Sterling has edged up against the dollar but is still below $1.22 after the speech from US Federal Reserve vice chairman Stanley Fischer.
He said “a variety of factors have been holding down interest rates and may continue to do so for some time,” which seems contrary to the idea of an imminent US rate rise.
So the pound is currently up 0.07% at $1.2192, while against the euro it is off its worst levels, down 0.19% at €1.1084.
As for bonds, they have also recovered some ground but the 10 year yield at 1.117%, up 0.02 percentage points, is still at its highest since the aftermath of the Brexit vote.
On that note, it’s time to close for the evening. Thanks for all your comments, and we’ll be back tomorrow.
Factors holding down interest rates could continue - Fed's Fischer
A leading member of the US Federal Reserve has warned of the dangers of continuing low interest rates. Vice chairman Stanley Fischer said in a speech in New York there were three reasons to be concerned about low rates:
First, and most worrying, is the possibility that low long-term interest rates are a signal that the economy’s long-run growth prospects are dim...A second concern is that low interest rates make the economy more vulnerable to adverse shocks that can put it in a recession...And the third concern is that low interest rates may also threaten financial stability as some investors reach for yield and compressed net interest margins make it harder for some financial institutions to build up capital buffers...
Those are three powerful reasons to prefer interest rates that are higher than current rates. But, of course, Fed interest rates are kept very low at the moment because of the need to maintain aggregate demand at levels that will support the attainment of our dual policy goals of maximum sustainable employment and price stability, defined as the rate of inflation in the price level of personal consumption expenditures.. being at our target level of 2 percent.
He said there were a variety of factors holding down interest rates - including slow economic growth, low investment, a slowdown in the global economy - and they may continue to go so for some time.
But he added economic policy could help offset these factors, and boost the economy’s growth potential:
While there is disagreement about what the most effective policies would be, some combination of more encouragement for private investment, improved public infrastructure, better education, and more effective regulation is likely to promote faster growth of productivity and living standards--and also to reduce the probability that the economy and, particularly, the central bank will in the future have to contend with the effective lower bound.
Updated
Greek protestors as inspectors arrive
Over in Greece thousands of leftwing protestors are demonstrating outside the Athens parliament as pressure mounts on the government to revoke unpopular reforms demanded by the country”s creditors. Helena Smith reports from Athens:
Timed to coincide with the arrival this week of international inspectors, the rally is one of scores taking place this evening around Greece by protestors aligned with the communist-run labour group Pame.
In a sign of the disquiet measures have caused, some 436 labour groups have joined the protests seen as the first step in a campaign to send a “fierce response” to a government implementing “barbaric measures” under the guise of progressive policy.
Demonstrators denounced cuts that will reduce Greeks “to further wretchedness” demanding the reinstatement of collective work agreements that the ruling two party coalition has vowed to abolish along with other labour reforms.
Meanwhile technical groups representing the EU and IMF have been poring over files in preparation of the arrival of mission chiefs. The review, projected by credit rating agency Fitch to take months, comes as government officials announced that prime minister Alexis Tsipras will meet the French and German leaders later this week to discuss the review.
European markets end lower
A combination of factors, but all revolving around the uncertainty over Brexit, have seen the UK market start the week on a negative note, falling further than its European peers. Jasper Lawler, market analyst at CMC Markets, said:
Markets have started the week on a softer note with stocks and oil lower, yields streaking higher and havens including gold and the Japanese yen in demand.
Reports of divisions between Chancellor Philip Hammond and the rest of Theresa May’s cabinet over Brexit have caused investors to sell UK assets across the board. UK stocks, bonds and the pound were all lower on Monday.
Over the weekend Mr Hammond was rumoured as preparing to quit over the divisions, though the Treasury has since denied this is the case. In a cabinet with some hot-headed opinions on Brexit, Mr Hammond is viewed by markets as a cooler cucumber. His departure and the resulting political uncertainty would likely see another nose-dive in the pound and exacerbate the rise in gilt yields.
The EY Item Club calling the economic stability in the UK since the Brexit vote “deceptive” and Open Europe suggesting banks could shift operations to Europe in 2017 without passporting rights are doing little to remedy shaken sentiment.
The government bond sell-off has sent UK 10 year Gilt yields to the highest since the EU referendum, putting them on course for one of the biggest monthly rises in 20 years.
