Weekly Market Recap (26-01 March)

ECB’s Lagarde
(impartial – voter) reaffirmed her persistence stance with the same old concentrate on wage
development:

• We aren’t there but
  on inflation.
• We have now to get to 2%
  inflation sustainably.
• ECB should play its
  position in local weather transition.
• There are rising
  indicators of a bottoming-out in development and a few forward-looking indicators
  level to a pick-up later this yr.
• Wage pressures,
  in the meantime, stay sturdy.
• The present
  disinflationary course of is predicted to proceed, however the governing council
  must be assured that it’s going to lead us sustainably to our 2% goal.
• Labour price
  will increase are partly buffered by earnings and will not be being absolutely handed on
  to customers.
• We anticipate inflation
  to proceed slowing down, because the impression of previous upward shocks fades and
  tight financing situations assist to push down inflation.
• Our restrictive
  financial coverage stance, the following sturdy decline in headline inflation,
  and firmly anchored longer-term inflation expectations act as a safeguard
  in opposition to sustained wage worth spiral.

The Japan January
CPI beat expectations though the inflation charges eased from the prior
figures:

• CPI Y/Y 2.2% vs. 2.6%
  prior.
• Core CPI Y/Y 2.0% vs.
  1.8% anticipated and a couple of.3% prior.
• Core-Core CPI Y/Y 3.5% vs. 3.7% prior.

Fed’s Schmid (hawk
– non voter) will be placed on the highest of the FOMC hawks after his feedback
though he’s not a voting member this yr:

• No have to pre-emptively
  modify the stance of coverage.
• Fed needs to be
  affected person, await convincing proof that inflation combat has been gained.
• In ‘no hurry’ to
  halt the continued discount in dimension of Fed’s stability sheet.
• We aren’t out of
  the woods but on ‘too excessive’ inflation.
• How a lot additional Fed
  can shrink its stability sheet ‘an open query’.
• Do not favour ‘overly
  cautious’ strategy to stability sheet runoff; some interest-rate volatility
  needs to be tolerated.
• Fed ought to decrease
  its footprint within the monetary system, significantly as pertains to Fed’s
  stability sheet.
• Returning inflation
  to 2% will doubtless require restoring stability in labour markets, moderating
  wage development.
• Decreasing Fed’s
  stability sheet needs to be a precedence as soon as disaster has handed.
• Massive Fed stability
  sheet can create unintended penalties, together with on financial institution lending,
  liquidity.
• January CPI
  inflation information argues for warning.
• Massive Fed stability
  sheet can create asset-price distortions.
• Financial institution regulators
  ought to take tailor-made strategy.
• Silicon Valley Financial institution
  was a little bit of a canary in a coal mine.
• Fed’s Low cost
  Window needs to be a part of a financial institution’s ‘strategic stack’ funding.
• it will be a
  mistake to contemplate cryptocurrency as a forex.

The US January Sturdy
Items Orders missed expectations:

• Sturdy Items Orders
  M/M -6.1% vs. -4.5% anticipated and -0.3% prior (revised from 0.0%).
• Non-defense capital
  items orders ex-air M/M 0.1% vs. 0.1% anticipated and -0.6% prior (revised
  from 0.3%).
• Ex transport M/M
  -0.3% vs. 0.2% anticipated.
• Ex protection M/M -7.3% vs. 0.5% prior.
• Shipments M/M -0.9%.

BoE’s Ramsden (impartial –
voter) helps the present affected person strategy as he want to see extra
proof that inflation goes again to their 2% goal sustainably.

• Key indicators of
  inflation persistence stay elevated.
• I help the
  more-balanced outlook on dangers to inflation set out within the MPC’s newest
  forecast.
• I’m on the lookout for
  extra proof about how entrenched this persistence will probably be and subsequently
  about how lengthy the present stage of financial institution price will should be maintained.

The US February Client Confidence missed expectations
by an enormous margin with detrimental revisions to the prior readings:

• Client Confidence
  106.7 vs. 115.0 anticipated and 110.9 prior (revised from 114.8).
• Current scenario
  index 147.2 vs.154.9 prior (revised from 161.3).
• Expectations 79.8 vs.
  81.5 prior (revised from 83.8).
• 1 yr Inflation 5.2% vs. 5.2% prior.
• Jobs hard-to-get 13.5%
  vs. 11.0% prior (revised from 9.8%).

