Market Movers
In the US the main event is the release of retail sales for August. After some moderation in retail sales in the previous month we expect solid gains in August driven mainly by exceptionally strong auto sales. We also expect the University of Michigan consumer confidence to improve markedly in September on the back of lower gasoline prices and higher stock prices.
In the euro area we see some upside risk to today's industrial production data for July, as the individual country reports have been better than expected.
In connection with today's Ecofin meeting in Milan EU finance ministers are expected to discuss ways to support the development of a market for asset-backed securities (ABS). The ECB has asked governments to guarantee some of the elements of an ABS programme. However, in a common paper by the German and French governments possibly to be presented today a state guarantee is regarded as 'problematic'.
Today we expect Moody's to upgrade Ireland to A3 or at least put Ireland on positive outlook in connection with its review of Ireland's rating, see Moodys likely to upgrade Ireland to 'A-level' Friday, 10 September.
In Norway, the regional network report is released by Norges Bank. On Sunday, general elections will take place in Sweden.
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