Market Movers ahead
In the US, the most important data release next week will be CPI and CPI core figures for September, which we estimate will have increased.
The coming week brings several speeches by FOMC members and the minutes from the September FOMC meeting.
In the euro area, we look for another rise in Sentix investor confidence in October.
China may release the Total Social Finance credit data over the next week, which will give insights into whether the crackdown on shadow finance is continuing.
In the Scandinavian countries, inflation numbers for September are due out.
Global macro and market themes
The world economy is growing solidly thanks to rising business and consumer confidence.
Economic momentum should continue in 2018, although policy tightening is likely to moderate growth in some countries.
Inflation pressures are set to remain relatively muted, allowing a gradual central bank policy normalisation.
The scenario is bullish for global equities and moderately bearish for bonds.
A Chinese debt meltdown or a North Korean war remain the low probability-high impact events of 2018.
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