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In the European session, we get the final services PMI for the major Eurozone economies and the UK. The data won't change anything for the respective central banks, so the market reaction will likely be muted.

The main highlight is going to be the Eurozone CPI report. Headline CPI Y/Y is expected at 4.0% vs 3.8% prior, while the Core CPI Y/Y is seen unchanged at 2.5%. The ECB has signalled that it's ready to hike again if the inflation outlook were to deteriorate and the markets are already pricing in a 72% chance of such a move in December.

Anyway, the focus should be on the US midterm election results which have seen the Democrats taking control of both the House and the Senate. Although this doesn't take away Trump's power to impose tariffs or continuing the Iran war, it's going to restrict fiscal expansion.

There's also a risk that Trump decides to escalate the war now that the election has passed, so that's going to be something to keep a close eye on.

In the American session, we have the US ADP and the US ISM Services PMI. The ADP is expected at 67K vs 90K prior, but the data is unlikely to be market-moving given the totality of the data pointing to stable labour market conditions.

The ISM Services PMI is expected at 54.8 vs 54.9 prior. The S&P Global US Flash Services PMI fell to 57.9 vs 58.8 prior, a two-month low. Nevertheless, the agency said that October's data indicate that the US economy continues to boom at the start of the fourth quarter. If the reopening of the economy after COVID is excluded, recent months have seen the best growth for US businesses since early 2015.

Cost pressures remain a key concern, notably as the renewed surge in oil prices reverberates through to impact a wide variety of goods and services. Supply chain bottlenecks have meanwhile intensified, and order book backlogs are growing, making it easier for companies to pass higher costs on to customers. The result is the sharpest increase in selling prices for over four years to a pace that indicates consumer price inflation is likely to rise further above the Fed’s target in the coming months.

This article was written by Giuseppe Dellamotta at investinglive.com.