Summary:
- UK Industrial Production data expected to show modest advance
- American PPI Inflation on the agenda in the early afternoon
- Weekly API data in the spotlight as Brent struggles to break above $85
Few interesting readings were scheduled for Wednesday, however neither of them can be considered a top tier. Investors will be offered data concerning the UK industrial and manufacturing production as well as trade balance in the morning. Attention will be drawn to the PPI inflation data from United States in the afternoon as it comes one day ahead of the CPI reading. Apart from that, oil traders will focus on weekly API data concerning crude oil inventories.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app9:30 am BST - UK, Industrial Production for August: The UK industrial production data did not show a negative reading since late-2016. Nevertheless, prints released throughout the summer period came in lower than data from the first half of the year (even despite more favourable base effect) Today’s reading is expected to show a 1% YoY advance, against previous 0.9%. Moreover, investors will be served manufacturing production and trade balance data. The former is forecasted to remain unchanged at 1.1% YoY while the latter is expected to show budget deficit deepening to 10.9 billion GBP.
1:30 pm BST - US, PPI Inflation for September: Usually it is the CPI data that brings the most attention. This time it will be no different but today’s PPI inflation print may offer some hints ahead of tomorrow’s reading. The headline reading is expected to stay unchanged at 2.8% YoY. On the other hand, the core gauge is viewed to accelerate from 2.3% YoY to 2.5 YoY.
9:40 pm BST - Weekly API Crude Oil Inventories: The bull run on the oil market was put on halt recently as pressures on OPEC to raise production mounted. However, the Hurricane Michael that haunt the Gulf of Mexico poses a threat to the oil production facilities and in turn may curb output. In theory we should see oil price increase in such scenario. While the oil inventory data is nowhere as important as aforementioned issues it may be a trigger for short-term price swings. Market consensus suggests that today’s API reading will show a 1 mb decline.
Central bank speakers scheduled for today:
- 10:10 am BST - BoE’s Haldane
- 5:15 pm BST - Fed’s Evans
- 11:00 pm BST - Fed’s Bostic
OIL hit the $85 handle last week, but bulls failed to hold this gains. However, the storm threatening the US east coast may allow buyers to push higher once again. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
