China's economy is making a slow, steady recovery

Good Morning ,

- Asian equity markets have been stable today after the sell offs in Europe and America yesterday. Aussie saw a nice rebound following stronger than expected inflation data. The HSBC Flash Manufacturing PMI showed also some strong signs and helped probably the sentiment. BOE King said that the MPC stands ready to add more stimulus if needed.

- Stocks: Nikkei -0.16 %, Hang Seng +0.04 %, Shanghai Composite +0.25 %, Dow Jones -1.82 %, S+P500 -1.44 %

- ECB President Mario Draghi will speak to a joint session of three committees of the German parliament in Berlin today, seeking popular support for his plan to purchase government bonds to stem the debt crisis.

- Euro zone states will grant Greece an extra two years to bring its budget deficit to within agreed targets, Germany's Sueddeutsche Zeitung paper reported in its Wednesday edition, without citing sources.

- French central bank Governor Christian Noyer voiced regret in a newspaper interview published on Tuesday that the country's 2013 budget did not focus more on cutting public spending.

- Australian consumer prices gained more than economists forecast last quarter, investors pared bets the central bank will cut interest rates. Traders priced in a 77 percent chance of a rate reduction Nov. 6, down from 95 percent yesterday, swaps data compiled by Bloomberg showed after the figures were released.

- Australia Data Recap
Period survey Actual Prior
* CPI qoq Q3 1.0 1.4 0.5
* CPI yoy Q3 1.6 2.0 1.2

- Australian Treasurer Wayne Swan says today's CPI report shows that carbon-tax impact on inflation within government forecasts.
* Much of the expected impact on power prices from the carbon pricing levy has taken place now, Swan says.
* Carbon price impact temporary, expects RBA to look through its effects, Swan says

- China's economy is making a slow, steady recovery from its weakest period of growth in three years, a survey of purchasing managers signalled on Thursday, with new orders and output at their highest in months. The lacklustre nature of the rebound revealed by the HSBC Flash Manufacturing Purchasing Managers Index (PMI) though comes in its headline reading of 49.1 points for October - a three month high, but still below the 50-point mark that separates expanding from shrinking business activity.

- China Data Recap Period Survey Actual Prior * HSBC Flash Manufacturing PMI Oct - 49.1 47.9

- Bank of England Governor Mervyn King said the Monetary Policy Committee is ready to add to stimulus again as it assesses the strength of the domestic recovery amid signs that global economic weakness is spreading. "At this stage, it is difficult to know whether some of the recent more positive signs will persist," King said in a speech late yesterday in Cardiff, Wales. "Should those signs fade, the MPC does stand ready to inject more money into the economy."

- BOC Governor Mark Carney said in Ottawa that "some modest withdrawal of monetary policy stimulus will likely be required," even as it kept the benchmark rate at 1 percent, and that "imbalances in the household sector" will influence the timing of any move.

14:58 US Markit US PMI Preliminary Oct
16:00 US New Home Sales Sep
20:15 US FOMC Rate Decision
09:00 France PMI Manufacturing Oct
09:00 France PMI Services Oct
09:30 Germany PMI Manufacturing Oct
09:30 Germany PMI Services Oct
10:00 Eurozone PMI Manufacturing Oct
10:00 Eurozone PMI Services Oct
10:00 Eurozone PMI Composite Oct
10:00 Germany IFO OCt
10:00 Italy Consuemr Confidence OCt
14:00 ECB's Draghi Briefs German Lawmakers in Berlin on Crisis
12:00 UK CBI Trends Total Orders OCt
12:00 UK CBI Trends Selling Prices OCt
12:00 UK CBI Business Optimism Oct
09:15 Sweden Consumer Confidence Oct
09:15 Sweden Manufacturing Confidence Oct
09:15 Sweden Economic Tendency Survey Oct
22:00 RBNZ Offical Cash Rate - no change exp.
(CET)

Have a nice day !

Source: http://www.fxstreet.com/fundamental/analysis-reports/daily-morning-briefing/2012-10-24.html

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