Preliminary eurozone inflation data and third-quarter GDP numbers will be among the data highlights of the international week ahead.
The EU's statistics arm will release both sets of reports on Monday, with expectations pointing to an increase in the inflation rate to 0.5% in October from 0.4% in September.
The figures follow price news on Friday from Germany, France and Spain, with the French EU-harmonized inflation rate unexpectedly holding firm at 0.5%, instead of rising, and the German rate picking up more than expected to 0.7% from 0.5%. The Spanish inflation rate rose to 0.5% after prices stagnated last month.
The GDP figures should show an unchanged third-quarter growth rate of 0.3%, equating to annual expansion of 1.6%, Credit Suisse predicts. News on Friday that the French economy expanded by just 0.2% in the period, after contraction of 0.1% in the second quarter, marked it out as a likely relative laggard among the largest eurozone economies.
The week is punctuated by purchasing managers' indices from Markit. Along with final eurozone PMIs, which are out Wednesday and Friday, Markit will release indices for Italy and Spain.
Preliminary eurozone figures for October showed Markit's composite PMI rose to a 10-month high of 53.7 from 52.6, well above consensus expectations for a reading of 52.8, as the data company's PMIs for the eurozone's services and manufacturing sectors also rose more than expected. Germany reported strong PMIs, but the French picture was mixed as the composite PMI declined because of a slip in the services gauge.
For Spain and Italy, of the three major PMIs - covering manufacturing, the composite picture and the services industry - only the Spanish manufacturing PMI is seen likely to fall. It is expected to come in at 51.9, according to a Credit Suisse forecast, but hold above the neutral 50 threshold.
A major central bank event takes place on Thursday, when the Bank of England meets to set rates and delivers its quarterly inflation report.
Recent commentary by Governor Mark Carney suggests policymakers are unlikely to cut rates again after a quarter-point cut on Aug. 4 to 0.25%. And they almost certainly won't tinker with the bank's asset purchase program. Carney told House of Lords lawmakers last week that rate setters would pay close attention to the pound when setting monetary policy; the U.K. currency is hovering near multi-decade lows against its major trading partners and its weakness has already started stoking inflation. A rate cut on Thursday became even less likely on Oct. 27 when the Office for National Statistics said the U.K. economy had expanded by 0.5% in the third quarter, above the 0.3% growth anticipated and after 0.7% growth in the second quarter.
Monday data on U.K. mortgage approvals and consumer loans in September will shed light on the extent that Britain's Brexit preparations are proving a drag on growth. But Credit Suisse tips mortgage approvals to rise to 62,000 from 60,100.
From Germany, September retail sales figures are out on Monday, and are expected to show the annual growth slowed by more than half 1.5%. German unemployment figures follow on Wednesday, and the jobless rate is seen likely to hold steady at 6.1%.
From Asia the data highlights include on Tuesday the competing government and Caixin/Markit October manufacturing PMIs. The former are more focused on large state-owned enterprises and the latter on smaller companies, and the results sometimes conflict.
Analysts are expecting the government manufacturing index to hold steady at 50.4 and the Caixin/Markit manufacturing index to edge up to 50.2 from 50.1, according to FXStreet.
The earnings season continues in full swing in Europe next week with quarterly bulletins from companies including BP (BP) - Get BP p.l.c. Report and Royal Dutch Shell (RDS.A) undefined on Tuesday and Credit Suisse (CS) - Get Credit Suisse Group American Depositary Shares Report and Repsol (REPYY) on Thursday.
Also on Thursday, luxury goods company Hermes (HESAF) (HESAY) will release third-quarter sales figures. In July Hermes said second-quarter revenue expanded at 8% at constant exchange rates and 6% at actual exchange rates and reiterated that full-year revenue may lag its 8% medium-term growth goal this year.