AI paper clears only because Broadcom underwrites Anthropic’s chip lease

EU mid-market update: AI paper clears only because Broadcom underwrites Anthropic’s chip lease; Moody’s buys Paris time while HSBC shows deposit costs outrunning loan yields; Wartsila’s engine slots stretch into the 2030s; Ras Tanura fire leaves Gulf export risk unpriced into Israel’s vote.

The brief

- Monday saw the heaviest day of AI financing this year, absorbed largely because vendors took on the risk. Broadcom guaranteed the collateral on a $63B chip-leasing SPV for Anthropic and lent it the rent, while Meta raised equity to cover a Q4 capex gap of up to $26B. French spreads tightened to 157bp after Moody’s affirmation, but that reprieve hinges on a contested budget, and rising funding costs are hitting banks: HSBC is indicated 6% lower after a revenue miss and smaller buyback. Brent holds near $110 on Gulf risk after the Ras Tanura fire, Kospi rallied 3.1% on chip optimism, and Fed hike odds have fallen to about 10% ahead of a week packed with central bank decisions, the UK Budget and Israel’s election.

Observations in Full

- The supply of AI paper was heavier on Monday than in any session this year, and the market absorbed it. In one session Anthropic filed its S-1, Meta launched $35B of equity, later upsized, SpaceX turned its $40B GPU financing into a binding Apollo lease, and Broadcom closed a $63B leasing SPV. S&P futures settled +0.7% at 7,714 and Nasdaq +1.1% at 29,437, and VIX fell 6% to 18.35, though NYSE closing imbalances showed $1.7B to sell. The 2-year auction stopped at 4.708% against 4.787% at the prior sale, and Fed funds futures price just 10.5% for a Wednesday hike, from 64.2% a month ago, with BofA the outlier still calling for one. Brent is at $110.27. In Asia Kospi rose 3.1% to 5,638 after 200 futures triggered an upside sidecar at +5%, on Q3 GDP of 1.0% q/q against 0.8% and reports of a KRW50-60T SK hynix shareholder-return plan before Wednesday’s results. The Nikkei rose 1.7%, while Shanghai fell 1.3% and the Hang Seng 1.0%. Flávio Bolsonaro dropped his bid to annul Brazil’s election after federal police asked for his passports, and Trump called the vote “rigged”.

- Anthropic’s S-1 sets $245B of future minimum payment obligations against $10.8B of remaining performance obligations, about 23 to 1. About 75% of those performance obligations convert to revenue within 12 months, roughly $8B, against a Q3 revenue run rate near $67B. Most of the business is usage billed as it happens, so committed backlog is thin. The vendor caps add up to more than the floor: up to $120.5B with SpaceX through 2029, up to $114.5B with Google through 2033, at least $110B with Amazon through 2036 and up to $44.6B with Nscale through 2033. That is about $390B of headline capacity, so roughly $145B sits above the binding minimum. Anthropic raised a minimum-liquidity covenant to $5.0B from $500M, held $112.4B of cash at June 30 after raising $141.1B in total, and warns it may need financing “sooner than we currently anticipate”. H1 revenue was $16.3B, with adjusted net income of $2.67B against a GAAP loss of $80.7B. Net revenue retention is about 900%, and customers paying more than $100k a year rose to 11.9k from 950. A single Class F share held by a co-founder vehicle carries 50.1% of the vote. Goldman leads, Morgan Stanley is stabilization agent, and the stock is set to list on Nasdaq as ANT in the week of Nov 16. The FTC separately demanded testimony from Anthropic and OpenAI executives in a consumer-harm probe of safety incidents, Axios reported.

