Market Movers
Norges Bank meeting to take centre stage in Scandi markets. We look for a rate cut, whereas market pricing and consensus are for unchanged rates. For details see Scandi markets, page 2.
German Ifo expectations are expected to decline in line with the German PMI and ZEW figure but if the decline is modest like the PMI's, it suggests that the latest weakness is mainly in the financial sector, which might reduce some of the growth concerns. However, we expect the euro area PMI to weaken further.
In the US durable goods orders are due for release. The core measure in the report, non-defence capital goods orders ex aircraft, rebounded in July, suggesting a healthy momentum in business capex into August and it will be interesting to see if the August data look equally strong.
Fed chair Yellen speaks late tonight and any elaboration on the FOMC's decision to take the cautious approach will be in focus. Earlier this week Fed members Lockhart, Williams, Bullard and Lacker signalled that it is most likely that the Fed will raise rates later this year.
Nordic Outlook is due for publication at 09:00 CET.
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