Danske Bank analysts suggest that it is a quiet day on the economic data front ahead of the US non-farm report tomorrow, which leaves the geopolitical crisis between Iran and the US in the spotlight.
Key Quotes
“Given yesterday’s communication from both sides investors are likely to extend bets that the conflict can be contained with limited risk of further escalation short term.”
“German November industrial production will grab attention and will give us more clues to how the manufacturing sector has performed in Q4. Despite signs a trough is forming in leading indicators such as PMI and IFO, production continued to fall by 5.3% y/y in October, weighed down by the still struggling car sector. Improving order book levels still leave a glimmer of hope for an easing of the industrial recession in Q4.”
“In the US we have several prominent FOMC members on the wire in Clarida, Williams, Bullard and Evans. Markets will look for confirmation that the Fed remains firmly on hold for now even if the global economic outlook has improved.”
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