Market movers ahead
In the US , focus next week will be on retail sales for October due on Friday. Also, the consumer sentiment index from University of Michigan is due to be released.
In the euro area , the euro area GDP figures for Q3 are scheduled for release on Friday. We expect euro area growth of 0.2% q/q, down from 0.4% q/q in Q2. Also during the week, several members of the ECB Governing Council are set to speak, including President Mario Draghi. Focus here will be on whether he maintains the very dovish tone from the ECB meeting.
The UK labour market report for September is due on Wednesday. We estimate the unemployment rate (3M average) was unchanged at 5.4%.
It is a busy week in China . Over the weekend, Chinese FX reserves and trade balance figures are due to be released. The rest of the week will bring CPI inflation, credit figures, retail sales, industrial production and asset investment.
In the Scandis , focus will be on inflation. In Sweden , our expected outcome is much in line with the Riksbank's projections. We do not expect any big changes in the Norwegian October data and estimate core inflation up at 3.1% y/y. Finally, we expect Danish inflation numbers to show prices rising 0.5% y/y.
Global macro and market themes
The global IP cycle is bottoming.
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