Market Movers
Today we get the US University of Michigan preliminary consumer sentiment for September. The August release saw a decline in sentiment over the last two weeks of the month - likely reflecting increased uncertainty about global growth and lower stock prices. Equity markets have remained lower but gasoline prices have finally started to react to the fall in the oil price, which should support consumer sentiment. Overall, we estimate that the UoM sentiment stayed unchanged in September at 91.2.
US PPI figures for August are also released today. Core producer prices for finished goods have so far held up remarkably well (core PPI for finished goods has increased 3.2% annualised over the past six months). Further down the production pipeline, core PPI for intermediate goods and crude materials is showing deflation, suggesting downward pressure on goods prices. In contrast, unit labour costs remain high and are working in the other direction. Consensus is looking for an 0.1% m/m increase in core PPI and a 0.1 m/m decline in headline PPI.
In Norway, the regional survey from Norges Bank is due for release and in Sweden the Q2 GDP figure is up for revision.
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