US markets have also edged lower although positive results from Bank of America have helped limit the damage. The final scores in Europe showed:
- The FTSE 100 finished down 66 points or 0.94% at 6947.55
- Germany’s Dax dropped 0.73% to 10,503.57
- France’s Cac closed down 0.46% at 4450.23
- Italy’s FTSE MIB added 0.23% to 16,630.34
- Spain’s Ibex ended down 0.31% at 8740.7
- In Greece, the Athens market fell 0.55% to 586.06
On Wall Street, the Dow Jones Industrial Average is currently down 24 points or 0.13%.
Here’s our latest report on the perceived tensions in the government over Brexit which have helped weaken the pound, from Peter Walker:
Theresa May is keen to hear the “differing views” of ministers in the run-up to Brexit negotiations, her spokeswoman has said following cabinet media briefings against the chancellor, Philip Hammond, by pro-leave cabinet colleagues.
In a sign of apparent cabinet tensions over the balance between limiting immigration and keeping open access to the EU, unnamed cabinet sources told two newspapers about anger towards Hammond over his concerns about plans to swiftly restrict immigration from the EU.
But the prime minister’s official spokeswoman told reporters: “The prime minister has full confidence in the chancellor and the work that he is doing.”
The chancellor is said to have used a meeting last week of May’s cabinet Brexit committee to urge caution about a plan to force EU workers to show they have a guaranteed skilled job before they are allowed into Britain.
The full story is here:
It’s not just against the dollar that the pound is weakening. It has slipped 0.24% against the euro to €1.1073, but this is still better than the six year low of €1.094 it reached last Tuesday.
Oil prices are on the slide on renewed concerns that producer will be able to finalised a proposed deal to limit output when they meet next month in Vienna.
Iranian oil minister Bijan Zanganeh said on Monday he was optimistic about a deal but when asked if his country’s output was now high enough after its return on sanctions for it to join an agreement, he said: “We should decide in November how much each country should produce.” The amount each country can produce could well prove a new stumbling block.
At any rate, Brent crude is down 1% at $51.42 a barrel while West Texas Intermediate, the US benchmark, has fallen 1.1% to $49.79.
Wall Street opens lower
US markets have followed the general downward trend, ahead of a spate of important economic data later in the week, notably inflation figures.
The Dow Jones Industrial Average is currently down 30 points or 0.17%, with markets unmoved by reasonable results from the likes of Bank of America and Hasbro.
Updated
Paul Sirani, chief market analyst at Xtrade, said:
Today’s news that industrial production has returned to growth is the latest encouraging piece of data to come out of the US in recent weeks. It is also a very positive result considering the strength of the dollar and China’s weakening trade demands.
More US data, and a recovery in industrial production.
Industrial output rose by 0.1% in September, better than the 0.5% fall seen in August but lower than the 0.3% expected. Manufacturing output rose by 0.2% in September, compared to expectations of no change and a 0.5% drop in August, revised down from the original 0.4% decline.
Manufacturing capacity utilisation edged up from 74.8% to 74.9%.
Updated
More on Tuesday’s UK inflation figures, and Kathleen Brooks, research director at City Index, reckons the number could be higher than the market believes:
The market is expecting prices to rise by an annual 0.9% rate last month, up from 0.6% in August. Core prices, which exclude energy and food prices, are also expected to pick up to 1.4% from 1.3%.
We believe that the risks are to the upside for September’s price data, as the impact of a weak pound continues to weigh on price pressure....
We think.. annual CPI could breach the 1% mark for September, while the market expects a reading of 0.9%. A strong inflation reading could be another reason to sell the pound tomorrow, which, ironically, could lead to even higher inflation in the coming months. If prices rise as we expect, then the Monetary Policy Committee’s 2% inflation target to be breached at some point in the first quarter of 2017.
If, against the odds, CPI does not rise by as much as expected, then we would expect the pound to rally as it could brighten the UK economic outlook and put less pressure on future consumption. However, we view this outcome as unlikely at this stage.
The Empire report says:
Business activity continued to decline in New York State, according to firms responding to the October 2016 Empire State Manufacturing Survey. The headline general business conditions index slipped five points to -6.8. The new orders index edged up but remained negative at -5.6, indicating an ongoing drop in orders, and the shipments index increased to -0.6, suggesting that shipments were essentially flat.
