Futures Gain, S&P On Pace For 55th Record Closing High Of 2024

US equity futures are flat as the yield curve sees slight steepening; for once, the US is not benefiting from the risk-on rally seen in EU/APAC. As of 8:00am ET, S&P futures are fractionally in the green reversing earlier losses as traders await a busy line-up of Fed speakers and data releases after the index notched its 54th closing high of the year on Monday; Nasdaq 100 futures are down 0.1% even though Mag7 names are mostly higher in the premarket and Semis are bid. The USD is lower as the commodity complex catches a bid; WTI, silver, and sugar the outperformers; earlier Bloomberg reported China moved to restrict exports of rare earth metals to the US used in high-tech/military applications (gallium, germanium, antimony, and other superhard materials). Today’s macro focus will be on JOLTS and Vehicle Sales.

In premarket trading, Zscaler shares fall as much as 8.0% after the security software company gave a forecast for adjusted second-quarter earnings that missed expectations. Here are some other notable premarket movers

Anglogold Ashanti shares rise 3.7% after RBC Capital Markets upgraded the mining company to outperform from sector perform.

• Credo Technology shares jump as much as 35% after the communications equipment company reported second-quarter results that beat expectations.
• CVS Health gains 1.5% after Deutsche Bank upgrades the pharmacy chain to buy from hold, saying both earnings and the stock’s multiple appear to be near trough levels.
• Janux Therapeutics shares soar 68% after the biotechnology firm announced positive updated interim clinical data for its oncology lead asset, JANX007.
• Joby Aviation shares fall as much as 2.3%% after the all-electric vertical take-off and landing aircraft startup said its CFO Matthew Field notified the company he’d be resigning effective Dec. 13 for personal reasons.
• Kroger shares advance 1% after Jefferies upgraded the retailer to buy from hold, and noted that the company has upside potential whether the acquisition of Albertsons goes through or not.
• Microchip Technology shares decline 1.3% after the chipmaker said it planned to shut down a plant in Arizona, known as Fab 2. Additionally, the company sees third-quarter revenue being close to the low end of its original guidance.
• TransMedics Group shares drop 8.0% after the medical-technology company narrowed its full-year revenue forecast. It also named a new chief financial officer.

The notable macro events this week include Friday’s payrolls report, which is expected to show hiring bounced back in November, preceded by Fed Chair Jerome Powell’s scheduled participation in a moderated discussion on Wednesday. Swaps are pricing a more than 70% chance of a quarter-point rate cut at the Fed's Dec. 17-18 meeting.

“The market still expects the Fed will cut rates,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said on Bloomberg Television. “We will see when the employment data comes through on Friday how brave you have to be. But I think the bias is still there and the market thinks there is still room to do that, given the overall picture.”

Elsewhere, Citi strategists said short sellers are capitulating as the S&P 500 keeps hitting record highs and is set for its best year since 2021, while positioning on European stocks remains bearish, further widening the gap between the two markets. According to Citi's Chris Montagu, investor positioning in S&P 500 futures is “completely one-sided,” and is “setting new highs for a fourth consecutive week and increasingly the hold-out shorts are capitulating."

Indeed, appetite for US equities has shown no sign of abating this year. The S&P 500 has surged 27%, powered by technology shares and a broad preference for US assets. The rally extended after the election of Donald Trump raised hopes of tax cuts and deregulation. By contrast, positioning on Euro Stoxx 50 futures remains net bearish while ETF outflows are accelerating. Investors are shunning the region’s stocks amid sluggish economic and earnings growth and political instability in France and Germany.

Much attention right now remains focused on Paris, where the government faces a vote of no confidence on Wednesday. French far-right leader Marine Le Pen is expected to join forces with a left-wing coalition to topple Michel Barnier’s administration.

