Economic Calendar: UK GDP, Series of Fed Speeches, and Inflation Pressure in Japan

The Asian session brought a higher-than-expected reading of the Japanese Producer Price Index (October PPI rose to 7.1% YoY vs. expected 6.5%), confirming intensifying cost pressures and supporting recent hawkish comments from Bank of Japan board member Asada (who pointed to the Japanese economy entering a stage of stable inflation and the need for gradual interest rate hikes). Consumer inflation expectations in Australia remained at 5.3%, while the UK RICS house price balance indicated further cooling sentiment in the housing market (-36%).

In the geopolitical arena, reports of US-Russia diplomatic contacts in the Middle East ahead of talks at the Kremlin are drawing attention, as well as Russian attacks on Ukraine's energy infrastructure and cargo ships in the Black Sea. In the United States, political pressure is growing to retain documentation regarding the export of advanced Nvidia processors to China amid espionage suspicions. Furthermore, Nvidia's board of directors is preparing to remove CEO Jensen Huang following an espionage scandal and personal misconduct allegations, triggering a drop of over 7% in the company's stock in after-hours trading and pushing Nasdaq 100 futures down by 0.81%.

During the European session, the morning data package from the UK will be key, including preliminary Q3 GDP growth and industrial production dynamics. In the afternoon, market attention will shift to US labor market data (weekly jobless claims), existing home sales, and a series of speeches by central bankers from the Federal Reserve and the European Central Bank (including Christine Lagarde and Joachim Nagel). The day will conclude with weekly US crude oil inventory data and a 30-year Treasury bond auction.

Key Releases from the Asian Session

• Japan – Producer Price Index (PPI) YoY: 7.1% (consensus: 6.5%, previous: 6.8%). The above-expected increase signals persistent price pressure on the corporate side, increasing the likelihood of policy tightening by the Bank of Japan in upcoming meetings.
• Australia – Melbourne Institute Inflation Expectations: 5.3% (previous: 5.3%). No change in the index shows anchored, elevated consumer inflation expectations, limiting room for rapid policy easing by the RBA.
• United Kingdom – RICS House Price Balance: -36% (consensus: -33%, previous: -34%). The index fell below forecasts, reflecting persistent demand weakness in the UK housing market driven by restrictive borrowing costs.

Macroeconomic Calendar (CET)

• 08:00 United Kingdom - GDP MoM. Consensus: 0.0%. Previous: 0.1%.
• 08:00 United Kingdom - Preliminary GDP QoQ. Consensus: 0.7%. Previous: 0.5%.
• 08:00 United Kingdom - Construction Output MoM. Consensus: 0.0%. Previous: -0.2%.
• 08:00 United Kingdom - Goods Trade Balance. Consensus: -19.2B GBP. Previous: -18.0B GBP.
• 08:00 United Kingdom - Industrial Production MoM. Consensus: -0.4%. Previous: 0.8%.
• 08:00 United Kingdom - Manufacturing Production MoM. Consensus: -0.5%. Previous: 1.2%.
• 14:30 Canada - Building Permits MoM. Consensus: -4.0%. Previous: 8.8%.
• 14:30 USA - Jobless Claims. Consensus: 194K. Previous: 189K.
• 14:30 USA - Speech by FOMC Member (Beth Hammack)
• 16:00 USA - Existing Home Sales. Consensus: 3.89M. Previous: 3.99M.
• 16:00 USA - Speech by FOMC Member (Michael Barr)
• 17:15 USA - Speech by FOMC Member (Austan Goolsbee)
• 18:00 USA - Crude Oil Inventories Change. Consensus: -0.6M barrels. Previous: -0.9M barrels.
• 18:30 Eurozone - Speech by German Bundesbank President (Joachim Nagel)
• 19:10 USA - Speech by FOMC Member (Mary Daly)
• 19:30 USA - Speech by FOMC Member (Jeffrey Schmid)
• 20:00 USA - Federal Budget Balance. Consensus: -298.6B USD. Previous: -26.9B USD.
• 20:30 Eurozone - Speech by ECB President (Christine Lagarde)
• 22:30 New Zealand - BusinessNZ Performance of Manufacturing Index. Previous: 56.5.
• During the day: China - M2 Money Supply YoY. Consensus: 7.2%. Previous: 7.2%.
• During the day: China - New Yuan Loans. Consensus: 80B CNY. Previous: 1080B CNY.

Corporate Earnings

• Cisco Systems, Inc. (CSCO) – post-market, EPS forecast: 1.15 USD, market cap ~387B USD. A key barometer of corporate spending on network infrastructure and data center deployments supporting artificial intelligence workloads.
• Applied Materials, Inc. (AMAT) – post-market, EPS forecast: 4.06 USD, market cap ~296B USD. A leading provider of semiconductor manufacturing equipment whose report will shed light on global investment plans of chipmakers and the impact of export restrictions to China.
• Brookfield Corporation (BN) – pre-market, EPS forecast: 0.72 USD, market cap ~104B USD. One of the largest global alternative asset managers, serving as a reflection of conditions in commercial real estate, infrastructure, and debt financing markets.

Markets to Watch

• GBP/USD – The currency pair will be directly influenced by the morning's broad UK data package (preliminary Q3 GDP, industrial production, and trade balance), which will shape market expectations for future Bank of England moves.
• Crude Oil (WTI / Brent) – The commodities market is responding to geopolitical developments in the Black Sea and Middle East regions, with volatility expected to rise in the afternoon following the publication of the official EIA crude and fuel inventories report in the US.
• US Treasury Yields (US Treasuries) – A combination of weekly jobless claims data, a 30-year bond auction, and speeches from five FOMC members in a single day could trigger significant shifts across the entire US yield curve.