Market movers today
Please note that today at 09:00 CET we publish the Nordic Outlook, which is our quarterly publication that presents our view on the economic outlook for the Nordic countries. The publication does not contain new financial forecasts.
In the UK, focus is on Bank of England meeting at 13:00 CET. It is one of the small meetings with an Inflation Report and a press conference, so focus will be solely on the tone in the summary and minutes, as no one expects any policy changes. Our base case is that BoE maintains the hawkish twist to its neutral stance but given Q1 GDP growth was revised down (and not up as BoE expected) and nominal wage growth has declined, risk is tilted towards a more dovish tone. Market pricing seems fair at the moment as the first full hike is not priced in before late 2019.
Also in the UK, we get retail sales for May at 10.30 CET.
In the US, focus is on the Empire and Philly Fed manufacturing indices (both due at 14:30 CET), which may give us some indication about what to expect of ISM manufacturing in May. We also get actual industrial production data for May at 15:15 CET.
To read the entire report Please click on the pdf File Below