“The decline in shopper
confidence in February interrupted a three-month rise, reflecting persistent
uncertainty concerning the US economic system,” stated Dana Peterson, Chief Economist at The
Convention Board. “The drop in confidence was broad-based, affecting all earnings
teams besides households incomes lower than $15,000 and people incomes greater than
$125,000. Confidence deteriorated for customers underneath the age of 35 and people
55 and over, whereas it improved barely for these aged 35 to 54.”

Fed’s Bowman (hawk – voter) maintains her affected person
stance with no worry of elevating charges additional if inflation progress had been to
stall:

• Will stay cautious
  on financial coverage.
• If inflation strikes
  sustainably to 2% aim, it is going to ultimately be applicable to chop curiosity
  charges; not but there.
• Decreasing coverage price
  too quickly may lead to want for future price hikes.
• She stays keen
  to lift coverage price if inflation progress stalls or reverses.
• Newest inflation
  information suggests slower progress on inflation.
• Financial exercise
  and shopper spending are sturdy, labour market ‘tight’.

Reuters reported that OPEC+ could think about extending
their voluntary output cuts into Q2 and even into year-end.

The Australian January Month-to-month CPI missed
expectations:

• CPI Y/Y 3.4% vs.
  3.6% anticipated and three.4% prior.
• Trimmed Imply CPI Y/Y
  3.8% vs. 4.0%.

The RBNZ left the OCR unchanged at 5.5% and dropped
the tightening bias:

RBNZ forecasts:

• Sees official money
  price at 5.59% in June 2024 (prior 5.67%).
• Sees official money
  price at 5.47% in March 2025 (prior 5.56%).
• Sees twi nzd at
  round 71.5% in March 2025 (prior 70.7%).
• Sees annual CPI 2.6%
  by March 2025 (prior 2.4%).
• Sees official money
  price at 5.33% in June 2025 (prior 5.42%).
• Sees official money
  price at 3.16% in March 2027.

Assertion:

• The OCR must
  stay at a restrictive stage for a sustained interval.
• The New Zealand
  economic system has developed broadly as anticipated by the committee.
• The committee
  stays assured that the present stage of the OCR is limiting demand.
  
• Core inflation and
  most measures of inflation expectations have declined, and the dangers to
  the inflation outlook have turn out to be extra balanced.
• Nevertheless, headline
  inflation stays above the 1 to three % goal band, limiting the
  committee’s skill to tolerate upside inflation surprises.
• A sustained decline
  in capability pressures within the New Zealand economic system is required to make sure
  that headline inflation returns to the 1 to three % goal.
• With excessive
  immigration and weaker demand development, capability constraints within the New
  Zealand labour market have eased.

From
the minutes to the assembly:

• Ongoing restrictive
  financial coverage settings are obligatory to protect in opposition to the danger of an increase
  in inflation expectations.
• Capability pressures
  have eased considerably over the previous yr.
• The committee agreed
  that rates of interest want to stay at a restrictive stage for a sustained
  time period.
• The committee famous
  that mixture demand is now higher matched with the provision capability of
  the economic system.
• The place to begin
  for capability pressures within the New Zealand economic system is barely barely decrease
  than beforehand assumed.
• The committee is
  aware that the economic system has restricted capability to soak up additional upside
  inflation surprises.
• Latest drops in core
  inflation and enterprise inflation expectations are encouraging, however they
  stay above the two % mid-point of the committee’s goal band.

Transferring on to the Governor Orr’s Press Convention:

• Central banks could
  have to carry charges greater than markets anticipate.
• New Zealand economic system
  has developed ‘broadly’ as anticipated.
• Mentioned price hike,
  however sturdy consensus that charges had been ample.
• Home worth
  pressures are easing as anticipated.
• Comforting to see
  inflation expectations decline.
• Information has given us
  extra confidence within the outlook than in November.
• We’re in a
  disinflation interval.
• Financial system faces a
  soft-landing state of affairs.

ECB’s Kazimir (hawk – non voter in March) is clearly
signalling a price reduce in June, all else being equal:

• Market’s price reduce
  pricing now “more realistic”.
• Happy with current
  shift in expectations.
• Headline
  disinflation goes faster than anticipated however core costs nonetheless stay
  unsure.
• Prefers June price
  reduce, then “smooth and steady cycle of policy easing”.

The two^nd studying for the US This autumn 2023 GDP
missed barely expectations with greater figures for shopper spending and
inflation:

• US This autumn 2023 GDP 3.2%
  vs. 3.3% anticipated.

