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EUROPEAN ECONOMIC NEWS PREVIEW: UK GDP DATA DUE



GDP, industrial production and foreign trade from the UK are due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK GDP, industrial output and foreign trade figures. The economy is forecast to grow 0.2 percent on month in August, in contrast to the 0.5 percent decrease in July.

At 4.30 am ET, the Bank of England publishes Credit Conditions survey results.

At 6.00 am ET, consumer price figures are due from Ireland and Portugal.

At 7.30 am ET, the European Central Bank releases the account of the monetary policy meeting of the Governing Council held on September 13 and 14.

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CHINA EXPORTS FALL LESS THAN EXPECTED



China's exports declined less than expected in September, data from the General Administration of Customs showed on Friday.

Exports registered a decrease of 6.2 percent in September compared to the previous year. This was slower than the expected decline of 7.6 percent and the 8.8 percent fall seen in August.

At the same time, imports also decreased 6.2 percent annually, slower than the 7.3 percent fall in August. Imports were forecast to drop 6.0 percent.

Consequently, the trade surplus rose to $77.7 billion from $68.4 billion in August. The expected level was $70.0 billion.

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CHINESE YUAN FALLS TO NEAR 3-WEEK LOW AGAINST U.S. DOLLAR



The Chinese yuan weakened against the U.S. dollar in the Asian session on Monday.

Against the greenback, the yuan fell to nearly a 3-week low of 7.3098 from Friday's closing value of 7.3049.

If the yuan extends its downtrend, it is likely to find support around the 7.33 region.

The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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EUROPEAN ECONOMIC NEWS PREVIEW: UK UNEMPLOYMENT DATA DUE



Unemployment from the UK and economic sentiment from Germany are the top economic news due on Tuesday.

At 2.00 am ET, the Office for National Statistics is scheduled to issue UK labor market statistics. The jobless rate is seen unchanged at 4.3 percent in three months to August. At the same time, average earnings growth including bonus are forecast to grow at a slower pace of 8.3 percent after an increase of 8.5 percent in three months to July.

At 5.00 am ET, Germany's ZEW economic confidence survey data is due. The confidence index is forecast to improve to -9.3 in October from -11.4 in September. At 7.50 am ET, European Central Bank's supervisory board member Kerstin af Jochnick is set to speak at a conference in Berlin.

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CHINA GDP CLIMBS 4.9% ON YEAR IN Q3



China's gross domestic product expanded an annualized 4.9 percent on year in the third quarter of 2023, the National Bureau of Statistics said on Wednesday.

That beat forecasts for a gain of 4.4 percent but was still down from the 6.3 percent growth in the second quarter.

On a seasonally adjusted quarterly basis, GDP gained 1.3 percent - again exceeding expectations for 1.0 percent following the 0.5 percent increase in the three months prior.

The bureau also noted that industrial production was up 4.5 percent on year, beating forecasts for 4.3 percent and unchanged from the August reading.

Retail sales rose an annual 5.5 percent, topping expectations for a gain of 4.5 percent and up from 4.6 percent in the previous month.

Fixed Asset Investment rose 3.1 percent on year, missing forecasts for 3.2 percent, which would have been unchanged from August.

The jobless rate came in at 5.0 percent, below forecasts for 5.2 percent, which would have been unchanged.

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AUSTRALIA UNEMPLOYMENT RATE SLIPS TO 3.6% IN SEPTEMBER



The jobless rate in Australia came in at a seasonally adjusted 3.6 percent in September, the Australian Bureau of Statistics said on Thursday.

That beat forecasts for 3.7 percent, which would have been unchanged from the August reading.

The Australian economy added 6,700 jobs last month, shy of expectations for an increase of 18,000 following the addition of 64,900 jobs in the previous month.

The participation rate was 66.7 percent, below forecasts for 67.0 percent, which would have been unchanged.

