Euro-area service PMIs are due for release and focus will be on the first figure forSpain and Italy. In both countries the service PMIs have been stronger than theindicator for the manufacturing sector, reflecting stronger domestic demand. Both theItalian and Spanish figures are expected to decline but they should remain strongerthan the manufacturing PMIs.
We expect euro-area retail sales to have declined in July after increasing for threeconsecutive months. However, a decline should not reflect a reversal of theunderlying upward trend. Private consumption is currently supported by lowercommodity price inflation, as it has increased real wage growth in the euro area.
In the US the release of the Beige Book will give more information about the currentstate of the economy.
This month’s most important economic data in Norway – the oil investment figuresfor August – are due for release at 10:00 CET. The figures are important ahead of thenext interest rate meeting on 18 September.
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