And speaking of Europe, stocks there rose, with the Stoxx 600 up 0.4%, as a rally for technology stocks drove a fourth straight day of gains for the benchmark, helping investors look past political risks in France. French stocks traded in line with their European peers on Tuesday, but the crisis has weighed on the CAC 40, causing it to trail neighboring markets like Germany, where the DAX Index rose above 20,000 points for the first time in its history. Here are the biggest movers Tuesday:

• Hochtief shares rise as much as 5.9% after BofA upgraded its recommendation on the German infrastructure company to buy. The broker is positive about firms with US exposure going into 2025
• BMW shares gain as much as 2.5% after UBS upgraded the German carmaker to buy from neutral, citing prospects for improved cash returns. Analysts say the firm is now their top OEM pick
• SSP Group shares soar as much as 14% after the company, which runs food outlets in travel hubs, reported in-line annual results and said strong revenue growth has continued
• Ceres Power shares rise as much as 3.2% after RBC upgraded the firm to sector perform, saying the British fuel-cell technology company is more insulated from headwinds versus peers
• Greencore Group shares jump as much as 14% after the food company delivered a beat and raise, sweetened by the return of its dividend and a new share buyback
• DiscoverIE shares gain as much as 16%, the most in a year, after the electrical component maker reported 1H results, prompting Shore Capital to upgrade its rating to hold from sell
• Victrex shares jump as much as 17%, the most on record, after the specialty chemicals company reported results, with analysts noting decent trends in fiscal 4Q and reassuring comments about next year
• Covivio shares drop as much as 11%, the most since April 2020, after Morgan Stanley downgraded the French firm to underweight from equal-weight, saying it may “lag” the real estate sector in 2025
• Swiss Life shares fall as much as 4.2% after the insurer’s new targets were viewed as “challenging” by some analysts. JPMorgan says the payout ratio and cash remittances disappoint
• Forvia shares drop as much as 6.1% as UBS downgraded the French car parts firm to neutral and set a Street-low price target, citing record uncertainty around the outlook for Europe’s car industry
• Nel shares slide as much as 3.7% after RBC cut its recommendation to sector perform from outperform, citing slowing commercial activity with only two contracts announced this year
• Grenergy shares plunge as much as 6.3% after the Spanish renewable company reported 9-month results impacted by low energy prices and a higher debt level

Earlier in the session, Asian stocks rose, on course for a third-straight daily gain, as semiconductor-related shares rallied after the US announced fresh curbs on technology exports to China. The MSCI Asia Pacific Index rose as much as 1.2%, with chip stocks TSMC and Tokyo Electron among the biggest boosts. Key benchmarks gained more than 1% in South Korea, Japan and Taiwan after the US unveiled measures to limit China’s access to crucial tech but stopped short of earlier proposals. Chinese stocks also reversed earlier losses after news that the country’s top leaders plan to start a key annual economic work conference next Wednesday to map out growth targets and stimulus plans for 2025.

In FX, a drop in the dollar gives relief to G-10 currencies, barring the yen, with a 0.3% decline to around 149.80/USD; the euro rises 0.3%, partly due to dollar weakness, while the CAC 40 climbs 0.6%.

In rates, treasuries are mixed in early US session with the curve steeper as long-end losses lift 30-year yields by ~2bp, steepening 2s10s and 5s30s spreads to day’s wides. US front-end yields are slightly richer on the day, widening 2s10s, 5s30s spreads by 1bp-2bp; 10-year yields around 4.21%, rising 2bps from Monday's close, and outperforming bunds in the sector by 1.5bp, trails OATs outperforming by 2.5bp. In European bond markets, Germany’s is under pressure while France outperforms; French 10-year bonds are steady after a no-confidence vote was set for Wednesday, with the yield spread to comparable German debt hovering around 85 basis points. OAT-bund spread that widened the most in six months Monday is slightly narrower. German bonds underperform gilts and Treasuries across the curve, with yields rising most at the front end. Peripheral spreads tighten to Germany.

In commodities, oil climbed ahead of an OPEC+ supply meeting on Thursday, with the market supported by hopes China’s leadership will approve more stimulus at a major meeting next week. WTI trades within Monday’s range, adding 0.9% to around $68.73. Spot gold rises roughly $6 to trade near $2,645/oz. Spot silver gains 1.6% near $31.

