Sample Category Title

EURGBP remains on offensive with further recovery threats. On the downside, support stands at the 0.8900 level where a violation will turn focus to the 0.8850 level. A break below here will aim at the 0.8800 level. On the upside, resistance lies at the 0.8950 level. A violation if seen will turn risk towards the 0.9000 level. Further up, resistance comes in at 0.9050 level followed by the 0.9100 level. Its daily RSI is bullish and pointing higher suggesting more strength. All in all, EURGBP remains biased to the upside on further correction.

Global trade tensions have captivated financial markets this year with Trump’s escalating trade war with China bruising global sentiment and investor confidence.

The tit-for-tat tariffs between both nations have rumbled on for months on end, fuelling fears of an all-out trade war becoming reality. With Washington already planning to increase tariffs from 10% to 25% from January 1st, the US-China trade dispute is reaching a very dangerous tipping point. A trade war between the two largest economies in the world represents a major threat to global economic growth and based on this, there are no winners. The G20 summit in Argentina will be of significant importance as US President Trump and Chinese counterpart President Xi are expected to discuss trade.

It is fair to say that the market outlook for the rest of 2018 hangs on whether Trump and Xi are able to see eye to eye on trade. Although a breakthrough deal is deemed unlikely, any encouraging signs of co-operation or interest for further negotiations will be warmly welcomed by financial markets. Risk sentiment is seen making a return if Trump accepts China’s request to hold off a planned increase in tariffs. However, if talks descend into disagreements and tensions end up escalating, investors will most likely enter December adopting a risk-off approach as trade war fears heighten.

Whatever the outcome of the Trump-Xi talks, it most certainly will have a lasting impact on global sentiment.

Commodity spotlight – Gold

The near-term outlook for Gold will be heavily influenced by how the Dollar reacts to trade talks between Trump and Xi during the G20 Summit.

A positive outcome to trade talks is seen weakening the Dollar amid improved risk sentiment, consequently offering Gold prices some support. Although Gold may also find support if negotiations prove unsuccessful, the gains are likely to be limited by the Dollar which remains a go-to currency in times of uncertainty. Technical traders will continue to closely observe how the precious metal behaves below the $1,228 resistance level. A failure for prices to break above this point is poised to result in a move back towards $1,218.

The market is demonstrating positive dynamics, and the risks are somewhat minimized. However, there are too many hopes in regard to the policymaker’s actions.

Firstly, the meeting of the leaders of China and the USA has triggered high hopes in the market. Earlier this year it seemed that the parties had reached a mutual understanding, but nonetheless the situation was only deteriorating thereafter. There are high chances that we will see a raise in the tariffs from both sides. To the date, tariffs are still advantageous to the U.S., and they thus refuse to double the amount of fees or raise the rate from 10% to 25%.

China Manufacturing PMI fell to 50.0, a point that separate growth from decline. Nevertheless, this did not instigate a decline in the market due to the fact that the market participants are still hoping for a stimulus from the government that will spur economic growth. However, investors have been repeatedly disappointed by the similar, long-awaited stimulus in the past.

Equally alarming, is the situation around Crude Oil. In the weekend, there is a meeting between the leaders of Russia and Saudi Arabia, at which they will discuss when and how much the production in the OPEC + will be reduced. In fact, these countries, as well as the United States, have set their own records in drilling this autumn, which in turn, intensified the collapse of oil. In 2016, the principle decisions to limit the production to its realization took almost a year. This time, the decisions in regard to the production of oil, which will probably take as much time, are able to easily push Brent oil back to the area of $50 per barrel and WTI back to the area of $40-43 per barrel.

The yield of Italy’s government bonds has been declining from the recent highs, in the hope that the Italian government and European Commission will come to an agreement on the budget for 2019. We should recall, that this is how the sovereign debt crisis in Greece had been developing at that time, but it thereafter gone on for many years and radically affected the confidence in the integrity of the eurozone.