- Meta’s raise covers a Q4 cash gap visible in its own numbers, and its neocloud suppliers have a stake in it. Through September Meta spent $83.1B on property and equipment and $2.8B on finance-lease principal. FY guidance of $135-145B therefore implies $49.2-59.2B in Q4, against Q3 operating cash flow of $32.8B, which leaves a gap of roughly $16-26B before dividends. Meta priced $12.5B of 6.50% mandatory convertible preferred, which brings cash at the Oct 29 close and converts into Class C around Aug 2029. It also sold $25B of Class A at $625 through forwards, upsized from $22.5B, and receives that money only when the forwards settle on dates of its choosing before Nov 19, 2027. The preferred funds Q4 now, and the forwards lock today’s price for capex that has not yet been delivered. Nvidia is taking $3B of the offering while Meta expands Vera Rubin and Spectrum-X deployment. Two neoclouds have a direct stake in Meta’s ability to pay: Nebius has $12B of dedicated Meta capacity from early 2027, and CoreWeave has about $21B of Meta commitments running into 2032.

- Broadcom has become the guarantor of the AI lab’s chip lease, and the S-1 shows it is also the lender to the lessee. Bank of America, Blackstone, Citi and Morgan Stanley committed $63B through a new SPV that buys Broadcom XPUs and networking gear and leases them to Anthropic, with deliveries from 2027. Broadcom provides residual value support equal to the first-lien financing, so the banks’ collateral is underwritten by the company that sold them the chips. The WSJ reported some banks were preparing to walk until Hock Tan intervened at the last minute and agreed to pay them more. The draft prospectus had already shown Broadcom offering up to $42B of convertible notes restricted to TPU lease payments and convertible into Anthropic shares, covering about a third of a $125.2B five-year TPU lease. Certain defaults would accelerate the lease and cut off the facility. Broadcom sells the chip, guarantees its resale value to the lessor and lends the lessee the rent in paper convertible into the lessee’s stock. If utilization disappoints, Broadcom is exposed through all three. Musk said on Sunday that debt markets have shut for anyone without revenue independent of AI data centres, and the largest chip lease on record cleared only once the vendor took the first-loss economics.

- SpaceX’s $40B GPU lease is anchored on a customer contract that either side can exit on 90 days’ notice. SpaceX confirmed a binding commitment with an Apollo-managed entity for GPU finance leases with about $40B of principal, each tranche running 5-5.25 years from delivery in H1 2027. S&P left SpaceX’s ratings unchanged. SpaceX’s own June prospectus put the Anthropic compute contract at $1.25B a month, nearly $45B to May 2029, and gave either side a 90-day exit. Anthropic’s S-1 now caps spend under its SpaceX arrangements at up to $120.5B through 2029, almost three times that figure, though the S-1 does not say whether the notice period still applies. The lessor is lending for five years against a customer contract whose disclosed term is 90 days. Verizon used its call to set the bar for SpaceX’s terrestrial plan: 65,000-80,000 macro sites, at least four to six years and $300-500B over seven to eight years. It refuses MVNO access to any satellite provider. Musk replied two to three years. Verizon also locked up more than 80M miles of Corning fibre through 2032 while signing a $2B+ dark-fibre deal with AWS, so the next fibre buyer may find supply short.

- The hyperscaler week starts with cost cuts, a permit fight and a packaging stake. Business Insider reported Microsoft is offering buyouts to about 60k staff, roughly 27% of its workforce, the day before results, so Wednesday’s Azure margin will show how far capex is being funded from opex. Oracle holds its analyst meeting on Wednesday after Monday’s New Mexico hearing on dismissing the air permit for Project Jupiter’s Bloom fuel-cell microgrid. Oracle carries Jupiter’s debt costs during construction and cannot terminate the lease, so delay is Oracle’s cost. Applied Materials is raising its BESI stake to about 20% to secure hybrid bonding, and BESI is +0.5%. Unverified chatter that Rubin’s HBM4 bandwidth was cut to 19.2 TB/s from 22 TB/s circulated before SK hynix reports on Wednesday.

