In the euro area, German Ifo business expectations are due to be released. October saw another significant increase in business expectations, which jumped to 106.1 from 104.5 in September. In line with the manufacturing PMI, Ifo expectations could increase again in November. Both of the German economic surveys indicate that lower-than-expected German GDP growth in Q3 is likely to pick up in Q4.
In Sweden, Business and Consumer Confidence prints are due out. We estimate a slight uptick in manufacturing confidence, bringing it more in line with both hard industrial data and PMI numbers. On the consumer front, we believe that the strong showing in 'now is a good time to buy capital goods' from last month will moderate, pushing the overall index down a notch or two.
It is Thanksgiving in the US today, so do not expect any major market movers here.
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