In this week's video, Michael reviews the reasons behind the recent volatility in equity markets, and looks ahead at the key events for the upcoming week, including China Q3 GDP, China and UK retail sales, plus UK, Germany and France flash PMIs, along with a number of key earnings releases. Both imports and exports have struggled to recover on both sides of the ledger, while retail sales only recorded positive territory in August. For an economy in which services have grown to almost 50% of economic activity, this seems barely credible, even if recent data has been much improved from the February/March lows, with industrial production back to pre-Covid-19 levels. It was also the first positive reading this year, giving hope that the slow return to normal will see September retail sales rise 1.9%. The company also raised its forecasts for net revenue in the full-year to be in the high single-digit percentile, and its overall hit to net revenue to be closer to 5% than earlier higher estimates in February.
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