Market Movers
In the US the ISM manufacturing index for November is to be released. Regional indices for November and the ISM order-inventory balance in October indicate that the ISM should not fall below 50 and we expect a marginal increase from 50.1 to 50.3 in November. Note also that Fed's Evans tonight will kick off a series of Fed speeches this week.
In the UK we anticipate that the manufacturing PMI declined in November from 55.5 last month to around 53. This should mainly be seen as a correction as the index made an oddly large jump from 51.8 to 55.5 in October. This level is usually associated with growth in manufacturing production of around 1.0% q/q, which seems very unlikely since the manufacturing sector is struggling due to the strong GBP and the slowdown in manufacturing globally.
Euro-area and German unemployment figures are due for release and we expect both to remain unchanged. In the euro area, low potential growth has implied that the unemployment rate has declined to the lowest level since the beginning of 2012 despite modest GDP growth. We expect the downward trend towards the structural unemployment rate to continue in 2016.
To Read the Entire Report Please Click on the pdf File Below