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Eurozone CPI expected to be 0.5% in October

Euro area annual inflation is expected to be 0.5% in October 2016, up from 0.4% in September 2016, according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, services is expected to have the highest annual rate in October (1.1%, stable compared with September), followed by food, alcohol & tobacco (0.4%, compared with 0.7% in September), non-energy industrial goods (0.3%, stable compared with September) and energy (-0.9%, compared with -3.0% in September).

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US GDP up by 2.9%

Stronger-than-expected economic growth smooths the path for the U.S. Federal Reserve to signal a December interest rate hike when it meets next week. Third quarter GDP growth of 2.9 percent was better than the 2.5 percent that was expected by economists, and it also marked the best pace of growth in two years. With Friday's report, the economy closes in on the 3 percent level some economists had expected to see for the second half of the year.

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UK GDP grew by 0.5% in Q3

GDP was estimated to have increased by 0.5% in Quarter 3 (July to Sept) 2016 compared with growth of 0.7% in Quarter 2 (Apr to June) 2016. GDP was 2.3% higher in Quarter 3 2016 compared with the same quarter a year ago. This is the first release of GDP covering a full quarter of data following the EU referendum. The pattern of growth continues to be broadly unaffected following the EU referendum with a strong performance in the services industries offsetting falls in other industrial groups.

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China's GDP grew by 6.7%

The Chinese economy expanded steadily in the third quarter, offering further evidence of stability for the world’s second-largest economy. Gross domestic product (GDP) expanded at an annualized 6.7% in the third quarter, following a similar gain in Q2 and forecasts calling for the same. The growth rate was in line with Beijing’s full-year target of between 6.5% and 7%.

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