Labor market conditions remained weak, with both employment levels and the average workweek reported as lower. Price indexes increased somewhat, and continued to signal moderate input price increases and a slight increase in selling prices.
But the outlook is more optimistic:
Indexes for the six-month outlook suggested that manufacturing firms expect conditions to improve in the months ahead.
Weak manufacturing data from US
The latest snapshot of US manufacturing - in this case in New York state - has shown a shock plunge rather than the expected revival.
The New York Empire manufacturing index came in at -6.8 in October compared to -2.0 in September and forecasts of a rebound to 1.1. This is the lowest level since May.
Empire State Manufacturing Index prints -6.8 vs +1.1 expected and -2.0 in September ^FR #FX
— FOREX.com (@FOREXcom) October 17, 2016
Updated
Another reason for the slide in bond prices, and subsequent rise in yields, is recent comments from central bankers on their willingness to tolerate an increase in inflation.
On Friday Bank of England governor Mark Carney said he was willing to let inflation run a bit higher than the Bank’s 2% target to help boost the economy and employment.
Janet Yellen, chair of the US Federal Reserve, said something similar a little later, saying there were plausible ways to let higher inflation lift the economy.
Higher inflation erodes the fixed payments on bonds, adding to the downbeat mood. So UK inflation figures on Tuesday will be widely watched, with consumer prices expected to rise by an annual 0.9% in September, up from 0.6% in August.
It’s a thin day for data but there are some US figures out later. Ahead of that, the futures are suggesting an opening fall on Wall Street. Connor Campbell, financial analyst at Spreadex, said:
Looking to the US open and the Dow Jones seems fairly uninterested this Monday, with the futures suggesting a 40 point fall after the bell. There is a string of B-tier data for the US index to deal with this afternoon; the Empire State manufacturing index is set to bounce back to 1.1 from -2.0, while the capacity utilization rate is expected to edge up 0.1% to 75.6% and the industrial production reading is forecast to climb back to 0.3% from -0.4% last month.
Sterling hits low for the day
The pound continues to hover below $1.22 against the dollar, and is currently down 0.3% at $1.2144, a new low for the day as US traders begin to start work.
That is nowhere near the levels hit during the flash crash earlier this month, of course, when it fell as low as $1.1491, according to data from Thomson Reuters.
Reuters has just issued a report saying that sterling traded more than three times its daily average against the dollar in the 24 hours following the flash crash, showing the volatility and nervousness around the currency at the moment.
Updated
Newsflash from Downing Street: Theresa May’s spokeswoman has insisted the prime minister has ‘full confidence’ in Philip Hammond, following reports of a split with other cabinet members over Brexit.
The PM also respects the Bank of England’s independence -- which is reassuring, until you realise that this ought to go without saying....
Number 10: PM "has full confidence" in Chancellor, "respects the independence of the @bankofengland" and is "clear in her support" of Carney
— Faisal Islam (@faisalislam) October 17, 2016
(reminder, May criticised the BoE’s stimulus programme during her party conference two weeks ago, prompting governor Mark Carney to hit back on Friday).
UK prime minister May says she has full confidence in finance minister Hammond, respects BoE independence.
— Jamie McGeever (@ReutersJamie) October 17, 2016
The very fact that needs said...
Andy Sparrow’s Politics Live blog has more details from today’s briefing to Lobby journalists:
Analysts: Hammond dispute hits UK assets
The disputes between Philip Hammond and the Brexiteers in the cabinet are hitting shares, the pound and government debt today, according to one analyst.
Jasper Lawler of CMC Markets says rumours (now denied) that the chancellor might quit are alarming investors.
Over the weekend Mr Hammond was rumoured as preparing to quit over the divisions, though the Treasury has since denied this is the case. In a cabinet with some hot-headed opinions on Brexit, Mr Hammond is viewed by markets as a cooler cucumber. His departure and the resulting political uncertainty would likely see another nose-dive in the pound and exacerbate the rise in gilt yields.
Mr Hammond is thought to prefer a plan in which migration curbs are delayed and Britain would pay into the EU budget for single market access. It’s a stance that would be welcomed by markets but he has been described as “arguing like an accountant” and “only seeing the risks” by fellow MPs.
So that’s why 10-year UK gilt prices have hit their lowest level since the referendum (see earlier post), sending yields up.
