Market Movers ahead

  • We look for more stabilisation in the Euro Flash PMI released on Friday.
  • On the trade war front, we wait to see whether the US and China re-enter talks or whether Donald Trump implements of a 25% tariff on another USD200bn of imports from China.
  • Brexit is set to be in focus as EU leaders meet for an informal Summit in Austria on Thursday-Friday.
  • The Fed enters the blackout period ahead of the FOMC meeting on 26 September.
  • In Scandinavia, focus turns to the Norges Bank meeting, where we look for the first hike for more than seven years. Minutes from the recent Riksbank meeting will also be scrutinised.

Global macro and market themes

  • The tight US labour market is a rising risk to growth.
  • The US-China trade war is set to escalate further before a deal is reached.
  • Emerging market assets are cheaper but there are still short-term risks.

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