Anthropic targets Nov 20th Nasdaq debut at up to $1.4T

EU mid-market update: Huang out to dry as Nvidia Board plans Jensen's removal, five days before earnings; Anthropic targets Nov 20th Nasdaq debut at up to $1.4T; UK Q3 GDP grows 0.7%.

The brief

- Nvidia’s board is reportedly preparing to oust Jensen Huang over a second affair with a direct report, likely with CFO Colette Kress as interim CEO. Down 6% in premarket, and its $279B in supplier commitments and Huang’s personal deals are now under review. In Europe, the power and defence buildout is paying off: Rolls-Royce’s Power Systems orders jumped 62% on data-centre backup generators, BAE raised its cash-flow guidance and Siemens beat on revenue. UK Q3 GDP also grew 0.7% as expected. Meanwhile, Anthropic lists on Nov 20 at up to $1.4T, and rising yields and oil prices are making capital expensive ahead of December central bank meetings.

Observations in full

- Within four days Nvidia’s board has gone from backing Huang to preparing to remove him, and the bylaws shape what an exit would look like. After a WSJ report that the board is preparing to oust him and name an interim chief, Nvidia fell 8.6% after hours from a $173.73 close. That is about 33% below its October peak and about $600B of market value lost since the Nov 8 probe began. The reversal followed an NYT report of a second relationship, with Kimberly Powell, VP of healthcare and one of Huang’s direct reports. Nvidia’s code of conduct lists personnel decisions about a colleague in a relationship as a conflict, which gives the board a cleaner basis for cause than the Megaspeed case it cleared on Sunday. A majority of the 11 directors can remove any officer “with or without cause”, so six votes end his tenure as CEO. Removing him from the board without cause needs 66.67% of shareholder voting power. The most likely outcome leaves a 63-year-old founder with about 3.58% of the stock still on the board that oversees his successor, so any separation agreement will show whether he gives up the seat. Semafor reports some directors favour CFO Colette Kress as interim CEO. She also sits on the compliance committee that oversees the conduct policy now in question, along with the EVP of operations and the SVP of HR. Lead independent director Stephen Neal, a lawyer, is the other name in circulation, and Polymarket favours Ian Buck as permanent successor. Nvidia has no COO or president, and about 60 executives report directly to Huang. The precedents of Intel in 2018 and HP in 2010, where CFOs took over after conduct exits, imply a search of about seven months, which would put a permanent CEO past the February results, GTC and the May print. Kress’s written commentary posts at about 16:20 ET on Nov 17, effectively her first public test for the role. Huang’s deadline to respond to the House chairs passed on Wednesday with no public response, ahead of the requested Nov 18 briefing.

- The bigger exposure is the $279B commitment book and the deals Huang negotiated personally. Supply and capacity commitments were $279B as of July 26, up from $119B a quarter earlier, plus $36B of cloud-service commitments. The roughly $500B SK Group initiative and the $150B-a-year Taiwan pledge were both Huang’s own deals. A Taiwan supplier executive said “the new CEO may not be as aggressive as Jensen”, and Thursday’s trading is already separating suppliers: TSMC is down 2% and SK hynix 1.6%, while Samsung is up 0.8% on its non-Nvidia HBM customers. An interim CEO’s first lever would be how fast new commitments are added, so suppliers and neoclouds whose debt is backed by Nvidia offtake are where the repricing starts. In Washington, Axios reports Lutnick stalled a crackdown on chip diversion to China. Senators Warren and Coons have told Lutnick, Rubio and Miller to preserve Nvidia records, the WSJ says top Democrats are targeting the administration’s Nvidia-China files, and the White House says it is not intervening in the board’s decision. Commerce is finalising an AI remote-access rule, Chinese AI firms are rushing to secure Nvidia-based capacity outside China before it lands, and Alice Huang is reported to have returned to China. At a $200 target, Nvidia trades at about 12.7x FY28 EPS, and at $160 at about 10.2x, so the market is pricing roughly a 13% discount for losing the founder. Unverified social-media chatter says Rubin volume shipments have slipped to 2027, with Blackwell orders raised to compensate. Musk said hiring Huang “would be an honor”. Hon Hai’s Q3 beat, with net income of NT$77.5B against 70.3B expected and revenue of NT$3.02T, shows rack assembly still accelerating.

