Market movers today
Euro-area service PMIs are due for release and focus will be on the first figure for Spain and Italy. In both countries the service PMIs have been stronger than the indicator for the manufacturing sector, reflecting stronger domestic demand. Both the Italian and Spanish figures are expected to decline but they should remain stronger than the manufacturing PMIs.
We expect euro-area retail sales to have declined in July after increasing for three consecutive months. However, a decline should not reflect a reversal of the underlying upward trend. Private consumption is currently supported by lower commodity price inflation, as it has increased real wage growth in the euro area.
In the US the release of the Beige Book will give more information about the current state of the economy.
This month's most important economic data in Norway - the oil investment figures for August - are due for release at 10:00 CET. The figures are important ahead of the next interest rate meeting on 18 September.
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