Ukraine - Venezuela beat out war-torn Ukraine for the
worst performer crown. The IMF is expecting the Ukrainian economy to contract 9
per cent this year. It's followed by Russia (-3.8 per cent), Belarus (-3.6 per
cent); Brazil (-3 per cent) and Greece (-2.3 per cent). Better news for Ukraine
is that Russian-backed separatists in the east of the country have scrapped
plans to hold elections this autumn equating to a fall in tensions
UK retail - UK BRC Shop Price Index (YoY) Sep: -1.9%
(prev -1.4%). Not much pricing power there. Meanwhile Tesco interim
numbers are out later.
Asia – the Bank of Japan holds interest rates and
continues its QQE policy. Talking about moderate growth domestically and
internationally. Meanwhile, China's foreign exchange reserves shrank another
$43bn last month, suggesting the central bank continues to deplete its
firepower to support the renminbi. Total reserves are now $3.514tn, the lowest
since July 2013.
Still at least Chinese e-commerce is still growing fast:
Rise of the yuan -
Chinese yuan accounted for only 2.8% of global payments in
terms of value in August, while the top three in the ranking account for much
more; the US dollar at 44.8%, euro at 27.2%, and pound at 8.5%. However, the
amount of yuan-usage and the number of FX transactions shows a steady increase.
Comparing with the year of 2012, the RMB ranked #12 with a share of only 0.84%.
Central banks and QE - as cited by Fast FT MOAR QE...but central banks are losing credibility too...
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