Looking at today's US economic data calendar, we get the October JOLTS job openings at 10am. Fed speaker slate includes Daly (12:15pm), Kugler (12:35pm), Goolsbee (1:30pm, 3:45pm)

Market Snapshot

• S&P 500 futures little changed at 6,062.75
• STOXX Europe 600 up 0.5% to 516.11
• MXAP up 1.3% to 187.38
• MXAPJ up 1.2% to 586.44
• Nikkei up 1.9% to 39,248.86
• Topix up 1.4% to 2,753.58
• Hang Seng Index up 1.0% to 19,746.32
• Shanghai Composite up 0.4% to 3,378.81
• Sensex up 0.8% to 80,917.24
• Australia S&P/ASX 200 up 0.6% to 8,495.22
• Kospi up 1.9% to 2,500.10
• German 10Y yield little changed at 2.07%
• Euro up 0.2% to $1.0520
• Brent Futures up 1.0% to $72.58/bbl
• Gold spot up 0.2% to $2,645.15
• US Dollar Index down 0.18% to 106.26

Top Overnight News

• China imposed an outright ban on the export of crucial chipmaking materials — including gallium and germanium — to the US, citing concerns over military usage and “abuse” of export controls. It comes after the US imposed fresh curbs on the sale of high-bandwidth memory chips to China. BBG
• China’s Central Economic Work Conference, at which officials will discuss economic targets and stimulus plans for 2025, will commence on Wed 12/11. Mainland stocks rebounded, while the yuan slid to a one-year low despite fresh PBOC support. BBG
• China's crude oil imports are on track to peak as soon as next year as transport fuel demand begins to decline for the world's top crude buyer, ending the country's decades-long run as the dominant driver of expanding oil consumption. RTRS
• Israel’s military said it “remains obligated” to a US-backed ceasefire after carrying out airstrikes in Lebanon yesterday in response to Hezbollah’s first attack under the truce. BBG
• French lawmakers will hold a no-confidence vote Wednesday, with far-right leader Marine Le Pen expected to join forces with a left-wing coalition to topple the government. Prime Minister Michel Barnier used a constitutional mechanism on Monday to force through an unpopular budget, leading to a leftist coalition and Le Pen’s National Rally to call for votes of no confidence. BBG
• The Fed’s John Williams expects more rate cuts will probably be needed “over time,” though stopped short of saying whether he would back a reduction this month. BBG
• Donald Trump said he’ll block the Nippon Steel takeover of US Steel, instead pledging to revive it with tariffs and tax incentives. Separately, the president-elect picked investment banker Warren Stephens to be US ambassador to the UK. BBG
• Intel CEO Pat Gelsinger’s exit may revive previously rejected deal options, including a split of the factory and product design businesses. BBG
• BlackRock has agreed to buy private credit manager HPS Investment Partners for ~$12B in stock (HPS has ~$150B in AUM). WSJ
• Fed's Williams (voter) said he expects more rate cuts to happen over time and that monetary policy remains in a restrictive stance, while he added that what the Fed does with policy depends on incoming data and the outlook for the economy and policy remains ‘highly uncertain’. Furthermore, Williams expects US GDP at 2.5% this year but might be higher, as well as noted that they will need to bring interest rates down over time and it is unclear where the neutral rate is right now.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly positive as the region took impetus from the fresh record highs seen in the S&P 500 and the Nasdaq. ASX 200 rose to a fresh record high with advances led higher by healthcare, tech and consumer discretionary. Nikkei 225 outperformed and reclaimed the 39,000 level with tech companies benefitting from further US export controls on China as restrictions related to advanced chips could spur a scramble for China to secure legacy-generation chip tools. Hang Seng and Shanghai Comp traded indecisively after the US unveiled a new package of chip export controls against China.

Top Asian News

• China's Semiconductor association say US chips are no longer "safe and reliable". Relevant industries will have to be cautious about procuring these US chips.
• China's Internet Society call on domestic companies to carefully consider the procurement of US chips and seek to expand cooperation with chipmakers from other countries. US chip export controls have caused substantial harm to stable development of China's internet industry
• China's MOFCOM bans to export of "dual-use items" relating to gallium, germanium, antimony and super-hard materials to the US. Tighter end-user and end-use vetting for graphite dual-use items which are exported to the US. Effective Dec. 3rd. Export of dual-use items to US military users or for military reasons is prohibited.
• China is reportedly to hold the Central Economic Work Conference on December 11th-12th on 2025 economic growth targets and stimulus plans.

European bourses began the European session mostly in the positive territory, and sentiment continued to improve as the morning progressed, to display a sea of green in Europe. European sectors hold a strong positive bias, with only a handful of industries in negative territory. The top of the pile is populated by Banks, Travel & Leisure and Tech. The latter is buoyed by gains in heavy-weight ASML (+2.1%) after the Co. noted that the impact of export restrictions will fall within its existing outlook and will not have a direct material impact on business in 2024. Real Estate is the laggard. US equity futures are essentially flat and trading on either side of the unchanged mark, and unable to benefit from the positive momentum seen across the pond. RBC S&P 500 outlook: raises Communication Services to Overweight from Marketweight; cuts Healthcare to Marketweight from Overweight; cuts Materials to Marketweight from Overweight. China's Auto Industry Body says Tesla (TSLA) sold 78,856 China made vehicles in Nov. (82,000 Y/Y).

Top European News

• ECB's Kazaks says a data-dependent and gradual approach are still appropriate, the pace and depth of easing will be determined by data and judgement.
• France to hold no-confidence vote on Wednesday, 4th December. Press report that the vote will take place at 15:00GMT.
• Barclaycard UK November Consumer Spending fell 0.5% Y/Y in November.

FX

• USD is softer vs. peers as markets digest comments from the influential Waller at the Fed who stated that he is leaning in favour of a cut for the December meeting. Ahead, JOLTS ahead of speak from Fed's Daly, Kugler and Goolsbee (twice). DXY is holding above the 106 mark and within yesterday's 105.78-106.73 range.
• EUR has been granted some reprieve vs. the USD. Albeit, it remains to be seen how long this will last given French political issues. The latest reports note that a no-confidence vote will take place at 15:00GMT on Wednesday. EUR/USD is back on a 1.05 handle and within yesterday's 1.0460-1.0587 range.
• GBP is firmer vs. the broadly softer USD with UK-specific drivers on the light side. As such, it is likely that events stateside will continue to dictate the state-of-play for Cable which is currently sat within yesterday's 1.2617-1.2742 range.
• Antipodeans are both near the top of the G10 leaderboard despite AUD facing some soft domestic data overnight and a softer CNY. The uptick in AUD/USD has led the pair back above the 0.65 mark. NZD/USD has been pivoting around the 0.59 mark.
• CHF is modestly softer vs. the EUR following the latest Swiss inflation metrics which saw the Y/Y rate print at 0.7% vs. exp. 0.8% (prev. 0.6%) and fall short of the SNB's Q4 average expectation of 1.0%.
• PBoC set USD/CNY mid-point at 7.1996 vs exp. 7.2702 (prev. 7.1865).

Fixed Income

• USTs are softer, weighed on by recent strong data which is lifting yields from the belly out. However, short-end debt is bid in the wake of Fed speak overnight with yields at the short-end pressured. Overnight, Waller said he is leaning towards a December cut, though noted one could argue the case for skipping and will be watching the data closely. USTs at the low-end of a 110-31+ to 111-06 band with the curve steeper.
• OAT-Bund yield spread is narrowing down to 85bps having peaked just shy of 89bps on Monday. The main update in today’s session has been the timing of the no-confidence vote on Barnier, which is provisionally set for 15:00GMT on Wednesday.
• Bunds are softer, with specifics somewhat light thus far and while ECB speak is in focus the likes of Cipollone haven’t added anything surprising. At the low-end of a 135.14-40 parameter, which is entirely within Monday’s 134.79-135.46 band. A fairly decent Schatz auction had little impact on Bund prices.
• Gilts were trading in-fitting with peers going into the region's own auction, in what has been a catalyst thin session thus far, aside from BRC Retail Sales data, which was weak. The auction saw a strong cover though both the price and yield tails were elevated when compared to recent taps, sparking some very modest pressure.
• Germany sells EUR 3.607bln vs exp. EUR 4.5bln 2.0% 2026 Schatz Auction: b/c 2.3 (prev. 2.20x), average yield 1.94% (prev. 2.11%) & retention 19.84% (prev. 19.62%).
• UK sells GBP 2.25bln 4.375% 2054 Gilt Auction: b/c 3.0x (prev. 3.08x), average yield 4.747% (prev. 4.735%), tail 0.4bps (prev. 0.3bps).

