Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
With U.S. federal offices and bond markets closed Monday to Observe Columbus Day, there is only a very limited European data calendar.
Norwegian CPI seen higher (0700 BST)
Norwegian inflation is seen higher again in September, extending from the 2-1/2 year high 3.4% y/y seen in August. Analysts are looking for an increase to 3.9% y/y, with some calls as high as 4.0% y/y. On month, prices are seen higher by 0.9% after being unchanged last month. Even core inflation is seen higher, up 0.4% m/m after a decline of 0.6% in August, higher by 1.3% y/y after a 1.0% gain previously.
Housing and utilities were the main drivers of the August increase, both coming in above expectations ans were certainly part of the reasoning behind the Norges Bank's decision to start down the path of rate hikes, increasing the benchmark rate by 25 bps to 0.25% and as good as saying a further 25 bps will follow in December.
Italian industrial production to slow (0900 BST)
Italian industrial production is seen slowing in August, expected to decline 0.3% on month and to fall 0.7% on year. The m/m decline is seen despite a modest uptick in the August manufacturing PMI, as concerns grow that supply chain blockages and shortages are weighing on production.
Seasonally adjusted industrial production index rose 0.8% compared with the previous month, according to ISTAT. Calendar adjusted industrial production index increased by 7.0% compared with July 2020 (calendar working days being 22 versus 23 days).
Italian Industrial Production y/y
Speakers slated for Monday include ECB chief economist Philip Lane, executive board member Frank Elderson and Chicago Fed President Charles Evans.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.