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EUROPEAN ECONOMIC NEWS PREVIEW: UK RETAIL SALES, PUBLIC SECTOR FINANCE DATA DUE



Retail sales and public sector finances from the UK are the top economic news due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK retail sales and public sector finance figures. Retail sales are forecast to fall 0.2 percent on month in September, reversing a 0.4 percent rise in August. The UK budget balance is forecast to post a surplus of GBP 17.6 billion in August.

Also, the European Automobile Manufacturers' Association or ACEA publishes Europe's new car registrations for September. Sales had increased 21.0 percent annually in August.

In the meantime, Destatis is scheduled to issue Germany's producer prices for September. Economists forecast prices to fall 14.2 percent annually after easing 12.6 percent in August.

At 4.00 am ET, retail sales data is due from Poland. Sales are expected to decline 2.0 percent annually in September, slower than the 2.7 percent fall in August.

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TURKEY CONSUMER CONFIDENCE IMPROVES TO 74.6



Turkey's consumer confidence improved for the second straight month in October, a survey conducted in cooperation with the Turkish Statistical Institute and the Central Bank of the Republic of Turkey showed on Monday.

The consumer confidence index rose to a 3-month high of 74.6 in August from 71.5 in the previous month. However, a reading below 100 signals a pessimistic outlook.

All four sub-indices of consumer confidence improved in October from the previous month. The index measuring the current financial situation of households climbed to 59.7 from 56.2.

Similarly, their own financial situation in the next twelve months rose from 68.9 to 72.6.

Expectations regarding the general economic situation over the year strengthened in October, with the index rising to 72.9 from 68.0.

The indicator measuring spending money on durable goods over the coming twelve months increased to 93.2 from 92.7.

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EUROPEAN ECONOMIC NEWS PREVIEW: EUROZONE FLASH PMI DATA DUE



Flash Purchasing Managers' survey results from the euro area and unemployment data from the UK are the top economic news due on Tuesday.

At 2.00 am ET, the Office for National Statistics publishes UK unemployment data for August. The jobless rate is forecast to remain unchanged at 4.3 percent in three months to August.

In the meantime, Germany's Gfk consumer confidence survey data is due. The forward-looking consumer sentiment index is seen at -26.5 in November, the same reading as in October.

At 3.15 am ET, S&P Global publishes France's flash PMI data. Economists forecast the composite indicator to edge up to 44.2 in October from 44.1 in September.

At 3.30 am ET, Germany's flash PMI data is due. The HCOB composite output index is forecast to climb marginally to 46.7 in October from 46.4 in September.

Half an hour later, Eurozone flash composite PMI survey results are due. The indicator score is seen at 47.4 in October, up from 47.2 a month ago.

At 4.30 am ET, S&P Global is scheduled to issue the UK composite PMI data. Economists forecast the composite index to rise to 48.8 in October from 48.5 in September.

At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey data.

At 8.00 am ET, Hungary's central bank announces its monetary policy decision. The bank is likely to cut the base rate by 50 basis points to 12.5 percent.

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AUSTRALIAN DOLLAR RISES AGAINST MAJORS



The Australian dollar strengthened against other major currencies in the Asian session on Wednesday.

The Australian dollar rose to nearly a 1-1/2-month high of 1.0915 against the NZ dollar, from yesterday's closing value of 1.0871.

Against the U.S. and the Canadian dollars, the aussie advanced to nearly a 2-week high of 0.6400 and nearly a 2-month high of 0.8789 from yesterday's closing quotes of 0.6355 and 0.8730, respectively.

The aussie climbed to more than a 3-week high of 95.89 against the yen and a 1-week high of 1.6559 against the euro, from Tuesday's closing quotes of 95.27 and 1.6658, respectively.

If the aussie extends its uptrend, it is likely to find support around 1.10 against the kiwi, 0.65 against the greenback, 0.88 against the loonie, 97.00 against the yen and 1.64 against the euro.

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