Market movers today
• US ISM non-manufacturing will be followed closely given the surprise drop in the manufacturing ISM. We expect an improvement, which if confirmed would support the thesis that the weakness in the manufacturing ISM was externally driven rather than reflecting softer domestic demand.
• The US ADP employment report together with the employment component in the ISM non-manufacturing will give indications about what to expect from Friday’s important labour market report.
• European service PMIs are due to be published today. In particular, it will be interesting to see whether the improvement in manufacturing PMIs for Italy and Spain is mirrored in the service data.
• Eurozone retail sales covering April are due to be released together with the first revisions of Q1 GDP (including breakdown).
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Danske Bank