Late to the party

UK GDP was soft during the summer, but the outlook is still upbeat. And falling interest rates are visibly transforming the fortunes of the housing market. The ECB's rate cut was expected, with a potential further cut in December as President Lagarde remains optimistic about future inflation trends and improved productivity. It feels a long time coming, but this week looks set to be the turn of the US. The question is how much will rates be cut (and how much will the Fed guide on future cuts). On the other hand, China's rising deflationary risks highlight a challenging economic environment. One where the stimulus dial might be needing turned up!