US indices ended the week on a high note last Friday, with the Dow Jones and S&P 500 in particular reaching new record highs after gaining 0.97% and 0.61% respectively. The Nasdaq Composite failed to capture the same momentum but closed the day 0.33% higher nonetheless. Gold gained over a percent on Friday, bringing it back up to $2,657 an ounce after a largely uninspiring week. The Dollar finished flat on the day but appears to be mounting a challenge to the 103 level in early trading this morning.
There was a potential sign of frailty in the US economy on Friday as the Producer Price Index unexpectedly dropped to 0%. The data point will be seen by many as a possible justification for further aggressive rate cuts by the Fed before the end of the year. Another potentially worrying statistic emerged yesterday in the form of the Chinese inflation rate, which fell to just 0.4% year-on-year in September. Investors in China were also unimpressed with the lack of details surrounding the proposed stimulus package, with the ministry of finance failing to provide any real clarity moving forward.
Trading conditions may be a little off today, as the Japanese, Canadian and US markets are all closed due to various holidays. Tomorrow offers a glimpse into the UK labour market with both the unemployment rate and employment change, followed by Canadian inflation data later in the day. Attentions will quickly turn to the European Central Bank later in the week, which is now expected to lower the target rate once again after poor survey data continued to reveal a contraction in the private sector. Asian publications dominate the economic calendar on Friday with the Japanese yearly inflation rate, followed by a slew of data points from China.
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