Market Overview
Key Points:
• The US has narrowly avoided its 22nd shutdown in 50 years after Republicans and the Democrats agreed to pass a last-minute spending plan. The new deadline is 17 November – if no deal is struck mass government departments will close.
• Japan’s third quarter Tankan report suggests that businesses are expecting inflation to stay high for some time above 2.0% over the next 5 years.
• New Zealand August Building Permits -6.7% m/m vs -5.4% prior
• ECB’s Vasle- We’re most likely done with rate hikes.
• Chinese Manufacturing worsened in September releasing at 50.6 vs 51.1 expected. The figure is viewed as expansion but overall, the sector is well below a decent pace of growth.
• The New Zealand Dollar (NZD) was the strongest currency over the month of September while the British Pound (GBP) was the worst performer.