Increased buying in the U.S. stock markets proves that participants are confident that the Fed will act cautiously and will make a pause soon. In the light of recent comments from the Fed, these expectations are partly justified. However, this does not cancel out the December’s increase. The Fed will have enough time to change its attitude and influence the markets.

GBP/USD has edged lower in the Friday session, repeating the trend seen on Thursday. Currently, the pair is trading at 1.2756, down 0.26% on the day. In economic news, it’s a quiet end to the week. British Nationwide HPI improved to 0.3%, above the estimate of 0.1%. In the U.S., Chicago PMI is expected to edge up to 58.6 points.

It is no secret that a hard Brexit will cause a significant downturn in the British economy. This was reiterated on Wednesday by the BoE financial stability report. The report painted a dismal economic picture if Britain and the EU cannot reach a withdrawal agreement. The BoE warned that a no-deal Brexit would cause the economy to decline by 8 percent, with unemployment rising to 7.5 percent and interest rates jumping to 4 percent. As well, the British pound could shrink by some 25 percent. Bottom line? A hard Brexit would be disastrous for the British economy, triggering a recession worse than the one triggered by the financial crisis back in 2008. On the brighter side, the report noted that GDP would actually rise if the U.K. maintained close economic links with the continent after Brexit.

G-20 leaders have gathered in Argentina for their annual summit, but it’s a critical one-on-one meeting that has the attention of the markets. President Trump and Chinese President Xi Jinping will have a dinner meeting on Saturday. The full-blown trade war between China and the U.S. has taken a bite out of both economies and threatens to derail global economic growth. Will the sides make some progress, or will Trump make good on his threat to slap China with higher tariffs? Given Trump’s unpredictability, it’s anyone’s guess how the meeting will go, but good or bad, traders can expect the equity and currency markets to respond on Monday.

The Canadian dollar has recorded losses in the Friday session. Currently, USD/CAD is trading at 1.3296, up 0.33% on the day. On the release front, Canada releases GDP, a monthly indicator. The markets are predicting a small gain of 0.1% in September, unchanged from the August release. The Raw Materials Price Index is expected to nosedive, with a forecast of -5.2%. In the U.S., Chicago PMI is expected to edge up to 58.6 points. As well, the G-20 begins a 2-day summit in Argentina.

Canadian officials are keeping a nervous eye on the G-20 summit in Argentina. The highlight of the 2-day meeting promises to be the tête-à-tête on Saturday between President Trump and Chinese President Xi Jinping. The full-blown trade war has taken a bite out of both economies and if threatens to dampen global economic growth. Will the sides make some progress, or will Trump make good on his threat to slap China with higher tariffs? Given Trump’s unpredictability, it’s anyone’s guess how the meeting will go, but good or bad, traders can expect the equity and currency markets to respond on Monday.

The Federal Reserve has made a sharp U-turn on monetary policy, catching the markets off guard. Powell was unexpectedly dovish in his remarks at an event in New York, saying that the current benchmark rate of 2-2.5 percent is “just below” the neutral range. This is in sharp contrast to Powell’s remarks just last month, when he said that rates were “a long way from neutral”. The backtrack is likely due to the change in economic conditions in recent weeks – GDP has been slowing, the stock markets are down and oil prices have fallen. The Fed may have decided that this required an easing up on rate hikes in 2019, and Powell delivered this message to the markets. Just a few weeks ago, there was talk of up to four rate hikes in 2019, but this could be scaled back to just one or two rate increases. Despite Powell’s new dovish stance, the odds of a hike in December have actually increased this week, with the CME pegging the odds at 82%.

The British pound is trading back towards the 1.2800 resistance level against the US dollar after sellers failed to move price below key trendline support, at 1.2750 level. The next short-term directional move in the GBPUSD pair will likely come from a clear break from the 1.2750 to 1.2850 price range. Overall, the sentiment towards sterling remains bearish, despite minor corrective moves higher.

