”The debate on US interest rate policy continued, with data released over the week tending to side with a delay to any tightening. Markets continue to look for the 1st rate rise to come in March 2016. This contrasts with the Fed who ‘forward guided’ markets to expect a rise this year

EU industrial production fell 0.5% in the year to August, slowing sharply from +0.8% in July. With no inflation in Europe, figures like these only lead markets to consider very accommodative policy from the ECB.

In the UK, inflation dipped into negative territory for a second time this year. Prices were weak across-the-board in September, led by declines in food, beverages, and fuel.

Looking at the official figures released from China this morning, you have to wonder what all the recent fuss over a slowdown in growth is about. Real GDP grew 6.9% in Q3-15, faster than the 6.8% consensus, and slowing only fractionally from 7.0% in Q2. The official data however, is unlikely to dispel worries of a sharper slowdown, with most independent forecasters looking for growth to fall to below 6% by year-end.”

Thanks to our friends at London & Capital