Political events amongst market movers today – Danske Bank

According to analysts at Danske Bank, it is a relatively light day on the data front and suggests that the financial markets will focus on political events, such as the Brexit negotiations, where EU negotiator Michel Barnier yesterday flagged optimism about a deal in six to eight weeks' time, and the possible announcement by US President Trump of new tariffs on Chinese imports.

Key Quotes

“In the euro area , German ZEW Economic Sentiment data is due for September. Our main focus will be on economic expectations, which saw a rebound in July and it will be interesting to see whether this trend has continued, especially in light of the decreasing risk of a US-EU trade war.”

“The UK jobs report is due out today. We estimate the unemployment rate (3M average) was unchanged at 4.0%. Average weekly earnings excluding bonuses (3M average) surprised on the upside last time, so we think the monthly increase will decline but it should still be sufficient to lift the annual growth rate to 2.8% y/y from 2.7% y/y.”

“In Norway, Norges Bank's regional network survey (10.00 CEST) is the final piece in the puzzle before the rate setting meeting on 20 September.”