Today, financial markets will continue to monitor the situation on the Chinese money market. Depreciation pressure on the CNY persists, as upward pressure on offshore money market rates continues to build.
The market will also look to the Organisation of Petroleum Exporting Countries (OPEC) for hints on the progress of implementing the recent deal to cut output by 1 January 2017.
On the calendar of data releases for today, Norwegian retail sales for November may attract attention. We look for a decline of 0.5% m/m against the consensus expectation of a 0.2% increase. This will be followed by the release of wage growth figures and trade balance figures for Sweden.
In addition, the ECB is set to release the M3 money supply and loan growth figures for November. We estimate M3 growth remained around 5%, while loan growth should also have remained roughly unchanged.
Finally, the oil market will be looking at the release of the US Energy Information Administration's weekly crude inventory numbers. Yesterday, the American Petroleum Institute was said to have reported that US crude inventories rose 4.2mb last week.
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