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Record highs on Black Monday anniversary   

Aziz Sunderji, Zoso Davies, Juan Prada

  • DAX, Dow Jones and the S&P500 reached all-time highs at their close before the 30th anniversary of Black Monday. DM bond yields moved higher led by Spain and the JPY sold off in a relatively coordinated move higher in risk assets on a day with no major headlines or data releases.
  • The China Party congress pointed towards policy continuity, with a focus on raising quality of life and economic growth, as well as raising China’s global status economically, politically, and militarily. The next key date will be 25 October when the new group of party leaders is expected to meet the public.
  • Today is the “deadline” for the Catalan government to clarify its position on independence. There has been little to no indication that the regional government intends to withdraw its suspended statement of independence. In either case, regional elections appear more likely than not in the near term.
  • The Bank of Korea kept the policy rate unchanged at 1.25% in October, as expected. However, we have brought forward our 25bp rate hike forecast to 30 November 2017 from Q1 18. One board member dissented and the tone of the meeting was noticeably more hawkish and upbeat, with Governor Lee Ju-yeol noting that “conditions are getting ripe to adjust monetary easing,” and “2017 and 2018 growth rate at potential.”
  • UK retail sales may surprise to the downside today, we forecast retail sales grew 1.9% y/y versus consensus of 2.2%. That said, the latest credit card spending data pointed to some resilience in September. Yesterday, UK wages surprised to the upside though the real-wage squeeze continues. Overnight China Q3 GDP was released, along with Industrial Production and Retail sales. All headline figures came in line with consensus.
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Barclays Live app for iPad and Android tablets

The Barclays Live app for tablets helps institutional clients to cut through the information deluge. Interactive tiles allow clients to view the content they want, store it for offline use, annotate it on the go, and more. It's Barclays Live, now tailored for you on iPad and Android tablets.

More about Barclays Live app
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