Data from the Eurozone was quiet during the day. The NY session saw the release of the retail sales report. Headline retail sales rose just 0.1% on the month. This was below the estimates of 0.7% and marked the same pace of increase in August.
Core retail sales, on the other hand, fell 0.1% and missed estimates of 0.4%. Core retail sales for August was also revised lower to 0.2%. The NY Fed’s Empire State manufacturing index increased to 21.1 and was higher than the estimates of 20.4.
In the overnight trading session, New Zealand’s third-quarter inflation showed a 0.9% increase. This beat expectations of a 0.7% increase and consumer prices advanced from 0.4% in the second quarter. On a year over year basis, New Zealand’s inflation rate stands at 1.9%.
The day ahead will see China’s inflation figures will kick off the economic calendar today. Headline inflation is forecast to rise 2.5%, gaining momentum from the 2.3% registered in August. Producer prices are expected to rise at a slower pace of 3.7%.
The European trading session starts with the German import prices coming out. Economists forecast that import prices rose 0.1% on the month, partly reversing some of the declines posted from the month before.
In the UK, the labor market data is scheduled. The unemployment rate is expected to remain unchanged at 4.0%. Wage growth is tipped to rise modestly. The data comes ahead of tomorrow’s inflation report.
The ZEW institute will be releasing the economic sentiment indicators for Germany and the Eurozone.
The NY trading session will be marked with the release of the industrial production figures. Economists estimate a 0.2% increase which is slower than the month before. The industrial capacity utilization rate is expected to rise slightly to 78.2%.
