UK market awaits BOE quarterly bulletin

The UK market is likely to focus on the Bank of England (BOE) quarterly bulletin for the third quarter. The bulletin provides regular commentary on market developments and UK monetary policy operations. Meanwhile, the CBI September distributive trades report will provide an indication of sales volume within the UK during the period. The BBA mortgage figures along with Nationwide house prices should provide us with the latest developments in the housing market after the government's latest support package.

In the US, the final second quarter Gross Domestic Product (GDP) is the main economic statistic this week. On the activity front, durable goods orders may highlight a possible decline during August.

Meanwhile, MBA mortgage applications, as well as existing and new home sales, are expected to be low. Consumer confidence is also likely to have deteriorated in September in the wake of financial turbulence and market uncertainty. Personal consumption figures and some labour market figures are also out this week.

The euro-area Composite Purchasing Manager Index (PMI) and business surveys are likely to show some signs of relief on the back of falling energy and commodity prices. Euro-area industrial orders and current account figures are also due. Regionally, markets will have an insight into Italian and German consumer confidence, French second quarter GDP and consumer spending and Spanish Producer Price Index (PPI).

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