Market movers ahead
In the US, we expect manufacturing PMI to tick below 50. On the Fed, we will look out for the FOMC minutes and the Jackson Hole Conference.
In the euro area, the fragile manufacturing sector is not about to recover. We expect a further plunge in PMIs here. We will also watch the ECB minutes.
In Sweden, we will look out for the unemployment figures. We expect a sharp but probably temporary drop-back in unemployment.
In Norway, we expect the Q3 investment survey to confirm that oil investments will continue to boost the economy.
The US 10-year government bond yield fell below the two-year yield, leading to the first inversion of the yield curve in 12 years.
The US delayed the planned tariff increase on China from 1 September to 15 December, done mainly so as not to hurt Christmas sales.
Economic data was mixed this week. The German ZEW survey fell to the lowest level since 2011. On the other hand, US retail sales surprised on the upside.
Hong Kong protests escalated this week. Further escalation could trigger Beijing intervention, which could add to current market woes.
This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector.
This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange.
Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.