German retail sales and French consumer spending figures are due for release this morning. These data are quite volatile so they will not provide much new information. Overall, euro-area retail sales have held up well but they might soon see some negative spill-over from the weaker activity in manufacturing.
The euro Flash CPI for September is expected at 0.3% y/y from 0.4% in August. However, following slightly higher than expected German inflation yesterday there is some upside risk to this number.
The euro-area unemployment rate is expected to be unchanged at 11.5%. The trend in unemployment has been lower over the past year but the recent softening in activity is expected to lead to a pause in the decline in the short term.
US consumer confidence is expected to rise further in September to a new cycle high. Not least the job component will be interesting as non-farm payrolls are released on Friday. Finally, US Chicago PMI will give the last clue to ISM on Wednesday. It has been very volatile lately, though, and hence may not give much useful information. Consensus is for a small decline.
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