Last Wednesday, the minutes from the Federal Reserve’s meeting in July were released.
China's gross domestic product (GDP) in the fourth quarter of 2017 grew by 6.8% yoy against expectations of 6.7%.
The UK economy grew by 0.4% in the third quarter, outperforming market expectations, raising the likelihood of the Bank of England starting to tighten monetary policy and raising interest rates soon.
The weekend saw flaming events as elections were held in New Zealand and Germany, New Zealand's ruling National Party has won the largest number of votes, reaching 46%, while the opposition Labor Party has won 35.8%. The next few days will witness talks in order to form a coalition, to form the new government pending the announcement of the results officially on October 7.
Following are the highlights of the European Central Bank's monthly bulletin:
Inflation expectations among consumers in Australia fell for the second month in a row in September, with the Melbourne Institute index falling to 3.8%, after recording 4.2% last month. This monthly indicator is monitored closely because inflation expectations tend to influence actual price growth.
The National Australia Bank revised its expectations for the Reserve Bank of Australia's monetary policy and after it had expected a rate cut twice, it now expects the central bank to raise interest rates in August 2018 by 25 basis points, in November 2018 by 25 basis points, as well as a double rate hike in 2019.
Ian Harper, a member of the Reserve Bank of Australia board, made the following statement:
Australia's economic growth accelerated in the second quarter of 2017 as exports and consumer spending surged to ease fears about a worsening outlook. GDP expanded by 0.8% quarterly, after rising by 0.3% in the first quarter of the same year.
The Swiss economy grew at a slower pace than expected during the second quarter of 2017 as the growth in the financial sector and hotels was offset by weak growth in both trade and public administration. On a quarterly basis, GDP grew by 0.3%, below expectations of 0.5% growth, while the economy grew by 0.1% in the first quarter of 2017.
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