- French spreads tightened again ahead of today’s Assembly debate. The OAT-Bund spread is about 157bps with the OAT at 4.92%, below Treasuries at 4.98%, and Italy’s spread narrowed to 115bps. The Assembly takes up the 2027 state budget today with no parliamentary compromise. French consumer confidence fell to 80 against 85 expected, Le Pen formally launched her campaign, and organisers called new protests for Oct 31 and Nov 5. Germany’s IFO beat at 90.2, with expectations at 91.6 even as current conditions slipped to 88.8. A national poll puts the AfD at 30% against 19% for the CDU/CSU. Spain’s Q3 unemployment rose to 10.2% from 9.9%. Italy’s cabinet approves its budget on Wednesday with a planned €5B levy on banks and insurers, and the Tesoro sells up to €6.55B of BTPs on Thursday, the day the ECB decides.

- Israel votes today, and betting markets are ahead of the polls. Polymarket gives Eisenkot 53.8% of becoming prime minister against 28% for Netanyahu, while the weekend’s final polls had the opposition bloc at about 54 seats, short of 61 without Arab-led parties. Iran told the Saudi, Turkish and Pakistani officials of the “Mecca pact” that it backs “any understanding for regional unity”, and the four agreed to keep talking. Tehran still refuses to discuss its nuclear program, and Putin hosts Pezeshkian and Qatar’s emir at a gas forum in Moscow today. The US DNI warned Rubio of Iranian threats to American officials, and Saudi Arabia intercepted three Houthi ballistic missiles and four drones overnight. Container shipping points the other way. Drewry says Suez returns are running well ahead of schedule, reaching about 80% of pre-diversion levels by February and releasing 1.6M TEU of capacity in 2027. It forecasts fleet growth of 8.8% against throughput growth of 6.2%, with 15 East-West blank sailings in November against 70 in October. Oil prices still carry the Gulf risk while container rates are set to fall on returning Suez capacity, a split that favours shippers of goods over carriers. Russia suspended strikes on Kherson as a local ceasefire took effect in Oleshky.

- HSBC is -6% premarket, the first big European bank miss this season. Q3 revenue of $18.6B missed about $19.0B, CET1 fell to 13.9% and the buyback was cut to $1B. Management put the Basel 3.1 hit from Jan 1 at 40-50bps of CET1. Hong Kong deposit growth went almost entirely into time deposits, squeezing margins, and UK deposit competition intensified. Higher rates are now raising bank funding costs faster than they lift loan yields. Asia wealth drew $38B of net new money while wealth fees stayed flat y/y, and FX income rose 19% on volatility.

- The UK Budget is tomorrow at 08:30 ET, and shop prices are rising faster. The BRC shop price index rose 2.1% against 1.6% expected, the highest since February 2024, with food at 2.9%. The Times reports the National Living Wage will rise 3.9% to £13.20 an hour, matching the state pension uprating, and the CBI retail balance recovered to -10 from -55. Gilt 10s closed at 5.34%. Burnham said rejoining the EU is his personal preference, subject to public consent.

- Asian rates diverged overnight, with China easing and Japan under pressure. China’s 5-year yield hit a record low after the PBoC reportedly set up a swap facility for non-bank financial institutions to stabilise the bond market, even as September industrial profits rose 14.4% y/y from 4.2%. The BoJ’s core CPI measure rose to 3.2% from 2.6%, while Japan OIS prices only 1.5% for a Thursday hike, and UA Zensen joined Rengo in seeking 6% pay rises. Finance Minister Katayama said five FX firms reported customer losses likely linked to a ransomware attack on GMO Internet. The RBNZ decides tonight with a hike about 97% priced, alongside Australia’s Q3 CPI.

- Transatlantic aircraft disputes and European nuclear assets are back on the agenda. USTR Greer warned that a record-breaking European Investment Bank loan to Airbus may violate the US-EU large civil aircraft agreement and said Washington still has no details of it. Airbus is reportedly exploring joining the BAE-led GCAP fighter program. Belgium’s prime minister is considering forced nationalisation of nuclear assets after takeover talks with Engie hit an impasse. Washington and Ottawa are working on a deal to ease Section 232 tariffs on Canadian steel and autos before the midterms, although Carney said Canada will not sign the terms offered in August.

