Today’s data calendar is very light. The main focus will probably be the April labourmarket report in the UK. Employment growth has been very strong in recent monthsand we expect another drop in the unemployment rate to 6.7% from 6.8% in March.Focus will remain on how long Bank of England can avoid discussing an interest ratehike.
There are a couple of ECB speeches on the agenda today. The most interesting is ECBboard member Mersch’s speech in connection with a conference on asset-backedsecurities (ABS) in Barcelona, which might give an idea of how big an hurdlepractical issues are for ECB for an ABS programme based on SME-bank loans. ECBboard member Nowotny is also scheduled to speak.
German chancellor Merkel will meet ECB president Draghi in Berlin at 11:00 CETbut so far no press conference has been scheduled in connection with the meeting.
The OPEC countries will meet in Vienna but are not expected to change current quotafor crude oil production.
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Danske Bank