Particulars:

• Client spending 3.0% vs. 2.8% advance.
• Client spending on
  durables 3.2% vs. 4.6% advance.
• GDP remaining gross sales 3.5%
  vs. 3.2% advance.
• GDP deflator 1.7% vs. 1.5% advance.
• Core PCE 2.1% vs.
  2.0% advance.
• Enterprise funding 0.9% vs. 2.1% advance.

Fed’s Collins (impartial – non voter) echoed her
colleagues in supporting a affected person stance as they collect extra data:

• Repeats it is going to
  doubtless turn out to be applicable to start easing coverage later this yr.
• Latest financial information
  spotlight that progress towards the Fed’s targets may proceed to be bumpy.
• Extra time is required
  to discern if the economic system is sustainably on the trail to cost stability
  and a wholesome labour market.
• States the necessity to
  see extra proof that the disinflationary course of will proceed earlier than
  beginning to fastidiously normalize coverage.
• Anticipating the entire
  information to talk uniformly is just too excessive a bar; should not overreact to
  particular person information readings.
• The return to 2%
  will doubtless require demand rising at a extra average tempo this yr.
• Needs to see
  continued proof that wage development just isn’t contributing to inflationary
  pressures.
• In assessing
  inflation progress, will search for inflation expectations remaining effectively
  anchored and an orderly moderation in labour demand.
• Needs to see
  continued declines in housing inflation and non-shelter companies
  inflation.
• The specter of
  inflation remaining above 2% has receded.
• I see dangers is extra
  balanced between chopping too early and too late.
• We needs to be taking
  time on coverage.
• We anticipate we’ll
  see extra of a decline in reserves, and will probably be being attentive to what
  level it is likely to be applicable to revisit QT.
• Too early to inform if
  we’re extracting the precise sign from housing inflation information.

Fed’s Williams (impartial – voter) reiterated the
affected person strategy because the Fed will probably be guided by the incoming financial information:

• Nonetheless some methods to
  go earlier than hitting the two% inflation goal.
• Totally dedicated to reaching
  the Fed’s 2% inflation goal.
• Will let incoming
  financial information decide the financial coverage path.
• Sees doubtless uneven
  path again to 2% inflation.
• Inflation pressures
  have fallen quite a bit amid broad-based enchancment.
• Dangers to outlook
  exist on up and down sides.
• Inflation to hit
  2%-2.25% this yr, 2% in 2025.
• Progress at 1.5% this
  yr, unemployment as much as round 4%.
• Financial system, job market
  sturdy, imbalances waning.
• Present 3.7%
  unemployment price round long-term stage.
• Dangers to Fed job,
  inflation mandates shifting into higher stability.
• Fed more likely to reduce
  charges later this yr.
• Will watch information to
  drive determination over chopping charges.
• Fed has time to take
  in information earlier than chopping charges.
• Pandemic aftermath
  nonetheless affecting economic system, however optimistic about outlook.
• 3 interest-rate cuts
  in 2024 cheap for US central financial institution officers to debate.
• Information will drive one
  federal reduce charges.
• Present US economic system
  is just like the place it was throughout December coverage assembly.
• It’s unclear what
  impression potential US authorities shutdown would have on economic system.

Fed’s Bostic (hawk – voter) repeated the feedback from
different members as all of them help a affected person strategy:

• There may be nonetheless work
  to do on inflation.
• Has not declared
  victory simply but.
• Is snug being
  affected person on coverage.
• Won’t be a quick march
  to 2% inflation.

ECB’s Nagel (hawk – voter) needs to see wage development to
average earlier than supporting price cuts:

• It might be deadly if
  ECB reduce charges too early just for inflation to rebound.
• ECB wants
  affirmation that wage development is moderating to a stage that can let
  inflation fall again to focus on in 2025.

BoE’s Mann (hawk – voter) blamed customers for the
sluggish progress on inflation:

• Lack of shopper
  self-discipline complicates coverage.
• BoE is struggling to
  deliver inflation again to focus on as a result of worth rises are more and more pushed
  by people who find themselves proof against the pressures of upper rates of interest.
• There may be lack of
  shopper self-discipline to rein in enterprise’s pricing energy in areas of the
  companies sector the place costs had been usually sticky.

The Japanese January Industrial Manufacturing missed
expectations:

• Industrial
  Manufacturing Y/Y -1.5% vs. -0.7% prior.
• Industrial
  Manufacturing M/M -7.5% vs. -7.3% anticipated and 1.4% prior.

