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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
German industrial production rose as expected in August
In Germany, the seasonally adjusted industrial production climbed 0.30% on a MoM basis in August, at par with market expectations. Industrial production had dropped by a revised 0.40% in the previous month.
Powell: Fed to start expanding its balance sheet
The US Federal Reserve (Fed) Chairman, Jerome Powell, stated that the central bank would again begin expanding its portfolio of government-backed securities and continued to leave the door open to another interest rate cut this month. He further stated that the US economic expansion can be sustained.
US small business optimism index surprisingly dropped in September
In the US, the small business optimism index recorded an unexpected drop to a level of 101.80 in September, compared to market expectations of a rise to a level of 104.10. In the prior month, the small business optimism index had recorded a reading of 103.10.
Canadian building permits advanced more than expected in August
In Canada, building permits recorded a rise of 6.10% on a MoM basis in August, higher than market expectations for an advance of 2.30%. In the prior month, building permits had risen by a revised 3.20%.
Australian consumer confidence index slid in October
In Australia, the consumer confidence index registered a drop of 5.50%, on a MoM basis in October, compared to a level of 98.20 in the prior month.
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