Global update

    • Global PMI increased to 55.7 in October indicating a further strengthening of global growth in the next couple of quarters.
    • Signs of a recovery in domestic demand are emerging, but the markets are still questioning the sustainability of the recovery in the developed countries.
    • BoE expanded asset purchases slightly less than expected and was slightly more optimistic in its rhetoric on the economy. BoE is not likely to deliver more QE.
    • ECB kept rates on hold and was slightly more hawkish than expected. Trichet signalled that the 12-month auction in December could be the last with full allotment.
    • Fed made no changes to its policy and continued to signal exceptionally low rates for an extended period.

    Market movers ahead

    • In US focus is on Fed‟s Senior Loan Officer Opinion survey and Michigan Consumer confidence.
    • In Euroland Q3 GDP, IP and ZEW are on the agenda.
    • Asia will have a busy week, with most important indicators being published in China.
    • In Sweden CPI and industrial data are on the agenda.
    • In Norway CPI and PPI data as well as a couple of Gjedrem speeches will attract attention.