The GBPUSD pair is strongly bearish while trading below the 1.2750 level, key technical support remains at the 1.2695 and 1.2662 levels.

If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2882 and 1.3000 levels.

The euro currency is trading lower against the US dollar, after breaching trendline support during the European trading session. Failure to once again break the 1.1400 resistance level prompted the move lower, with short-term sellers taking control. The EURUSD pair is likely to drift towards the 1.1335 support level if price continues to hold below key trendline support.

The EURUSD pair is bearish while trading below the 1.1380 level, key technical support is found at the 1.1335 and 1.1300 levels.

If the EURUSD pair trades above the 1.1380 level, key resistance is found at the 1.1400 and 1.1470 levels.

Facebook's stock saw a dramatic collapse after touching an all-time high of 218.44 in late July, falling below its 50- and 200-day simple moving averages (SMAs) to find support near the two-year low of 128.00 on November 20, and subsequently rebounded. With the price structure now consisting of lower peaks and lower troughs below the SMAs, the medium-term picture seems firmly negative.

Short-term oscillators however, suggest the current rebound may continue in the immediate term. The RSI is detecting fading downside momentum, while the MACD has just crossed above its trigger line; a bullish signal.

Further recovery in the stock may encounter resistance near the 147.00 zone, marked by the inside swing low on November 5. An upside break could open the way for the round figure of 150.00, where the 50-day SMA is also located. Another bullish move would turn the picture to a more neutral one, setting the stage for a test of the October 31 peaks at 156.00.

On the flipside, another wave of losses could stall near the two-year low of 128.00, with a bearish break seeing scope for a test of the 121.70 area, defined by the highs of December 2016. Even lower, the 30, December 2016 low of 114.70 would attract attention.

Summarizing, the medium-term outlook remains negative, though momentum oscillators suggest the latest rebound may continue in the immediate term.

Amazon stock price rebounded after touching a seven-month low on November 20, however it still trades below the 200-day simple moving average (SMA). Having a look at the momentum indicators, they are giving mixed signals. On the one hand the MACD is reducing its negative momentum, while the stochastic is turning slightly lower in the overbought zone, signaling possible losses. Also, the RSI is flattening, marginally above the neutral threshold of 50.

Advances may stall initially near the 200-day SMA, which stands around yesterday’s high of 1694. A clear climb above this line, would send prices until the 50-day SMA near 1742 at the time of writing. Higher still, attention may shift to the 1780 resistance, before heading towards the 1873.00 barrier.

Another wave of declines may find support at the 1440 – 1414 area, with stronger downside moves aiming for the 1353 obstacle, taken from the lows on April 3.

Overall, as long as the stock remains below its 200-day SMA, the picture remains predominantly negative.

Notes/Observations

Asia:

• G20 set to begin in Argentina with high hopes on the ‘dinner of the decade' between Trump and Xi
• FOMC minutes served to confirm the Fed's data-dependency
• Euro Zone Core inflation continues to be stubborn (YoY missed expectations (1.0% v 1.1%e)

Asia:

• Japan Oct Jobless Rate: 2.4% v 2.3%e - Japan Oct Preliminary Industrial Production M/M: 2.9% v 1.2%e; Y/Y: 4.2% v 2.5%e (fastest growth since Jan 2015)
• Bank of Korea (BoK) raises 7-Day Repo Rate by 25bps to 1.75% (as expected) for its 2nd hike in the current tightening cycle
• China Nov Manufacturing PMI: 50.0 v 50.2e; Non-manufacturing PMI: 53.4 v 53.8e

Europe:

• EU Governments reportedly approve taking next steps toward disciplinary actions over Italy's debt
• Italy Dep PM Salvini: it's not written in the Bible that the 2019 deficit to GDP ratio should be 2.4%. Certain Italy could reach an agreement with Brussels over the budget
• UK PM May stated that she was focused on Dec 11th Parliament vote; would prepare for no deal if Parliament rejected the deal

