There was a sharp pickup in overall rating activity last week, with the tone more negative than positive. Notably, the health care sector saw net outlook bias jump to negative 17.7%. This week will be busy in terms of economic data releases. Key points of interest for markets will be flash consumer price inflation in the eurozone (Thursday), and the personal consumption expenditure (PCE) and core PCE price indices in the U.S. (Thursday), which will indicate whether recent strong deceleration in inflation is likely to continue. There will be third-quarter GDP numbers from Canada and revised numbers from Germany and the U.S., while China's official purchasing managers' index (Wednesday) rounds off the releases.