1. China's manufacturing companies continue to increase profits
2. Oil reserves remain very high
3. UK and EU can make progress in Brexit negotiations
On Sunday, the National Bureau of Statistics of China reported that profits of manufacturing companies in August increased by 19.1%, compared to the same period last year. In July, the growth of this indicator amounted to 19.6%. Data indicate that China's manufacturing sector continues to recover from the crisis, but companies cannot yet reach pre-crisis levels. For 8 months of this year, the profit of production companies decreased by 4.4%.
OPEC Secretary General Mohammed Barkindo said that according to the results of the 3rd quarter, the commercial oil reserves of the OECD countries remain significantly higher than the average over the past 5 years. He noted that this indicator is expected to decrease in the 4th quarter, but its level remains above the average for five years by 123 million barrels. Bidders react negatively to these comments. Oil prices are down almost 1%.
The Irish authorities said that the UK is on the path of a tough Brexit scenario and in three months will leave the EU without a trade agreement. At the same time, the Financial Times reported signs of progress in the Brexit negotiations, but has not yet reported details. Recall that this week there will be a summit of leaders of the EU countries, at which the topic of Brexit will become one of the key ones.
News to pay attention today:
13:45 GMT. ECB: Speech by ECB chief Christine Lagarde