Market Movers ahead

  • FOMC minutes likely to reveal more details on Fed’s preferred easing options

  • US housing market is improving and we expect home sales to rebound in July

  • Euro area PMIs will remain subdued and only improve slightly during the autumn

  • China’s HSBC PMI is expected to edge upwards as stimuli effects kicks in

  • We forecast Norwegian Q2 GDP growth at 1.0% q/q - fifth quarter above trend


Global Update

  • Global sentiment continued to improve as fears of severe recession ease

  • Investors are still awaiting more info on Spanish EFSF request and ECB support

  • Strong rebound in US retail sales

  • Euro area Q2 GDP drop -0.2% q/q - Germany surprises to the upside

  • Greece likely to seek two-year extension on austerity programme

  • Slight disappointment in Japanese Q2 GDP


Focus

  • Global Scenarios: Stuck in the mud

  • Research US: 2012 election - an overview

  • FX Trends: The great policy response to hurt the dollar

  • Yield Forecast Update: Slow growth and monetary easing to keep long rates low