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Analysts at Danske Bank suggest that the release of UK CPI and global trade tensions in addition to the informal EU summit will be the key economic release and events for the day.

Key Quotes

“Today and tomorrow, an informal EU summit is set to discuss Brexit and migration. At the summit, EU leaders could probably soften Michel Barnier’s negotiation guidelines in order to make it easier to reach a withdrawal agreement in Q4. Media reports suggest another high level summit in the course of Q4 to finalise the Brexit deal.”

“Markets will naturally focus on the likely retaliation measures from China in response to yesterday’s announcement from President Trump adding tariffs worth USD200bn to the Chinese exports.”

“We expect today’s UK CPI inflation data to indicate a headline inflation decline to 2.3% y/y from 2.5% y/y in July, in particular because the impact of the GBP depreciation is fading. CPI core inflation is likely to have fallen to 1.8% from 1.9%.”

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