In addition, August durable goods orders probably increased as motor vehicle sales continued to recover helped by a government stimulus program. In Europe, the ongoing recovery in the Euro Area business sentiment, as measured by the Purchase Manufacturing Index (PMI), is likely to improve further in September. We also expect a sixth consecutive increase in Germany Ifo Business Sentiment. In Japan, trade surplus may widen and real exports continue to rise on
the back of a rapid liquidation of excess inventory. In the United Kingdom, the only events worth attention will be speeches by members of the Monetary Policy Committee. In New Zealand, the GDP release is likely to show evidence the economy climbed out of recession in the second quarter. Finally, in Switzerland, data is likely to show that exports stabilized in July after several months of poor performance.