Summary:
- Unit labor costs data from the US to draw attention this afternoon
- Final PMIs from European economies
- Polish central bank rate decision
Between 8:15 and 9:00 am GMT - Services PMIs for October from Spain, Italy, France (F), Germany (F) and Eurozone (F). Those indices will be final for France, Germany and the Eurozone economy, hence they are unlikely to be closely watched by market participants. On the other hand, it’s worth looking more at Spain and Italy from where no flash readings are available. Expectations suggest a slight deceleration there.
1:30 pm GMT - Nonfarm productivity and unit labour costs from the US for Q3. It will be a preliminary reading for the third quarter, therefore it should be closely watched. Needless to say, unit labour costs are a good indicator for building price pressures in the United States, which ought to be especially important right now given the Fed’s pause in rate cuts (it also set the bar for any hikes rather high too). The consensus indicates at 2.3% YoY, down from 2.6% YoY. In turn, productivity is expected to have slowed down to 0.9% from 2.3%.
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Open account Try demo Download mobile app Download mobile app(tentative) Polish central bank rate decision plus a press conference with updated economic forecasts (3:00 pm BST). Poland's central bank will release its quarterly updated economic projections this afternoon (this is part of an inflation report which will be out next Tuesday) where some downward revisions to GDP are likely. At the same time, the central bank may have to also assess the impact of a rise in electricity prices for households as prices are expected to be freed since 2020. On the other hand, there is still a lot of uncertainty regarding this impact as the government has yet to present its final say about it , and recent revelations suggest prices could not be freed altogether. We do not expect any changes in rates today.
Central bankers’ speeches
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9:00 am GMT - ECB’s Guindos
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9:30 am GMT - ECB’s Mersch
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1:00 pm GMT - Fed’s Evans
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1:10 pm GMT - ECB’s Holzmann
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2:30 pm GMT - Fed’s Williams
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8:15 pm GMT - Fed’s Harker
Major companies reporting earnings today
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Walt Disney
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Discovery
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FOX
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