Markets’ attention shifting to US after a news-laden week in Europe

Several major macroeconomic publications out of the Eurozone this week : ►  Eurozone Q3-24 GDP growth surprised on the upside, reaching +0.4% QoQ (consensus: +0.2%; prior: +0.2%, see special report ). ►  Sharper-than-expected acceleration of Eurozone inflation to +2.0% YoY in October (consensus: +1.9%; prior: +1.7% , see special report ). ►  2025 budget unveiled by the British Chancellor of the Exchequer, with the announcement of £40bn of tax rises (see special report ). The markets’ attention is now shifting to the United States: ►  Publication Friday of October Employment Situation Report, notably nonfarm payrolls, our economists expecting 94 thousand job creations. ►  Next week, US elections will be held on Tuesday 5 November. ►  Also next week, FOMC will announce its monetary policy decision on Thursday 7 November, with our economists expecting a 25bp cut in the Fed Funds rate to [4.50%-4.75%].