With the US jobs report and midterm elections now behind us, and Democrats securing a decisive blue wave victory that flipped both the House and Senate, markets will turn to inflation data from the US and Germany this week, along with the UK’s gross domestic product report. The AI and tech selloff following the election wiped trillions in market value and has left risk sentiment fragile. Earnings releases continue, with Cisco standing out as one to watch.
The Week Ahead: US, Germany inflation, Cisco earnings
CMC Markets
Table of contents
- 1.US CPI
- 2.Germany CPI
- 3.Cisco Q1 earnings
- 4.Economic & company events calendar
US CPI
Tuesday 10 November
US headline consumer price index (CPI) is expected to rise 0.3% month-on-month in October, down from 0.6% in September. Core CPI is forecast to increase 0.2%, down from 0.3%. Neither headline nor core year-on-year figures will be available, as the CPI report wasn’t published in October last year due to the US government shutdown, leaving no comparable figures.
With markets pricing in only two more rate hikes from the Federal Reserve, hotter-than-expected CPI numbers could prompt investors to reassess those expectations and price in additional increases. That may then strengthen the US dollar against the Japanese yen.
USD/JPY has been trading sideways for some time, within a range of ¥157 to ¥159. A stronger-than-expected CPI reading could push the pair above the upper end of that range and potentially beyond ¥160. Alternatively, a cooler-than-expected report could trigger a break below support at ¥157, opening the door to a potential decline towards ¥155.
Source: TradingView
Germany CPI
Wednesday 11 November
Germany’s final harmonised CPI readings are expected to remain unchanged from the preliminary estimates, showing a month-on-month decline of 0.1% and a year-on-year increase of 2.8%. Markets currently expect the European Central Bank (ECB) to raise interest rates to 3% by mid-2027. Cooler inflation readings may do little to alter that expected path, while higher-than-expected figures could prompt a reassessment. Any revisions to these figures could therefore trigger movements in EUR/USD.
The EUR/USD pair appears to be trying to establish a bottom around $1.115. If that level holds, a move higher remains possible, with a breakout above $1.125 potentially giving way for a rally toward $1.135.
However, EUR/USD still appears to be forming a head-and-shoulders pattern on the longer-term chart. With the neckline around $1.135 already broken, that level is likely to act as resistance, while the pattern suggests that the pair’s decline may not be over. A drop below $1.115 could signal another move lower, potentially triggered by a cooler-than-expected inflation reading that leaves the ECB rate-hiking schedule unchanged.
EUR/USD, March 2025 – present
Source: TradingView
Cisco Q1 earnings
Thursday 12 November
Nasdaq-listed networking company Cisco Systems is expected to report fiscal first-quarter 2027 earnings growth of around 32% year-on-year to $1.32 a share, while revenue is forecast to rise by about 22% to $18.1bn. Gross margins are expected to ease slightly to the mid-65% range. For the fiscal second quarter, analysts currently forecast earnings of roughly $1.22–1.23 a share and revenue of around $17.8–17.9bn.
The options market is pricing in a post-earnings move of approximately 8–9.5% in either direction. With the shares already under significant pressure from the broader AI selloff, any guidance that reassures investors on hyperscaler CapEx and AI infrastructure demand could trigger a sharp rebound once the elevated implied volatility collapses.
The stock has fallen sharply in recent weeks and is trading near $94, having dropped well below previous support levels. The relative strength index is in oversold territory below 30, and the share price is testing the lower Bollinger Band. A stabilisation or rebound could see the stock move back toward the mid-$100s, while a continued decline would open the way toward the low $80s–$88 region.
Cisco share price, February 2026 – present
Source: TradingView
Economic & company events calendar
Major scheduled data releases, plus selected UK, US and other listed company results:
Monday 9 November
Australia: Westpac consumer confidence (November)
China: Consumer price index, producer price index (October)
Eurozone: Eurogroup meeting, Sentix investor confidence (November)
Germany: Trade balance (September)
Japan: Current account (September)
UK: Bank of England Governor Bailey speech
Results: Ferguson (Q3), Kainos (HY), KKR (Q3), NRG Energy (Q3), Occidental Petroleum (Q3), Public Policy Holding (Q3), SRT Marine Systems (FY), Take-Two (Q2)
Tuesday 10 November
China: Imports, exports, trade balance (October)
Japan: Current account (September)
UK: BRC like-for-like retail sales (October)
US: ADP employment change (4-week average), CPI (October)
Results: Avon Technologies (FY), Caledonia Investments (HY), CoreWeave (Q3), On Holding (Q3), Oxford Instruments (HY), Princes (Q3), Sea (Q3), TransDigm (Q4), Venture Global (Q3), Vodafone (HY)
Wednesday 11 November
Germany: CPI (October)
US: Veterans Day
Results: Castings (HY), Corteva (Q3), CuriosityStream (Q3), EnerSys (Q2), Fuller Smith & Turner (HY), ICG (HY), InMode (Q3), James Cropper (HY), Motorpoint (HY), OptimizeRx (Q3)
Thursday 12 November
Australia: Consumer inflation expectations (November)
UK: Gross domestic product (Q3), industrial production, manufacturing production (September)
US: Existing home sales (October), initial jobless claims (weekly), monthly budget statement (October)
Results: Applied Materials (Q4), B&M (Q2), Burberry (HY), Cisco Systems (Q1), Nu Holdings (Q3), QinetiQ (HY), StoneCo (Q3), Tetra Tech (Q4), United Utilities (HY)
Friday 13 November
Eurozone: GDP, employment change (Q3)
US: PPI (October)
Results: Land Securities (HY)
Note: Announcements and dates are subject to change. Cross-check times in your timezone using the platform market calendar.
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