Market movers today
Focus will be on flash estimates for PMIs. In the euro area we expect both manufacturing PMI and service PMI to have continued to edge slightly lower in September, as geopolitical uncertainty continues to weigh on sentiment. That said, service PMI is expected to remain relatively resilient above 52 and there are tentative signs that the soft patch in the manufacturing sector has started to ease.
In the US, on the other hand, we expect the flash estimate for the Markit manufacturing PMI to have improved further in September despite its already very high level close to 58. This underscores a very strong US economy and the current substantial divergence between the US economy and the rest of the world.
A flood of speeches from FOMC members. St. Luis Fed president James Bullard (hawk, non-voter), Kansas City Fed president Esther George (hawk, non-voter), Minneapolis Fed president Narayana Kocherlakota (dove, voter) and board member Jerome Powell (neutral, voter) are all scheduled to speak. Powell will speak in connection with a conference on bank supervision and will as usual probably stick to supervisory topics and be tight-lipped about monetary policy.
Danmarks Nationalbank will present new economic forecasts.
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