Markets expect the ECB to keep the deposit facility rate at 2.50%. Whether the ECB signals further tightening at the December meeting will be a key driver for the euro and bond markets. Monitor pass-through of oil and gas costs into wages, services prices and core inflation. Movements in the French government bond market will inform whether the ECB judges prevailing financial conditions sufficiently tight to affect policy. Watch for any formal developments on Lagarde’s continuation or departure.