Market Movers
US and UK markets are closed due to the holidays and today is therefore set to be a quiet day in terms of data releases. However, the remainder of the week is packed with events, including the May ISM manufacturing index (Wednesday), the jobs report (Friday) as well as Thursday's ECB meeting.
In the euro area, there are no major events scheduled for today. However, French Q1 GDP is due to be released in the morning at 8:45 CET and is expected to have increased 0.5% q/q. At 11:00 CET, industrial and consumer confidence data is due to be released and at 14:00 CET preliminary German HICP data is due out.
In Scandi markets, however, there is a busy schedule. In Sweden, Q1 GDP is due at 9:30 CET and we expect it to have increased 0.4% q/q or 4.0% y/y. However, given recent weak data, we feel that the risk is on the downside. In Norway, we expect today's retail sales figure (10:00 CET) to show a rebound to 0.8% m/m after a couple of weak months. The Labour Force Survey (LFS) unemployment figures for MarSelected Market News ch (10:00 CET) are expected to show an unchanged jobless rate of 4.6%.
To read the entire report Please click on the pdf File Below.