The eurozone will release the flash PMIs for November, where the consensus is looking for marginal changes only. As such, this would support a picture of slow but still resilient growth. We will also see the negotiated wages growth indicator for the third quarter, which is expected to cool to 2.45% from the previously reported 3.98%. Today also sees a high-profile slate of ECB speakers, including ECB President Christine Lagarde, Luis de Guindos, Joachim Nagel, Martin Kocher and Madis Müller.
Over in the US, we will also get the S&P PMIs, although they carry less weight here than the corresponding ISM counterparts. The University of Michigan will release the final consumer survey results for November, which also showed a very pessimistic outlook on the jobs market previously. One point of focus will remain on Fed speakers, given that key data releases will have to wait for a bit longer, with some coming only after the next FOMC meeting. There is no issuance today, but after the market close on Friday, attention will turn to possible sovereign rating action. Moody’s is scheduled to review Italy, which it currently rates Baa3/Positive, making it the lowest rating by two notches among the three major rating agencies.
