Market movers today
Focus remains on politics. Tomorrow, the US mid-term elections take place, where the most likely outcome seems to be a divided Congress. We do not expect the midterms to have big implications for growth and financial markets. See US Midterm Elections .
In Germany, focus is on who is going to succeed Angela Merkel as CDU leader, see German Politics Monitor , 5 November. In Italy, we have the ongoing budget clash with the EU. The trade war is back in the spotlight, as Trump seems slightly more willing to negotiate with China. See US-China Trade: 60% chance of a cease fire at Xi-Trump meeting.
US ISM nonmanufacturing will give us more information about current growth momentum. In September, the index printed the second-highest value since the series began in 1997.
UK PMI service index is expected to fall slightly to 53.3. The Lloyds (LON:LLOY) Business Barometer suggests a sharp fall is on the cards and the DG ECFIN service confidence indicator says it probably remained unchanged.
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