Market movers today
It is time for inflation in Norway today. Core inflation has surprised on the downside in recent months, due largely to unexpectedly low food prices on the back of fierce competition between supermarkets. The depreciation in the NOK last winter is beginning to have an impact on import prices at the border. In our view, this will gradually serve to push up imported inflation - and so also core inflation - but October might still be a little too early. On balance, we estimate that core inflation climbed to 1.1% y/y in October.
In the US, the University of Michigan is due to release preliminary consumer confidence for November. This rose to the highest level since 2004 in October, underlining the very upbeat sentiment among US consumers. Consensus is for a further small increase but there may be some downside risk as rising gasoline prices may weigh a little on optimism.
The ECB's Yves Mersch is set to speak at the European Policy Forum in Windsor, England, at 13:30 CET.
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