All eyes on ECB
In the Euroland, markets will focus on the European Central Bank (ECB) meeting when the bank will decide on the area's interest rates. Of importance as well will be the press conference following the rate announcement which will give guidance on the...
In the Euroland, markets will focus on the European Central Bank (ECB) meeting when the bank will decide on the area's interest rates. Of importance as well will be the press conference following the rate announcement which will give guidance on the ECB's line of thought on economic growth vs inflation.
Market participants are currently expecting the ECB to stay on hold with overnight rates fixed at 4.25 per cent. A number of confidence indicators for September, with the Consumer Price Index (CPI) estimate for the month, will be out this week. September Purchasing Managers Indices (PMIs), the unemployment rate and Producers Price Index (PPI), and retail sales figures for August will complete the picture in the Eurozone.
In the US, attention will remain centred on the bailout plan announced by the government for the financial sector. The data on the labour market (the unemployment rate and initial jobless claims figures and a number of consumer confidence indicators for September), will be of interest.
The release of the ISM indices, both manufacturing and non-manufacturing is also scheduled, together with the factory orders and construction spending figures, both for August.
In the UK, the final estimate of the second quarter GDP figure will provide information on any revisions to its breakdown. The PMI surveys for September will be issued, together with the Nationwide House prices, also for September.
The latter, together with the mortgage approvals figures for August, will provide more information on the state of the UK housing market. The GfK consumer confidence survey will complete this week's economic schedule for the UK.
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