Market movers ahead
The calendar is packed in the US next week. We look for 1.9% core inflation, a decrease in ISM manufacturing and not much action at the May FOMC meeting. In the Jobs report, the focus remains on average hourly earnings, which we estimate rose 0.2% m/m in April.
In the euro area, we expect a slowdown in Q1 18 GDP growth to 0.4% q/q. HICP figures for April are due for release. We believe inflation has remained at the 1.3% level in April.
Focus in China continues to be on the US-China trade frictions.
In Denmark, Tuesday is the deadline for the public sector pay talks. If we get no settlement, we expect it to cause strikes and lockouts.
We think Norges Bank will stand its ground and still signal a rate hike 'after the summer' at next wee's 'small' monetary policy meeting.
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