Market Movers ahead
The Eurogroup and ECOFIN meeting will take centre stage as the markets still speculate that Spain will ask for an ESM programme in conjunction with the meeting, although less so after Rajoy’s recent comments.
IMF and the World Bank will hold their autumn meeting next week. An unofficial G7 and G20 meeting is scheduled as well.
In the US it will be interesting to see whether the first release of the October University of Michigan consumer confidence survey will extend its recent trend higher.
In Sweden industrial production and orders are likely to extend the downward trend and inflation should decline as well.
Norway will present its government budget for 2013 but more important to the markets will be the inflation data for September.
In Denmark it will be interesting to watch export data for August to gauge the spill over from weaker growth data in Germany in particular.
ECB, Bank of England and Bank of Japan all kept their monetary policy unchanged this week. Central Bank of Poland did not do anything either, which was more of a surprise.
Reserve Bank of Australia cut its leading rate by 0.25% as expected. FOMC minutes showed that the Fed is moving in the direction of a formal Evans rule.
Global PMIs showed improvement with the most pronounced increase in the US ISM and more moderate increases in Europe and China. A more favourable mix of new orders versus inventories suggests that PMIs have passed the bottom.