• China eased monetary policy for the first time in 3 years by cutting banks’ reserve ratio requirements by 50 basis points. The move reflects Beijing’s concern over the slowing economy, and some relief from recent inflation statistics. From The Financial Times.
• Major Central banks took coordinated action to lower the pricing on existing U.S. dollar liquidity swaps by 50 basis points. The Fed, the Bank of Canada, the Bank of England, the BOJ, the ECB, and the Swiss National Bank all agreed to lower pricing. The coordinated move by major governments is providing hope to markets for greater cooperation going forward. From the Wall Street Journal.
• U.S. oil exports exceeded imports in the first 9 months of 2011 for the first time in 62 years. Increasing U.S. production combined with tepid domestic demand and a growing international appetite have tipped the scales. From the Wall Street Journal.