Key events:         Eurozone – CPI (YoY) (Feb)    Eurozone – ECB Publishes Account of Monetary Policy Meeting      USA – Initial Jobless Claims The economic data that came out in recent days gave us some nice surprises and investors are now trying to figure out what that means in terms of Fed policy. Quotes are pricing in an eventual rate hike above 5% in the U.S. and around 4% in Europe, with traders in the debt markets no longer expecting a rate cut in 2023.

Key events:       New Year's Day – Early close   The situation seems to be developing according to the worst possible scenario one could come up with for these New Year's Eve days. Santa clearly does not want to come to the stock market. New fears of coronavirus and old fears of a possible recession in the coming 2023 are weighing on investors and keeping the stock bulls from raising their heads. It seems that the latter is trying to resist, but in the end, they do not succeed and day by day they give up one position after another.

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  Key events: USA - Core PCE Price Index (MoM) (Sep) Canada - GDP (MoM) (Aug) USA - Pending Home Sales (MoM) (Sep)   The U.S. stock market fluctuated after data showed the U.S. economy grew in the third quarter after two quarters of declining output. The Dow Jones rose 305 points, or 1 percent, while the S&P 500 fell 0.1 percent and the NASDAQ Composite fell 0.7 percent.

Key events: Eurozone - Core CPI (YoY) (Aug)

Key events: Spain - Spanish CPI (YoY) (Aug)