Chinese producer price inflation rose 6.3% y/y. Does this herald a global inflation upswing? It does not. Chinese producer price inflation has a limited correlation with Chinese export prices, and Chinese export prices have a limited correlation with foreign goods prices. Domestic labor costs remain the focus for inflation pressures.
The UK parliament is scheduled to vote on key EU exit legislation, including the granting of the Henry VIII powers. These increase the power of the executive (for a limited period of time). The vote will attract attention given the fragile nature of the government's majority in the House of Commons.
The UN Security Council meets to discuss the North Korean situation, with the US sanctions proposal now diluted. There is unlikely to be much new information from today's meeting, but a rejection may increase the desire of the US president to act unilaterally on trade protection.
New York Fed President Dudley suggested that the recent hurricanes may impact the timing of a rate move by the Federal Reserve, but that they were unlikely to change the necessity of a rate hike given the strength of US economic activity.