Key events in EMEA and Latam

We expect solid industrial production growth in December (8.2% year-on-year), outperforming market forecasts (6%). Calendar effects are supportive this month. Also, recent export numbers still show good external demand in the fourth quarter. Domestic spending should be boosted by Christmas-related consumption. Meanwhile, labour market data should show weaker wage growth (5.9% YoY) in December compared with the previous quarter (3Q). In January, we expect the minimum wage hike to add approximately 1.5 percentage points to the headline figure, but the overall trend is rather negative.