Market Movers ahead
Markets will turn attention next week to the minutes from the FOMC meeting on 29 October. At this meeting the Fed turned more hawkish on the labour market, saying that the underutilisation of labour resources was diminishing.
In Japan there is increasing speculation that Prime Minister Shinzo Abe will call a snap December election for the Lower House early next week. Early elections could strengthen Abe's already strong parliamentary position.
Next week we get PMI data from the US, the eurozone and China. Overall we expect slightly lower PMI readings compared to October in all three regions/countries.
Contrary to the PMI data, we think we will see an improvement in the German ZEW data for November. The ZEW indicator is often strongly correlated with the German stockmarket's performance. Since late October the DAX has risen about 7.5%.
During the week there are a large number of speeches by ECB executive board members. ECB chief Draghi is scheduled to give an introductory statement at the European Parliament (ECON) and to speak on 'reshaping Europe' later in the week.
In Norway , the Q3 GDP figures are eagerly awaited after recent weak data. Growth in private consumption was likely negative, and growth in traditional exports was probably much lower than Q2, but construction activity still seems to be very strong.
Global macro and market themes
The Ukraine crisis is the main reason for the euro area slowdown - the short-term picture still looks weak.
The global economy is set to stay in muddy waters for now.
There is pressure on yields on the downside.
More US Dollar Index strength is in store.
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