[macro outlook] focus on the ZEW economic climate index in Germany in October and JOLTs job vacancies in the United States in August.

SMM Oct. 12: today we focus on the scale of social financing in China in September, the ZEW economic climate index in the euro area, the ZEW economic climate index in Germany in October and JOLTs job vacancies in the United States in August.

The scale of social financing in China, announced by the people's Bank of China, refers to the stock of money that a country serves for social and economic operation in a certain period of time, which consists of deposit money and cash money supplied by financial institutions, including the central bank. As the amount of money supply is closely related to expenditure, the increase in supply indicates an increase in future expenditure, which will help accelerate China's economic growth, while Australia, as China's largest trading partner, the improvement of China's economy will help to promote Australian exports. in turn, it will accelerate the growth of the Australian economy. As a result, the increase in the money supply is good for the Australian dollar.

The euro zone ZEW economic climate index is a survey conducted by CEREC of 350 analysts and institutional investors on their expectations for economic activity and capital market prospects in the medium term (six months) of the euro zone. The data reflects analysts' and institutional investors' expectations for the eurozone economy over the next six months and is a leading indicator of the economy. Good data, good for the euro. But the survey is less important than the German ZEW economic climate index.

The German ZEW Economic Prosperity Index is a medium-term forecast for the German economy based on a monthly survey of 350 financial experts by (ZEW), a German company based in Mannheim. He asked experts to assess the current environment and predict the future direction of the economy. Respondents only need to answer "optimistic", "pessimistic" or "unchanged", which makes the report easy to be counted and understood. Questions include an assessment of inflation, interest rates, exchange rates and the stock market over the next six months. So the data provides a forecast for the medium-term performance of the German economy. The survey reflects the gap between optimists and pessimists. For example, if 25 per cent of experts expect the economy to improve, 35 per cent think the economy slows and 40 per cent think it remains the same, then the ZEW index is-10. The ZEW economic climate index is a more important index of the German economy, which is released in the third week of each month. Generally speaking, if the data rises, it will be good for the euro; otherwise, it will weaken the euro.

JOLTs job openings in the United States are monthly reports of job openings in business, industry and government in the United States. This calculation includes all vacancies made public on the last working day of the month. This indicator is included in the US JOLTS (Job Vacancy and Labor turnover Survey) report based on labor surveys. In the questionnaire, employers describe the employment situation of their enterprises, the number of job openings, recruitment and dismissal. These data are processed and included in the report, which is released monthly and includes independent data from different regions and industries. Economists use the report to analyze the national labor market and describe the business cycle. On the one hand, the increase in vacancy indicators can positively describe the economic situation, but if the unemployment rate continues to rise, it indicates an imbalance in the labour market and a lack of qualified personnel. A long-term observation of the ratio between open vacancies and completion is used to adjust education and training projects at the government level. Overall, the increase in vacancies can be seen as good for the dollar.