Market movers today
Today focus will be on US data with the release of industrial production. We look for an increase in November after a correction in utility resulted in a weaker-than-expected print in October. Industrial production is at odds with the very high ISM level but this should reflect too high ISM and we continue to expect a moderation over coming months.
The US NAHB housing market index is due for release and it should increase further. Later this week housing starts and building permits will give more information about the housing market in the US.
Focus will be on Wednesday's FOMC meeting. We expect the FOMC to replace 'considerable time' with 'patient' in its statement. In the euro area we look for higher PMI, IFO and ZEW expectations, while the Chinese HSBC/Markit manufacturing PMI is likely to be unchanged in December.
There are no Scandi market movers today but the Riksbank is under pressure to do something at tomorrow's meeting.
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