We don’t have a central bank meeting scheduled for this week, but we get the minutes of the latest ECB one. Following the upbeat remarks of President Draghi at the conference following that meeting, it will be interesting to see whether other ECB officials are on the same page. In the US, we have the CPIs for September. We get inflation data from Norway and Sweden as well.
Monday appears to be a quiet day in terms of economic releases. The only noteworthy data point we have on the calendar is German industrial production for August, which is expected to have rebounded 0.4% mom after sliding 1.1% in July.
On Tuesday, during the Asian morning, we get Australia’s NAB business survey for September. Although this is usually not a market mover, given the RBA’s emphasis on wage growth, we will take a close look at the Labour Costs sub-index. At its last two meetings, the Bank reiterated that wage growth remains low, but removed the part saying that this is likely to continue. Instead, officials noted that it has picked up a little and that further lift is expected. The NAB Labour Costs index accelerated to +1.3% qoq in the three months to August, from 0.9% in the three months to July and it would be interesting to see whether this improvement will continue as the RBA has suggested.
As for the rest of the day, the only releases worth mentioning are Germany’s trade balance for August and Canada’s housing starts for September. Germany’s trade surplus is expected to have increased slightly, while Canada’s housing starts are expected to have increased to 205.0k from 201.0k in August.
On Wednesday, during the European morning, we get Norway’s CPI data for September. Expectations are for both the headline and core rates to have...
The Bank’s upcoming gathering is scheduled for the 25th of October, but this will be one of the “smaller” meetings that are not accompanied by updated economic projections, neither a press conference by Governor Olsen. Thus, even if inflation...
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