Market Movers ahead

  • Market jitters mean less focus on economic data and more on central bank signals.

  • PMI figures for the eurozone are expected to be weak and thus further stoke fears of a global slowdown.

  • Chinese data is expected to show a pick-up in industrial production but falls for both GDP growth and PMI.

  • Interest rate meeting in Norges Bank is unlikely to produce a rate change but will afford the central bank an opportunity to assess market turmoil and the weakening of the NOK.


Global macro and market themes

  • Weak retail sales in the US caused concerns about the global economy to increase and triggered significant declines in equity, oil and other risk asset prices.

  • Even if the market corrects in the short term, there will still be a significant risk of further turmoil.

  • Inflation in Sweden has been much lower than the Riksbank expected in September, which probably means a further rate cut later this month.


Focus

  • Yields look likely to continue falling, according to our new yield forecast.

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