Market movers today
The US jobs report for September is today's highlight. We estimate non-farm payrolls rose 190,000 in line with the recent trend, which may be sufficient to lower the unemployment rate to 3.8% from 3.9%. Most focus will be on average hourly earnings, where the monthly growth rates have been on the high side for a few months now, indicating that wage growth has begun to move higher due to the tight labour market. We estimate average hourly earnings rose +0.25% m/m, which would lead to a decline in the annual growth rate to 2.7% (close call between 2.7% and 2.8%) from 2.9%. The Fed is likely to continue hiking at a gradual pace.
Otherwise, focus in the markets remains on politics, not least the EU-Italy budget clash and the Brexit negotiations, which are about to restart now the Conservative Party Conference is over.
In Scandinavia, we are due to get production data for August in Denmark and Sweden (see next page).
To read the entire report Please click on the pdf File Below: