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This week · 9 – 13 November 2026

Hot inflation puts a bigger Fed hike on the table

Core inflation hit 0.3% again, the level that would make Fed Governor Waller consider a half-point hike on 9 December. AI earnings and $90 oil fill out the week.

Published Sunday 8 November 2026

Illustration of a calendar with Sunday circledMTWTFSS

Last week, in brief

  • Bank of England raised rates to 4.00%; all nine members voted to tighten, and one wanted a bigger move.
  • US jobs came in strong: +165,000, with unemployment down to 4.1%.
  • Tech sold off: the Nasdaq fell about 3.4% and the S&P 500 about 2.7%, on worries about how AI data centres are being funded.
  • US midterms: Democrats gained ground, raising questions about tighter rules and slower permits for data centres.

Things to watch

  1. Is a 50bp Fed hike back on the table? Core inflation hit 0.3% again on Tuesday, the level Fed Governor Waller said would make him consider a half-point hike on 9 December. Markets already priced roughly 80% odds of a hike before the release.
  2. AI earnings: CoreWeave, Nebius, Cisco and Applied Materials will show whether AI spending is still strong after last week's tech sell-off.
  3. Oil: still around $90 a barrel on Middle East supply worries, keeping energy inflation sticky.

The calendar

All times in Frankfurt time (CET).

Monday9

  • After US closeUS / EuropeEarnings

    Take-Two, Rocket Lab results; UniCredit, KKR, Barrick earlier

Tuesday10

  • 14:30USInflationHigh impact

    US CPI (October)

    Headline +0.4% m/m (forecast 0.3%), core +0.3% (forecast 0.2%). Hotter than expected.

  • All dayGlobalEarnings

    SoftBank Group, Infineon, Vodafone; CoreWeave after US close; New Zealand election

Wednesday11

  • All dayUS / EuropeOther

    US Veterans Day: bond market closed, stocks open

    Siemens Energy, E.ON, RWE and Vestas report; Lagarde speaks.

Thursday12

  • 08:00UKGrowthHigh impact

    UK Q3 GDP

    Growth of about 0.7% q/q expected.

  • MorningEurope / AsiaEarnings

    Siemens, Allianz, Munich Re, Merck KGaA, Zurich, Telefónica; Foxconn in Asia

  • 14:30USJobs

    US jobless claims

    Forecast 195k.

  • 22:00USEarningsHigh impact

    Cisco and Applied Materials

    AI networking and chip-equipment demand.

Friday13

  • MorningEurope / JapanEarnings

    Richemont, Generali; Japan's megabanks (MUFG, SMFG, Mizuho)

  • 14:30USInflationHigh impact

    US PPI (October)

    Forecast +0.4% m/m, after +1.3% in September.

Data note. There is no year-on-year CPI figure this month, because October 2025 prices weren't collected during last year's US government shutdown. Only monthly changes are published.