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Today is the big Markit PMI service day with releases across Europe and in the US . From a market perspective, the release in the UK is among the most important: we expect the service index - which is a key gauge for overall economic growth - to be broadly unchanged at 53.8.
Even if the ADP jobs report in the US has been a poor indicator for non-farm payrolls (due tomorrow), markets will follow today's release for any clues as to tomorrow's direction.
In Norway , house prices are due out at 11:00 CET. Housing prices have fallen in seven of the past eight months and are almost 3% down on their March peak. However, there are some signs of stabilisation, see Scandi markets and NOK FX comment on the next page.
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