In the US today, the preliminary Markit PMI service index for September is due. The index has been right about the weak GDP growth rates over the past three quarters, so another weak print will be a strong sign that GDP growth in Q3 may have disappointed as well, as the service sector is supposed to be the main growth driver.
In the euro area today, M3 money supply growth data, loans to households and NFCs figures for August are due out. Money supply growth has averaged 4.9% in the three months up to August and we expect the figure to persist. On the other hand, the more important loan growth figures have showed promising numbers. Particularly, the loans to NFCs have increased steadily since March and improved to 1.9% in July from 1.7% in June. We expect the positive tendencies to have continued into August.
German retail sales for August are due out today.
In Sweden, the two most interesting releases are retail sales and the trade balance for August, see page 2.
To read the entire report Please click on the pdf File Below