Friday's Market Movers
Fundamentals are taking a bit of a backseat in the market and it appears that nothing but calming words from central banks will be able to soothe the nervous financial markets. Hence, there will probably be a lot of focus on the flood of speeches on the calendar from several ECB members today: Coeure (08:45 CET), ECB vice-president Constancio (09:45 CET), Nowotny (10:00 CET) and Weidmann (11:00 CET). In addition, Fed chairwoman Janet Yellen is due to speak at 14:30 CET in connection with a conference on economic inequality, so the topic does not on the surface invite comments on monetary policy in general.
In the data calendar focus will mainly be on US data. Housing starts and building permits are both expected to rebound in September on the back of a weak August. The underlying trend still appears to be that housing starts are improving moderately. We expect University of Michigan consumer confidence to have been unchanged in October. The recent sharp drop in gasoline underpins consumer confidence while the recent decline in stock prices has probably weighed on consumer confidence.
Also continued focus on Q3 earnings with General Electric, Morgan Stanley and TeliaSonera reporting today.
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