European stock markets were lower Friday, rounding off a largely negative week for global stocks.
Another downside surprise on inflation next week will raise the risk of a 50 basis point rate cut by the European Central Bank in December, according to Andrzej Szczepaniak, vice president of European Economics at Nomura. 'In terms of the September inflation print, that spooked the ECB, that surprised them materially to the downside. They were expecting 2% to 2.2%, it came in at 1.7%,' Szczepaniak told CNBC's 'Street Signs Europe.
2%, he said. If the print is 1.9% or above then that would indicate another 25 basis rate cut in December, he said. But a figure around 1.7% would be 'a material downside surprise, not just to the ECB but also to analysts, and that could obviously increase the likelihood of a 50 ,' he added. Between now and the December meeting, the ECB will also have the GDP data, November inflation data and November purchasing managers' index figures, he noted.
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