Market Movers ahead
- Quiet week coming up with mostly tier-2 data in the US. We expect a fall in housing starts, while the Philadelphia Fed survey should rise further.
- In Euroland Flash PMI and German ZEW are up for release.
- It's the big week in China with data on GDP, industrial production, retail sales and inflation.
- In Scandinavia we expect Danish consumer confidence to climb higher. No big movers in Sweden and Norway.
Global Update
- US retail sales disappointed, but still show underlying improvement.
- Greece put forward an ambitious plan to reduce its budget deficit, but it remains to be seen whether and how it will be implemented.
- China surprised by raising the reserve requirement ratio earlier than expected. Monetary policy is shifting focus in order to prevent inflation and bubbles.
Focus
- In the first focus article we look at the outlook for oil prices. The negative feedback between oil and growth will keep a lid on oil prices and we look for an average price of USD83 in 2010.
- In the second focus article we take the temperature on the Irish economy. The Irish government is taking harsh medicine in terms of harsh budget cuts. But positive signs of a peak in unemployment are emerging.
