• U.S. economic data released last week (ie retail sales and industrial production) have confirmed that the most likely scenario for the U.S. economy in the coming months is a growth rate moderate. During the next week the focus will be on the FOMC monetary policy meeting. The beginning of a new round of quantitative easing is not expected at the next meeting, but every indication it will be closely monitored. Data on real estate market should confirm that a breakthrough is not imminent;
• Euro Area: The Zew economic sentiment index fell in September, indicating a weakening of economic growth over the next months. The IFO index of business confidence which will be released Friday should conferemare that the growth of industry in the coming months will be weaker;
• UK: The minutes of policy meeting monetary 09/09 should confirm the BoE has seen arguments both in favor of a rate increase is a further easing of monetary dipolitica orientation. Despite the higher than expected inflationary pressures we expect the Bank of England maintains a wait in the coming months;
• Switzerland: Swiss National Bank left the target for the 3-month Libor unchanged at 0.0 to 0.75% and confirmed its willingness to keep the Libor rate at the bottom of this range, around 0.25%. The SNB has seemed concerned regarding prospects economic and inflation, increasing the possibility of an intervention on the currency market in the coming months.
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