Good Morning Traders! This Tuesday we get Eurozone CPI and GDP data, as well as French HICP data.
Here is what to keep in mind.
Sentiment
In a statement released on Tuesday, the BoJ stated that it will adopt a more flexible strategy to manage yields on 10-year government paper, using 1% as a benchmark. This is a departure from an earlier promise to carry out daily bond buying operations at 1%, a position that essentially established a boundary at that point.
October saw a reversal in China's factory activity contraction, however the country's services sector unexpectedly slowed down, indicating that the country's economy is still in need of assistance.
Another indication that the cost-of-living situation is beginning to improve is the fact that inflation in UK stores dropped to its lowest point in over a year. Shop prices were 5.2% higher in October than they were a year ago, down from 6.2% in September, according to a report released by the British Retail Consortium on Tuesday. The rate of inflation in retailers has decreased for the fifth consecutive month, reaching its lowest point since August 2022.
Oil saw a slight increase following a sharp decline, driven by indications that the Israel-Hamas conflict will not escalate and potential weakening of demand.
Benjamin Netanyahu, the Israeli prime minister, rejected calls for his resignation due to security lapses after the October 7 Hamas attack and ruled out a cease-fire with the terrorist organization as the army steps up ground operations in Gaza. The military claimed to have liberated a female soldier who had been detained there.
Docket
02:30 AM ET
French GDP QoQ Prelim
Median Forecast 0%| Prior 0.5% | Range 0.5%/-0.5%
03:45 AM ET
French HICP YoY Prelim
Median Forecast 4.5%| Prior 5.7% | Range 4.9%/4.3%
06:00 AM ET
Eurozone Core CPI YoY Flash
Median Forecast 4.2%| Prior 4.5% | Range 4.4%/4.1%
Eurozone CPI YoY Flash
Median Forecast 3.1%| Prior 4.3% | Range 4.0%/2.9%
Eurozone GDP YoY Prelim Flash
Median Forecast 0.2%| Prior 0.5% | Range 0.6%/-0.2%
Eurozone GDP QoQ Prelim Flash
Median Forecast 0%| Prior 0.1% | Range 0.3%/-0.4%
Speakers
04:30 AM ET
ECB's de Cos Speaks
05:30 AM ET
ECB's Visco Speaks
Earnings
06:45 AM ET
Pfizer Q3 2023 Earnings
Est. EPS: $0.33| Est. Rev $13.49B
Good Luck Today Traders!
