Market Movers
Another quiet day on the data front. German industrial production has some downside risk today after the weak factory orders yesterday. That said, the correlation between industrial production and factory orders has not been that great lately. The weak orders were pulled lower by export orders outside the euro area, suggesting a rising impact from the slowdown in China and other emerging markets (EM). Germany has quite a large exposure to EM and the recent VW scandal could add to the headwinds for the export sector, as car exports are 20% of total exports.
US crude oil inventory statistics may get some attention this afternoon as oil production has started to come down in the US. Lower inventories would give support to the oil price.
In Denmark, it is 'comeback' time as the DMO will resume issuance of DGBs. Today's tap is in the 2Y and 10Y benchmark bonds - DGB 2.5% 11/16 and DGB 1.75% 11/25.
There are several releases in Scandinavia today, see Scandi Markets.
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