US NFP to steal the limelight today – Danske Bank

The Danske Bank analysts, said in its latest morning report, “today's key event is the US labour market report after the surprise message from the FOMC on Wednesday. “

Key Quotes:

“Based on the Markit PMI employment sub-index, we should expect a fairly weak job report in terms of job growth. We expect an increase of around 50,000 (which, however, is pulled down by a strike in General Motors, who are counted as unemployed in the job report).

Both Markit PMI manufacturing and regional surveys suggest ISM manufacturing has risen in October. We expect a rise to 49.0.

In the UK, the manufacturing index is due today. Despite the weakness in manufacturing in the rest of Europe, we could see an increase in the UK index, as companies may have stockpiled ahead of the 31 October Brexit deadline. We expect an increase to 49.0 from 48.3 due to stockpiling.

ECB's resumption of the QE programme in November will commence today. Note that today also marks the first day with a new ECB President as Christine Lagarde takes office.”