New research from Danske Bank MarketsMarket movers today
The main release today is the US jobs report for June. We expect employment rose 180,000 due to strong ISM and Markit PMI employment indices but yesterday’s ADP jobs report puts some downside risks to this forecast. We estimate the unemployment rate was unchanged at 4.3% and wage growth rose slightly to 2.6%, which is still low in a historical perspective. For more, see US Labour Market Monitor: June report likely to be stronger than in recent months , 5 July.
Also, the Fed is due to release the monetary policy report today ahead of Janet Yellen’s testimony to Congress next week. The FOMC minutes from the June meeting revealed that the Fed may soon begin quantitative tightening (see FOMC Minutes: Fed likely to announce start of QT in September , 5 July).
In Sweden, we are due to get household consumption data at 09:30 CET. In Norway, we are due get production data at 08:00 CET.
In the UK, the NIESR GDP estimate for June and production and construction data for May are due out today.
The G20 summit begins today and there are many things to discuss: North Korea, Ukraine and trade/protectionism to mention but a few.