- Cross-asset: Monday’s AI paper cleared with VIX down 6%, but the structures show where the risk sits: Broadcom guarantees the collateral and lends the rent on Anthropic’s chip lease, Apollo’s five-year SpaceX lease rests on a customer contract with a 90-day exit, Nvidia is funding Meta’s purchases of its own chips, and Meta’s preferred covers a Q4 capex gap of up to $26B. Container capacity returning through Suez pulls freight rates down while Brent holds near $110 on the Gulf and Israel’s vote. French spreads at 157bps, a 115bps BTP spread and the HSBC miss set up the ECB on Thursday. Fed hike odds are down to 10.5%, while the BoJ’s 3.2% core CPI and China’s record-low 5-year yield pull Asian rates apart. Today brings Israel’s election, the French budget debate, the Moscow gas forum, US durable goods and consumer confidence, the RBNZ and Australian CPI tonight, and SK hynix after the New York close. Wednesday has the FOMC, the UK Budget, the BoC, Microsoft, Alphabet and Oracle’s analyst meeting. Thursday has the ECB, US GDP and PCE, Amazon and the BOJ.

- Asia closed higher with KOSPI outperforming +3.1%. EU indices -0.1% to -0.8%. US futures +0.1%. Gold -0.5%, DXY +0.3%; Commodity: Brent +0.4%, WTI +0.3%; Crypto: BTC -1.1%, ETH -1.1%.

Asia

- South Korea Q3 Advance GDP Q/Q: 1.0% v 0.8%e; Y/Y: 3.4% v 3.1%e; aided by chip exports.

- South Korea Oct Consumer Confidence: 105.4 v 106.6 prior.

- Japan Sept PPI Services Y/Y: 3.7% v 3.7%e.

- Australia ANZ Roy Morgan Weekly Consumer Confidence: 67.9 v 67.7 prior.

- China Sept Industrial Profits Y/Y: 14.4% v 4.2% prior.

- Japan Fin Min Katayama: Will respond to FX trade damage with sense of urgency. Must ensure yen moved in way that reflects fundamentals. Could take bold action on FX if needed.

- Hackers targeted a Japanese currency trading platform GMO internet Group and threatened to leak customer data unless they were paid $50m.

Global conflict/tensions

- Question whether recent diplomatic activity develops into a concrete negotiating process after senior officials from several countries met in Iran in a bid to revive talks and prevent a broader escalation.

- Iran said to be open to a shorter US proposal timeline if conditions were met.

- Israel PM Netanyahu said to have intensified his warnings about Iran and reportedly pressed Israel’s military for more aggressive action ahead of a tight election race.

Europe

- UK Oct BRC Shop Price Index Y/Y: 2.1% v 1.6%e (highest in 2 years).

- UK Chancellor Healey expected to announce National Living Wage for citizens 21 and over to rise 3.9% from £12.71 to £13.20/hr.

- UK said to be holding talks with the EU about a potential return to free movement and other options for closer alignment.

Speakers/fixed income/FX/commodities/erratum

Equities

Indices [FTSE -0.82% at 10,678.84, DAX -0.10% at 25,385.44, CAC-40 -0.12% at 7,838.11, IBEX-35 -0.21% at 18,992.88, FTSE MIB -0.29% at 49,046.50, SMI +0.12% at 14,556.50, S&P 500 Futures +0.09%].