The Japanese January Retail Gross sales got here in keeping with
expectations:

• Retail Gross sales Y/Y
  2.3% vs. 2.3% anticipated and a couple of.4% prior (revised from 2.1%).
• Retail Gross sales M/M
  0.8% vs. -2.9% prior.

BoJ’s Takata delivered
some hawkish feedback that despatched the Yen greater throughout the board:

• Momentum is rising
  in spring wage talks.
• Many firms are
  providing higher-than-2023 wage hikes.
• Achievement of two%
  inflation goal is turning into in sight regardless of uncertainty of financial
  outlook.
• Japan’s economic system is
  in inflection level of adjusting ‘norm’ that individuals assume wages, costs are
  not rising.
• Exit measures ought to
  embrace abandoning yield curve management framework, ending detrimental charges,
  overshoot dedication.
• I’d name for a
  gear shift in coverage, however not one that’s going backwards.
• Reasonable restoration
  development intact regardless of slowdown in capex, consumption.
• Financial coverage
  wants to stay in line with the true economic system, monetary setting.
• Haven’t made up
  thoughts but on financial coverage determination.
• Wage hikes are
  broadening stronger than final yr.
• Want to look at final result
  of spring wage talks after mid-March.
• Not considering of
  elevating charges one after one other.
• Do not wish to single
  out any coverage step in mentioning “nimble responses”.
• Gradual steps will
  be wanted amid combined circumstances surrounding smaller companies.
• We have to preserve some
  easing measures to some extent.
• However vital for
  exit technique to not be too complicating.

The Switzerland This autumn 2023
GDP beat expectations:

• This autumn 2023 GDP Q/Q 0.3% vs.
  0.1% anticipated and 0.3% prior.

The US Jobless Claims
missed expectations:

• Preliminary Claims 215K
  vs. 210K anticipated and 202K prior (revised from 201K).
• Persevering with Claims
  1905K vs. 1874K anticipated and 1860K prior (revised from 1862K).

The US January PCE got here
in keeping with expectations:

• PCE Y/Y 2.4% vs.
  2.4% anticipated and a couple of.6% prior.
• PCE M/M 0.3% vs.
  0.3% anticipated and 0.1% prior.
• Core PCE Y/Y 2.8%
  vs. 2.8% anticipated and a couple of.9% prior.
• Core PCE M/M 0.4%
  vs. 0.4% anticipated and 0.1% prior (revised from 0.2%).

Client
spending and shopper earnings for January:

• Private earnings 1.0%
  versus 0.4%. Prior month 0.3%.
• Private spending
  0.2% versus 0.2% anticipated. Prior month 0.7%
• Actual private
  spending -0.1% vs 0.6% final month revised from 0.5%).

The Canadian This autumn 2023 GDP
beat expectations:

• This autumn GDP Q/Q 0.3% vs. ­-0.1%
  prior (revised from -0.3%).
• Annualised GDP Q/Q
  1.0% vs. 0.8% anticipated and -0.5% prior (revised from -1.1%).
• December GDP M/M
  0.0% vs. 0.2% anticipated and 0.2% prior.

Fed’s Goolsbee (dove –
non voter) continues to see progress in disinflation:

• We have had very
  substantial progress over a long-term foundation on inflation.
• Even with January
  PCE information displaying a month of rebound, needs to be cautious to extrapolate.
• There may be ingredient of
  fact that disinflation of 2023 was provide chain restore.
• Needs to be cautious
  with the argument that provide change is now mounted.
• Mustn’t anticipate
  extra profit in 2024.
• Influence on provide
  shock on inflation takes time.
• Suggests advantages of
  provide chain disinflation are nonetheless to return.
• Lags on provide shock
  from labour on inflation are most likely lengthy.
• As of labour provide
  shocks most likely have an extended lasting impact on inflation then provide
  chain shocks.
• If substantial
  productiveness development continues, that may have an effect on financial
  coverage.
• What I am watching
  probably the most is why hasn’t housing inflation improved greater than it has.
• There’s a danger of
  betting in opposition to the Fed being dedicated on doing what it says.
• Charges are fairly restrictive.
• I nonetheless assume the
  query is how lengthy we wish to stay on this restrictive.
• Exterior shocks are
  the issues I fear about most.
• 2023 was a golden yr.
• If golden path is to
  proceed in 2024, would depend on lagged impact of the previous optimistic provide
  shocks.
• When you keep fairly
  restrictive, you’ll ultimately have to consider impression to employment.

