Today is a quiet day for economic releases across the globe. After a report yesterday showed that UKservices growth faltered in September, market attention now shifts towards the BoE's announcement of itsmonetary policy decision this Thursday. The MPC meeting will attract considerable interest as investorsseek clarity on the timing of the rate rise. Ahead of that, investors will keep a tab on theUK’s manufacturing and industrial production figures, due for release tomorrow.In Europe, German factory orders declined for the second consecutive month in August, confoundingmarket expectations. Across the Atlantic, the nation’s trade balance data and IBD/TIPP economicoptimism indicator will be eyed.
Today, a string of services PMI reports from across the globe have taken the spotlight. Britain’s services PMI data that came in just now showed that growth in services sector activity unexpectedly dropped for September. Looking ahead, BoE’s interest rate decision along with the accompanying meeting minutes due later this week will attract significant market interest.In Europe, September’s survey showed easing of business activity at services firms in the Euro zone and most of its economies, fuelling doubts about growth prospects in the final few months of the year. Across the Atlantic, final services PMI and ISM non-manufacturing PMI reports are on the cards while the labour market conditions index will also be closely eyed.
In today’s session, all eyes will be on whether the US employment report supports the case for the Fed to raise its interest rate this year, amid the recent rout in financial markets that has threatened to dent growth and depress inflation. The September payrolls report is anticipated to show that US employers added jobs at a robust pace, signalling that the nation’s labour market continues to strengthen.Data released just now which indicated that UK‘s construction sector experienced better than expected activity growth in September, was reassuring for the British economy. Meanwhile, the ECB Chief last night stated that the Euro area is returning to sustained growth aided by the central bank’s aggressive monetary policy.