- Anthropic has set Nov 20 for its Nasdaq debut, three days after Nvidia reports, and has lodged a prospectus with Australia’s ASIC, a sign the deal is being marketed to retail investors outside the US. It is seeking a valuation of up to $1.4T and up to $64.4B of proceeds. Those are the corrected terms after a representative sent banks an inaccurate pricing page showing about 867M shares at $70-80. The FT reports bankers are prepared to go above $1.5T if demand allows, and a livestreamed Amodei-Dimon event is planned. The listing falls inside Nvidia’s leadership crisis. Nvidia committed up to $10B to Anthropic in the Microsoft-Nvidia partnership Huang agreed a year ago, alongside Anthropic’s $30B Azure compute commitment, so a CFO-led interim reviewing Nvidia’s investments across the cloud ecosystem would be reviewing a stake in the company about to price. The figures investors will test start with the revised S-1: Q3 revenue of $16.96B, with slowing sequential growth, and $895.4B of infrastructure commitments, about 14x the raise. Against that, traders are circulating an unverified Barclays note putting the Q4 guide near $19.3B, about $77B annualised, below reported end-October ARR of about $81B. On those numbers $1.4T is about 18x the annualised guide. OpenAI’s private round at $1.25T pre-money is about 31x the $10B Q3 revenue it reportedly told investors. CoreWeave’s results put rising compute costs into the gross-margin debate, with older Hopper GPUs repricing 30-50% above their original contracts and new long-term deals at $20-25M per MW a year. Microsoft’s drop after Anthropic launched Claude workplace tools shows the company now competing with one of its own compute partners. The book builds against a 10-year near 5%, about 90% odds of a December hike and Australia’s prudential regulator warning that AI risks and rising yields could threaten financial stability.

- Tanker freight is falling fast as the October Hormuz squeeze unwinds, while container lines still describe a very tight market. Baltic Exchange data show VLCC rates (excluding Hormuz-area loadings), Suezmax and Aframax rates down about 50% from their October peaks. Rates had hit records when Middle East exports needed more ship-to-ship transfers outside the Strait. Laden VLCCs and Suezmaxes waiting in East Asia have risen about 15% since early September, and Asian refiners have pulled back from buying because of high delivered costs. Rates for cargoes loading inside the Gulf are holding up better, because war-risk insurance and transfers outside Hormuz still apply there. The crisis premium is shrinking back to the Gulf itself, which leaves less of the reported $20-30 a barrel added by insurance and ship-to-ship transfers. Delivered African and Brazilian crude to China is $5-10 a barrel cheaper than a month ago. Angolan grades now trade about $15 over Brent against more than $20 two weeks ago, after West African offers had topped $40. Brazil’s Tupi trades at $7-8 over Brent against nearly $20, and Unipec bought Congolese Djeno at about a $22 discount. Lower delivered costs into Asia add to Brent’s fall to $91.62 and are the first easing in the energy pass-through that Waller and the ECB cited. Hapag-Lloyd described a different picture in containers. Demand is “very robust” into November despite the slack season and capacity returning through Suez, 2026 headhaul volumes are growing close to 7%, and supply and demand are “still very, very tight”, with small disruptions causing sharp spot-rate jumps. It raised FY26 guidance “quite significantly” after Q3 net income of $1.0B against $172M a year ago. Ships are still sailing faster than is economical at current fuel prices, Middle East disruption is still adding “very substantial” costs, and port congestion is “a bit better” but structurally above pre-COVID levels. Hapag expects Red Sea routing to normalise in Q1 2027, more gradually than the 60-90 days it had preferred, to avoid ships arriving in Europe at the same time. That spreads the release of capacity, and the fall in rates, across the first half of next year. It still targets closing its pending acquisition in the second half of Q1 2027 and plans to resubmit the golden-share transfer that was halted in October.

