Market movers today
In the euro area details for Q3 GDP will be released in connection with the first revision. We expect the data to show that the weakness in the euro area also in Q3 was mainly driven by weak investment demand, which we expect to have contracted for the second quarter in a row while private consumption continued to grow modestly.
In the euro area final service PMIs for November will also be released. Most interesting will be the first estimates for the peripheral countries including Italy and Spain. The UK will also release service PMI today. Service PMI has declined in the past two months suggesting that growth has lost a bit of momentum in the UK.
In the US the ADP private employment report for November will give important input on the strength of the labour market ahead of the Friday's important non-farm payrolls, which we expect to show solid gains a bit ahead of consensus. The employment component should also be watched particularly closely in today's ISM non-manufacturing.
Fed will this evening release the Beige Book, its regional survey of the US economy based on reports from the regional Federal Reserves.
Today the Swedish Riksdag will vote on the budget. In Denmark housing prices for September are due for release.
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