Global update
- Year-end position squaring is widening sovereign spreads in peripheral Euroland countries. In combination with the abundance of liquidity this is driving short bond yields to very low levels.
- OECD has revised up its 2010 outlook.
- US October data have been mixed, but with important signs of more progress among consumers. Unusually bad weather has probably had some temporary negative impact. In summary data continue to point to a solid Q4.
- Japan published very strong Q3 GDP growth of 4.2% q/q AR showing the strongest performance among G7 countries so far.
Market movers ahead
- The main event in US are the FOMC minutes. Home sales, durable orders and consumer confidence are forecast to show progress. House prices are on the agenda as well. Thursday is closed due to Thanksgiving and Friday is likely to be quiet.
- In Euroland flash PMI and German Ifo will continue up, while the M3 growth will decline further. Euroland industrial new orders will be published as well.
- In Japan CPI and unemployment will be released. Focus will remain on the appreciation pressure on the Asian currencies.
- In Sweden Q3 GDP will confirm that the recession has ended and show strong growth of 0.8 q/q %. Retail sales, manufacturing confidence and PPI will attract attention as well.
- In Norway mainland GDP is likely to show impressive growth of 1.4% q/q.
