It is 'Big Thursday' in Sweden .At 09:00 CEST, the National Institute for Economic Research (KI) is due to publish its survey on business and consumer confidence, where we see a chance of a rebound as the Brexit discussion has matured over the past month. At 09:30 CEST, Statistics Sweden (SCB) is scheduled to publish household lending, producer prices and the labour force survey. Chief among these is undoubtedly the labour force survey, where we expect the strong trend in employment to continue for a few months more, despite the deceleration in growth. We expect a 6.0% unemployment rate, which would be the lowest level since October 2008. Finally, at 10:00 CET the ESV's July budget figures are due out.
In Norway, the August oil investment survey will be in focus. We tentatively predict a slight upward revision of oil companies' investment estimates for both 2016 and 2017 to NOK169bn and NOK156bn, respectively. This would give us little reason to revise our forecasts.The coming week also brings Labour Force Survey figures for June (May-July) and unless employment has begun to pick up, it is unlikely that growth will have recovered as strongly over the summer as many are claiming. We expect unemployment to have fallen to 4.6%.
In Denmark , the statistical office is due to release its monthly employment figures for June on Tuesday. It is worth noting that as these figures are for June, they will not be directly affected by the Brexit vote.
The Danish mortgage bond auctions continue this week. Last week, we saw good performance for non-callables bonds as we saw strong demand from both domestic and international investors. In particular, the one-year bonds have been popular.
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