Markets had a mixed session. US stocks advanced ahead of Nvidia's earnings report, while most euro area indices retreated. US Treasury yields rose after the BLS announced it will not publish the October and November jobs data before the Fed's next meeting, leading markets to reduce expectations of a rate cut in December to 30%. Euro area sovereign yields were flat.
In the UK, inflation slowed in October for the first time in seven months, with CPI rising 3.6% yoy, down from 3.8% in September. Services inflation fell more than expected to 4.5% yoy (4.7% last month), its lowest since December 2024. The market-implied probability of a December rate cut from the Bank of England rose 15 pp to almost 95%.
Elsewhere, in commodities, oil prices fell (Brent below $64/barrel) on reports the US is planning to increase its pressure to end the war in Ukraine. In FX markets, the yen weakened after BoJ Governor Ueda and key economic ministers in the country's new government have agreed to watch market developments with a "strong sense of urgency".
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