Americas:

• FOMC Nov Minutes had almost all members seeing another rate increase being warranted ‘fairly soon'; Future policy statement to emphasize importance of incoming data

Macro

• (CN) China: The official manufacturing PMI fell to 50.0 in November, the lowest since it last contracted back July 2016. New export orders edged up to 47.0 from 46.9, but has been below 50 since May. The data add to increasing evidence of a slowdown in activity, despite various stimulus measures, as trade concerns impact. The data won't be helpful for China ahead of the Trump-Xi dinner summit this weekend.
• (CN) China: The official China Daily newspaper said a trade agreement is possible, and while Trump has said they are "close" toan agreement, he also said that he is happy with the current arrangement because of the tariff income.
• (DE) Germany: Retail sales fell -0.3% m/m in October, with September also revised down to -0.3% m/m from 0.1%. The three month trend rate improved slightly, but remained weak at -0.8%, which doesn't show the hoped for strengthening of economic activity after the contraction in Q3 GDP.
• (EU) Eurozone: The headline CPI rate remains partly impacted by base effects from food prices as as well services prices, while energy price inflation continues to contribute significantly. Underlying inflation indicators, especially wage growth are starting to look more robust though and the ECB is still expected to confirm the phasing out of net asset purchases at next week's meeting.

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

• Indices [Stoxx600 -0.4% at 356.5, FTSE -0.8% at 6985, DAX -0.7% at 11222, CAC-40 -0.5% at 4981, IBEX-35 -0.4% at 9065, FTSE MIB -0.2% at 19121, SMI -0.3% at 8989, S&P 500 Futures -0.4%]
• Market Focal Points/Key Themes: European Indices trade slightly lower across the board following mixed Asian Indices and weaker US futures. On the corporate front Allianz trades lower after providing mid term guidance and tweaking their FY18 outlook; Daimler falls after a downgrade at HSBC. In the M&A space Altice trades sharply higher after its French subsidiary sell ~50% stake in SFR FTTH for €1.8B; Bioquell trades over 35% higher after agreeing to be acquired by Ecolabs. In other news Orexo trades higher after a US cout rules against Actavis appeal on Zusolv patent. Looking ahead notable earners include BRP, Destination XL and Fang Holdings.

Equities

• Consumer discretionary: Icelandair Group [ICEAIR.IS] -13% (share increase proposition; next year guidance), BillerudKorsnas AB [BILL.SE] -2% (acquisition)
• Energy: Uniper [UN01.DE] -0.5%, Fortum [FUM1V.FI] -0.5% (reportedly Fortum may sell stake in Uniper to private party)
• Financials: Allianz [ALV.DE] -1.5% (investor day; presents medium-term targets), Deutsche Bank [DBK.DE] -2% (Raids by German prosecutors said to continue for the second day in a row), Generali [G.IT] +0.5% (reportedly Luxottica's Del Vecchio to raise Generali stake to 5%)
• Healthcare: Bioquell [BQE.UK] +37% (to be acquired by Ecolab for 590p/shr), Orexo AB [ORX.SE] +6% (US Court of Appeals denies Actavis petition for rehearing regarding validity of the Zubsolv patent)
• Industrials: PSA [UG.FR] -1% (extend long-term partnership with Toyota in the European market), Daimler [DAI.DE] -3% (analyst action), Aston Martin Lagonda [AML.UK] -1.5% (analyst action)
• Technology: Parrot [PARRO.FR] +0.5% (confirms proposed takeover bid at €3.20/shr), Rocket Internet [RKET.DE] +0.5% (earnings), Sage Group [SGE,UK] -4% (analyst action)
• Telecom: Altice [ATC.NL] +10% (divestment)

Speakers

• ECB's Villeroy (France): Euro was part of solutions for Italy's economic problems. Respecting EU rules were in Italy and France's interest
• Italy Fin Min Tria: Still possible to avoid disciplinary procedures over 2019 budget
• Italy PM Conte and Fin Min Tria said to be studying cutting the 2019 budget deficit to 2.0% to reach deal with EU
• UK Trade Sec Fox: No deal Brexit wouldn't be a disaster
• Sweden Central Bank (Riksbank) Floden stated that he saw increased uncertainly in global markets stemming from trade conflict, Italian budget situation and Brexit. Reiterated that SEK currency should gradually appreciate over time, sees it a bit undervalued at this time
• Russia Energy Min Novak: OPEC and non-Opec members to reach an agreement on oil for 2019. To have an agreed position in Dec. All OPEC, Non-OPEC deal members should comply to deal with no exceptions

Currencies/Fixed Income

• FX market maintained tight ranges into month end and awaited developments out of the weekend G20 meeting being held in Argentina. There appeared to be high hopes on the ‘dinner of the decade' between Trump and Xi
• Inflation figures in the euro zone risk undermining ECB's Draghi's rhetoric about vigorous upward core inflationary pressures. EUR/USD unable to muster strength above the 1.14 level.
• FOMC minutes served to confirm the Fed's data-dependency but the greenback held its ground against the major pairs.

