Second estimate of euro area Q3 GDP is out today

The flash estimate is expected to be confirmed at 0.3% q/q, so focus will be on the expenditure details. Private consumption is expected to have been the dominant growth impulse over this period, possibly expanding by 0.5% q/q. A similar expansion in public expenditure is expected. 

Fixed investment, by contrast, was broadly neutral over this period, while net trade exerted a sizable drag on growth. Altogether, this would suggest that the underlying composition of growth has remained broadly static over the recent cycle (and that weaker EUR is not going to be self-correcting, at least not any time soon). 

Also today, the ECB's Lautenschlaeger speaks. As one of the supposed dissenters (and the German member of the Executive Board), her speech will attract some attention. But as she is speaking at a Middle East conference on Global Banking Standards/Regulatory and Supervisory Priorities, there may be little on monetary policy