Here are Thomson Reuters Eikon's five big market themes expected to dominate the headlines in the coming week:


The stock market selloff in October was the worst month in seven years for MSCI’s all-country index - with losses since January’s peak now closing in on 15%.

"The bear market has been extending its reach gradually around the world for months – from China to broader emerging markets to European autos and banks and almost 65% constituent stocks of MSCI’s all-country world index. Even the FANG+TM index of U.S. and world tech and internet stocks has joined the slump.

So what happens next? $7 trillion has been already wiped off of global stocks but there has been little hint of a bounce. Just as importantly the Federal Reserve and ECB show no sign of blinking in terms of tightening policy and China stimulus is yet to bite. History suggests that markets only tend to stop panicking when central banks start panicking," said Reuters.


UK finance minister Philip Hammond will declare the end of austerity on Monday in his third budget but warns that a future of fiscal stimulus will be reversed if Britain does not secure a good Brexit deal.

Bank of England Governor Mark Carney is expected to keep interest rates on hold Thursday and will provide communication of gradual rate rises.


Bank of Japan meets next week, as it is expected the bank will remain accommodative as its goal of 2% inflation is fading, trade wars spiraling out of control, global growth momentum waning, and global market meltdowns.

"It last tweaked policy in July, when it added a bit of flexibility to its zero percent target on 10-year Japanese government bond yields and this time there is chatter it might lay the groundwork to infuse some greater movement at the longer end of the bond curve which could be done by being less transparent with its monthly bond purchase plans.

Yet, the yen and JGBs have been some of the main refuges in the global markets storm and neither the BOJ nor investors want that to be disturbed. So this meeting may well be all about keeping the peace," said Reuters. 


End of the month brings lots of eurozone economic data. Starting on Tuesday, the first print of Q3 GDP and economic sentiment surveys for the 19-country bloc, then on Wednesday - key inflation numbers. This data will be critical because it will show how much of an impact the trade war and stock market declines are having on the economy.

"ECB chief Mario Draghi showed little sign of panicking this week in face of the cocktail of hazards that have been building but if inflation misses forecasts of 2.2% for the headline number and 1.2% for the core print - which excludes volatile food and energy prices - it could give the central bank watchers a little more cause for concern.

Similarly quarterly GDP growth is expected to come in at around a 0.4% and any undershooting there probably won’t be taken too well either. That applies to euro especially which is already down 4% in the last month against the dollar," said Reuters.


And finally, it is a big week for U.S. non-farm payrolls, which is expected to show a rebound in job creation after the slowdown last month. Reuters poll estimates the headline number to come in at 190,000.

Reuters' models show unemployment will hold near a 50-year low, but analysts believe wages could be the big story next week.

Economists in the Reuters poll estimate that wage growth could breach the 3% level on an annual basis for the first time in a decade.

If wage growth erupts next week, then expect higher inflation and the case for more U.S. interest rate hikes. Such a move could break out the dollar to new 2018 highs and force bond yields much higher.