Market movers ahead
We estimate that US job growth increased to 170,000. Any signs that wages are starting to accelerate would strengthen the case for a near-term fed funds rate hike.
ISM manufacturing is expected to show continued weakness. We estimate another decline to 49.6 - the weakest level since November 2012. We expect the non-manufacturing ISM to remain at a healthy level.
In the euro area , focus will be on German factory orders and industrial production, which we expect to show some weakness due to the slowdown in emerging markets and the impact of Volkswagen (DE:VOWG).
In the UK , we expect the MPC to keep the Bank Rate and the stock of purchased assets unchanged.
In China , we expect the official and the Caixin manufacturing PMI to increase.
In Norway , we expect the central bank to keep interest rates unchanged.
Global macro and market themes
The Fed sent a clear signal to markets: a hike at the December FOMC meeting should not be ruled out. We continue to look for the first rate hike in January.
Chinese manufacturing is set to bottom and fears of a hard landing are set to ease further.
The Bank of Japan (BoJ) kept the powder dry this week - the bar for further easing is high.
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