• Looking ahead, unlike last week we have a very busy calendar this week. Headline events include tons of ECB-speakers because the central bank is holding its own version of Jackson Hole. Besides a dozen or so Governing Council members, Fed Chair Powel, Bank of England Governor Bailey and Bank of Japan Governor Kuroda will all attend, either virtually or in person.
  • Key economic data reports this week include the US ISM manufacturing survey on Friday and the China Caixin manufacturing PMI on Thursday. The former should confirm that US growth softened in the third quarter and is set to slower further, though growth rates will remain elevated. The latter is expected to show that the Chinese growth slowdown isn’t getting any worse. Having said that, the Caixin PMI is slightly in negative territory even though China’s recovery is barely 18 months old. Finally Eurozone CPI figures on Friday should show that core CPI jumped to 1.9% in September on base effects and other ideocracies. We will have more on Eurozone inflation in a Comment in the not too distant future


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