- CoreWeave’s CEO used CNBC yesterday to show insiders aren’t selling and the company won’t overpay for capital, as Nebius reports before the open with the Nvidia board crisis hanging over both. Intrator said he has cancelled his 10b5-1 plan, that leadership sales will be limited to tax withholding on RSUs, and that a planned share sale is on hold. He argued that putting money into the buildout earns more than buying back CoreWeave’s own bonds at about 15% yields, which is why it will not issue unsecured debt “at current yields”. Funding instead comes from contract-matched delayed-draw loans, a secured facility at 7-7.5% covering more than 90% of associated capex, and about $9B of customer prepayments over the next three months. The gap of almost 8 points between secured and unsecured funding costs is the price the market puts on neocloud credit without contract backing, and that is the kind of exposure an interim Nvidia CEO would review first. Nvidia is a shareholder in both CoreWeave and Nebius and, since 2025, the buyer of last resort for CoreWeave’s unsold capacity. Intrator reaffirmed the partnership, but CoreWeave gave back 6.4% after hours, after a 24.7% gain on Wednesday, once the WSJ reported the board was moving against Huang. Nebius, up 15.4% on Wednesday in sympathy, reports before the open with the call at 08:00 ET. Consensus is about $917M of revenue and a $0.61 loss, against a FY26 guide of $3.0-3.4B that needs about $1.5B in Q4 to reach the top. Its long-term pricing of $20-25M per MW a year matches CoreWeave’s new 4-5 year contracts, and its $40-50M short-term pricing tracks CoreWeave’s “more than $40M”. Nebius has funded itself mainly through equity, selling about $2.8B at an average near $224 against a share price around $175 now, so further sales against $20-25B of capex are more dilutive than CoreWeave’s contract-matched debt. The 5GW power target and the Vineland site’s switch to Bloom fuel cells are the operational checks.

- Europe’s industrials are cashing in on the power and defence buildout. Rolls-Royce’s Power Systems order intake rose 62% y/y, driven by backup generators for data centres. It is accelerating its £1.5B buyback, the clearest sign yet that on-site generation is becoming part of data-centre design. Siemens reported Q4 net income of €2.16B, revenue of €23.7B against €23.44B expected, and a dividend raised to €5.50, with AI at about 5% of digital industries software. BAE raised its FCF guide to about £3B from more than £2B, on orders of £33B. Hapag-Lloyd’s Q3 net income rose to $1.0B from $172M as Gulf disruption kept freight elevated. Kpler says waiting times at Port Klang reached about 26 hours, against a typical 8, while Singapore and Busan held at 10 hours or less. Strabag raised its margin guide to 6-6.5%, Merck KGaA raised its outlook, and Burberry’s H1 adjusted operating profit rose to £62M from £19M. Telefónica’s revenue of €8.43B missed €9.95B expected, while adjusted net income was in line.

- UK growth is holding up ahead of the BoE’s December decision. Q3 GDP grew 0.7% q/q as expected, 1.9% y/y, and September GDP rose 0.2% m/m against flat expected. Industrial production rose 0.3% against -0.4% expected. The visible trade deficit widened to £22.3B. Bailey has tied a further hike to energy prices, and Brent is now at $91.62. The ECB’s Economic Bulletin says the energy shock has lifted inflation, consistent with Lane calling a December hike prudent.

- Asia: Xi restates his Taiwan goal a week before meeting Trump in Shenzhen. Xi called reunification an “unwavering historical mission” of the Communist Party, while MOFCOM said China has “fully implemented” the consensus from earlier trade talks. China approved Lilly’s oral GLP-1 orforglipron, sold as Foundayo, for weight loss, giving Lilly a pill in China ahead of Novo. Japan’s top FX diplomat Mimura said recent moves are “too rapid”, and BoJ dissenter Asada warned about the downside risks of past hikes. The 5-year JGB sale averaged 2.186%, against 2.379% at the previous auction. Indonesia’s Vice President Gibran has submitted his resignation letter to the upper house. ASEAN will start a joint stockpile of petroleum products. Naver signed a roughly KRW2T compute contract with a US inference company, starting in H1 2027.

