Global growth losing steam
|Market movers ahead
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The market will monitor incoming opinion polls ahead of the second round of the French Presidential election.
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The FOMC is set to meet on Wednesday. We do not expect major changes in monetary policy or the statement.
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We expect the US labour market report to show employment gains of 170,000 in April.
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We look for small declines in April's Chinese manufacturing PMI and the US ISM manufacturing indices due for publication next week.
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FX reserve data is due in Denmark and Norges Bank is set to meet next week. We do not expect major changes in either announcement though.
Global macro and market themes
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Markets are less worried about France, as Emmanuel Macron is the clear favourite against Marine Le Pen.
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Do not get overexcited about Trumponomics.
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With markets less worried about political uncertainty in Europe, focus may soon return to economics.
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We do not expect much action at next week's Fed meeting.
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The rising risk from North Korea is a joker.
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