And housebuilders are also falling in value today, Lawler adds, matching the rise in gilt yields.
Barratt Developments is one of the biggest decliners on the FTSE 100. Higher interest rates lead to higher mortgages, which is typically not good for the housing market since it makes borrowing to buy a house more expensive.
So, the FTSE 100 is now down by 55 points, or 0.8%, at 6957 points, with almost every share falling.
The pound still near a 31-year low against the US dollar, at $1.2167.
And 10-year gilt yields (a measure of UK borrowing costs) are hovering around 1.17%, from 1.1% on Friday.
Gilt yields continuing to rise, though from a very low base. https://t.co/QPYe3CWjwM
— (((FrancesCoppola))) (@Frances_Coppola) October 17, 2016
Updated
The FT published a good piece yesterday, pointing out how car parts whizz around the EU on their journey from raw materials to finished product.
In some cases, they could cross the Channel five times -- creating a serious headache for auto makers if Britain left the single market.
The piece is here. Here’s a flavour:
Bumpers for some Bentley Bentaygas, for example, are made in Europe but then sent to Crewe for inspection before then going to Germany for specialist painting. After that, they return to the UK for final assembly.
Another example of the interconnectedness of the supply chain is a fuel injector for diesel lorries manufactured by the US component maker Delphi.
This part uses steel from Europe which is machined in the UK before going to Germany for special heat treatment. The injector is then assembled at Delphi’s UK plant in Stonehouse, Gloucestershire, before being sold on to truckmakers based in Sweden, France or Germany.
If the resulting truck is sold into the UK market, the component or materials used in it will have crossed the Channel five times before the lorry is ever driven by the customer. If tariffs are applied at each stage, the cost could be substantial.
Great FT research shows how often car parts cross the Channel, amidst fears that the Single Market was working https://t.co/7UqC27RnHo pic.twitter.com/mj9YtolNRo
— Giles Wilkes (@Gilesyb) October 17, 2016
Britain isn’t alone. Germany’s borrowing costs have also hit their highest level since the EU referendum:
Germany's bund yields jump to their highest since @Brexit vote https://t.co/VvTbdJppcR pic.twitter.com/WYTOOABD0P
— Bloomberg (@business) October 17, 2016
A tiny gobbet of economic data – inflation in the euro area rose by 0.4% in September, up from 0.2% in August.
That’s the highest in nearly two years.
Higher prices at restaurants & cafés pushed living costs up, along with more expensive rent, food and tobacco. Energy prices still pulled inflation down, but by less than earlier this year.
#Euro area annual inflation confirmed at 0.4% in September 2016 (August 0.3%) https://t.co/mPiQ1yyVXS /via @EU_Eurostat pic.twitter.com/5tfKX2nZxS
— Yannis Koutsomitis (@YanniKouts) October 17, 2016
Updated
The slump in the pound since June’s Brexit vote isn’t a bad thing, according to Ben Broadbent, deputy governor of the Bank of England.
He told BBC Radio 5 this morning that sterling has helped to cushion the shock of the referendum result.
According to Broadbent:
“Having a flexible currency is an extremely important thing, especially in an environment when your economy faces shocks that are different from your trading partners.”
“In the shape of the referendum, we’ve had exactly one of those shocks. Allowing the currency to react to that I think is a very important shock absorber.
Hurrah for floating exchange rates, eh?
However... analysts at Deutsche Bank aren’t convinced that the weak pound will give UK factories a major boost.
They argue that modern trade is simply too complicated....
International economics has evolved since the Victorian era, and world trade no longer consists of final consumption goods being bartered for raw materials. The rise of global value chains has come with huge growth in the trade of intermediate and capital goods. Any economy’s manufacturing exports today contain a significant chunk of value that is added abroad.
We find that the low domestic value added in UK manufacturing means sterling depreciation will hurt exporters as well as help them
Deutsche Bank: The slump in sterling will not help the UK economy because we no longer live in the Victorian era. pic.twitter.com/VjK7vDmQJu
— Katie Martin (@katie_martin_fx) October 17, 2016
Updated
UK borrowing costs hit highest since June
This morning’s selloff in UK government debt is gathering pace, as the City ponders the tensions in the
Ten-year gilts (bonds that mature in a decade’s time) are dropping in value, to levels not seen since the aftermath of the Brexit vote.
