US industrial production came in -0.6% lower in September than a year ago, and also lower than in August. It was another big Japanese data miss because markets had forecast a +0.5% rise. But markets thought this was a bit lame in the circumstances and they all moved lower with equity markets falling -1% and yields on Chinese benchmark bonds falling too. Markets haven't yet seen the policy action they want after the 'bazooka' expectations were started a month or so ago. And also as expected, Turkey kept its policy rate unchanged at its overnight meeting, but at 50%.

Source: New Zealand Herald October 18, 2024 00:51 UTC