- Cross-asset: Nvidia’s board is preparing to remove Huang: 8.6% lower after hours, about $600B lost since Nov 8, and Kress likely to deliver the Nov 17 results as interim CEO. That puts the $279B commitment book and Huang’s personal deals with SK and Taiwan under review, splitting suppliers (TSMC and SK hynix down, Samsung up) and weighing on neocloud credit backed by Nvidia offtake. Washington’s Lutnick and remote-access questions add policy risk. CoreWeave’s 24.7% gain and Anthropic’s Nov 20 listing at up to $1.4T keep demand for the AI buildout intact, while a 10-year near 5% and Goldman’s March hike call keep capital expensive. Europe’s backup-generation and defence orders (Rolls-Royce, BAE, Siemens) and Hapag-Lloyd’s Gulf freight windfall are the winners. Brent at $91.62 and UK Q3 GDP of 0.7% come ahead of four December central bank meetings.

- Asia closed lower with Hang Seng underperforming -1.3%. EU indices +0.3-1.3%. US futures +0.1% to -0.6%. Gold -1.1%, DXY -0.0%; Commodity: Brent -1.0%, WTI -0.9%; Crypto: BTC -0.8%, ETH -0.8%.

Asia

- Nvidia shock as company’s board said to be preparing to oust CEO Jensen Huang following multiple affairs.

- New Zealand Oct Total Card Spending M/M: -1.2% v -0.6% prior.

- Japan Oct PPI (domestic CGPI) M/M: 0.7% v 0.3%e; Y/Y: 7.1% v 6.5%e.

- Australia Nov Consumer Inflation Expectation: 5.3% v 5.3% prior.

- Japan sold 5-year JGB Bonds; Avg Yield: 2.1860% v 2.379% prior; bid-to-cover: 3.97x v 3.56x prior.

- Japan Top FX Diplomat Mimura noted that the recent FX moves were too fast.

- BOJ Board Member Asada (dovish dissenter) stated that must be mindful of expected impact of past rate hikes on economy and needed to watch downside economy risks from rate hikes.

Global conflict/tensions

- VP Vance said to be emerging as the Trump administration’s lead negotiator with Iran. Considering direct talks with a senior Iranian security official.

- US Sec of State Rubio and China Foreign Min Wang Yi discussed the possibility of a future trilateral summit involving the United States, China, and Russia.

Europe

- UK Oct RICS House Price Balance: -36% v -34%e v -32% prior.

- Bank of England (BOE) Greene FT op-ed noted that was appropriate to proactively tighten monetary policy to lean against the risk of wage growth getting stuck at higher levels.

- UK Chancellor Healey noted that UK Treasury was working on contingency options to further help with the cost of living should there be a worsening of the Middle East energy crisis.

- France govt said to signal support for Spain's ECB Presidential candidate Pablo Hernández De Cos.

Speakers/fixed income/FX/commodities/erratum

Equities

Indices [FTSE +0.24% at 10,861.00, DAX +1.20% at 26,960.82, CAC-40 +0.71% at 8,391.87, IBEX-35 -0.17% at 19,993.26, FTSE MIB +0.18% at 52,039.50, SMI +0.79% at 15,172.70, S&P 500 Futures -0.36%].