Economic Data

• (DE) Germany Oct Retail Sales M/M: -0.3% v +0.4%e; Y/Y: 5.0% v 1.4%e
• (DE) Germany Oct Import Price Index M/M: 1.0% v 0.4%e; Y/Y:4.8% v 4.2%e
• (UK) Nov Nationwide House Price Index M/M: 0.3% v 0.1%e; Y/Y: 1.9% v 1.7%e
• (FI) Finland Q3 GDP Q/Q: 0.4% v 0.3% prior; Y/Y: 2.4% v 2.3% prior
• (FI) Finland Sept Final Trade Balance: -€0.2B v -€0.2B prelim
• (DK) Denmark Q3 Preliminary GDP Q/Q: 0.7% v 0.6%e; Y/Y: 2.0% v 2.1%e
• (DK) Denmark Oct Unemployment Rate: 3.2% v 3.1%e; Gross Unemployment Rate: 3.9% v 3.9% prior
• (NO) Norway Oct Retail Sales (with auto fuel) M/M: -0.2% v 0.0%e
• (TR) Turkey Oct Trade Balance: -$0.5B v -$0.5Be (smallest deficit in 17 years)
• (TH) Thailand Oct Current Account Balance: $1.9B v $2.0Be; Overall Balance of payments (BOP): $-0.9B v +$1.0B prior; Trade Account Balance: $1.3B v $2.0B prior; Exports Y/Y: +8.4% v -5.5% prior; Imports Y/Y: 13.3% v 14.3% prior
• (CN) Weekly Shanghai copper inventories (SHFE): 131.0K v 133.2K tons prior
• (FR) France Nov Preliminary CPI M/M: -0.2% v -0.2%e; Y/Y: 1.9% v 2.0%e
• (FR) France Nov Preliminary CPI EU Harmonized M/M: -0.2% v -0.2%e; Y/Y: 2.2% v 2.3%e
• (FR) France Oct PPI M/M: 0.4% v 0.4% prior; Y/Y: 3.9% v 3.7% prior
• (CH) Swiss Nov KOF Leading Indicator: 99.1 v 99.5e
• (ES) Spain Sept Total Mortgage Lending Y/Y: 15.4% v 10.3% prior; Mortgage Approvals Y/Y: 9.5% v 6.8% prior
• (AT) Austria Oct PPI M/M: 0.4% v 0.3% prior; Y/Y: 3.4% v 3.3% prior
• (AT) Austria Q3 Final GDP Q/Q: 0.3% v 0.4% prelim, Y/Y: 2.2% v 2.4% prelim
• (CZ) Czech Q3 Preliminary GDP (2nd reading) Q/Q: 0.6% v 0.4%e; Y/Y: 2.4% v 2.3%e
• (HU) Hungary Oct PPI M/M: 0.6% v 0.1% prior; Y/Y: 6.4% v 6.7% prior
• (HU) Hungary Sept Final Trade Balance: €B v €0.3B prelim
• (RU) Russia Narrow Money Supply w/e Nov 23rd (RUB): 10.23T v 10.33T prior
• (TW) Taiwan Q3 Final GDP Y/Y: 2.3% v 2.3%e
• (HK) Hong Kong Oct Retail Sales Value Y/Y: 5.9% v 3.6%e; Retail Sales Volume Y/Y: 5.2% v 2.8%e
• (SE) Sweden Sept Non-Manual Workers Wages Y/Y: 2.6% v 2.6% prior
• (ES) Spain Sept Current Account Balance: €0.9B v €1.8B prior
• (IT) Italy Oct Preliminary Unemployment Rate : 10.6% v 10.1%e
• (PL) Poland Q3 Final GDP Q/Q: 1.7% v 1.7% prelim; Y/Y: 5.1% v 5.1% prelim
• (PL) Poland Nov Preliminary CPI M/M: 0.0% v 0.3%e; Y/Y: 1.2% v 1.6%e
• (NO) Norway Central Bank (Norges) Dec Daily FX Purchases: -350M v -350M prior
• (NO) Norway Nov Unemployment Rate: 2.2% v 2.2%e
• (IS) Iceland Oct Final Trade Balance (ISK): -12.1B v -11.7B prelim
• (CZ) Czech Oct M2 Money Supply Y/Y: 5.4% v 4.2% prior
• (HK) Hong Kong Oct Budget Balance (HKD): +29.3B v -9.3B prior
• (HK) Hong Kong Oct M3 Money Supply Y/Y: -2.1% v +4.3% prior; M2 Money Supply Y/Y: -2.2% v +4.2% prior; M1 Money Supply Y/Y: -25.7% v -0.3% prior
• (PT) Portugal Nov Preliminary CPI M/M: -0.4% v -0.1% prior; Y/Y: 0.9% v 1.0% prior
• (PT) Portugal Nov Preliminary CPI EU Harmonized M/M: -0.9% v -0.5% prior; Y/Y: 1.0% v 0.8% prior - (SL) Sri Lanka CPI Y/Y: 3.3% v 3.3%e
• (EU) Euro Zone Nov Advance CPI Estimate Y/Y: 2.0% v 2.0%e; CPI Core Y/Y: 1.0% v 1.1%e
• (EU) Euro Zone Oct Unemployment Rate: 8.1% v 8.0%e
• (GR) Greece Sept Retail Sales Value Y/Y: 3.3% v 3.6% prior; Retail Sales Volume Y/Y: 4.9% v 5.2% prior
• (IT) Italy Nov Preliminary CPI (includes tobacco) M/M: -0.1% v -0.2%e; Y/Y: 1.7% v 1.6%e
• (IT) Italy Nov Preliminary CPI EU Harmonized M/M: -0.2% v -0.2%e; Y/Y: 1.7% v 1.6%e
• (BE) Belgium Oct Unemployment Rate: 6.2% v 6.3% prior

Fixed Income Issuance

• (IN) India sold total INR120B vs. INR120B indicated in 2020, 2023, 2031, 2035 and 2046 bonds
• (SE) Sweden sold SEK5.0B in nominal 0.75% 2029 bonds; Avg Yield: 0.6773% v 0.6922 prior; bid-to-cover: 3.49x
• (ZA) South Africa sold total ZAR650M vs. ZAR650M indicated in 2025, 2038 and 2050 I/L bonds

