Topgrowth News – UK government borrowing rate in September reported increased to 10.6 billion pounds, higher than previously expected. This figure is greater 1.3 billion pound sterling compared to the same period in the previous year. Meanwhile, for the period between April and September, the level of loans decreased from 2.3 billion to 45.5 billion pounds. Paul Hollingsworth, one an economist at Capital Economics said that he expected that the British government, in particular the chancellor Phillip Hammond, will only announce the results were less satisfactory than the previous fiscal forecasts. Office for national Statistics also mengatakanbahwa net debt in the UK public sector increased by 39.5 billion to 1.6 billion pound sterling pound sterling until September, equivalent to 83.3% of the total Gross Domestic Product of England. Meanwhile, chief UK and European economist at IHS Global Insight, Howard Archer said it believes that the British government will give full support to the economy in the Autumn Statement which will be submitted in November. Archer also assess that their chances of fiscal stimulus is likely to be constrained by government budget deficit is still large, so the government should better emphasize the need for fiscal responsibility as a form of support for the UK economy.
Japan’s trade balance had a surplus in September, as a result of the decline in the rate of exports are lower than expected, and noted the decline in 12 consecutive months. Japan’s Finance Ministry reported a trade surplus of ¥ 498.3 billion, after a deficit of ¥ 18.7 billion. The surplus was bigger than economists expected ¥ 341.8 billion. Once adjusted, the surplus stood at ¥ 349 billion. Reported that Japan’s exports decreased by 6.9% from the same period last year. This decline continued the previous decline of 9.6% in August, while imports reportedly fell by 16.3% after posting a 17.3% decline in August. Some economists estimate that the rate of exports will drop by 10.4%. Declines in exports is due to the weak global economic growth. Besides the strengthening of the Yen exchange rate helped put pressure on exports in the country the world’s third largest economy. On the same occasion Markit reported a Japanese manufacturing activity rose to 51.7 in October, from the previous 50.4 and higher than expected 50.6.
New Zealand markets are closed on this day related Labor Day holiday, while Japan has reported Trade Balance surplus as well as the Flash Manufacturing PMI reported a higher than expected. Eurozone will report French Flash Manufacturing PMI, French Flash Services PMI, German Flash Manufacturing PMI, German Flash Services PMI, Eurozone Flash Manufacturing PMI, Eurozone Services PMI and German Falsh Buba Monthly Report. UK will report the CBI Industrial Order Expectation as well as a speech from Bank of England MPC member, Nemat Shafik at the International Monetary Fund, the Bank of England, and the Hong Kong Monetary Authority joint conference held in Hong Kong. Switzerland is expecting a speech from SNB Governing Board Chairman, Thomas Jordan at the University of Basel, while the Governor of the Bank of Canada, Stephen Poloz will be speaking before members of the House of Commons Standing Committee on Finance in Ottawa, after the Canadian government reported the data of Wholesale Sales. China will report the CB Leading Index. While the US will report the Flash Manufacturing PMI, as well as looking forward to the speech of the President of the Federal Reserve Bank of New York, William Dudley at the Federal Bank of New York Annual Conference as well as the speech of the President of the Federal Reserve Bank of St. Louis, James Bullard at University Business and Economic Research in Arkansas.