Europe'S Overall Economic Growth Remains Moderate

In September, HSBC China's PMI hit a new high in recent months, the market vitality is increasing, and the macro-economy is improving; The manufacturing PMI of the United States fell 0.3~52.8 month on month in September, but the overall manufacturing industry maintained moderate growth; The initial comprehensive PMI of the Eurozone in September rose to the highest level since June 2011, but in fact, the overall economic growth of Europe is still moderate. The global PMI in September showed recovery, and the expansion speed of business activities was better than the market expectation, further indicating that the economy is recovering.

Stimulated by the rebound of wool prices at the end of last month, a large number of wool began to pour into the Australian wool market, and the auction supply increased significantly. The huge supply and relatively sluggish demand are facing each other, and the price of wool is weakening. Among them, fine wool bears the brunt with the largest decline. The auction market rose strongly in the last week, and the index closed at 1097 Australian cents/kg at the end of September.

The Australian dollar performed well in September. Affected by the competition for the position of chairman of the Federal Reserve by the tough monetary policy stance of Summers, the Australian dollar quickly rebounded to above 0.93. From April to August this year, the Australian dollar fell, falling between 0.1641 and 0.8846, and then consolidated between 0.8850 and 0.9330 for nearly three months. The Australian dollar has the potential to rise further against the US dollar, but the main trend is still downward.

In September, the supply of Australian wool market was 181859 bales, and 164869 bales were sold, with a turnover rate of 90.7%.

Due to the drought in New Zealand, the slaughter volume of adult sheep in New Zealand wool market increased significantly this year; The winter is cold but not cold, leading to a delay of about three weeks in the shearing period. As a result, the inventory of New Zealand wool is not sufficient, and the limited supply has become the main factor in the rise of wool prices. In addition, China's demand for carpets is growing fastest, which is one of the reasons why New Zealand's gross price is strong. Compared with the same period last year, the price of medium count wool decreased by about 11.2%, the price of fine count hybrid wool increased by about 17.7%, and the price of coarse count hybrid wool increased by about 36.8%.

In September, the New Zealand dollar rose against the US dollar from a low of 0.7700 at the end of last month, presenting a perfect bull market. New Zealand hinted that it would raise interest rates next year, and at the same time, geopolitical risk cooling led to a sharp rise in risk appetite, all of which provided timely support for the New Zealand dollar. However, the trade account deficit in August severely depressed the New Zealand dollar, announcing that the rapid unilateral rise of the New Zealand dollar against the US dollar since the beginning of this month has been completely reversed.

In September, the supply of wool in New Zealand market was 36207 bales, and 33324 bales were sold, with a transaction rate of 92%.

In September, the 25th International Wool Conference came to an end in Suzhou, where global wool textile experts, traders and wool enterprises gathered again to exchange markets and seek common development. There is widespread concern in the domestic market. The capital chain of enterprises is tight, production costs are increasing, and profit margins are shrinking. In the face of many difficulties, everyone cautiously sticks to it and hopes to improve demand.