Looking Ahead

• (MX) Mexico Oct YTD Budget Balance (MXN): No est v -311.0B prior
• (CO) Colombia Central Bank Board Meeting
• 05:30 (ZA) South Africa to sellZAR650M in 2025, 2038 and 2050 I/L bonds
• 06:00 (IT) Italy Q3 Final GDP Q/Q: 0.0%e v 0.0% prelim; Y/Y: 0.8%e v 0.8% prelim
• 06:00 (PT) Portugal Oct Industrial Production M/M: No est v -2.8% prior; Y/Y: No est v -0.1% prior
• 06:00 (BR) Brazil Q3 GDP Q/Q: 0.8%e v 0.2% prior; Y/Y: 1.6%e v 1.0% prior; GDP 4Qtrs Accumulated: 1.5%e v 1.4% prior
• 06:00 (IL) Iceland Oct Unemployment Rate: No est v 4.0% prior
• 06:00 (IN) India Oct Fiscal Deficit (INR): No est v 34.4B prior
• 06:00 (UK) DMO to sell €3.5B in 1-month, 3-month and 6-month bills (£0.5B, £1.0B and £2.0B respectively)
• 06:30 (IN) India Oct Eight Infrastructure (Key) Industries Y/Y: No est v 4.3% prior
• 06:30 (IN) India Weekly Forex Reserves
• 06:45 (US) Daily Libor Fixing
• 07:00 (IN) India announces upcoming bill issuance (held on Wed)
• 07:00 (IN) India Q3 GDP Y/Y: 7.5%e v 8.2% prior; GVA Y/Y: 7.3%e v 8.0% prior
• 07:00 (ZA) South Africa Oct Trade Balance (ZAR): -5.0Be v -3.0B prior
• 07:00 (ZA) South Africa Oct Budget Balance (ZAR): -33.5Be v +3.4B prior
• 07:00 (CL) Chile Oct Manufacturing Production Y/Y: +4.9%e v -5.4% prior; Industrial Production Y/Y: -0.7%e v -3.2% prior; Total Copper Production: No est v 484.1K prior
• 07:00 (CL) Chile Oct Unemployment Rate: 7.0%e v 7.1% prior
• 07:30 (BR) Brazil Oct Primary Budget Balance (BRL): +6.3Be v -24.6B prior; Nominal Budget Balance: -19.3Be v -39.2B prior; Net Debt to GDP ratio: 52.7%e v 52.2% prior
• 07:45 (FR) ECB's Coeure (France) on panel in Frankfurt
• 08:00 (ES) Spain Debt Agency (Tesoro) announces upcoming bond issuance (held on Thursdays)
• 08:10 (UK) Baltic Dry Bulk Index
• 08:30 (CA) Canada Q3 GDP M/M: 0.1%e v 0.1% prior; Y/Y: 2.3%e v 2.5% prior; Quarterly GDP Annualized: 2.0%e v 2.9% prior
• 08:30 (CA) Canada Oct Industrial Product Price M/M: -0.5%e v +0.1% prior; Raw Materials Price Index M/M: -5.3%e v -0.9% prior
• 09:00 (BE) Belgium Q3 Final GDP Q/Q: No est v 0.4% prelim; Y/Y: No est v 1.7% prelim
• 09:00 (MX) Mexico Sept Gold Production: No est v 6.6K kilograms z; Silver Production: No est v 329.7K kilograms; Copper Production: No est v 39.5K kilograms
• 09:00 (US) Fed's Williams (moderate, voter) in NY
• 09:45 (US) Nov Chicago Purchasing Manager: 58.5e v 58.4 prior
• 10:00 (MX) Mexico Oct Net Outstanding Loans (MXP): No est v 4.330T prior
• 11:00 (EU) Potential sovereign ratings after European close
• 13:00 (US) Weekly Baker Hughes Rig count data
• 19:00 (KR) South Korea Nov Trade Balance: $6.3Be v $6.6B prior; Exports Y/Y: 6.6%e v 22.7% prior; Imports Y/Y: 12.1%e v 27.9% prior
• (CO) Colombia Central Bank Board Meeting