Market focal points/key themes: The FTSE 100 underperforms with a loss of about 0.8% while the DAX and CAC 40 hold near flat, as HSBC’s narrow Q3 miss (pretax profit of $9.63B against roughly $9.7B consensus) and a CET1 slip to 13.9% from 14.1% outweigh a $1B buyback, turning a 32% earnings increase into a capital-trajectory sell signal for UK banks a day before Wednesday’s Budget and ahead of this week’s Fed decision. HSBC’s 6% slide drags Standard Chartered (-2.5%), Lloyds and Barclays, while Reckitt drops 7% after cutting its revenue growth forecast to 3.5% to 4.5% following a 3.3% Q3 like-for-like miss tied to North American Lysol manufacturing constraints and Exosens falls 7% despite 23.5% Q3 revenue growth. On the upside, BE Semiconductor jumps 9% as Applied Materials plans to lift its stake to 20% from about 9%, effectively underwriting BESI’s hybrid-bonding position in advanced packaging, and Wärtsilä adds 6% on a service-led Q3 earnings beat, while Informa’s cut to roughly 3% underlying revenue growth from 6% shows Middle East event rescheduling now reaching corporate guidance. The geopolitical tape stays fragile, with Tehran accusing Washington of not being serious about talks, President Pezeshkian heading to Russia, the Saudi-led coalition intercepting three Houthi ballistic missiles and four drones, and the US Embassy in Riyadh reissuing its departure call for non-emergency staff, keeping January Brent firm at $111.36 even as Trump rules out strikes before the November 3 midterms; meanwhile BRC shop price inflation jumped to a 2.5-year high of 2.1% from 1.4%, sterling slipped to $1.3323 and Jefferies frames the Budget as a likely clearing event while keeping a long front-end gilt position and avoiding the long end.

Equities

Consumer discretionary: Electrolux [ELUXB.SE] +5.0% (DNB Carnegie upgraded to Buy from Hold and raised its price target to SEK50 from SEK26), Valeo [FR.FR] -1.5% (Berenberg highlighted continuing weakness in the Power division and limited benefit from Europe’s electric-vehicle recovery), Porsche AG [P911.DE] -1.0% (nine-month deliveries fell 16% and the cash-flow improvement relied heavily on proceeds from the Bugatti Rimac stake sale, offsetting maintained guidance).

Healthcare: Novartis [NOVN.CH] +2.0% (raised 2026 core operating-income guidance to stable or low-single-digit growth from a prior low-single-digit decline).

Technology: BE Semiconductor Industries [BESI.NL] +9.0% (Applied Materials plans to increase its stake to 20% from about 9%, deepening their advanced-packaging partnership), Infineon [IFX.DE] +1.0% (announced a €1.1bn investment in its Austrian semiconductor site), Lumibird [LBIRD.FR] -2.5% (sell-the-news reaction after nine-month revenue rose 8.8%, including 12% Q3 growth).

Telecom: Orange [ORA.FR] -1.0% (shares slipped despite third-quarter acceleration prompting the telecom group to raise one annual target).

Consumer staples: Reckitt Benckiser [RKT.UK] -7.0% (cut outlook citing Lysol disruption and category slowdown in China VMS).

Industrials /defence: Wärtsilä [WRT1V.FI] +6.0% (Q3 operating earnings came in ahead of expectations, supported by stronger service activity), Alfa Laval [ALFA.SE] +3.0% (Q3 report prompted a positive earnings repricing as profitability exceeded expectations), Exosens [EXENS.FR] -7.0% (shares sold off despite Q3 revenue rising 23.5% on stronger demand and capacity expansion), Safran [SAF.FR] -1.5% (aerospace read-through after the US warned that EU financing for Airbus could threaten the transatlantic aircraft trade truce), Assa Abloy [ASSAB.SE] -0.5% (Q3 operating profit of SEK7.10bn beat the SEK6.94bn consensus, but the stock reversed lower).

Financial: HSBC [HSBA.UK] -6.0% (Q3 results triggered selling despite a 32% rise in pretax profit and a new $1bn buyback), Standard Chartered [STAN.UK] -2.5%, Lloyds Banking Group [LLOY.UK] -1.0%, Barclays [BARC.UK] -0.5%, Société Générale [GLE.FR] -0.5% (banking-sector read-through from HSBC’s post-results selloff).

