Today, markets will focus on the US jobs report for September. We estimate jobs growth slowed to 90,000 in September due to hurricanes, so it does not change our view that the underlying strength of the labour market is strong. We expect markets to look mainly at average hourly earnings and not so much non-farm payrolls. This is also what the Fed signalled at the latest meeting, as the statement explicitly said that the Fed will look through short-term weakness due to hurricanes. For more details, see US Labour Market Monitor: September report affected by extreme weather conditions , 3 October.
We also have a few Fed speeches in the afternoon, most notably we are due to hear from Dudley (voter, neutral) at 18:15 CET.
In Germany, we get factory orders for August at 08:00. We estimate they rose 0.5% m/m after the 0.7% decline in July, as the European manufacturing cycle seems strong.
In Norway, production data for August are due today also at 08:00 CET. In Sweden, we get budget balance data for September. See Scandi section on page 2.
To read the entire report Please click on the pdf File Below: