New research from Danske Bank Markets Market movers today
Today at 13:30 CET in the euro area, the ECB minutes from the June meeting are due out, when the ECB changed its forward guidance on policy rates. These accounts have sometimes contained some interesting information but this time it is likely to be a bit outdated due to Mario Draghi’s recent speeches. Jens Weidmann and Ewald Nowotny are due to discuss the future of the euro later in the afternoon.
In Germany, we estimate that factory orders rose 1.7% in May, slightly below consensus of 1.9%.
Ahead of the US jobs report for June tomorrow, the corresponding ADP report is due out at 14:15 CET, which, however, has overestimated actual employment growth in recent months. We estimate non-farm payrolls rose 180,000 in June. See our US Labour Market Monitor – June report likely to be stronger than in recent months , 5 July 2017.
US ISM non-manufacturing index is due out today at 16:00 and will shed light on growth in the service sector. ISM non-manufacturing is relatively high at the moment, suggesting the service sector is continuing to grow.
In Sweden, house prices for June are due out.