Speakers

- ECB Quarterly Bank Lending Survey noted that area banks reported a further net tightening of credit standards for loans or credit lines to firms.

- Russia Pres Putin reportedly to meet Norway PM Store and Finland Pres Stubb as soon as today.

- China said to dispatch officials to Mideast in bid to defuse tension.

- Saudi Arabia said to contain fire near Ras Tanura oil hub following an attack.

- Iran’s Persian Gulf Strait Authority (PGSA): Sinokor (Korean co.) vessels had committed most violations; Legal action to be taken against Sinokor vessels.

- OPEC+ expected to reaffirm its commitment to maintain output targets at the upcoming Nov meeting (**Note move would continue to follow the completion of the phased rollback of the 1.65M bpd earlier this year).

Currencies

- USD maintained a form tone as higher oil prices weighed against risk appetite. Dealers focusing on the key rate decisions occurring this week (Fed on Wed, ECB on Thurs, BOJ on Fri). Dealers believing that Chair Warsh would reiterate his commitment to fighting inflation.

- EUR/USD at 2-week lows testing the 1.1140 area and facing continued pressure with spotlight on France. The French/German 10-year spread widened during the session to retest the 160bps area.

- USD/JPY at 157.70. Japan Fin Min Katayama reiterated her stance that stood ready to take decisive action in the currency market, reminding markets of Tokyo's willingness to intervene to prop up its currency. BOJ I expected to keep policy steady later this week but tighten once again before year end.

- RBNZ meets on Wednesday and expected to hike again by 25bps. Australia inflation data in focus as a hot reading could evoke another rate hike next week.

- The 10-year German Bund yield last at 3.35%, France 10-year Oat at 4.95% and 10-year Gilt yield at 5.33%; 10-year Treasury yield: 4.99%; 10-year JGB: 2.79%.

Economic data

- (FI) Finland Oct Consumer Confidence: -9.7 v -4.9 prior; Business Confidence: 2 v 3 prior.

- (SE) Sweden Sept Trade Balance (SEK): +4.1B v -12.8 prior.

- (SE) Sweden Sept Household Lending Y/Y: 3.4% v 3.3% prior.

- (TR) Turkey Sept Unemployment Rate: 8.4% v 7.9% prior.

- (ZA) South Africa Aug Leading Indicator: 119.6 v 118.3 prior.

- (FR) France Oct Consumer Confidence: 80 v 85e.

- (ES) Spain Q3 Unemployment Rate: 10.2% v 9.9% prior.

- (EU) Euro Zone Sept M3 Money Supply Y/Y: 3.5% v 3.6%e.

Fixed income issuance

- (ZA) South Africa sold total ZAR2.55B vs. ZAR2.55B indicated in 2039, 2040 and 2042 bonds.

Looking ahead

- (US) Sept Final Building Permits: No est v 1.400M prelim; M/M: No est v -0.2% prelim.

- (ID) Indonesia to sell combined IDR30.0T in bills and bonds.

- 06:00 (EU) Daily Euribor Fixing.

- 06:00 (UK) DMO to sell £4.5B in 4.625% Mar 2032 Gilts.

- 06:00 (AT) Austria Debt Agency (AFFA) to sell combined €2.5B in 3-month and 6-month Bills.

- 06:00 (IT) Italy Debt Agency (Tesoro) to sell €1.5-2.0B in 3.00% Oct 2028 BTP bonds.

- 06:00 (IT) Italy Debt Agency (Tesoro) to sell €1.0-1.5B in inflation-linked 2032 and 2035 bonds (BTPei).

- 06:00 (SE) Sweden to sell SEK17.5B in 3-month Bills.

- 06:00 (GR) Greece Debt Agency (PDMA) to sell €400M in 3-month Bills.

- 06:25 (EU) Daily ECB Liquidity Stats.

- 06:25 (CH) Switzerland to sell 3-month Bills.

