Manufacturing Data

Asian shares barely moved on Wednesday after world stocks hit eight-week lows the previous day on worries about global economic growth, although the British pound stayed firm on hopes for a Brexit deal. On stock markets, Wall Street showed a mixed picture, with the Dow Jones Industrial Average falling 0.21 percent while the S&P 500 and the Nasdaq Composite were little changed. The dollar dipped due to a fall in U.S. bond yields after touching a seven-week peak against a basket of currencies. The dollar index last traded flat at 95.586. Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts, but prices were somewhat supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 percent of U.S. Gulf of Mexico crude output.

The day ahead looks somewhat busy with the European trading session kicking off with the monthly GDP data. Economists forecast that the UK’s GDP advanced 0.1% on a month over month basis. This marks a somewhat slower pace of increase compared to 0.3% growth the month before. The industrial, manufacturing and construction output report will also be coming out simultaneously. Italy will be releasing the industrial production figures with estimates showing a rebound in activity. Industrial production fell 1.8% the month before. The NY trading session remains quiet. Canada’s building permits data is due. The U.S. producer prices report is expected to show a 0.2% increase following a 0.1% decline the month before. Core PPI is expected to rise by 0.2% as well.