On Monday 21st: Nothing
On Tuesday 22nd: Nothing
On Wednesday 23rd: Canadian BoC Interest Rate Decision
On Thursday 24th: French, German, British and American Manufacturing & Services PMI Flash
On Friday 25th: German Ifo Business Climate and American Durable Goods Orders MoM
Monday 21stof October
Nothing
Major Earnings Releases:
● SAP
● Julius Baer
Tuesday 22nd of October
Nothing
Major Earnings Releases:
● Eurofins Scientific
● Vivendi
● L'Oreal
● VERIZON
● GENERAL ELECTRIC
● General Motors
● VISA
● Philip Morris
● Lockheed Martin
● Alphabet
● MICROSOFT
● Raytheon Technology
Wednesday 23rd of October
The Bank of Canada (BoC) cut its key interest rate by 25 basis points to 4.25% in its September 2024 meeting, as expected. This marked the third consecutive rate cut following a 10-month pause at 5%. The central bank justified the continued easing of monetary policy by citing excess supply in the Canadian economy, which continued to put downward pressure on inflation.
Moreover, policymakers voiced concerns about the possibility of missing inflation targets on the low side, heightening their apprehension about not tightening enough. Contrary to the need for tighter financial conditions, the Governing Council observed a recent slowdown in the labor market, despite wage growth continuing to outpace productivity.
However, the central bank acknowledged that inflation for shelter and selected services remained elevated, indicating potential upside risks to price growth. Market participants anticipate that the BoC will further lower interest rates from 4.25% to 4.0%, with the decision expected to be announced at 1:45 PM GMT.
Major Earnings Releases:
● UCB
● Umicore
● KERING
● Carrefour
● Michelin
● Air Liquide
● Deutsche Bank
● HEINEKEN
● Iberdrola
● Roche
● LLOYDS BANKING
● COCA-COLA
● Universal Health Services
● IBM
● AT&T
● Mattel
● T-Mobile
Thursday 24th of October
The S&P Global France Manufacturing PMI rose to 44.6 in September 2024 from 43.9 in August, slightly higher than the preliminary reading of 44. While this marked the 20th consecutive month of contraction, it was the mildest since May. French manufacturers remained pessimistic, partly due to ongoing political uncertainty in the country.
The HCOB France Services PMI dropped to 49.6 in September, exceeding preliminary estimates of 48.3 but significantly lower than the previous month's 55. The decline in the HCOB France Services PMI was primarily attributed to a post-Paris Olympics slump, as visitor and customer numbers returned to more normal levels. Despite this short-term dip, service providers remain optimistic about future demand, anticipating a rebound later in the year and into early 2025.
Market participants expect the French Manufacturing and Services PMI Flash for October to improve slightly to 45 and 50.1 respectively, with the data scheduled to be released at 7:15 AM GMT.
The HCOB Germany Manufacturing PMI declined to 40.6 in September 2024 from 42.4 in August, marking the lowest level in one year. This revised figure was slightly higher than the preliminary estimate of 40.3 but remained significantly below the initial expectations of 42.3. The result highlighted the deepening contractionary momentum in German manufacturing, which is a major contributor to the lack of traction in the Eurozone's output. The HCOB Germany Services PMI also fell in September 2024, dropping to 50.6 from 51.2 in the previous month, its lowest level since March.
Market participants anticipate that the German HCOB Manufacturing and Services PMI Flash for October will see slight improvements, rising to 41 and 51.1 respectively. The data is scheduled to be released at 7:30 AM GMT.
Despite a slight decline from 52.5 in August to 51.5 in September 2024, the S&P Global UK Manufacturing PMI remained above the neutral 50.0 mark last month for the 5th consecutive month, indicating continued expansion in the manufacturing sector. Strong domestic demand supported output and new orders. Despite the overall positive outlook for the UK manufacturing sector, the anticipation of the Autumn Statement had a dampening effect on production growth and future expectations.
The S&P Global UK Services PMI experienced a slight decline in September 2024, falling from 53.7 in August to 52.4. Despite this moderation, overall business activity remained strong, supported by robust domestic demand.
Market participants anticipate that the British Manufacturing and Services PMI Flash for October will improve slightly to 51.7 and 52.7 respectively, with the data scheduled to be released at 8:30 AM GMT.
Despite the upward revision of the S&P Global US Manufacturing PMI to 47.3 in September 2024, it continued to hover near its lowest point since June 2023. This was the third consecutive month of contraction, with significant drops in output and new orders, driven by softening demand and uncertainty in the political landscape.
The S&P Global US Services PMI was revised upward to 55.2 in September 2024, a modest increase from 55.7 in August. This slight uptick reflected ongoing robust growth in the services sector.
Market participants anticipate that the American Manufacturing PMI Flash for October will improve slightly to 47.6, while the American Services PMI Flash is expected to decline slightly to 55. The data will be released at 8:30 AM GMT.
Major Earnings Releases:
● ORANGE
● Dassault Systemes
● Hermès
● Valeo
● Renault
● Danone
● Accor
● VINCI
● Beiersdorf
● Symrise
● STMicro
● BARCLAYS PLC
● ANGLO AMERICAN
● RELX PLC
● UNILEVER
● LONDON STOCK EXCHANGE
● American Airlines
● Newmont Goldcorp
● Mastercard
● Union Pacific
● TechnipFMC
● CMS Energy
● AMAZON
● Hasbro
● United Parcel Service
● Seagate Technology
Friday 25th of October
The German Ifo Business Climate indicator declined to 85.4 in September 2024 after reaching 86.6 in August, the lowest reading since January and one that fell short of market expectations of 86. Both the sub-index for current conditions and business expectations decreased. Market analysts predict that the German Ifo Business Climate for October will rebound to 85.5, with the data scheduled to be released at 8:00 AM GMT.
New orders for manufactured durable goods in the United States remained relatively unchanged in August 2024, compared to the revised 9.8% surge in July, which was the highest level in four years. The data suggests that the current slowdown in manufacturing may be temporary. Market analysts predict that American Durable Goods Orders MoM for October will rebound to 0.9% when the data is released at 12:30 PM GMT.
Major Earnings Releases:
● Sanofi
● SAFRAN
● ENI
● NATWEST
● Aon
● Colgate-Palmolive
● WisdomTree
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and as such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades (“AT”). The information does not contain a record of AT’s prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not a reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acting on the information provided does so at their own risk.