Market movers ahead
In the US , the most important event next week is the Federal Reserve meeting on Tuesday-Wednesday. The statement and the FOMC 'dots' will be announced on Wednesday at 20:00 CET, together with the rate decision. Fed Governor Janet Yellen will hold a press conference at 20:30. While core inflation remains modest, a rate hike is more or less certain, in our opinion, given solid US job growth.
In the eurozone , Germany's ZEW expectations index for December is scheduled for Tuesday and we expect to see a small increase.
In the UK , inflation and labour market figures are due next week. Wages and signs of rising domestically generated inflation pressures will be of particular interest.
In Sweden , the coming week is dominated by the Riksbank's interest rate decision on Tuesday at 09:30, with most analysts expecting rates to remain unchanged.
Until last week, we were almost 100% certain that Norges Bank would not cut interest rates at its meeting next week but, given the latest collapse in oil prices, we now see a close to 50% chance of a rate cut.
Global macro and market themes
Lower oil prices increase the tail risk from emerging markets and US high yield...
...but gives support to consumers.
Stocks have taken a hit but are set to get support from the bottom in the manufacturing cycle.
The Fed is set to hike but revise dots lower - the ECB is done easing.
The CNY is under attack.
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