Moreover, at the end of the week, the United States and Canada payrolls report will be in the spotlight: we anticipate further decline in the U.S employment and a small recovery in Canadian jobs. Furthermore, in Europe, several indicators are expected to provide more evidence of slowing economic growth. In the euro area, the full estimate of GDP growth will likely confirm that activity contracted by 0.2% in the Q2. In the United Kingdom, PMI surveys are likely to forecast falling output across the manufacturing, service and construction sectors. In Switzerland, GDP growth in Q2 is expected to slow due to declining exports and bank profits. In Australia, economic growth is likely to deteriorate further in Q2 reflecting a tight monetary policy, the broader impact of the global financial crisis and elevated oil prices.