.1%

South Korea：

Industrial Production (MoM) (Aug) decreased from -1.3% to -1.8%

Industrial Production (YoY) (Aug) decreased from 1.5% to 1.0%

Retail Sales (MoM) decreased from -0.3% to -1.8%

Service Sector Output (MoM) (Aug) increased from 0.2% to 1.5%

Australia:

Housing Credit (Aug) remain the same at 0.5%

Private Sector Credit (MoM) (Aug) remain the same at 0.8%

New Zealand:

Building Consents (MoM) (Aug) decreased from 4.9% to -1.6%

Some economic news from today:

Japan:

Construction Orders (YoY) (Aug) increased from 2.8% to 17.9%

Household Confidence (Sep) decreased from 32.5 to 30.8

Housing Starts (YoY) (Aug) increased from -5.4% to 4.6%

Hong Kong:

M3 Money Supply (Aug) decreased from 1.2% to 0.7%

Retail Sales (YoY) (Aug) decreased from 4.1% to -0.1%

India:

Cash Reserve Ratio remain the same at 4.5%

Interest Rate Decision increased from 5.4% to 5.9%

Reverse REPO Rate remain the same at 3.35%

Federal Fiscal Deficit (Aug) increased from 3,408.31B to 5,416.01B

FX Reserves, USD decreased from 545.65B to 537.52B

Infrastructure Output (YoY) (Aug) decreased from 4.5% to 3.3%

EUROPE/EMEA:

The UK’s economy grew in the second quarter of this year, contrary to an initial reading which said it had shrunk, revised official data suggests. Economic output rose by 0.2% between April and June, revised up from a previous reading of -0.1%, the Office for National Statistics (ONS) said. It suggests the UK is not currently in recession, as was predicted by the Bank of England earlier this month. The ONS said that the UK was the only economy in the G7 group of nations yet to rise above its pre-coronavirus pandemic level seen in the final three months of 2019.

The major Europe stock markets had a green day:

• CAC 40 increased 85.47 points or 1.51% to 5,762.34
• FTSE 100 increased 12.22 points or 0.18% to 6,893.81
• DAX 30 increased 138.81 points or 1.16% to 12,114.36

The major Europe currency markets had a mixed day today:

• EURUSD decreased 0.00465 or -0.47% to 0.97893
• GBPUSD decreased 0.00602 or -0.54% to 1.11284
• USDCHF increased 0.00859 or 0.88% to 0.98409

Some economic news from Europe today:

UK:

Business Investment (QoQ) (Q2) increased from -0.7% to 3.7%

Current Account (Q2) increased from -43.9B to -33.8B

GDP (YoY) (Q2) decreased from 8.7% to 4.4%

GDP (QoQ) (Q2) decreased from 0.8% to 0.2%

Nationwide HPI (YoY) (Sep) decreased from 10.0% to 9.5%

Nationwide HPI (MoM) (Sep) decreased from 0.8% to 0.0%

Swiss:

Retail Sales (YoY) (Aug) remain the same at 3.0%

KOF Leading Indicators (Sep) increased from 93.5 to 93.8

France:

French Consumer Spending (MoM) (Aug) increased from -0.9% to 0.0%

French CPI (MoM) decreased from 0.5% to -0.5%

French HICP (MoM) decreased from 0.5% to -0.5%

Germany:

German Unemployment Change (Sep) decreased from 26K to 14K

German Unemployment Rate (Sep) remain the same at 5.5%

Italy:

Italian Monthly Unemployment Rate (Aug) decreased from 7.9% to 7.8%

Italian CPI (MoM) (Sep) decreased from 0.8% to 0.3%

Euro Zone:

Core CPI (YoY) increased from 4.3% to 4.8%

CPI (MoM) increased from 0.6% to 1.2%

CPI (YoY) (Sep) increased from 9.1% to 10.0%

Unemployment Rate (Aug) remain the same at 6.6%

US/AMERICAS:

Inflation continued to rise in the US this August. Newly released data shows that core PCE rose 4.9% YoY, surpassing July’s reading of 4.7%. Energy and gas included, headline PCE rose 0.3% for the month in contrast to a 0.1% decrease the month prior. Personal income in the US rose $71.6 billion or 0.3% in August, according to the Bureau of Economic Analysis. Disposable personal income (DPI) increased $67.6 billion or 0.4%, while real DPI rose 0.1%. Personal consumption expenditures (PCE) rose $67.5 billion or 0.4%, with real PCE rising 0.1% for the month.

US Market Closings:

• Dow declined 500.1 points or -1.71% to 28,725.51
• S&P 500 declined 54.85 points or -1.51% to 3,585.62
• Nasdaq declined 161.89 points or -1.51% to 10,575.62
• Russell 2000 declined 10.21 points or -0.61% to 1,664.72

Canada Market Closings:

• TSX Composite advanced 2.38 points or 0.01% to 18,444.22
• TSX 60 declined -1.7% to -0.15% to 1,117.1

Brazil Market Closing:

• Bovespa advanced 2,373.44 points or 2.2% to 110,036.79

ENERGY:

The oil markets had a mixed day today:

• Crude Oil decreased 1.272 USD/BBL or -1.57% to 79.958
• Brent decreased 0.478 USD/BBL or -0.54% to 88.012
• Natural gas increased 0.0108 USD/MMBtu or 0.16% to 6.8848
• Gasoline decreased 0.028 USD/GAL or -1.12% to 2.4796
• Heating oil decreased 0.0542 USD/GAL or -1.59% to 3.3604

The above data was collected around 13:08 EST on Friday

• Top commodity gainers: Oat (2.67%), Corn (3.71%), Bitumen (3.22%) and Wheat (5.38%)
• Top commodity losers: Coffee (-1.82%), Aluminum (-2.18%), Heating Oil (-1.59%) and Crude Oil (-1.57%)

The above data was collected around 13:15 EST on Friday.

BONDS:

Japan 0.245%(-0.5bp), US 2’s 4.15% (-0.015%), US 10’s 3.7421% (-0.49bps); US 30’s 3.72% (+0.027%), Bunds 2.107% (-10.1bp), France 2.715% (-9.6bp), Italy 4.507% (-15.5bp), Turkey 11.65% (+5p), Greece 4.851% (-7.3bp), Portugal 3.204% (-8.6bp); Spain 3.307% (-7.9bp) and UK Gilts 4.0830% (-5.5bp).

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