Market movers today
In the US industrial production is due for release and we expect an increase of 0.2% m/m in October. In September industrial production was quite high at 1.0% m/m, driven by high readings in mining and utilities, but the underlying numbers for mining and utilities do not point to the same upward trend.
In the euro area a number of prominent ECB members are scheduled to speak and focus will be on comments about more easing from the ECB. We believe it will be difficult to expand the balance sheet sufficiently and we expect the ECB to reach for more tools in early 2015. However, for the rest of 2014 the ECB is waiting for the results of the TLTRO auction in December.
Main market movers the rest of the week will be global PMIs, German ZEW expectations, US housing data, minutes from FOMC and MPC meetings and Bank of Japan's monetary policy announcement.
In Sweden unemployment is due for release and in Denmark the mortgage refinancing auctions start.
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