Market themes of the Day: Brexit deal sees Sterling bleeding as Draghi and Eurozone inflation headline

What you need to know before markets open
Main themes:

• The UK Brexit Secretary Dominic Raab and Pensions Secretary Ester McVey stepped down indicating boiling discontent with the Brexit agreement. 
• The whisper number of members of parliament likely to support no-confidence vote is 40 with 48 needed to trigger the move.
• The US Commerce Secretary Ross said the US still plans to implement 25% tariffs on China since January, increasing the pressure before the US-China trade meeting.
• Federal Reserve chairman Jerome Powell said “now it is a good time” to review Fed’s strategies of pursuing dual goals.
• The UK retail sales disappointed in October falling for the second month in a row in October. 
• The US retail sales ex-autos rose 0.7% m/m in October after falling -0.1% m/m in the previous months. "American consumers have affirmed they are still in charge. The rebound in retail sales in October leading into the holiday shopping season is good news for the economy, the Fed and the dollar," Joseph Trevisani, senior analyst at FXStreet noted after the report was made public on Thursday. 
• ECB President Mario Draghi opens the European European Banking Congress with his speech in Frankfurt at 8:30 GMT.

Europe

• The Eurozone trade balance surplus shrank to €13.1 billion in September 2018, compared with €25.3 billion in September last year.
• ECB chief economist Peter Praet said in a speech that the Eurozone domestic demand remained robust in light of the global economy and China expected to slow down in 2018. The third-quarter German GDP fall is expected to be reversed in the final quarter of 2018.  down in 2018.
• ECB President Mario Draghi opens the European European Banking Congress with his speech in Frankfurt at 8:30 GMT.
• The Eurozone inflation is expected to remain at 2.2% y/y with core inflation seen up 1.1% y/y in October.

UK

• The UK Brexit Secretary Dominic Raab and Pensions Secretary Ester McBey stepped down just one day after the Brexit agreement negotiated between the UK and the EU with Raab saying “I cannot in good conscience support the terms proposed for our deal with the EU.”
• The UK retail sales slumped -0.5% over the month in October for the second month in a row while core retail sales fell -0.4% m/m.  

US

• The US retail sales ex-autos rose 0.7% m/m in October after falling -0.1% m/m in the previous months. 
• The US weekly jobless claims ticked up to 216K in the week ending November 9.
• Federal Reserve Chairman Jerome Powell said “now it is a good time” to review Fed’s strategies of pursuing dual goals with the review planned for next year.
• The US industrial production is expected to increase 0.2% m/m, the Fed is expected to report.