► The market sentiment remains cautious, with investors awaiting key economic reports and data to gauge the direction of monetary policies and global economic health. Investors are particularly focused on the US inflation report (US CPI – 13:30 UTC+0). The October CPI report is expected to show that the pace of inflation slowed to 3.3% in the month on a YoY basis, down from the 3.7% rate recorded in September. More important, however, will be core inflation which will likely remain above 4% YoY and would show that inflation remains too high – especially in the eyes of the Fed.
► The upcoming meeting between US President Joe Biden and Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation summit is also a focal point, with hopes that it might ease tensions between the two economic powerhouses. The outcome of these events could provide significant cues for market movements in the near term.
► European stocks saw modest movements as investors await the US inflation report. The Stoxx 600 index is up near 0.3%. Vodafone Group stock rose due to strong second-quarter sales growth. UK unemployment rate remains unchanged at 4.2%. We await the release of GDP and employment data for the rest of the Eurozone later today (10:00 UTC+0)
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