📆 Tuesday, October 31
► In Europe, stocks are trading again with gains but are still pointing towards the worst month since last year's September. Currently the Stoxx 600 up 0.7% extending yesterday's positive session. French inflation rate lowers to 4% in October in-line with expectations, while German retail sales dip by 0.8% MoM in September. GDP growth in France and Italy fell slightly short of expectations in the third quarter – but in contrast to the German economy, a contraction was avoided. Eurozone GDP fell slightly short of expectations – weighed down by the weak performance of the German economy. GDP grew by -0.1% QoQ and 0.1% YoY (both 10bps below expectations).
► Inflation in the eurozone has fallen sharply due to weakening consumer demand and is already close to target at 2.9% YoY (after 4.3% YoY in Q2). This makes further rate hikes by the ECB unlikely. Due to improved market sentiment, the slightly weaker USD and lower oil prices, the EUR was nevertheless able to maintain its level.
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