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Eurozone CPI contracts on monthly basis

  • As expected, Eurozone CPI dropped 0.1% on month in October vs +0.5% in September.
  • On year, inflation fell to +0.7% (also in line) vs +1.1% previously.
  • Core CPI +0.8% vs +1%.
  • Inflation fell further away from the ECB's target of just under 2%, possibly giving the bank even further room to cut interest rates to zero - although the German's would surely have something to say about that - following the surprise reduction last week to 0.25%. (PR)
  • EU stocks are mixed heading towards midday following the Yellen-induced rally yesterday, with the EU Stoxx 50 -0.1%, London +0.3%, Paris flat, Frankfurt flat, Milan -0.7% and Madrid -0.1%.
  • ETFs - Stocks: EZU, VGK, FEZ, EPV, IEV, ADRU, FEP, FDD, UPV, EPV, DFE, FEU, FEEU. Bonds: EU. Euro: FXE, ERO, ULE, URR, EUO, DRR, EUFX
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