- 06:30 (DE) Germany to sell €5.0B in 3.0% Dec 2028 Schatz.

- 06:30 (HU) Hungary Debt Agency (AKK) to sell 3-Month Bills.

- 06:30 (EU) ECB allotment in 7-Day Main Refinancing Tender (MRO).

- 06:40 (UK) BOE allotment in 6-month GBP-enhanced liquidity repo operation (ILTR).

- 07:00 (IE) Ireland Sept PPI M/M: No est v -0.8% prior; Y/Y: No est v 6.5% prior.

- 07:00 (BR) Brazil Oct FGV Construction Costs M/M: 0.4%e v 0.3% prior.

- 07:00 (RU) Russia announcement on upcoming OFZ bond issuance (held on Wed).

- 07:00 (EU) ECB allotment in 3-month LTRO tender.

- 08:00 (MX) Mexico Sept Trade Balance: $0.4Be v $0.6B prior.

- 08:15 (US) ADP Preliminary Employment Change for 4-weeks ending October 10th: No est v +18.5K prior.

- 08:30 (US) Sept Preliminary Durable Goods Orders: +1.9%e v -0.1% prior; Durables (ex-transportation): 0.5%e v 0.2% prior; Capital Goods Orders (non-defense/ex-aircraft): 0.7%e v 1.6% prior; Capital Goods Shipments (non-defense/ex-aircraft): 0.8%e v 0.5% prior.

- 08:55 (US) Weekly Redbook LFL Sales data.

- 09:00 (US) Aug FHFA House Price Index M/M: 0.2%e v 0.3% prior.

- 09:00 (US) Aug S&P Cotality House Price Index (20-City) M/M: 0.30%e v 0.32% prior; Y/Y: 2.65%e v 2.47% prior; House Price Index (overall) Y/Y: 1.90%e v 1.93% prior.

- 09:00 (UK) Daily Baltic Dry Bulk Index.

- 10:00 (US) Oct Consumer Confidence: 81.0e v 81.9 prior.

- 10:00 (US) Oct Richmond Fed Manufacturing Index: 0e v -2 prior.

- 10:00 (US) Sept New Home Sales: 650Ke v 684K prior.

- 10:30 (US) Oct Dallas Fed Services Activity: No est v -1.8 prior.

- 10:30 (US) Atlanta Fed GDP Now.

- 11:30 ((US) Treasury to sell 6-Week Bills.

- 11:30 (US) Treasury to sell 52-Week Bills.

- 13:00 (US) Treasury to sell 5-Year Notes.

- 16:30 (US) Weekly API Crude Oil Inventories.

- 17:00 (CL) Chile Central Bank (BCCH) Interest Rate Decision: Expected to leave Overnight Rate Target unchanged at 4.50%.

- 17:45 (NZ) New Zealand Sept Filled Jobs M/M: No est v 0.2% prior.

- 20:30 (AU) Australia Sept CPI M/M: 0.7%e v 0.4% prior; Y/Y: 4.2%e v 4.0% prior; CPI Trimmed Mean M/M: 0.3%e v 0.2% prior; Y/Y: 3.6%e v 3.6% prior.

- 20:30 (AU) Australia Q3 CPI Trimmed Mean Q/Q: 1.0%e v 0.8% prior; Y/Y: 3.6%e v 3.6% prior; CPI Q/Q: 1.2%e v 0.6% prior.

- 21:00 (NZ) New Zealand Central Bank (RBNZ) Interest Rate Decision: Expected to raise Official Cash Rate (OCR) by 25bps to 3.00%.

- 21:00 (NZ) RBNZ Monetary Policy Review.

- 22:00 (KR) South Korea Sept Retail Sales Y/Y: No est v 7.7% prior; Department Store Sales Y/Y: No est v 11.9% prior; Discount Store Sales Y/Y: No est v 4.5% prior.

- 22:00 (NZ) RBNZ Gov Bremen post rate decision press conference.