Fed’s Bostic (hawk –
voter)

• Inflation got here down
  a lot quicker than anticipated.
• The final inflation
  quantity exhibits that inflation’s decline will probably be a bumpy one.
• Fed should keep
  vigilant and intensive.
• Over the lengthy arc inflation
  continues to be coming down.
• It’s most likely
  applicable to cut back the fed funds coverage price within the summertime.
• Financial information will
  be the information for the Ate up when price playing cards are made.
• Diploma of danger
  publicity within the nonbanking sector worries me.
• Calls the US banking
  sector sound and robust.
• Vary of dangers that
  has to consider has turn out to be extra complicated.
• Geopolitical dangers
  are presently excessive.
• I anticipate issues are
  going to be bumpy on inflation.
• It’s helpful to make use of
  a spread of various approaches to evaluate inflation.

Fed’s Daly (impartial –
voter) repeated that the present coverage stance is suitable:

• Fed coverage is in a
  good place.
• Fed can reduce charges if
  wanted.
• The Fed needs to
  keep away from holding charges all the way in which to 2% inflation.
• There is no such thing as a imminent
  danger of the economic system faltering.
• If Fed had been to chop
  too shortly, inflation can get caught.
• Dangers of persistent
  inflation and financial downturn are even.

Fed’s Mester (hawk –
voter) continues to help the affected person stance guided by incoming financial
information:

• January PCE information was
  not too stunning.
• January PCE studying
  doesn’t change view that inflation goes downward.
• There’s a little
  extra work for the Fed to do on inflation.
• It is all about danger
  administration till we get to 2% inflation aim.
• Financial coverage is
  restrictive, demand ought to cool.
• We will not depend on
  tempo of disinflation final yr to proceed this yr.
• Demand will
  average, development this yr won’t be as sturdy as final yr.
• Doesn’t wish to
  concentrate on timing of the speed reduce however the information.
• Expects some
  slowdown in employment development.
• That slowing in
  employment development is what we have to see to ease coverage.
• We do should be
  extra assured that inflation is on that downward path.
• Baseline is we’ll
  see moderation within the labour market, however it is going to nonetheless wholesome.
• Have to see
  continued disinflation.
• Baseline forecast of
  three price cuts nonetheless appears about proper.
• Financial system and financial
  coverage is in a great spot.

BoJ’s Ueda mainly
retracted what Takata stated yesterday as he forged doubt on the achievement of the
2% goal and wasn’t upbeat on wage negotiations:

• The current recession
  in Japan follows earlier sturdy quarters.
• Japan’s economic system will
  proceed recovering steadily.
• Japan companies’ capex
  plan is powerful, which more likely to be carried out ultimately.
• Japan’s economic system not
  but in scenario the place sustained achievement of two% inflation will be
  foreseen.
• In judging whether or not
  sustained achievement of two% inflation goal will be foreseen, this
  yr’s annual wage negotiation final result is vital.
• In contrast with when
  we introduced our January report, labour unions have demanded wage development
  greater than final yr, massive companies appear eager to hike wages.
• Wish to take a look at
  collective final result of wage talks, in addition to hearings we conduct on companies.

RBNZ Hawkesby reaffirmed
the central financial institution affected person stance:

• Restrictive coverage
  wanted to make sure inflation expectations anchor at 2%.
• Coverage goes to
  keep restrictive for a while but.
• Coverage might want to
  keep restrictive even when the output hole is detrimental.
• We expect the output
  hole now’s round zero, if not a bit detrimental.
• We do not have quite a bit
  of room to manoeuvre in relation to future inflation shocks.
• We’re on the precise
  path with inflation, have to carry our course.
• Not in a mindset to
  reduce charges now, will probably be chopping someday down the monitor.

The Japanese Unemployment
Charge got here in keeping with expectations:

• Unemployment price
  2.4% vs. 2.4% anticipated and a couple of.4% prior.

RBNZ Governor Orr
reaffirmed the central financial institution’s affected person stance:

• Financial system is evolving
  as anticipated.
• Inflation expectations have fallen.
• Inflation continues to be
  too excessive however is falling.
• Financial coverage
  wants to remain restrictive for a while.
• Anticipate to start
  normalising coverage in 2025.
• Anticipate financial
  development to start selecting up in 2024.

