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The agenda: Donald Trump's trade agreement
Hello and welcome to our slippery coverage of the global economy, financial markets, the euro zone and businesses.
US President Donald Trump has already pulled the stock markets this morning after being optimistic about trade relations with China.
Trump spoke to his Chinese counterpart, Xi Jinping, appearing to give hope for progress at the G20 meetings at the end of the month.
Donald J. Trump
(@RealDonaldTrump)Just have a long and very good conversation with Chinese President Xi Jinping. We have covered many topics, especially trade. These discussions are progressing well, with meetings planned for the G-20 in Argentina. I've also had a good discussion about North Korea!
Asian markets have increased in all areas. The CSI 300 Index, which tracks Shanghai and Shenzhen stocks, rose 3.56%, while Hong Kong's Hang Seng Index gained 3.79%.
However, investors are still not quite skipping champagne corks.
Robert Carnell, chief economist at ING, I said:
I do not know what to think about it. But we feel too much change of direction as a result of the [vice president] Mike Pence speech a few weeks ago to take to the letter. This is certainly not in line with the latest accusation of a Chinese company that has conspired to steal trade secrets.
The fact that Trump sets the tone for the day will largely depend on the outcome of the US employment data, which are closely scrutinized by traders around the world for signs of inflationary pressure on the US. US economy.
The non-farm payroll will be released at 12:30, with average hourly earnings and the unemployment rate, the key data.
In the UK, the highest officials of the Bank of England are preparing the media to explain why they do not want to raise interest rates – and warn that they could act both ways in the case of a Brexit "Without agreement".
The deputy governor of the bank, Ben Broadbent, today told the BBC that a faster wage growth would help real household incomes – a welcome sign for the British after the summer. one of the worst decades of wage growth of the last century.
In Europe, investors will eagerly await the results of the latest banking sector stress tests conducted by the European Banking Authority, to be communicated to all. published at 5 pm in London, where is the watchdog (for the moment).
Some 48 banks were examined under the microscope, with the regulator examining the level of risk of the assets held by the lenders – and how they would withstand a shock.
The results of the Italian banks will be particularly examined in a context of political uncertainty as to the outlook for the country's public finances.
L & # 39; s calendar
•9am GMT: Manufacturing report of the euro area for October
•9.30 GMT: UK construction report for October
•12:30 GMT: US employment data for October
•17:00 GMT: resistance tests of the European Banking Authority
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