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With the U.S. markets again seen quiet following Thanksgiving Thursday, focus turns towards Europe and ECB's release of Eurozone M3 data.
German Import Prices continue to rise (0700 GMT)
German import prices are likely to have risen further in October, forecast to be up 1.9% m/m from 1.3% in September, with annual import prices projected to have risen 19.6% in October compared to the previous reading of 17.7% y/y. Surging energy prices, input price inflation and persistent supply chain bottlenecks are chiefly to blame.
Swiss GDP growth slows (0800 GMT)
Swiss GDP quarterly growth is seen marginally lower at 1.6% in Q3, slowing from 1.8% last quarter which was boosted by services and entertainment/leisure industries recovering as the economy reopened following Q4 2020 and Q1 2021 contractions.
However, annual GDP growth is projected to show a sharper slowdown, coming in at 2.9% for Q3 compared to 7.7% last quarter as favourable base comparisons with 2020 dissipate.
Consumer confidence in France and Italy edges downwards (France 0745 GMT; Italy 0900 GMT)
Across both France and Italy, consumer confidence is set to edge downwards as consumers become less optimistic regarding their financial situation against a backdrop of surging Covid-19 cases in the region. Analysts predict French consumer sentiment to dampen slightly to 98 in November, down one point from 99 in the previous month.
Consumer confidence in Italy is also expected to dampen slightly also, seen coming in at 117 for November, down from October's reading of 118.4. Italy's manufacturing confidence index is also forecasted to drop slightly from 114.9 in October to 114.0 for November.
ECB M3 money supply (0900 GMT)
The ECB's latest money supply is forecasted to have expanded by 7.4% y/y in October, unchanged from September's rate.
Yesterday's ECB meeting accounts for October concluded that the PEPP is set to wind down by March 2022 and monetary policy is to remain accommodative, despite headline inflation running at 4.1% y/y in October.
Amongst policymakers set to speak Friday are ECB President Christine Lagarde and Executive Board member Isabel Schnabel. Bank of England chief economist Huw Pill is also set to speak.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.