Puigdemont presser underway 31 Octpart of Catalan govt will stay in Catalonia to carry on with political activitieshas come to Brussels to put fwd Catalan issue in heart of Europeaccepts democratic challenge of 21 Dec electionsnot seeking asylum in Belgiumwill return to Catalonia when given guaranteesCall me old fashioned by Rajoy and many others, inc Catalans, are not in forgiving/compromise mood right now
I had the start of the presser here
IBEX fell slightly at the outset but now up 0.9%
The BBC earlier reported that Puigdemont is in Belgium with five of his cabinet Meritxell Serret, agriculture minister Antoni Comín, health minister Dolors Bassa, labour minister Meritxell Borrás, governance minister Joaquim Forn, interior ministerRead More →

Monthly Canadian GDP numbers due up nextAugust Canadian GDP is due at the bottom of the hour. The consensus is for 0.1% m/m growth and a healthy 3.6% y/y. That's down a shade from 3.8% in July.
USD/CAD has been volatile lately and the latest growth number could add another dollop. Estimates range from -0.2% m/m to +0.2% m/m.
The implied probability of a Dec BOC rate hike has fallen to about 24%.
At the same time as the release, numbers on the Sept industrial product price and the Q3 US employment cost index are out.Read More →

News just breaking 31 OctTry saying that headline after a few beers or over a voice activated key pad. lol
Meanwhile we wait on Puigdemont's press conference from Brussels which is behind schedule as I type.
Here we go :
Dialogue with Madrid wasn't possiblecharges against Catalan leaders are groundlessEr, that's it so far.Read More →

European session: orders and options watch EUR: The single currency traded narrowly today, offers are still noted at 1.1650, 1.1665, 1.1680, 1.1700, 1.1720 and 1.1750. On the downside, bids are seen at 1.1600-05, 1.1580, 1.1550, 1.1530 and 1.1500.
GBP: Cable has continued edging higher, offers at 1.3200 and 1.3220 were filled but sell orders are still noted at 1.3250-55, 1.3280 and 1.3300. On the downside, bids are seen at 1.3190, 1.3155-60, 1.3125-30, 1.3100, 1.3080-85, 1.3065, 1.3050, 1.3025-30 and 1.3000.
CHF: Dollar has rebounded in European morning, offers at 0.9980 were filled but sell orders are still noted at 1.0000-05, 1.0040-50, 1.0080 and 1.0100 (Stops above). On the downside, bids are seen at 0.9965-70, 0.9950, 0.9930 and 0.9905-15.
JPY: The greenback has recovered after brief fall below 113.00, buy orders are still noted at 113.00, 112.85, 112.50 and 112.00. On the upside, offers are seen at 113.50, 113.70, 113.85, 114.00, 114.30-35, 114.50, 114.80 and 11..Read More →

Gold refreshes session lows as USD gains traction • Fails to build on recovery back above 100-DMA.
• Weighed down by recovering US bond yields and USD.
Gold finally moved out of its Asian session consolidation phase and touched a fresh session low level of $1272 in the past hour.
The metal stalled its recent recovery move and failed to build on its up-move back above 100-day SMA. A modest recovery in the US Treasury bond yields backed the US Dollar's goodish recovery move from lows and was eventually seen driving flows away from the non-yielding yellow metal.
Meanwhile, possibilities of some short-term stops being triggered, on a sustained retracement back below the $1275 region (100-day SMA), seems to have further aggravated the selling pressure and collaborated to the commodity's sharp slide over the past hour or so.
Even the prevalent cautious sentiment around equity markets failed to revive safe-haven demand, with the precious metal now eroding all of its previous se..Read More →

Eurozone: Better growth, but less inflation – BBH Analysts at BBH note that Eurozone reported better growth, but less inflation, than expected as the first look at Q3 GDP showed a 0.6% increase, and Q2 was revised to 0.7% from 0.6%.
Key Quotes
“Growth is not the immediate challenge in the eurozone. Unemployment also continues to fall. At 8.9% in September, it is a new cyclical low. That the August figure was revised to 9.0% from 9.1% underscores the trend improvement.”
“On the other hand, price pressures eased. The headline pace slipped to 1.4%, but the real challenge to the ECB comes from the core rate, even though it does not directly target it. The core rate slipped to 0.9% from 1.1%. This indicates that it is not just energy prices, which Draghi had warned would likely drag inflation lower in the near-term. The key issue is what the ECB will do next September, as its course until then has been largely mapped out, with all the due caveats of its flexibility.”Read More →

US: Chicago PMI and home price index in focus – Nomura Analysts at Nomura suggest that in the forthcoming US session, Case-Shiller home price index and Chicago PMI will be the key economic releases.
Key Quotes
“Home prices have been rising steadily as buyers compete for a limited supply of homes for sale, worsening home affordability. While the Case-Shiller 20-city composite index rose 5.81% y-o-y in July, the number of listings for sale has not risen materially and remains low by historical standards. With steady demand from consumers, pressure on home prices likely persisted in August. We expect the August Case-Shiller 20-city composite index to have risen steadily.”
“Chicago PMI: We expect an elevated reading of 63.0 for the October reading of the Chicago PMI, following a high reading of 65.2. Manufacturing sector activity has been expanding at a solid pace, reflecting healthy domestic and foreign demand. We think that momentum likely carried through October considering elevated ..Read More →

NZD bottoming out? – BBH The New Zealand dollar appears to be trying to bottom from a technical point of view, but the political/policy headwinds are a deterrence, according to analysts at BBH.
Key Quotes
“Comments from the Finance Minister give the bears little reason to fear official concern despite 10% slide in the Kiwi over the past three months. The moves to deter foreign speculation (investment?) in New Zealand real estate is seen cutting into an important source of demand for the currency. That said, we continue to suspect that just as the market overreacted to Trudeau's victory in Canada and his effort to buck the new fiscal orthodox and stimulate, the market may be exaggerating the negatives of the new government, like giving the central bank a dual mandate.”Read More →