There is no notable data on the US economic calendar today and in terms of central banks speakers we get Mester at 3:40 pm ET and Barkin at 6 pm ET. BOE chief economist Huw Pill speaks at noon ET in a virtual Q&A. I don’t doubt that a few more will surface on the airwaves.
The talk is all about tomorrow’s midterms. All that talk is about how a divided congress is good for stocks but you would think it’s all priced in with Republicans highly likely to take at least the House. In any case, that might be fueling some of the rebound today after a poor open. China downplayed covid reopening hopes in a weekend press conference and that initially weighed on risk assets.
The highlight on the US economic calendar this week is Thursday’s CPI report. On that front, the Mannheim used vehicle price index was down 10.4% y/y in October and that’s going to put some downward pressure into the data. It’s the worst y/y decline since 2008.