CPI inflation in August was 4.8% y/y against expectations of 5.4% y/y. The m/m dynamics was -0.8% against expectations of -0.3%. Core m/m inflation down -0.6% vs. -0.3% expected (annual data at 6.3% vs. 6.6% expected). Data good from a monetary perspective, reducing the chance of further hikes (NOK loses against USD, which is the worst performing G7 currency).
There was also some interesting news from the ECB a little earlier. The European Central Bank will lift capital requirements for some banks after they corrected deficiencies in their leveraged finance units. Although no specific institutions were named, there is speculation that these may include BNP Paribas SA and Deutsche Bank AG.