Preview of key US data coming up - Nomura

Analysts at Nomura offered a preview of today's key data from the US session.

Key Quotes:

"ADP employment report: Reflecting our forecast for private payrolls in the BLS employment report on Friday, we expect ADP to report an increase of 45k in private payrolls for September (Consensus: 138k).

ISM non-manufacturing: We forecast a slight increase to 56.2 for the ISM nonmanufacturing index for September (Consensus: 55.5). Regional business surveys have shown sustained optimism so far during the month. However, there are some downside risks to our forecast. Weaker-than-expected retail sales in August could somewhat dampen non-manufacturer sentiment in September. Moreover, the supply chain and other business disruptions from Hurricanes Harvey and Irma could have some negative effect on sentiment during the month. That said, the six-month average of the ISM nonmanufacturing survey has consistently been above 56.0 for the past seven months, highlighting solid domestic demand in recent months. We expect non-manufacturing businesses to maintain a favorable business outlook in the near term."