020 7898 0500Following two consecutive days of big losses, the Dow Jones industrial average started Friday with a bang by jumping 1.5%, or more than 360 points. Wednesday and Thursday saw losses of 1,400 points, but it looked as if New York wanted to end the week on a high. US treasury secretary, Stephen Mnuchin, spoke to CNBC and said that the recent moves on the stock market were ‘just a correction’. Somewhat tellingly, he said that he felt Jerome Powell was doing a good job.
On the economic data front, the University of Michigan consumer sentiment fell to 99 in October from 100.1 the previous month. The reading was below market expectations of 100.4, with the decline being attributed to less favorable assessments by consumers of their personal finances.
The only release of note today is the retail sales figures from the US in September. The figure is expected to jump to 0.5% from 0.1% the previous month. Tomorrow we will see the industrial and manufacturing production figures for September, while Wednesday brings the Federal Open Market Committee meeting minutes.
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