GBP
U.K. industrial production was unchanged in August as shut downs at some North
Sea facilities sent oil and gas extraction down 1.7 percent. The industrial
output figure, matched the median forecast of economists. Manufacturing
production rose 0.1 percent from July, also in line with forecasts. 

Bank of England officials led by Governor Mark Carney begin their monthly
policy meeting in London today after data last week showed the recovery from

GBP
U.K. industrial production was unchanged in August as shut downs at some North
Sea facilities sent oil and gas extraction down 1.7 percent. The industrial
output figure, matched the median forecast of economists. Manufacturing
production rose 0.1 percent from July, also in line with forecasts. 

Bank of England officials led by Governor Mark Carney begin their monthly
policy meeting in London today after data last week showed the recovery from
the recession has been stronger than previously estimated. There have been some
signs of a slowdown recently, with a manufacturing index by Markit Economics
falling to a 17-month low in September. Industrial production is still 9.6
percent below its pre-recession peak in the first quarter of 2008.
Manufacturing is 4.4 percent below its high point in the same period

EUR
Economists fear that Germany is sliding into recession, after industrial
production across Europe’s largest economy tumbled by an alarming 4.0% in
August, compared with July. It’s the biggest monthly fall since the aftermath
of Lehman Brothers’ collapse sent shock waves through the global economy.

The International Monetary Fund also downgraded its outlook for global economic
growth, citing persistent weakness in the Eurozone and a broad slowdown in several
major emerging markets. The IMF marked down prospects in the Eurozone’s three
largest economies, Germany, France and Italy. The fund warned that the
probability of the Eurozone re-entering a recession in the next six months has
roughly doubled since the IMF’s April outlook to 38%.

IMF Chief Economists Oliver Blanchard identified three key risks to the global
economy two of these are closely related to the Eurozone Geopolitical risks
have become “more relevant”. The IMF thinks that the Ukraine crisis has not
yet) had measurable effects beyond the affected countries and their immediate
neighbours and that the Middle East turmoil has not yet driven up oil prices.
Blanchard also fears there is a strong risk of a stalling of the recovery in
the euro area, dragging it into deflation

USD
The US job opening Survey (Jolts) for August  also released and revealed
there were 4.8 million job openings on the last business day of August. Up from
4.6 million in July the highest level of job openings since January 2001.

US consumer credit failed to meet expectations for August and increased far
less than expected. Consumer credit rose to 13.5 Billion , experts had expected
growth of 20 Billion. New York Federal Reserve President  believes it
is still too premature to begin raising interest rates as he feels there is
still too much slack in the labour market and the inflation rate is too low. He
believes a a rate rise could be on the cards by mid 2015. 

Key
Announcements
19:00 – BST – USD: US Federal Reserve minutes released.
21:30 BST – USD: Former Fed Chairman Ben Bernanke is making a speech

Our dealers are available via e-mail ([email protected]) or by phone (020 7220 8181).