In Sweden the labour force survey (including the unemployment rate) is due to be published on Thursday at 09:30 CEST.
The Swedish Debt Office has decided to tap in both the SGB May '25 and the SGB Nov '26 bonds on Wednesday. We like the 10Y segment in Sweden. It will be the last chance to buy 10Y risk (at an auction) before the Swedish National Debt Office publishes the updated borrowing forecasts for 2016 and 2017 (26 October) and the 27 October Riksbank meeting. We expect a downward revision of bond supply and the Riksbank meeting could include an extension of the QE programme given the current low rate of inflation.
In Norway , there are no major releases in the coming week but we intend to keep a close eye on the quarterly price and volume indices for foreign trade for Q3. The week also brings Norges Bank's bank lending survey but we do not expect any major changes in either demand for credit or banks' lending practices.
The Norges Bank will also tap the bond market on Wednesday. We look for yet another tap in the 10Y benchmark bond. We continue to see value in NGBs given the outlook for inflation and the attractive pick-up to Bunds.
In Denmark , the statistical office releases its monthly employment figures for August on Friday, after July brought the first fall since spring 2013. Thursday brings retail sales figures for September. Consumer price data for September revealed that prices for clothing and furniture did not go up as quickly as normal following the summer sales, which could be a sign that retailers had little to celebrate in September.
We also look at the potential impact on Danish mortgage bonds, if we see a global fixed income sell-off like in April 2015.
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