Commodities

• A slightly choppy morning for crude benchmarks but underlying action is firmly bullish with WTI & Brent at the top-end of parameters and within proximity to yesterday’s USD 69.11/bbl and USD 72.89/bbl best. Complex benefitting from both reports that OPEC is likely to extend its latest output cuts and tensions around the Lebanon ceasefire.
• Gold is trading at the top-end of a relatively narrow c. USD 15/oz range, peaked at USD 2650/oz overnight and while XAU remains firmer on the session it is yet to re-test the above high.
• Base metals traded lacklustre overnight, but did catch a slight bid in tandem with the broader risk tone and the softer Dollar. 3M LME Copper probing USD 9.1k to the upside, a marked rebound from Monday’s USD 8.91k trough.
• OPEC is likely to extend its latest oil output cuts until the end of Q1 2025 during its meeting on Thursday, according to OPEC+ sources cited by Reuters.
• Premiums for Russia's espo blend reach 2yr record of USD 1.30-1.50/bbl to brent, according to Reuters sources.
• JPMorgan says Brent crude oil price is projected to average USD 80/bbl in 2024; says US Nat Gas 2025 price expected to average USD 3.50/MMBtu.
• JPMorgan expects gold to rise towards USD 3,000/oz in 2025 with an average price of USD 2,950/oz in Q4 2025; says catch up trade later in 2025 could push silver prices towards USD 38/oz whilst platinum rallies to USD 1200/oz. Sees copper price towards USD 10,400/MT by Q4'25 and average USD 11,000/MT in 2026. Sees aluminium prices towards USD 2850/MT over H2'25.

Geopolitics

• Israeli Defense Minister says if ceasefire collapses "we will no longer differentiate between Lebanon and Hezbollah"
• Israeli forces blew up residential buildings in the Al-Geneina neighbourhood, east of Rafah in the southern Gaza Strip.
• US Secretary of State Blinken met with Israel's Strategic Affairs Minister Dermer and reiterated the importance of ending the Gaza war.
• Syrian Armed Opposition Operations Department said they took control of Halfaya, Maardis and Taiba al-Imam in the northern countryside of Hama, according to Al Jazeera.

US Event Calendar

• 10:00: Oct. JOLTs Job Openings, est. 7.52m, prior 7.44m

Fed speakers

• 12:15: Fed’s Daly Is Interviewed Live on Fox Business
• 12:35: Fed’s Kugler Gives Speech on Labor Market, Policy
• 15:45: Fed’s Goolsbee Gives Closing Remarks

DB's Jim Reid concludes the overnight wrap

Morning from Zurich where the DB Outlook roadshows roll on. There were lots of questions yesterday about the latest French situation as it became apparent that a French government collapse was increasingly likely. The situation went back and forth as the day went on, but ultimately, Marine Le Pen’s National Rally announced that they would support a motion of no confidence in the government of PM Michel Barnier. So along with the left-wing parties who are also backing the no-confidence motion, they have a majority in the National Assembly capable of bringing the government down, and this has led to a pretty serious market reaction. In fact, the Franco-German 10yr spread (+7.5bps) hit its widest level since 2012 yesterday, which was just before Mario Draghi pledged to do “whatever it takes” to save the euro. And the euro itself weakened by -0.75% against the US Dollar, marking its biggest daily decline since the week of Trump’s victory in the US election.

In terms of how the situation evolved yesterday, the prospects for the French government had looked pretty weak from the get-go. Indeed, the National Rally’s President Jordan Bardella said on RTL radio that “The National Rally will activate the censure vote unless of course there is a last minute miracle”. But around lunchtime, it was confirmed by the government that there’d be no change to the medication reimbursement system. So that pointed to a potential compromise with the National Rally’s demands, and the spread began to tighten again as it looked as though the government might survive. However, shortly after, Barnier announced that he’d push through the budget using special constitutional powers without a vote. So that saw the announcement of a no-confidence motion, which Marine Le Pen said she’d back after their demands weren’t met.

In terms of what happens next, we’re in territory that hasn’t been seen in a long time, as the last successful no-confidence motion was in 1962. That vote is likely to take place this week, possibly as soon as Wednesday, and assuming it’s successful, that would force the government’s resignation. In the short term, the government can remain in office as a caretaker government. But snap elections can’t happen again until the summer, as the French Constitution requires a one-year wait until another dissolution can take place, meaning that isn’t an option. So President Macron would have to propose a new PM, which could in theory be Barnier again, but there’s no reason to think a new government would be any more stable, given how fractured the National Assembly is. In terms of passing a budget, lawmakers could approve a special law authorising the government to collect existing taxes, and after that the government could allocate public spending by decree. However, this would only permit public spending that was part of the 2024 budget, rather than additional expenditures.

