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In the UK, we get the latest manufacturing sector survey for October. A reading above 50 suggests that activity in the sector is expanding – below 50 indicates it is contracting.
In common with most of the rest of the world, the UK manufacturing sector has been struggling for many months. Markets expect a reading of around 48, suggesting continued contraction.
In the US, it’s non-farm payrolls Friday. Markets always pay a great deal of attention to these figures, but this month they are likely to be distorted by the recent strike action at automobile giant GM, which will have had a knock-on impact on GM’s suppliers.
As a result, we’ll have to take the reading with an even bigger pinch of sat than usual. But overall, the data is likely to point to a moderate slowdown in the labour markets, with both wage inflation and underlying employment growth expected to be lower than last month.