Market movers today
US markets are closed due to Thanksgiving.
The OPEC meets in Vienna today. Whether or not it will cut its output target to curb the downward pressure on oil prices looks to be a close call. According to a Bloomberg survey 58% of analysts expect the OPEC to keep its target unchanged.
Euro-area money supply and lending figures for October are released and we expect the latest improvements to continue. The increase in loans to households and the slower pace of decline in loans to non-financial corporations reduce an important headwind to economic activity in the euro area.
Growth in M3 money supply has improved since April this year and we expect the trend to continue as we look for an increase of 2.8% y/y in October, up from 2.5% y/y in September.
ECB's Draghi is scheduled to speak at the Bank of Finland. In his speech last Friday he was more positive about expanding asset purchases than previously and we will watch if this message is repeated today.
German inflation is expected to continue to slide in November, which we expect to be mirrored in the European inflation data released tomorrow.
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