Market movers ahead
- In Norway, Q2 GDP growth data is due out on Thursday. The print will reveal whether or not a slowdown has been under way in Norway.
- Next week, we get preliminary PMIs in Europe, the US and Japan.
- We do not expect any major new information from either the FOMC or ECB meeting minutes.
- Donald Trump’s 25% tariff rate on an additional USD16bn worth of imported goods from China comes into effect on Thursday.
Global macro and market themes
- Theme 1: Brexit end-game in Q4.
- Theme 2: US-China trade war continues.
- Theme 3: US sanctions against Iran, Russia and Turkey.
- Theme 4: US midterm elections in November.
- Theme 5: Italy budget clashes with the EU.
- Theme 6: China is easing policy to offset slowdown and trade war uncertainties.