Analysts at Danske Bank offered a brief overview of Tuesday’s important market-moving releases – the UK labour market report for November and the German ZEW economic survey.
Key quotes:
“We have a couple of tier-two data on the agenda today. Most interesting will be the UK labour market report for November as it will provide more input for the possibility of policy easing later this month. We look for an unchanged unemployment rate of 3.8%, while we expect wage growth (excl. bonuses) to moderate to 3.4% y/y from 3.5% y/y in October. We will also get more news on the pace of the global recovery with the release of flash PMIs for the euro area, the US, Japan and the UK (all Friday).”
“The German ZEW expectations index has increased a lot in recent months and is one of the indicators that signals a turn in the cycle. We expect the index for January to continue this picture. Otherwise global markets await the ECB meeting later this week.”
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