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Driving forward with confidence

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  • The data calendar is relatively quiet today. The oil market gave back a lot of the initial price decline on the Iranian nuclear deal (the expectations of investors having been largely confirmed by the outcome) but reducing risk should keep oil prices subdued, which helps oil consumers.
  • US November consumer confidence (Conference Board) is expected to decline a little after the sharp October drop (around government shutdown). The US consumer in November resolutely continued to shop, suggesting confidence data may not give that much useful information at the moment.
  • The Bank of England head to the Treasury Select Committee of Parliament to talk about forward guidance of forward guidance. Given the political setting, questions about housing bubbles and (quite possibly) electricity prices and inflation are likely.
  • From the Euro area we hear from the ECB's Asmussen once again. It seems very unlikely anything new will come of this. The quest for a German government continues as coalition negotiations resume â€Â“ investors would like a government before the mid December European Council meeting.
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