- European indices record declines after weak sentiment during the Asian session and declines in the US stock market
- Light macro calendar in Europe; HICP inflation data for October, in the Eurozone (10 AM GMT)
- U.S. PCE inflation and jobless claims (12:30 PM GMT) and the Chicago regional PMI index (1:45 PM GMT) in the market spotlight
- Apple, Amazon and Intel Q3 results today, after the US market close
During today's session, investors will turn their attention primarily to the United States, where Wall Street will await data on PCE inflation for September (the Fed's preferred measure of price pressures) and benefit claims. Expectations suggest that annual PCE growth will decline slightly, including on a core basis, but the month-on-month reading is expected to show a slightly larger increase. At the same time, data on U.S. household spending and income will be published; both measures are expected to show stronger monthly dynamics, with a slight increase in the labour cost index.
Benefit claims are expected to rise only slightly to 229,000 from 227,000 previously. A solid PCE report seems likely to support Wall Street sentiment, provided inflation turns out to be in line with or below forecasts. On the other hand, strong consumption data and a higher PCE reading, especially in monthly dynamics, could unseat yields and the dollar. Macro data will by no means be the only factor today that could raise volatility in the stock market. After today's session, quarterly reports will be presented by Apple and Amazon, closing out the main part of the Mag7 companies' results (where only Nvidia will be missing from the set; results on November 20).
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10 AM GMT Eurozone, HICP inflation in October: 1.9% y/y forecast vs. 1.7% previously
- Core HICP: 2.6% y/y forecast vs 2.7% previous
12:30 PM GMT US, unemployment claims: 229k forecast vs. 227k previous
12:30 PM GMT US, September PCE inflation: 2.1% y/y forecasts vs. 2.2% previous (0.2% m/m forecasts vs. 0.1% previous)
- Core PCE inflation: 2.6% y/y forecast vs. 2.7% previous (0.3% m/m forecast vs. 0.1% previous)
- Americans' income: 0.3% m/m forecast vs 0.2% previous
- Americans' spending: 0.4% m/m forecast vs 0.2% previous
- Employment Cost Index (Q3 2024): 1% forecasts QoQ vs 0.9% previously
01:45 PM GMT Chicago PMI for October: 47 forecasts vs 46.7 previously
02:30 PM GMT Change in US gas inventories according to.EIA: 83 billion cubic feet (bcf) vs 80 bcf previously
Central bankers' speeches:
- 9 AM GMT - ECB Panetta
- 10 AM GMT - ECB Escriva
Key company results in the US
- Uber, Mastercard and Conocco Philips before the market opens
- Intel, Apple, Amazon after the market close in the US
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