Headlines:
- Markets await October US CPI data; will inflation remain sticky?
- Will the Fed stay the course?
- Fed's Jefferson: Uncertainty on inflation persistence may warrant stronger policy response
- SNB's Jordan: We will not hesitate to tighten monetary policy further if necessary
- Kishida set for high stakes meeting in shaping Japan's next monetary policy steps
- China finance minister says economy to maintain upwards trend in Q4
- Former BOJ official says Bank expected to end its negative interest rate policy in April
- UK October payrolls change 33k vs -11k prior
- Spain October final CPI +3.5% vs +3.5% y/y prelim
- Switzerland October producer and import prices +0.2% vs -0.1% m/m prior
- US October NFIB small business optimism index 90.7 vs 90.8 prior
Markets:
- EUR leads, CAD lags on the day
- European equities a little higher; S&P 500 futures up 0.1%
- US 10-year yields down 0.6 bps to 4.624%
- Gold flat at $1,945.83
- WTI crude down 0.2% to $78.09
- Bitcoin down 0.5% to $36,298
It was a relatively quiet session as markets are bracing for the US CPI data that is to come later. Major currencies were largely muted with the dollar marginally lower at the balance. The euro is slightly higher but outside of that, there is no notable movement in the FX space for the time being.
Equities were also tentative alongside bond yields, as traders and investors are all not pre-committing to any moves before we get to the main event later in the day. US futures were a touch higher earlier on but are now trading little changed again but buyers are staying poised for a push higher as noted here.
There isn't much else to remark on the session really. It's now over to the US CPI data to provide the next indicative steps for markets this week.
