The key market focus today is on the US military strike in Syria and the US non-farm payroll report from March due to be released in the US.
The US labour market has been in good shape over the past two months and we expect this trend to continue. We estimate a total of 160,000 new jobs were created in March but highlight that risks are skewed to the upside as the ADP labour report from Wednesday suggested weather conditions had less of a negative effect on job growth than we have pencilled in. We estimate the average hourly earnings increased 0.2% m/m, which would mean an increase of 2.7% y/y. We furthermore estimate the unemployment rate remained at 4.7% after last month's decrease.
In the UK, the NIESR GDP estimate for March is due - the indicator is usually a good predictor of actual GDP growth.
German industrial production is due to be released on Friday. Following the weak factory orders in January, we estimate industrial production for February will show a drop of 2.5%.
In the Scandis, focus will be on industrial production in Norway and Denmark.
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