German Q3 preliminary GDP expected to mark technical recession
Good day, everyone! Hope you're all doing well as we look towards the European session ahead. It's been a lively start to proceedings as the aussie is marked down by a weaker jobs report earlier while risk remains slightly on the defensive.
Looking ahead today, we'll have some notable releases during the European morning with German (preliminary) and Eurozone (secondary) Q3 GDP data due before more Fed speakers to follow later in North American trading.
0700 GMT - Germany Q3 preliminary GDP figures
Prior (Q2) figures can be found here. The quarterly growth figure is expected to contract once again, reaffirming that Germany is in a technical recession for the first time in almost seven years. Any positive surprises will be welcome news for the euro but at this stage, the German economy is basically at a standstill with the outlook not looking any better - so there isn't too much to cheer about in the big picture.
0730 GMT - Switzerland October producer and import prices
Prior release can be found here. A proxy indicator of inflationary pressures in the Swiss economy, a minor data point.
0745 GMT - France October final CPI figures
The preliminary report can be found here. As this is the final release, it isn't expected to have much - if any - impact unless the figures differ substantially from initial estimates.
0800 GMT - Spain October final CPI figures
The preliminary report can be found here. Similar to the French reading, the final release here matters little but the core reading should offer some comfort in light of the weakening headline inflation readings over the last few months.
0930 GMT - UK October retail sales data
Prior release can be found here. Consumption activity is expected to improve a little on the month but in the context of a flagging economy due to Brexit uncertainty, the data today will provide little comfort. In that sense, don't expect the release here to shift the dial whatsoever in the pound. It's all about Brexit - and election focus - at the moment.
1000 GMT - Eurozone Q3 GDP figures second reading
The preliminary report can be found here. Unless the German growth figures are going to deliver a major surprise, the secondary release today should just reaffirm sluggish economic growth in the euro area for the third quarter.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!
