Fundamentals are taking a bit of a backseat in the market andit appears that nothingbut calming words from central banks will be able to soothe the nervous financialmarkets. Hence, there will probably be a lot of focus on the flood of speeches on thecalendar from several ECB members today: Coeure (08:45 CET), ECB vice-presidentConstancio (09:45 CET), Nowotny (10:00 CET) and Weidmann (11:00 CET). Inaddition, Fed chairwoman Janet Yellen is due to speak at 14:30 CET in connectionwith a conference on economic inequality, so the topic does not on the surface invitecomments on monetary policy in general.
In the data calendar focus will mainly be on US data. Housing starts and buildingpermits are both expected to rebound in September on the back of a weak August. Theunderlying trend still appears to be that housing starts are improving moderately. Weexpect University of Michigan consumer confidence to have been unchanged inOctober. The recent sharp drop in gasoline underpins consumer confidence while therecent decline in stock prices has probably weighed on consumer confidence.
Also continued focus on Q3 earnings with General Electric, Morgan Stanley andTeliaSonera reporting today.
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