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Onwards, ever onwards

| Posted by: Paul Donovan | Tags: Paul Donovan

  • We have assorted final manufacturing purchasing manager indicator sentiment surveys today. These numbers remain popular in financial markets, although the reliability of the data in reflecting underlying economics has seemingly deteriorated in recent years.
  • The Chinese sentiment data came in somewhat better than the market had anticipated, and the Australian data signalled stronger export growth in the details.
  • There are a couple of ECB speakers and the Fed's Williams on the calendar today. Reactions in the wake of the rather explicit statement of intent from the Federal Reserve will be interesting to observe.
  • UBS has published its 2016-17 economic outlook today. We expect global growth to be slightly firmer next year (3.4%) but that headline disguises divergent forces acting on developed and emerging markets. Inflation and central bank policy are more locally driven issues.