Economic calendar: UoM US consumer sentiments prelim from US, Canadian labor market data

• European indices open slightly lower; light macro calendar in today's session; US benchmark contracts lose slightly
• Investor focus on Canadian labor market data and UoM report on US consumer sentiment and inflation expectations
• Possible higher volatility in agricultural markets (WASDE report 5 PM GMT)

The final session of a record week for equity markets is likely to bring slightly lower volatility, in the absence of results from major US companies and a rather light macro calendar. Investors are awaiting slightly weaker data from Canada, where they forecast a slight increase in the unemployment rate and a lower change in employment. Sentiment in the U.S. economy is expected to fare slightly better than in October, with inflation expectations unchanged. In light of both of these reports, which will 'dominate' the macro calendar today, we can expect higher volatility on the USDCAD pair.

Economic Calendar

11 AM GMT, Italy, Industrial Production: forecast -0.5% m/m vs. 0.1% previously

• Retail sales (seasonally adjusted) forecast: 0.5% vs 0.8% previously

01:30 PM GMT, Canada, Employment change forecast: 27.1k vs. 46.7k previous

• Unemployment rate forecast 6.6% vs. 6.5% previously
• Participation rate forecast 64.92% vs 64.9% previously
• Hourly wages forecast 4.5% y/y vs 4.5% previously

3 PM GMT, U.S., Consumer Sentiment according to University of Michigan (preliminary data) for November forecast 71 vs 70.5 previously

• Expectations forecast 75 vs 74.1 previously
• Current conditions forecast 65.5 vs 64.9 previously
• Inflation expectations 5-year forecast 3% vs 3% previously
• Annual inflation expectations forecast 2.7% vs 2.7% previously

5 PM GMT, USA, USDA WASDE agricultural commodity supply and demand estimates report

Central bankers' speeches

• 9:00 AM GMT - ECB, Vujcic, Panetta
• 12:PM GMT - BoE, Pill
• 4 PM GMT - Fed, Bowman

Quarterly earnings of companies

Telus, Baxter International, Paramount Global, Advanced Drainage Systems, Brookfield Renewable