Markets Overview

HIGHLIGHTS AHEAD.

    As far as the global economic docket is concerned, consumer confidenceindicators in New Zealand are due. The European docket is relativelyquiet, although it does feature ECB’s Linde and BoE’s Haldane. Inthe US, only the Conference Board’s US leading indicator for Augustwill be of note. That said, Fedspeak will resume with the San FranciscoFed’s Williams, the St Louis Fed’s Bullard and the Atlanta Fed’s Lockhartall scheduled to speak on the economy.

    The Greeks will go to the polls for the second time this year comingSunday (20 September). Polls show, on balance, a marginal lead by formerPM Tsipras’ Syriza party over centre-right New Democracy, but thewinner is a very close call. We bear in mind that the complex Greekelectoral system - with a 50-seat bonus for the winning party and a3% threshold to enter the parliament - makes it difficult to predict theoutcome of the election based on the polls. Whatever the outcome,the winning party would not be able to govern alone, and this wouldopen the way for negotiations among the parties to form a coalitiongovernment, which could be complicated and could cause delays inthe implementation of the programme of financial assistance agreed.

    Today, the key data will be China’s August property prices, South Korea’sproducer price index for August, as well as foreign reserves fromThailand and Balance of Payment from the Philippines.