Market Movers
In the euro area Q2 15 GDP growth figures will be released. The first estimate showed a growth rate of 0.3% q/q and focus will be on the composition of growth. Compared with Q1, we expect less support from growth in private consumption but also a stronger export contribution.
From the US we get the August NFIB small business optimism index. The ISM surveys, which cover large enterprises, show a significant divergence between the manufacturing sector and the non-manufacturing sector. The former is showing a loss in growth momentum, while the latter remains at cycle-high levels. With the NFIB heavily influenced by the service sector, we see a good chance of a rebound in the NFIB after the decline in July. US markets are set to resume trading after yesterday's Labour Day break.
Minneapolis Fed President Kocherlakota (non-voter, dove) speaks this evening on the outlook for US monetary policy. Earlier today, Fed's labour market conditions index for August is due for release.
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