Market movers today
In UK the labour market report is released and the unemployment rate is expected to decline further to 5.9% in September from 6.0% in October (ILO data). Wage growth is expected to stay very subdued below 1%. We also get the inflation report from Bank of England with new projections for the UK economy.
Euro-area industrial production for September is released and we expect some rebound from the big fall in August (-1.8% m/m), as it was highly influenced by a shift in German holidays in the manufacturing sector. For September we forecast 1.0% m/m, reflecting the weak rebound in German industrial production (up 1.4% m/m in September, following a fall of 3.1% m/m in August).
Finally, Fed member Plosser (hawk, voter) talks this morning at 09:00 CET, while Fed member Kocherlakota (dove, voter) talks tonight at 18.00 CET. Kocherlakota dissented at the latest Fed meeting, as he believes the Fed should commit to keeping rates unchanged until the one-to-two-year outlook for inflation is at 2%. He also wants the Fed to continue asset purchases. He is very alone, though, in his very dovish stance and as such his comments matter less.
To Read the Entire Report Please Click on the pdf File Below