Market movers today
• In terms of macro data, focus will be on US numbers today. The S&P Case-Shiller house price index is expected to continue the upward trend. House prices have so far increased 7% this year (measured by Case-Shiller), which has been a significant positive factor for households’ net wealth. We also expect the US Conference Board’s measure of consumer confidence to have continued upwards in May. It will be interesting to see if the job outlook measure will show progress.
• In Scandinavia, Swedish trade balance data and the updated economic report from the Danish Economic Council are the highlights.
• Market activity is set to pick up, as the US and UK markets resume trading. Furthermore, bond markets are facing a dense issuance calendar, including supply from Denmark, Belgium, Italy and the Netherlands.
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Danske Bank