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Weekly Focus – More Bad News from the Euro Area

Market Movers ahead

  • In the US, we look for a small rebound in ISM manufacturing and a further moderation in employment growth to around 100,000. Attention will also remain on the prospect of possible impeachment of US President Donald Trump.
  • Chinese PMI data for September will give more insight into the extent of the economy’s weakness. We expect the numbers to still show weakness but not point to a hard landing.
  • We project the flash release for euro area inflation to fall to 0.9% in September from 1.0% in August.
  • Brexit will also stay in focus with the deadline of 31 October only one month away.
  • In Scandi, focus turns to PMI data in all countries, Norwegian retail sales and a slew of speeches by Riksbank members.

Weekly Wrap-up

  • Gloomy euro area PMIs add to recession fears in Europe.
  • High-level US-China trade talks likely to come in the week of 7 October.
  • US President Donald Trump faces significant pressure as the Democrats initiate an impeachment inquiry.
  • UK Supreme Court rules against Prime Minister Boris Johnson, judging the suspension of parliament unlawful.
  • Stock markets ease, USD continues to strengthen.

Full report in PDF.

Danske Bank
Danske Bankhttp://www.danskebank.com/danskeresearch
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