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Wednesday's Market Outlook

Published 09/04/2013, 07:04 AM
Updated 05/14/2017, 06:45 AM
Market Movers
We expect no change to the final euro area service PMI, but look for some upside surprise in service PMI for Spain and Italy compared with consensus expectations.

In terms of the second release of euro area GDP for Q2, it will be interesting to see the underlying components showing us to what extent growth was driven by domestic or foreign demand. We will also get data for July euro area retail sales.

In the US, the trade deficit is expected to widen again after a significant narrowing in June. Monthly trade data are usually volatile and we expect some of the large gain in exports and drop in imports to be reversed in July.

ECB's Asmussen will give a speech this morning ahead of the ECB meeting tomorrow. Asmussen attracted some attention last week, when he said that there could be a "potential policy decision" this week. He might be asked to elaborate on that statement if he takes questions following his speech.

In the US, Fed's Williams (non voter) will hold a speech on the economy and monetary policy tonight. Further, the Fed will release its Beige Book which will provide information about the state of the economy in the 12 US Federal Reserve Districts.

Finally, we expect Bank of Canada to leave its overnight target rate at 1.0% - any changes to the BoC's long-standing tightening bias would be a surprise.

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