Recap 10-2-12

Commentary:

None

Notable:

  • The RBA surprised with a rate cut of 25bps to 3.25%. “On the back of international developments, the growth outlook for next year looked a little weaker, while inflation was expected to be consistent with the target. The Board therefore decided that it was appropriate for the stance of monetary policy to be a little more accommodative.”
  • South Korea PMI dropped to 45.7 in Sept vs 47.5 prev.

Upcoming Data:

  • Wed: Italy Services PMI, UK Services PMI
  • Thu: BoE, ECB
  • Fri: US Employment, CA Employment
  • Mon: Sentix Investor Confidence, AU Business Confidence
  • Tues: Japan Eco Watchers Survey, Alcoa kicks off US earnings season
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