Market Movers ahead
- The US mid-term elections will attract a lot of attention but are unlikely to lead to any changes in economic policy.
- The FOMC meeting is a small one and we do not expect any policy or signal changes.
- In Europe, keep an eye on politics in Italy and Germany.
- The UK is likely to strong GDP figures for Q3, but more interestingly, we will also get indicators for Q4, which might well be weaker.
- Trade and FX reserve data out of China will shed light on the effects of the trade war and the scale of the intervention to support the CNY in October.
- Norwegian price data is likely to indicate a slowdown in core inflation.
Global macro and market themes
- Global growth data disappointed, with weak GDP numbers for the euro area, lower new orders in the US and a nosediving PMI in China.
- Italy avoided a downgrade from rating agencies, but still seems uncompromising on the budget. It is now also facing stagnation as growth in Q3 was zero.
- US labour costs showed the highest growth in 10 years.
- In contrast, Swedish wage growth remained muted.
