Market movers today
The main release will be the Fed's Labour Market Conditions Index that it began publishing last month. The reading for the past few months was on the soft side but this did not stop the Fed from turning more hawkish at its latest meeting. It will be interesting to see today how sensitive this data is to revisions. For it to be useful on a monthly basis, revisions have to be fairly modest.
In the euro area, the Sentix index is published. Being a survey of financial analysts it has a quite high correlation with the German ZEW index, which has provided a good indication of the German ifo expectations index over the past few years.
Norway inflation data will be important given the recent volatility in the NOK. We estimate the annual rate of core inflation was unchanged at 2.4% in October, which is only marginally less than Norges Bank assumed in its September monetary policy report and may therefore dampen expectations of a rate cut and support the krone.
This week's market movers: Swedish inflation (Tuesday), Bank of England Inflation Report (Wednesday), Chinese industrial production and retail sales (Thursday), and eurozone GDP and US retail sales (Friday). The situation in Ukraine will also be followed closely given the recent signs of escalation.
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