Archives of “October 1, 2021” dayrss
Rough week for equity markets:
- UK FTSE 100 -1.0%
- German DAX -0.9%
- French CAC -0.4%
- Spain IBEX +0.2%
- Italy MIB -0.7%
- UK FTSE 100 -0.3%
- German DAX -2.3%
- French CAC –1.8
- Spain IBEX -0.9%
- Italy MIB -1.3%
Stocks react negatively
Rating agency Fitch is out saying that the debt limit brinksmanship could put US AAA rating at risk.
- Failure of latest efforts to suspend US government debt limit indicates current stand off could be among the most protracted since 2013
- Nevertheless it believes that US debt limit will be raised or suspended in time to avert a default event
- If US debt limit were not raised or suspended in time, political brinksmanship and reduce the financing flexibility could increased risk of sovereign default
Latest data released by Markit – 1 October 2021
“While Eurozone manufacturing expanded at a robust pace in September, growth has weakened markedly as producers report a growing toll from supply chain headwinds.
“Supply issues continue to wreak havoc across large swathes of European manufacturing, with delays and shortages being reported at rates not witnessed in almost a quarter of a century and showing no signs of any imminent improvement.
“Growing supply and transport issues are not only being cited as a major constraint on both production and demand, but also once again drove prices sharply higher in September.
“Factory jobs growth has meanwhile also slowed partly due to lower labour requirements amid the widespread component shortages.
“With costs rising and factories struggling to produce enough goods to meet customer demand, the average price of goods leaving the factory gate rose at an increased rate in September, accelerating to almost match the record price jumps seen earlier in the summer.
“The supply situation should start to improve now that COVID-19 cases are falling and vaccination rates are improving in many countries, notably in several key Asian economies from which many components are sourced, but it will inevitably be a slow process which could see the theme of supply issues and rising prices run well into 2022.”
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US Lower House Speaker Nancy Pelosi has said she is still working towards reaching an agreement around the circa $3.5 trillion infrastructure bill.
- “We’re on a path to win the vote”
- “I don’t want to even consider any options other than that.”
The BOJ’s Tanki Keizai Kansoku Chousa (Tankan) reports on the Short-Term Economic Survey of Enterprises in Japan
- September big manufacturers index +18(Reuters poll: 13)
- December big manufacturers index seen at +14(Reuters poll: 15)
- September big non-manufacturers index +2(Reuters poll: 0)
- December big non-manufacturers index seen at +3(Reuters poll: 5)
- September small manufacturers index -3(Reuters poll: -9)
- December small manufacturers index seen at -4(Reuters poll: -6)
- September small non-manufacturers index -10(Reuters poll: -11)
- December small non-manufacturers index seen at -13(Reuters poll: -9)
- Japan all firms see dollar averaging 107.64 yen for fy2021/22
- Japan all firms see euro averaging 126.50 yen for fy2021/22
- Japan big manufacturers see dollar averaging 106.72 yen for fy2021/22
- September all firms employment index -17
- September all firms financial condition index +11 vs june +11
- September big manufacturers’ production capacity index +1 vs june +1
- Japan big manufacturers see fy2021/22 recurring profits +12.7%
- Japan big firms see fy2021/22 capex +10.1% (Reuters poll: 9.1%)
- Japan small firms see fy2021/22 capex +4.7% (Reuters poll: 1.6%)
- BOJ September tankan corporate price expectations survey: Japan firms expect consumer prices to rise 0.7% a year from now vs +0.6% in prev survey
- Japan firms expect consumer prices to rise an annual 1% 3 years from now vs +0.9% in prev survey
- Japan firms expect consumer prices to rise an annual 1.1% 5 years from now vs +1.1% in prev survey