Market movers today
Swedish inflation is in focus today. We expect a new high in y/y terms (2.5% y/y for CPIF), though we expect the y/y rate to moderate in coming months. A relatively high print is probably expected at this point, and rates in the short end of Swedish curves have traded up in anticipation. In Norway, the budget for 2018 is revealed (see next page).
On the global front, the euro area is due to release industrial production for August. Following a strong German print for August, we should expect a decent increase. If confirmed, it will point to another robust quarter for euro area growth.
In the US, PPI and initial jobless claims are due for release. The Fed's Brainard (voter, dovish) and Powell (voter, neutral) are due to speak today.
With respect to Brexit, the fifth negotiation round concludes today with a joint press conference. As the EU leaders at the EU summit later next week are likely to conclude there has not been 'sufficient progress' to begin discussing the future relationship, more negotiations are needed in November and early December.
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