Analysts at Rabobank explained that today we saw Japanese Q3 GDP, which underlined how wobbly the global backdrop suddenly looks.
Key Quotes:
“It shrank 1.2% q-o-q on an annualised basis, so the second quarter of negative growth this year, if not back to back.
Next up we have a Chinese data blast of retail sales, industrial production, and fixed investment – if that also shows weakness then we can expect a further ramping up of stimulus and a further set of weights pressing on CNY.
Then we have German Q3 GDP, which is seen -0.1% q-o-q, adding to the gloom, and UK CPI, then Eurozone Q3 GDP, expected to be as damp as the weather.
We also get US CPI, and hear from the Fed’s Powell overnight – let’s hope that there isn’t a huge US outperformance or else USD is going to look as relatively muscly as the US army is compared to Europe’s.”
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