The changing of Lagarde

The track record of the two candidates for ECB President shows that Klaas Knot has historically been more hawkish, notwithstanding recent efforts to show his dovish side, while Pablo Hernández de Cos is perhaps a “moderate dove”. That may explain why France is reported to prefer the latter. Meanwhile, we expect to learn next week that euro-zone industrial production edged up in September and Swiss GDP growth stalled in Q3.