German inflation slumps in October

German inflation slumps in October”

The Euro is lower versus the dollar and pound as Gilts are outperforming as Sterling strengthens and the 10-year is down. GDP is up 0.6% in Q3 2017, better than 0.5% expected and on top of an upward revision for Q2: 0.7%.

The Bank of Japan kept monetary policy steady, despite efforts from its peers in the USA and Europe begin to wind down stimulus.

But consumer price growth in October eased to 1.4 per cent year-on-year, a Eurostat estimate showed, from 1.5 per cent in the previous two months.

ECB President Mario Draghi warned Thursday that inflation would slow in the coming months before picking up again gradually, as he gave a press conference explaining the bank's decision to slash its bond-buying programme.

Preliminary data for the whole euro zone is due on Tuesday and should show an unchanged value of 1.5 percent in October, according to a Reuters poll.

Sterling was up slightly against the United States dollar at £1.3204 as traders hold steady in anticipation of big news out of the U.S. this week, including the Federal Reserve's interest rate decision on Wednesday and national employment figures on Friday. The French economy grew 0.5 percent in the third quarter, while Spain's expanded 0.8 percent.

France was the first to report, posting GDP growth of 0.5 per cent between July and September and inflation of 1.2 per cent in the year to October, both of which were slightly ahead of traders' predictions.

The unemployment rate fell to 8.9 per cent of the workforce or 14.513 million people in September from a downwardly revised 9.0 per cent, or 14.609 million, in August. The number is lower than initially expected, but not a total surprise after the marked deceleration in German HICP reported Monday to 1.5% year over year from 1.8% year over year in September.

But a sharp fall in energy price growth - one of the most volatile elements of the "basket" of goods used to measure inflation - from 2.7 percent in September to 1.2 percent in October helped slam on the brakes. However, inflation came out below expectations: 1.4% y/y on the headline and a big disappointment on core inflation: 0.9%.

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