- European indices ready for an upward opening
- Eurozone third quarter GDP report expected at 10:00 GMT
- CPI data from the Eurozone
European equity markets are poised for a slightly higher opening of the European cash session. Disappointing PMI data and worrying news from Covid outside China have not triggered major market movements outside of China. Bigger moves can be seen in the grain market, with grain prices surging more than 5% after Russia withdrew from the UN-brokered deal on Ukrainian grain exports.
The day ahead is light in terms of macro data. Traders will be offered third quarter GDP reports from Italy and the Eurozone, but none of these tend to produce large market movements as traders typically focus on data from Germany and France, which was already released last year. week. In addition to this, CPI reports for October from Poland and the Eurozone will also be released. Although today’s calendar is light, things get more interesting over the course of the week with the BoE and Fed rate decisions, as well as the release of US employment data for October.
10:00 – Italy, GDP report for the third quarter of 2022. Expected: 0.0% QoQ. Previous: 1.1% quarterly
11:00 – Eurozone, CPI inflation for October. Expected: 10.2% on an annual basis. Previous: 9.9% on an annual basis
11:00 – Euro zone, GDP ratio for the third quarter of 2022. Forecast: 0.2% on a quarterly basis. Previous: 0.8% on a quarterly basis
2:45 pm – US, Chicago PMI for October. Expected: 47.0. Previous: 45.7
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