Market Movers ahead
Global Update
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- Eurozone core inflation was probably low again in May, although that will hardly cause the ECB to cut rates.
- We estimate that U.S. consumer confidence is heading higher, and this will be reflected in the coming week's figures.
- A string of data releases from Japan is expected to confirm that the economy is picking up.
- GDP data is due from Sweden and Denmark. Swedish numbers could increase pressure to cut rates. Important figures for April are due from all three Scandinavian countries.
Global Update
- Uncertainty on the Chinese economy and global monetary policy triggered turmoil in the markets. We see this as a correction, not the start of a new trend.
- The U.S. Fed signalled that a scaling down of the QE programme has moved closer.
- PMI figures show that China's upswing is slowing, probably just temporarily.
- Pronounced market movements in Japan bring its very accommodative monetary policy into question.
- Pressure for a rate cut in Sweden is mounting, although the labor market is not as bad as unemployment figures might suggest.
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