German inflation unexpectedly slowed for the third consecutive month in September, weeks after the European Central Bank announced new measures to stoke price growth. Overall, consumer prices grew 1.2 percent against the expectation of 1.3 percent, official data showed on Monday.
WTI oil prices extend declines and have slipped further on Monday as concerns over global oil demand continue to rise. The PMI for the world’s largest crude importer – China – rose to 49.8 in September, however, remained in contractionary territory for the fifth month in a row. WTI was trading lower, at $55.08 a barrel, this morning.
Philadelphia Federal Reserve Bank President Patrick Harkar said in New York that he opposed the central bank’s September rate cut and stated that the Fed should “hold firm” on interest rates.