Market movers today
The euro retail sales are expected to have moved sideways due to a weak German figure but there is an upside risk owing to an improvement in consumer confidence.
Euro GDP components are due for release and we expect decent domestic demand. Especially investments should increase.
Service PMIs are published. The residual from the flash euro PMIs released last week indicates that the Spanish and Italian index should decline. In the UK service PMI is expected to decline slightly but it will remain high - the October print was the highest reading seen since May 1997.
In the US ISM non-manufacturing should move sideways, as it is at a fairly high level, although there is an upside risk due to the very robust ISM manufacturing figure.
The ADP employment report will give more information about the US labour market ahead of the important employment report on Friday. US new home sales for both September and October are due for release, as is the Fed's Beige Book.
In Scandinavia Swedish service PMI is published.
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