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Danske Daily - 9 December 2015

Published 12/09/2015, 02:41 AM
Updated 05/14/2017, 06:45 AM

The German trade balance figures for October are published this morning. Focus will be on export growth, which rebounded somewhat in September after the August figure showed the largest monthly decline since 2009. The signs of stabilisation in the Chinese industrial sector should support German exports but the weakness in US manufacturing remains a headwind.

Q3 German labour costs are also due for release. In line with the very low unemployment rate the labour costs recovered in 2014 and H1 15 but so far it has not resulted in higher German core inflation. On the other hand, very low inflation implies real wage growth is high and supportive of private consumption.

In Scandi markets focus is on Swedish household consumption, which should post a pronounced rise on the back of strong retail sales.

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