Investors await today’s US inflation figures, due at 1.30 pm GMT. Inflation has once again become a major determinant of monetary policy. In October 2023, it is expected to reach 3.3% year-on-year in the US, according to economists. That's much better than September's 3.7%, thanks to the drop in gasoline prices. By the way, core inflation, which excludes the most volatile items from the calculation should remain at 4.1%.

Data coming in line with these expectations should support investors in their convictions that the Fed will not raise rates again during the cycle, and should even start to lower them around mid-2024.

The FTSE 100 struggled for direction this morning ahead of the release. Among stocks, Rolls-Royce's shares fell 0.8% after the Emirates President Tim Clark called on the company to improve durability and lower maintenance costs. Meanwhile, Glencore rose 3% after it agreed to buy a 77% stake in Canadian miner Teck Resources' steelmaking coal business for $6.93 billion.

In other news, new data showed British wages increased at a slightly slower pace than expected in the third quarter. Earnings excluding bonuses grew 7.7% compared with the year-ago quarter, the Office for National Statistics said, which is in line with expectations.

Things to read today:

Glencore consortium seals $9bn deal for Teck’s coal business (Financial Times)

David Cameron brings experience and baggage as he returns to politics (FT)

UK Labor Market Holds Up Better Than Expected After Rate Hikes (Bloomberg)