Market movers today
• In the euro area the trade balance for June will give insight into whether the end of the recession was driven by growth abroad.
• ECB will announce the weekly repayment of the 3Y LTRO. The weekly LTRO repayment has been decreasing and last week’s announcement was the second lowest so far.
• We expect to see a rebound in the US housing market from last month’s soft readings, as both housing starts and building permits are expected to increase.
• The preliminary release of the University of Michigan consumer confidence should give us some insight into how US consumer sentiment developed over the month. We expect a little fall, whereas consensus is for a minor increase. If there is a setback, confidence will remain high as the reading in July was the highest since 2007.
• Euro area releases final CPI for July, which is expected to be unrevised at 1.6%. Core inflation is expected at 1.1%, also in line with the flash estimate
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Danske Bank