What you need to know before markets open
Main themes:

  • Brexit deal within 7 days would be "pushing it", says Britain's Hunt.
  • The ECB President Mario Draghi delivers an introductory statement during his exchange of views with the House of Representatives in Dublin.
  • Fed paved the way for the December rate hike in support of the US Dollar. For more details read Joseph's Analysis here. 
  • UK GDP is expected to have accelerated in the third quarter, but the prize is offered for the economists to propose a futuristic structure for the UK economy to accelerate growth. For more details read my GDP Preview here.

Europe

  • German export fell -0.8% y/y while import fell -0.4%y/y in September as trade balance remains in a surplus of €17.6 billion.
  • European Commission forecasts the Eurozone growth to ease from a 10-year high of 2.4% in 2017 to 2.1% in 2018 before moderating further to 1.9% in 2019 and 1.7% in 2020.
  • German ruling CDU party is set to elect new party leader after Angela Merkel´s departure.
  • The ECB President Mario Draghi delivers an introductory statement during his exchange of views with the House of Representatives in Dublin at 15:20 GMT.
  • The ECB executive board member Benoît Cœuré participates in Industry outreach roundtable on euro risk-free rates in Frankfurt at 10:00 GMT.

UK

  • The UK Prime Minister Theresa May asked her Cabinet to evaluate the Brexit agreement without the crucial part regarding the Irish border backstop.
  • The UK GDP is expected to rise 0.6% over the quarter and 1.5% over the year. For more details read my GDP Preview here..
  • The UK manufacturing output is expected to rise 0.1% m/m in September decelerating to 0.4% y/y.
  • The UK trade balance is expected to reach a deficit of -£11.25 billion in September. 

US

  • The US weekly initial jobless claims reached 214K in the week ending November 2.
  • Fed paved the way for the December rate hike in support of the US Dollar. For more details read Joseph's Analysis here. 
  • Federal Reserve Governor Randal Quarles is scheduled to speak about the regulation in Brookings Institute in Washington.
  • Michigan consumer confidence is expected to decelerate to 98 in November.
     

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