The US midterm elections, earnings results, and inflation in Europe are some of the factors markets will be watching next week. The Middle East conflict, with the situation in the Strait of Hormuz, and the war between Russia and Ukraine will continue to be in the spotlight. Geopolitical tensions are driving the push for oil and gas, with the risk of a surge in consumer prices. On the crude oil front, the OPEC+ meeting is scheduled for Sunday. The central banks' week ended, as expected, with the Fed, ECB, and BoJ leaving rates unchanged. Decisions from other central banks will follow in the coming days, including those of Australia (November 3), Sweden and Poland the following day, and the United Kingdom on November 5.

Throughout the week, numerous central bankers will participate in numerous meetings. ECB President Christine Lagarde is also scheduled to speak on Thursday, marking the 20th anniversary of Slovenia's entry into the euro. The event attracting much attention is the November 3 US election, with President Donald Trump at risk of losing control of Congress, which would significantly limit his fiscal spending capacity in the final two years of his term. The market appears poised for a "blue wave, with the surprise that would emerge if the Republicans were to maintain their Senate majority," explain analysts at MPS Strategy. On the more strictly macroeconomic front, the key data to monitor will be eurozone inflation, due on November 4, and the US labor market two days later.

Data released by the region's major economies (France, Italy, Spain, and Germany) point to inflation rising to 3.9%-4%, while core inflation remains virtually stable at 2.5%, confirming a "limited transmission effect" for the time being, as Lagarde highlighted in the post-ECB meeting press conference. Data on the health of manufacturing will also be released at the beginning of the week, with the PMIs for Italy, Spain, and the eurozone. This will be followed by data on the service sector. Industrial production is expected between Thursday and Friday in France, Germany, Spain, and Europe. The financial calendar is very busy. In the United States, quarterly results are due from Apple, Palantir, AMD, Pfizer, Super Micro Computer, McDonald's, and Qualcomm. In Europe, Ryanair, Bayer, Ferrari, Intesa Sanpaolo, Lottomatica, BMW, BPER, Leonardo, Tenaris, MPS, Banco BPM, Commerzbank, Nexi, and Pirelli are scheduled.