This chart shows how the price of gilts has dropped back in recent weeks, and is now the lowest since late June.
Happy selloff Monday for the UK Gilt market pic.twitter.com/t0IrTkSexJ
— Alberto Gallo (@macrocredit) October 17, 2016
As prices fall, borrowing costs rise. And the interest rate (yield) on 10-year gilts has now jumped to 1.2%, from 1.1% on Friday night.
That indicates that it will cost the government more to issue new debt to cover the gap between tax revenues and spending.
And the pound is still under some pressure, bobbing around $1.217.
Traders said the selloff in gilts was hurting sentiment towards the currency, Reuters reports.
Another day, another big sell-off in gilts it seems - 10-year yields up 12 bps at 1.22 pct pic.twitter.com/otkGu4oR9E
— Dhara Ranasinghe (@DharaRanasinghe) October 17, 2016
Updated
Over in Westminster, health secretary Jeremy Hunt has done his best to calm talk of cabinet infighting. Ministers are just having a ‘lively debate’, he says.
That’s via our Politics Liveblogger, Andy Sparrow, who writes:
Theresa May’s government has only been in office for three months but already cabinet infighting has hit peak intensity on the “ferrets in a sack” scale. Amazingly, there was even a story yesterday (which was denied) claiming that Philip Hammond, the chancellor, was on the verge of resignation because he was so fed up.
He’ll be tracking all the latest punch-ups lively debates here:
Here’s our latest news story on the cabinet split over Brexit:
And some snap reaction from a former Downing Street insider:
Within 100 days Theresa May has publicly fallen out with both her Chancellor & Gov of BoE. It took Gordon Brown much longer to achieve same.
— Ben Wegg-Prosser (@wpbenjamin) October 17, 2016
(Ben Wegg-Prosser was Tony Blair’s director of strategic communications).
Sterling is also weaker against the euro this morning, down 0.25% at €1.108. That’s close to a five-year low.
Again, that’s not a massive fall, but it does suggest that reports of a row between Philip Hammond and other cabinet ministers are weighing on the pound.
Analysts at RBC Capital Markets explain:
A number of UK newspapers’ front-pages lead this morning with reports of disagreements within the cabinet between the Chancellor and his colleagues over the terms of the UK’s EU exit.
The disagreements stem from differences over whether the UK should prioritise maintaining single market or controlling migration post-exit. The Treasury denied claims in the Telegraph newspaper that Phillip Hammond was set to resign over as Chancellor over the government’s approach to Brexit.
Updated
This chart shows how British borrowing costs have jumped this month:
UK bond yields rising sharply. 10y gilt yield +43 basis points so far in Oct, on for one of the biggest monthly rises in over 20 years. pic.twitter.com/kyKXbF89A7
— Jamie McGeever (@ReutersJamie) October 17, 2016
London’s stock market has started the week on the back foot.
The FTSE 100 index has fallen back through the 7,000 point mark, as it sheds 36 points to hover at about 6,977.
The education group Pearson is leading the sell-off, sliding by 5% after reporting a drop in sales amid “tough conditions”.
Conner Campbell of SpredEx says:
Another day, another set of Brexit headlines, with reports of cabinet splits and City passport fears causing a gloomy start to the week.
Updated
UK gilt yields hit highest level since EU referendum
British government debt is weakening in value this morning, in another sign that investors are worrying about the UK economy.
The yield (or interest rate) on 10-year government gilts has risen to 1.18%, from 1.1% on Friday night.
Yields move inversely to prices, so this means gilts are falling in value.
It’s quite a large move for a Monday morning, and pushes yields to their highest level since the referendum.
It suggests traders are anticipating a jump in UK inflation, as the weak pound drives up import prices
It’s not a reason to panic -- Britain’s borrowing cost are still very low, in historical terms. But it does mean that the cost of financing the deficit is rising....
Updated
Kathleen Brooks of City Index confirms that those political tensions are weighing on the pound this morning.
She points out that sterling has had a shocking few weeks -- even against countries whose finance minister are facing criminal charges:
Although the Treasury has denied that Philip Hammond will quit his post, it doesn’t help to instil confidence in the pound.
