Household incomes fell for the fourth consecutive quarter in Q3. European Central Bank policymaker Centeno said that inflation should reach its peak in the current quarter while policymaker de Guindos said that 50 bps rate hikes could become the new normal.
Germany’s Finance Ministry expects subdued growth during the winter months and an easing CPI in 2023.
U.K.’s Q3 GDP -0.3% qtr/qtr (expected -0.2%; last 0.2%); 1.9% yr/yr (expected 2.4%; last 4.4%). Q3 Current Account deficit GBP19.40 bln (expected deficit of GBP20.80 bln; last deficit of GBP35.10 bln). Q3 Business Investment -2.5% qtr/qtr (last 6.2%); 1.3% yr/yr (last 5.5%)
Italy’s October Industrial Sales -0.8% m/m (last -1.2%); 12.5% yr/yr (last 18.0%). November non-EU trade surplus EUR2.01 bln (last deficit of EUR2.04 bln). November PPI 2.6% m/m (last -3.5%); 29.4% yr/yr (last 27.7%)