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Markets Rattled By Soft Patch And Central Bank Uncertainty‏

ByDanske Markets
Published 06/14/2013, 07:58 AM
Updated 05/14/2017, 06:45 AM
NWSA
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EM
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Market movers ahead

The Fed meeting gives Ben Bernanke an opportunity to guide market expectations. Markit PMI will provide new data on the extent of the soft patch.

In the euro area, the key data release due are flash PMIs for June. We expect improvements in both service and manufacturing PMIs.

There have recently been conflicting signals from Chinese PMIs, so the flash estimate for HSBC manufacturing PMI for June is key to watch.

At the Norges Bank meeting, we expect rates to be kept unchanged, but the new rate path will highlight a lower probability of a rate cut.

In Sweden, the NIER is due to release business and consumer confidence along with a new forecast for the Swedish economy.

Global update

Global risk asset markets have sold off. In particular, emerging markets (EM) have taken a hit, with equities, currencies and bonds seeing sharp drawdowns.

We expect markets to continue to be volatile over the summer, as the U.S. works its way through the soft patch and talk about Fed QE tapering continues.

Overall, data still points to a continued U.S. soft patch, but there are also indicators that it may soon start to ease.

In the euro area, more good news confirmed the picture in recent surveys and orders. Euro area industrial production climbed for the third month in a row.

To Read the Entire Report Please Click on the pdf File Below.

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