Headlines:ECB's Schnabel: Further rate hikes "rather unlikely" after latest inflation dataTraders have more or less priced in a rate cut by the ECB for March next year nowBOE rate cut pricing starts to favour June next year as first moveSome takeaways from the euro area PMI data todayEurozone October PPI +0.2% vs +0.2% m/m expectedEurozone November final services PMI 48.7 vs 48.2 prelimUK November final services PMI 50.9 vs 50.5 prelimECB survey highlights steadying inflation expectations as growth prospects remain gloomyMarkets:JPY leads, AUD lags on the dayEuropean equities mixed; S&P 500 futures down 0.4%US 10-year yields down 6 bps to 4.226%Gold down 0.3% to $2,024.61WTI crude flat at $7
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