Economic calendar: Optimistic stock market sentiments; Veterans Day in the US

• Veterans Day in U.S.; stock markets open, but bond market will be closed
• Positive sentiment in stock markets and crypto; almost no macro releases today
• Weaker inflation data from China; CPI inflation in Norway for October above expectations

Sentiment in Western markets is positive today, although investors were clearly concerned by weak readings from China, where CPI inflation showed lower-than-expected growth in October, and producer prices slammed even harder than in September, although an improvement was expected; the Hang Seng slid more than 1.5% after the data, but futures today showed a slight improvement in sentiment. UBS downgraded this year's Chinese GDP to 4% growth and indicated that 2025 is likely to be much weaker in this regard. Today we can expect slightly lower liquidity in global markets, and with markets in the US partially closed, activity in large institutions is likely to be somewhat limited; US bank stocks will not trade today, due to the holiday. There are no major US company earnings releases scheduled for today, nor speeches by central bankers.

Macro calendar 

CPI inflation (China, October; data published on Saturday, November 09, 2024): 0.3% y/y vs. 0.4% y/y forecast and 0.4% in September

• PPI inflation y/y:  -2.9% vs -2.5% forecast and -2.8% previously

Norwegian CPI inflation (for October): 2.6% y/y vs 2.4% forecast and 3% previously (0.6% m/m, 0.5% expected after 0.3% previously)

Czech CPI inflation (for October): 2.8% y/y vs. 2.8% y/y forecasts and 2.6% previously

USDNOK (H1 interval)

Source: xStation5