In the euro area, PMI figures for Germany and France for November are due to be released. The figures for October were strong and for the manufacturing PMIs a solid order-inventory balance - although not as strong as September - still signals an increase in the manufacturing PMI. For the service PMIs, the future business expectations index from October suggests an increase in the figure in November.
In the US, the preliminary Markit PMI manufacturing index for November is due out, where it will be interesting to see if the positive signals for the manufacturing sector have continued.In the evening, the FOMC minutes for the November meeting are due to be released. As expected, there were no major changes in the FOMC's statement. Most importantly, it said the case for a rate hike 'has continued to strengthen' (previously 'has strengthened') but that it had 'decided, for the time being, to wait for some further evidence of continued progress toward its objectives'.
Chancellor Hammond is due to make the autumn statement to parliament, which could point to weak fiscal developments in the UK, limiting fiscal stimulus options.
In Norway, focus will be on the oil investment survey, given the uncertainty about how investment will have been affected by the recent stabilisation in oil prices. However, as most projects in the Norwegian sector have breakeven prices outside of the USD40-60/bbl range, the recent price movements within this interval should not have much effect on investment levels.
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