The global relative performance index is firm at 15 in no small way due to further upside surprises in both the US and Japan. Both mask, however, sub-par developments in the Eurozone and the UK. The Eurozone’s RPI is at minus 12 and slides to minus 22 when excluding prices (RPI-P). Both strengthen the hand of the ECB’s doves. Inflation and GDP data in the coming week will be key inputs to what happens to rates at the next and last ECB meeting of the year in December. The underperformance of UK economic activity is similarly becoming more marked as the RPI dipped to minus 18 and the RPI-P to minus 33. Even so, ..

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