Summary:
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Eurostat will release the final inflation data for October
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Industrial production from the US in focus this afternoon
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A few central bankers on the agenda
10:00 am GMT - European inflation: The Eurostat will release its final (with details) inflation data for October. Headline CPI is forecast to rise 2.2% YoY white core CPI is expected to stay at 1.1% YoY. While core inflation still remains relatively subdued there some encouraging signs suggesting we may get a decent bound in the foreseeable future. At the latest ECB’s meeting Mario Draghi pointed to negotiated wages as they had grown in the first half of 2018. Indeed, we got a rebound in this indicator. What’s more, labour cost indices in various branches in the European economy have also risen in recent two months - this is a signal that core inflation could be gradually moving higher.
2:15 pm GMT - US industrial production: A monthly growth rate in October is slated to show 0.2% compared to 0.3% seen in the previous month. At the same time we will be also offered the data regarding capacity utilization which is expected to tick up to 78.2% from 78.1%. Keep in mind that the higher capacity utilization, the higher need to boost investment spending (all else being equal). At 4:00 pm GMT the regional manufacturing Fed index from Kansas will be published.
Central bank speakers scheduled for today:
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8:30 am GMT - ECB’s Draghi
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1:00 pm GMT - ECB’s Weidmann
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4:30 pm GMT - Fed’s Evans