The UK's inflation rate remained at -0.1% in October meaning this will further dampen expectations of a rise in interest rates any time soon. The ONS added that the Retail Prices Index, a separate measure that includes housing costs, fell to 0.7% in October from 0.8% in September. This is the lowest RPI rate since November 2009. October marked the first time the Consumer Prices Index has fallen on an annual basis for two months in a row since the index was created in 1997. The price of clothing rose last month, but this was offset by a fall in food, alcohol and tobacco. The report showed fuel prices fell by 14% on an annual basis, while food and drink prices fell by 2.7% in October and energy costs were also 4.1% lower.
The US consumer prices index rose in October which is a sign that inflation may be picking up again. The figures, along with the strong employment numbers last month, increase speculation that the Federal Reserve will raise interest rates in December. The Consumer Price Index (CPI) increased by 0.2% in October, after two months of declines. Prices were pushed up by the rising cost of electricity and resurgence in petrol prices.
Greece has secured a tentative deal with the Eurozone to unlock the latest tranche of financial aid. The two sides have agreed a batch of reforms that will be presented to the Greek Parliament on Thursday. The Eurozone countries insisted on the measures before releasing €2bn (£1.4bn) in loans and up to €10bn in support for the banks. The Eurozone has agreed to provide Greece with up to €86bn in total with an extensive list of conditions that Greece had to meet before it receives installments of the loans.
13:30 - USD: Building Permits Expected to rise to 1.15M from 1.11M Last month
19:00 - USD: US FOMC Meeting Minutes