Eurozone PMIs, ECB Draghi’s testimony: Key market movers today – Danske Bank

Analysts at Danske Bank enlist the key economic events of note due later in the day ahead.

Key Quotes:

“This week, focus turns to the real economy, where the highlights are today's PMI figures. Last month, the manufacturing PMIs ticked up in both the euro area and Germany. However, both remain two-speed economies, with the service sectors shielding growth from the weak manufacturing sectors.

With new orders improving slightly in August, we expect the manufacturing PMI to remain broadly stable at 47.0 in September. However, we see downside potential for the service print after the drop in business expectations last month and expect it to decline to 53.0. If there is no increase in PMIs in the US, this will indicate that Q3 showed the weakest growth since 2009.

Today at 15:00 CEST Draghi will make his usual appearance at the European Parliament. We will look for any signs of the monetary policy stance and how he will address the diverging views within the governing council.

Market specialists will also continue to carefully monitor the repo and overnight activities in the US .”