Upbeat earnings overshadow mixed data

Weekly Focus

Global update

Q3 earnings in the US continue to surprise on the upside, around 80% have beaten expectations
In Sweden, the Riksbank held the repo rate path unchanged
Strong Q3 GDP growth in China and a round of healthy monthly activity indicators for September add further pressure on Chinese authorities to shift focus from supporting growth to controlling inflation risks
In Euroland, PMI data and the German Ifo index showed further increases, suggesting that economic activity in Euroland continues to recover
US housing data disappointed compared with expectations, suggesting that housing construction has lost some momentum heading into the current quarter
An article in FT this week suggested that the Fed is warming up for a change in the ‘extended period’ phrase. While the Fed’s Beige Book indicated a modest improvement in activity, it had a weak undertone
UK GDP unexpectedly declined in Q3 as the economy continues to struggle under its large dependence on the service industry

Market movers ahead

In Norway, all focus is on the monetary policy meeting and the new Monetary Policy Report
Key macro data to watch in Sweden will be the manufacturing confidence figures, and retail sales
In the US, focus will be on Q3 GDP growth, durable goods orders and regional PMIs
Euroland inflation data and M3 growth will be worth watching in addition to
German unemployment data
In Asia, the monetary policy meeting at the Bank of Japan will take centre stage

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Published On Fri, Oct 23 2009, 17:48 GMT

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Danske Bank A/S

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