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Servicing growth

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  • The ECB is not expected by economists to do anything today, nor do economists see a particularly virulent deflation threat in the Euro area (labour costs are rising, and only narrow sectors of the CPI basket are seeing any deflation pressures).
  • Chinese service sector sentiment data slowed a little, but remains relatively stable. The government offered a "stimulus" yesterday which was actually the implementation of already announced measures (the speed of implantation, not the measures themselves, being the surprise).
  • European service sector sentiment should signal ongoing modest economic expansion. Sentiment in the UK service sector is expected to remain very robust. The UK also offers credit conditions data, of interest to the timing of monetary policy tightening.
  • The US non-manufacturing ISM is forecast to gain to 53.0. Trade data is also released from the US (for February) and investors will want confirmation of weather impacts on imports.
 
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