Market Movers
After the major decline on Monday into recessionary territory of the US Empire manufacturing index for August, we will get a more reliable check on the state of the manufacturing sector today when the August Philly Fed index is released. If it shows a drop of a similar magnitude, markets are likely to be spooked, but the consensus is for a slight increase. The Fed's Williams, who is viewed as a centrist in the FOMC, speaks today. Earlier this month, Lockhart, another centrist in the committee, stated that he favours a September rate hike. If Williams signals the same preference, it could be seen as a general shift in sentiment in the core of the FOMC towards a September hike.
We expect UK retail sales ex fuel increased 0.5% m/m in July. Private consumption in the UK is being supported by higher employment, positive real wage growth and high consumer confidence.
In Scandinavia, today's calendar is packed, starting with Danish retail sales, followed by Swedish labour market data and Norwegian GDP.
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