The likelihood of an imminent government collapse immediately led to fresh losses among French assets. For instance, the 10yr Franco-German spread ended the day at 88.1bps, the widest since 2012. Indeed, it also meant that the French 10yr yield (2.918%) closed only just below the Greek 10yr yield (2.927%), which just goes to show how investors’ assessment of sovereign risk has shifted over the last decade. For equities, the CAC 40 did manage to eke out a +0.02% gain, but that made it the worst performer of the big European indices, well behind the STOXX 600 that posted a +0.66% advance. Banks were hit in particular, with fresh losses for Société Générale (-2.61%), BNP Paribas (-1.24%) and Crédit Agricole (-0.87%), which built on their declines of the last two weeks.

Unlike the Euro crisis, there were no obvious signs of broader contagion to other countries yesterday. In fact, the 10yr Italian yield (-1.0bps) actually fell to a two-year low of 3.266%, and Spain’s 10yr yield (-2.4bps) fell to 2.768%, its lowest level in almost two years as well. Moreover, the push into safe assets meant yields on 10yr bunds (-5.4bps) saw the biggest declines, falling to its lowest since January at 2.034%. In the UK, the spread of 10yr gilt yields over bunds hit its widest since Liz Truss was PM, closing at 221.5bps yesterday. Matters weren’t helped there after the final UK manufacturing PMI for November was revised down six-tenths from the flash reading to 48.0, which is the weakest it’s been since February. So it continues the recent run where UK data has kept underwhelming expectations.

Outside of Europe, markets actually put in a decent performance yesterday, with the S&P 500 (+0.24%) moving up to yet another record high. One supportive factor was an upside surprise in the ISM manufacturing for November, which came in at 48.4 (vs. 47.5 expected). So even though it was still in contractionary territory, it was the strongest since June, and the new orders subcomponent (50.4) was in expansionary territory for the first time since March. That’s lifted up other growth estimates as well, with the Atlanta Fed’s GDPNow tracker for Q4 pointing to an annualised pace of +3.2%, which is its highest level to date.

That equity rally was led by further strength among big tech stocks, and the NASDAQ (+0.97%) and Magnificent 7 (+1.41%) moved up to record highs of their own. So it was a fairly narrow rally over the last 24 hours, and the equal-weighted S&P 500 actually saw a decent fall of -0.27%, moving off the all-time high it achieved last Friday.

In the meantime, US Treasury yields inched higher, with the 2yr yield up +2.9bps to 4.18%, whilst the 10yr yield rose +2.1bps to 4.19% (4.21% this morning). So that just about pushed the 2s10s curve back into inversion territory. The weakness on the 2yr might be pointing to a higher terminal rate, but investors yesterday priced in a greater chance of a rate cut this month. The chance of a cut closed at 76%, up 10pp from Friday, and the highest we have observed since US CPI data was released over 2 weeks ago. The uptick came after Fed Governor Waller spoke at the American Institute for Economic Research (AIER) Monetary Conference in Washington, D.C. last night. He said that “I am leaning toward continuing the work we have started in returning monetary policy to a more neutral setting,” signaling further cuts ahead, while adding that “an additional cut at our next meeting will not dramatically change the stance of monetary policy and allow ample scope to later slow the pace of rate cuts, if needed.” On the path of inflation he noted, “I believe the evidence is strong that policy continues to be significantly restrictive and that cutting again will only mean that we aren't pressing on the brake pedal quite as hard.”

In Asia the Nikkei (+2.24%) is trading sharply higher and is leading gains in the region while the KOSPI (+1.75%) is also trading noticeably higher with the S&P/ASX 200 (+0.75%) also trading in positive territory. Elsewhere, Chinese stocks are mixed with the Hang Seng (+0.08%) slight up but with the Shanghai Composite (-0.86%) turning sharply lower as I type. US equity futures are flat. seeing slight gains while the CSI (-0.02%) is struggling to gain traction in early trade.

In FX, the Chinese yuan (-0.25%) is weakening for the third consecutive day, trading at a one-year low of 7.2913 against the dollar despite PBOC’s efforts to support sentiment as the central bank has been setting stronger-than-expected fixes since November.
To the day ahead now, and central bank speakers include the ECB’s Cipollone and Panetta, along with the Fed’s Kugler and Goolsbee. Otherwise, US data releases include the JOLTS report of job openings for October.