Market movers ahead
We expect the FOMC will replace 'considerable time' with 'patient' in their statement next week, but put a 20% probability on them waiting.
In the euro area we look for higher figures for PMI, IFO and ZEW expectations in December.
The Chinese flash HSBC/Markit manufacturing PMI is likely to be unchanged in December, but move higher in Q1.
In Japan, Prime Minister Shinzo Abe and his coalition government will continue to be in a strong position after the election. The Bank of Japan is unlikely to ease again soon.
The Riksbank is under pressure to do something, and the first line of defence is likely to be signalling a 'delayed hikes/lowered end point' repo forecast.
Global macro and market themes
Markets correct, but it is likely to be temporary.
The short-term outlook for oil is weak. Lower oil prices give stronger baseline growth but higher tail risk.
Euro area is bottoming, US looks strong.
Norges Bank delivered a surprise rate cut and its new interest rate path suggests a 50-50 probability of a rate cut again before June.
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