Ankur Banerjee’s outlook on the day ahead for European and global markets

An uneasy calm prevailed during Asian trading as investors digested a flurry of comments from central bankers looking for signs whether global interest rates have peaked, with Federal Reserve Chairman Jerome Powell once again in the spotlight.

Powell did not comment on monetary policy in opening remarks at the U.S. central bank’s statistical meeting on Wednesday, but is scheduled to speak at another meeting on Thursday, with traders prepared to scrutinize every word.

At a separate event on Wednesday, ECB Chief Economist Philip Lane said the ECB needed to make further progress in curbing inflationary pressures and that businesses and governments needed to work together to prevent further tightening of policy.

Philadelphia Fed President Patrick Harker said at a separate event that the Fed’s recent decision to keep interest rates steady was the right choice and warned market participants not to act too hastily.

“A reduction in policy rates is unlikely in the short term,” he said.

ECB President Ryan will take the stage again on Thursday, while Bank of England chief economist Hugh Peel will also speak at a separate event, any comments likely to move markets given the economic calendar.

Futures suggested European stocks opened slightly lower.

Investors will also be keeping a close eye on shares of Novo Nordisk (NYSE: ), Europe’s most valuable company, after both U.S. and British regulators praised Eli Lilly’s (NYSE: ) weight loss drug Zepbound on Wednesday. The approval paves the way for blockbuster drug Wegovy to become a formidable rival in tackling record obesity rates.

In Asia, Chinese property stocks are back in the spotlight. Shares rose on Wednesday night after Reuters reported that China’s State Council had instructed the local government of Guangdong Province to help arrange Ping An Insurance Group’s rescue of Country Garden.

Ping An later said in a statement to Reuters that “the government has not asked to take over Country Garden.”

Ping An’s share price continued its decline on Thursday. Country Garden and other property stocks gave back some of their gains from the previous day.

Meanwhile, data on Thursday showed Chinese consumer prices fell in October and factory-gate deflation persisted, pointing to increased demand pressure as the world’s second-largest economy struggles to shake off its post-pandemic slump.

Elsewhere, Hollywood actors reached a tentative deal with major studios on Wednesday to resolve the second of two strikes that have rocked the entertainment industry this year as workers demand higher wages in the era of streaming TV .

Key developments that could affect the market on Thursday:

Gains: AstraZeneca (NASDAQ: ), Merck, Deutsche Telekom (OTC: )

Speakers: European Central Bank Chief Economist Philip Lane and Bank of England Chief Economist Huw Pill at separate events; Fed Chairman Powell later in Global Day