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Danske Bank analysts point out that in the US, the labour market report is due today and will be a key economic release for today’s session.

Key Quotes

“The US labour market has shown weakness for a while, so we think it is important to keep an eye on employment growth, which is an important recession indicator. We expect employment growth to come in around 164,000. Further, we estimate average hourly earnings rose 0.30% m/m in August, unchanged at 3.1% y/y.”

“In the euro area, focus will be on the final Q2 GDP estimate, as we will get detailed information about the GDP components for the first time. The flash estimates showed that the euro area economy is limping along with a growth rate of 0.2% q/q. We will look out for how domestic demand contributed to the Q2 growth, as signs increasingly show that domestic demand is starting to feel the pinch as well.”

“The Bank of Russia is expected to deliver a 25bp cut to the key rate to 7.00%.”