Fed’s Williams (impartial –
voter) reiterated that he sees progress on inflation and price cuts this yr:

• Says 2023 was an
  wonderful yr for the economic system.
• Present enterprise
  cycle just isn’t a traditional one.
• A lot of what
  occurred within the economic system is a reversal of the pandemic hit.
• The resilience of
  the US economic system is exceptional.
• The Federal Reserve
  is dealing a robust economic system, including plenty of jobs.
• Needs inflation again
  to 2% and sees progress on that.
• I do anticipate us to
  reduce rates of interest later this yr.
• Would not see sense of
  urgency to chop charges.
• Charge hike just isn’t
  a part of base case.
• Present outlook
  doesn’t mean one other hike is required.

The Chinese language February PMIs
confirmed Manufacturing remaining in contraction and Providers enhancing additional:

• Manufacturing PMI
  49.1 vs. 49.1 anticipated and 49.2 prior.
• Providers PMI 51.4
  vs. 50.9 anticipated and 50.7 prior.

The Chinese language February Caixin
Manufacturing PMI beat expectations:

• Caixin Manufacturing
  PMI 50.9 vs. 50.6 anticipated and 50.8 prior.

Caixin PMI abstract:

• Manufacturing and new
  orders grew quicker in February.
• New export enterprise
  expanded for the second consecutive month resulting from an enchancment in
  underlying international demand situations.
• Inventories of
  bought objects elevated on the quickest tempo since late-2020.
• Shares of completed
  objects fell for the primary time since June final yr.
• Employment fell for
  the sixth successive month.
• Manufacturing unit gate costs
  down for the second month, with the speed of discounting being the quickest
  since July 2023.

The Switzerland February
Manufacturing PMI missed expectations:

• Manufacturing PMI 44.0
  vs. 44.4 anticipated and 43.1 prior.

The Eurozone February CPI
beat expectations:

• CPI Y/Y 2.6% vs.
  2.5% anticipated and a couple of.8% prior.
• Core CPI Y/Y 3.1% vs.
  2.9% anticipated and three.3% prior.

The Eurozone Unemployment
Charge remained unchanged at 6.4%.

Fed’s Barkin (hawk –
voter) appears to be getting a bit uncomfortable as he even questioned price cuts
this yr:

• Yesterday was a excessive
  inflation report.
• We’re nonetheless a world
  of costs rising at greater ranges.
• Says he tried to not
  take an excessive amount of out of January financial figures basically.
• PCE information yesterday
  is in line with the story he’s listening to close to companies
  inflation.
• Inflation is coming
  down, however we’ve got to see how far more has to occur to get it to 2%.
• I’m not in a rush
  to chop charges.
• I nonetheless see wage and
  inflation pressures.
• We’ll see if there
  are price cuts this yr.
• All of it is determined by
  progress on inflation.
• Financial system will inform us
  what to do on coverage.

BoE’s Capsule (impartial –
voter) confused that even when they reduce financial coverage will stay restrictive:

• My baseline is that
  the time for chopping charges is a few methods off.
• I have to see extra
  compelling proof that the underlying persistent part of UK CPI
  inflation is being squeezed down.
• Sustaining
  restrictiveness doesn’t essentially imply leaving financial institution price unchanged.
• Actual rates of interest
  will rise as inflation and short-term inflation expectations ease.
• Financial coverage
  stance stays restrictive even after a reduce.

The Canadian
Manufacturing PMI improved additional in February:

• Manufacturing PMI 49.7
  vs. 48.3 prior.

The US February ISM
Manufacturing PMI surprisingly missed expectations:

• ISM Manufacturing
  PMI 47.8 vs. 49.5 anticipated and 49.1 prior.

Particulars:

• Costs paid 52.5 vs. 52.9 prior.
• Employment 45.9 vs. 47.1 prior.
• New orders 49.2 vs. 52.5 prior.
• Inventories 45.3 vs. 46.2 prior.
• Manufacturing 48.4 vs. 50.4 prior.

The
highlights for subsequent week will probably be:

• Monday: Switzerland CPI.
• Tuesday: Tokyo CPI, China Caixin
  Providers PMI, Eurozone PPI, US ISM Providers PMI.
• Wednesday: Australia GDP, Eurozone
  Retail Gross sales, US ADP, BoC Coverage Determination, US Job Openings, Fed Chair Powell
  Testimony.
• Thursday: Japan Wage information,
  Switzerland Unemployment Charge, ECB Coverage Determination, US Jobless Claims, Fed
  Chair Powell Testimony.
• Friday: US NFP, Canada Labour
  Market report.

That’s all of us. Have a
good weekend.