A little inflation, a little trade
- China's consumer price inflation was basically in line with the economic consensus at 1.5% yoy. With the correlation of global core inflation rates extremely low, there is not much of an implication beyond China's own borders.
- German trade data may arouse some interest in the wake of weaker Chinese export figures earlier this week. The extent to which there is a general problem with global demand is likely to continue to be debated.
- US wholesale inventories come out, and with inventories having played a role in driving the third quarter US GDP growth there may be some curiosity as to their impact in the fourth quarter.
- We have a couple of ECB speakers, but for now investors seem to have made up their minds that the ECB is done with policy for the time being. It is unlikely that the nuances of ECB infighting will raise much interest.