Market movers ahead
We expect the ECB to remain on hold and we believe Mario Draghi to sound as dovish as he can without actually easing. We expect more easing in 2015.
The US November employment report is due to be released on Friday and we expect payrolls to post another healthy gain of 240,000 and we look for the unemployment rate to remain at 5.8%.
We expect ISM Manufacturing to decline to 57.5 in November, down from 59.0. The ISM has been at a lofty level for some time now and has largely overshot actual manufacturing production.
The investment outlook for the oil sector in Norway will be a major indicator of the extent to which the fall in the oil price has affected the mainland economy.
November figures for Danish FX reserves are set to be released on Tuesday and are likely to attract attention due to the very low EUR/DKK.
Global macro and market themes
The lower oil price is set to support consumers but keep eye on financial risks.
Risk assets are supported by recovery expectations and liquidity.
The euro area is bottoming.
We expect the US soft patch to be short.
Norway's growth outlook has weakened, while Denmark is stronger than expected and domestic demand is still driving Swedish growth.
To Read the Entire Report Please Click on the pdf File Below