📆 Friday, September 15
► European equities found momentum from Asia following optimistic Chinese industrial and retail sales figures that exceeded forecasts. Europe’s Stoxx 600 surged by 0.8%. The EUR is heading for its ninth consecutive week of losses, triggered by expectations that the European Central Bank's tightening phase has concluded. The ECB decided to raise interest rates by 25 basis-points yesterday pushing rates to 4.5% but a change in statement suggests that the current level of rates is considered sufficient.
â–º China experienced robust economic performance: Industrial production surged to 4.5% YoY (its fastest since April and surpassing the 3.9% forecast), retail sales jumped 4.6% YoY (the strongest since May), and urban unemployment decreased to 5.2%, nearing a 16-month low, while the government set a jobless target of around 5.5% for 2023 with plans to generate 12 million urban jobs. Despite the strong Chinese economic data, Chinese markets closed in the red with the exception of the Hang Seng which closed 1% higher.
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