Analysts at TD Securities note that this morning's Eurozone reports showed more stabilization in the survey data, with Germany's IFO coming in at 94.6 in October, unchanged from the prior month and just a tenth higher than consensus.

• “The details showed a bit more upside on expectations and a slightly lower print on the current assessment. We also had the ECB's Q4 Survey of Professional Forecasters (SPF) data today, which showed further deterioration in inflation expectations. Forecasts, in fact, declined for both core and headline inflation at every single time horizon.
• Long-term inflation expectations recorded (marginally) their largest ever q/q decline, falling to a new record low, meaning that so far the ECB's easing package from September has made no progress at all in supporting inflation expectations.”