Rolling business and financial news, including the latest German ZEW confidence survey (10am), the UK consumer prices index (9.30am), and Irelands 2015 budgetThe agenda 9.28am BST Heads-up....its nearly time for the UK inflation data to be released.... Economists expect that CPI will fall again, to 1.4% from 1.5% in August.5 mins; #UK #CPI inflation data in focus for #GBPUSD #traders.Low price pressure will leave #BOE more space for delaying the first rate hike 9.27am BST Praised across Europe and indeed the world as the EUs poster child for enduring six years of austerity cuts without Greek-style mass violent protests, Ireland prepares today for another budget which will determine the fate of the Fine Gael-Labour coalition. Although budget 2015 will be far from a giveaway one there will be some measures to ease the pain applied on Irish citizens pockets since the Republic was forced to make swingeing cuts in its public services and welfare in order to placate the IMF and EU when the state was bailed out from national bankruptcy. And while unemployment is falling and growth continues to rise albeit marginally, the sight of tens of thousands of angry people on the streets of central Dublin last Saturday protesting about the introduction of water charges has reminded the government that while it can be flattered in Brussels it will be battered by the electorate over that one issue, possibly even fatally wounded when the water bills start mounting up to the 2016 general election. 9.19am BST Oh dear, more weak inflation data from Europe.The Italian consumer prices index has fallen to minus 0.2% in September, the lowest rate in decades.Italian final September #inflation at -0.2% (-0.1% in August). Lowest level since 1959 http://t.co/kAdWPx5gFl 9.06am BST Just in. The International Energy Agency has cut its forecast for oil demand next year, recognising that global growth will be weaker the than thought.Recent price drops appear both supply and demand driven. Further oil price drops would likely be needed for supply to take a hit or for demand growth to get a lift. 8.59am BST Most European stock markets have lost ground again this morning, with the French CAC losing 0.3%.After recent sharp falls, traders appear to be sitting edgily until the German ZEW confidence data is released at 10am.With markets as jumpy as they are, and increasingly despondent about Eurozone prospects, it may be the German ZEW survey that catches most attention... 8.50am BST Heads-up. The European Court of Justice has begun examining whether the European Central Banks bond-buying plan, which helped calm the eurozone crisis, is legal.The case, against the Outright Monetary Transactions scheme announced in 2012, was brought by the German Bundesbank.Early start at European Court of Justice for hearing on Germans' case against @ECB's bond-buying OMT programme pic.twitter.com/yDNKplmD4RJudges just now entering #ECJ chamber for #OMT hearing. 10mins late for a German case. Bad form. @ECB 8.41am BST Spain remains in deflationary territory, with its annual consumer prices index coming in at minus 0.2% in September.And core inflation (stripping out food and energy), dipped to minus 0.1%, a record low.Spain's deflationary spiral intensifies as core inflation touches new low pic.twitter.com/uu0rddjMtD 8.30am BST Lower energy price have dragged Frances inflation rate down to its lowest level in nearly five years.Prices fell by 0.4% month-on-month in September, dragging the annual consumer prices index down to +0.3%, or +0.4% on an EU-harmonised basis. 8.20am BST #Mulberry loses a quarter of its market value in seconds.... pic.twitter.com/vOUamJHt1l 8.14am BST The VIX index, which measures volatility, has hit its highest level since 2012, the height of the eurozone crisis.Thats another sign of growing angst in the financial markets....Starting your day with a dose of #fear. Volatility index #VIX has jumped to highest since 2012. pic.twitter.com/jOlIW3licE 8.12am BST Fears over global economic growth have driven the oil price down again this morning.The cost of a barrel of Brent crude fell to $88.08, a new four-year low. 8.09am BST YIKES. Shares in Mulberry have slumped by 20%, from 750p to 600p.This mornings shock profit warning has sent investors fleeing, having heard that full price sales in the UK have slumped by 12% in the last six months (statement here).Stonking profits warning from Mulberry, saying trading conditions worse than thought and profits 'significantly' below expectations. 8.03am BST ...and shares in Burberry have fallen by 4% in early trading. 8.00am BST Mulberry isnt the only UK fashion chain feeling the pinch. Rival luxury brand Burberry has warned this morning that the external environment becoming more difficult, even though underlying revenues are up 14% over the last six months. 7.54am BST Ouch. The City has been hit by a shock profits warning from fashion group Mulberry, and it looks like a big one.As reported on 12 June 2014, the company anticipated a challenging year. The first half was expected to be particularly difficult, with it taking some time for the measures implemented after the April management change to take effect. Actual trading conditions have been more difficult than expected, in part due to the continuing headwinds affecting the luxury sector. 7.40am BST Good morning, and welcome to our rolling coverage of the financial markets, the economy, business and the eurozone. Continue reading...
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