ECB and Fed continue to be in the spotlight ahead of their important meetings in December. There are several speeches scheduled for today and we will listen carefully for any comments on monetary policy.
It could be that the ECB account from the latest meeting will attract some attention. The information level of the minutes has in general not been high but Mario Draghi was very dovish at the press conference and we may (or may not?) get some details.
UK retail sales in October are due. Overall, retail sales should not be over interpreted as they account for less than 6% of GDP but markets seem to follow them. Retail sales were very strong in September due to the hosting of the Rugby World Cup and thus we will likely see a downward correction. We look for a decline of 0.7% m/m.
Initial jobless claims in the US are estimated to have stayed more or less unchanged around 275,000. This is a low figure suggesting that the slack in the labour market has almost vanished. Multiple FOMC members have said that we have or are close to have met the full employment criteria.
Today unemployment figures in Sweden are due, see Scandi Markets.
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