This week, markets concentrated on U.S. inflation figures, retail sales data, and GDP reports from the UK, Eurozone, and Japan. Key statements from central bankers also shaped market expectations.
United Kingdom:
○ The average wage level, including bonuses, rose by 4.3% in September, surpassing the previous month's rate of 3.9%. However, the unemployment rate unexpectedly climbed from 4.0% to 4.3%, exceeding the forecast of 4.1%.
Germany:
○ For October, inflation saw an annual Consumer Price Index growth of 2.0%, up from 1.6%, with a monthly increase of 0.4% compared to the previous 0.0%.
○ Meanwhile, the ZEW economic sentiment index dropped to 7.4, well below the forecast of 13.2 and the prior value of 13.1.
United States:
○ The October inflation report revealed that the core consumer price index (CPI) held steady at 0.3% month-over-month and 3.3% year-over-year, matching expectations. The headline CPI increased to 2.6% year-over-year from 2.4%, with a monthly rise of 0.2%.
Australia:
○ October Labor Market: Employment grew by 15.9 thousand, falling short of the forecasted 25.2 thousand and below the previous 61.3 thousand increase. The unemployment rate held steady at 4.1%, aligning with expectations.
Eurozone:
○ Third-quarter GDP demonstrated stable growth of 0.4% quarter-over-quarter and 0.9% year-over-year.
○ The ECB's meeting minutes were released, accompanied by a speech from the European Central Bank’s President Christine Lagarde.
United States:
○ In October, the producer price index (PPI) increased to 0.2% month-over-month, up from the previous 0.1%.
○ The Core PPI also rose, reaching 0.3% month-over-month compared to the prior 0.2%. Initial jobless claims came in at 217,000, beating both the previous figure of 221,000 and expectations.
○ During his speech, Fed Chair Jerome Powell highlighted the importance of a careful approach to monetary policy in light of the strong economy.
Japan:
○ GDP for the third quarter rose by 0.2% quarter-over-quarter, reflecting a slowdown from the prior 0.5% growth.
United Kingdom:
○ September GDP data revealed a -0.1% month-over-month decline, missing the 0.2% forecast. On an annual basis, growth picked up from 0.7% to 1.0%, though the quarterly figure dropped to -0.5%, compared to the previous 0.5% increase.
United States:
○ Retail sales data for October, set to release at 1:30 PM GMT, is expected to show a 0.3% month-over-month increase, slightly below the prior 0.4% growth.
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