The British pound is down more than 5% so far this month vs. the US dollar; it is also weaker against every other G10 currency. To put this month’s fall into context, the pound is weaker against the majority of emerging market currencies, including the resurgent Mexican peso, and the Malaysian ringgit. The South African rand managed to eek out a gain vs. the pound, even thought its finance minister was recently hit with charges of criminal misconduct.
In fact, the pound is starting to act like an emerging market currency, with volatile price swings, and no stabiliser to limit the selling pressure. Risks of a break up of the United Kingdom and further signs of tension in Downing Street over the Prime Minister’s handling of Brexit, are the chief concerns of the currency market right now, and until these issues go away the pound is likely to remain the market’s favourite whipping boy.
Updated
Pound languishes below $1.22
Sterling has come under renewed pressure in early trading, amid reports of tensions at the heart of the UK government.
The pound is bobbing below the $1.22 mark, hitting a low of $1.215, which is close to a 31-year low against the US dollar.
Investors are disconcerted by front-page tales of a rift between chancellor Philip Hammond and other cabinet members, over the government’s Brexit strategy.
According to the Daily Telegraph, Hammond has been accused of trying to undermine Brexit by pushing for delays to cabinet measures designed to control immigration. He’s even accused of behaving “like an accountant”, rather than seizing the opportunities of life outside the EU.
Here’s a flavour:
Members of the cabinet are said to be growing increasingly frustrated by Mr Hammond’s position on Brexit. One cabinet source said he was “overly influenced by his Treasury officials who think it is a catastrophe that Britain voted to leave the EU”.
Another source said: “He is arguing from a very Treasury point of view. He is arguing like an accountant seeing the risk of everything rather than the opportunity.”
There are very big personalities arguing different things. It’s not easy
Another source suggested that while the Treasury is quick to criticise solutions proposed by members of the cabinet, it has been “less forthcoming” in tabling its own policies.
Monday's Telegraph front page:
— Nick Sutton (@suttonnick) October 16, 2016
Hammond in Cabinet Brexit row#tomorrowspaperstoday #bbcpapers pic.twitter.com/Oep3E74oZo
The Times also report that Hammond has annoyed colleagues by pushing back against migration curbs, arguing that UK businesses will suffer:
Monday's Times front page:
— Nick Sutton (@suttonnick) October 16, 2016
Hammond clashes with Brexiteers on migrants#tomorrowspaperstoday #bbcpapers pic.twitter.com/WnPOVPBSvd
There are also reports that Hammond isn’t happy about being excluded from some key strategy meetings.
If that wasn’t enough, the City is also anxious about relations between the government and the Bank of England, after Mark Carney insisted last week he wouldn’t take orders from politicians. Lots for investors to worry about....
Updated
Introduction: Brexit fears on the rise
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Britain’s exit from the EU looms over the City at the start of a busy week for investors.
Overnight, the Open Europe thinktank has warned that banks could shift operations out of London by the end of 2017, if they fear losing the “passporting” right to sell services across the EU.
Vincenzo Scarpetta, Open Europe’s senior policy analyst, said firms were preparing for the worst.
“There are plans in case the UK were to leave the single market without any kind of regulatory equivalence,” he said. “These plans may be set into motion early on if the uncertainty drags on for too long.”
But could the government cut a deal to keep the City in the single market? The Financial Time is reporting that the government is considering paying billions into the EU budget to retain access to the single market.
That may not be what Brexit voters expected, but it might protect vital parts of the UK economy.
Monday's FT front page:
— Nick Sutton (@suttonnick) October 16, 2016
Cabinet looks at paying billions to keep single-market access for City#tomorrowspaperstoday #bbcpapers pic.twitter.com/UwdXJSmZSH
On Tuesday, we get the latest UK inflation rate, which may show that the weak pound drove prices up in September. That’s followed by unemployment figures on Wednesday.
Although Britain’s economy has coped well since the June referendum, analysts are expecting a slowdown.
The EY Item Club thinktank reckons growth will slow to just 0.8% in 2017, from 1.9% this year, as inflation jumps and consumers spend less.
Also coming up today..
Looking ahead, there’s no UK economic data in the diary. But we do get a final estimate of Eurozone inflation for September (at 10am), and a healthcheck on the US manufacturing sector:
Looking ahead, highlights include Eurozone CPI, US Empire State Manufacturing Index, US Industrial and Manufacturing Production
— RANsquawk (@RANsquawk) October 17, 2016
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