Market movers today
We expect the ECB to remain in wait-and-see mode at today's meeting, as the impact of the latest easing measures is assessed, see ECB Preview: Waiting for the impact of the easing measures , 4 November 2014. However, with growth slowing, inflation close to zero and inflation expectations continuing to decline, the ECB remains under pressure to step up its easing. Hence, Draghi is expected to continue to sound very dovish and to do little to quell the increasing market expectations that QE could become reality during 2015.
Bank of England is also expected to remain on hold. Recent data have on balance been weaker than expected, suggesting that the strong recovery in the UK has lost a bit of momentum. Hence, a rate hike in the UK does not appear to be just around the corner. The statement will likely be brief without much new information but next week's Inflation Report with the new projections will be more interesting.
The Eurogroup finance ministers will meet in Brussels at 15:00 CET and are expected to discuss Greece's exit of the bail-out programme. Greece wants a 'clean' exit but currently it seems more likely that unused bail-out funds will be converted into a backstop for Athens, requiring continued monitoring from Brussels.
German factory orders are expected to have rebounded substantially in September (and more than the current consensus), partly reflecting that the timing of the summer holiday weighed substantially on industrial activity in August.
In Denmark, there are several data releases.
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