Market focal points/key themes: European equities hit fresh record highs, with the STOXX 600 up about 0.4%, the DAX up 1.2%, the CAC 40 up 0.7%, the SMI up 0.8% and the FTSE 100 up 0.2%, as a strong Q3 reporting season and an index mix light in megacap AI names (a defensive composition) shield Europe from the global AI-trade whipsaw that has run from New York to Tokyo and Seoul. Earnings reactions are extreme, with B&M surging about 17.5% as UK Q2 like-for-like sales returned to 3.2% growth and FY27 PBT guidance was set at £280M to £330M, Adecco jumping 14% on a €180M Q3 operating income beat that lifts Randstad 4.5%, and Burberry gaining 7% on H1 adjusted operating profit of £62M against £44M consensus, while Dr. Martens collapses 15% after a mid-teens October sales decline and a widened £13.1M H1 loss, and MEKO falls 12%, Ottobock 10.5% and secunet 9.5%. Siemens adds 4% on a 58% surge in Q4 orders, record FY free cash flow of €12.1B and a confirmed direct Siemens Healthineers spin-off, with Rolls-Royce up 2.5% on an additional £1.5B buyback and Allianz up 2% after lifting the upper end of FY operating-profit guidance to around €18.6B, but semiconductors give back Wednesday’s rebound, with Soitec down 4%, Infineon down 3.5% and Aixtron down 2.5% as Nvidia’s Frankfurt line fell 7.4% on reports its board is weighing the removal of CEO Jensen Huang amid China-security scrutiny. Macro focus shifts to UK Q3 GDP and the Eurozone’s updated forecasts, where evidence that the bloc is skirting recession with cooling inflation could give the STOXX 600 the runway to clear its record threshold, though a BusinessEurope survey shows corporate sentiment up since June alongside rising worries over inflation and sovereign debt.

Equities

Consumer discretionary: B&M European Value Retail [BME.UK] +17.5% (H1 adjusted PBT rose 16.6%, UK Q2 like-for-like sales returned to 3.2% growth and FY27 adjusted-PBT guidance was set at £280m-£330m), Burberry [BRBY.UK] +7.0% (H1 adjusted operating profit reached £62m versus £44m consensus, with Q2 comparable sales up 4% and wholesale revenue up 17%), Dr. Martens [DOCS.UK] -15.0% (H1 revenue fell 9.2% at constant currency, adjusted PBT loss widened to £13.1m and management flagged a wide range of FY outcomes after a mid-teens October sales decline), MEKO [MEKO.SE] -12.0% (Q3 revenue fell 2.1%, organic sales declined 3% and adjusted EBIT slipped to SEK214m from SEK217m).

Healthcare: Merck KGaA [MRK.DE] +2.0% (Q3 sales and EBITDA pre beat consensus; FY sales guidance rose to €21.5bn-€21.9bn and EBITDA-pre guidance to €6.2bn-€6.4bn), Sonova [SOON.CH] +1.5% (raised FY local-currency sales-growth guidance to 6%-8% and core-EBIT growth to 10%-13% on market-share gains and strong new-product uptake), Ottobock [OBCK.DE] -10.5% (Q3 Americas organic core revenue fell 1.8% and management warned that reimbursement headwinds would persist into Q4 despite improved group margins).

Technology: NORBIT [NORBT.NO] +9.0% (Q3 revenue rose 34% and EBIT 53%; FY revenue and EBIT-margin guidance was set at NOK3.0bn-NOK3.1bn and 21%-22%, with an additional NOK2 dividend), secunet Security Networks [YSN.DE] -9.5% (Q3 order intake fell almost one-third, EBIT declined 19% and net profit dropped 21% despite revenue growth of nearly 20%), Soitec [SOI.FR] -4.0%, Infineon [IFX.DE] -3.5%, Aixtron [AIXA.DE] -2.5% (European chip names followed Nvidia lower after reports its board was considering removing CEO Jensen Huang amid escalating China-security scrutiny).

Consumer staples: Scandinavian Tobacco Group [STG.DK] +7.5% (raised FY EBIT-margin guidance to 14.0%-15.5% from 13.0%-14.5% and adjusted-EPS guidance to DKK9.5-DKK11.5), Royal Unibrew [RBREW.DK] +4.5% (Q3 revenue and EBIT were slightly above expectations despite narrowing FY organic EBIT-growth guidance to 6%-8%).

Industrials /defence: Adecco [ADEN.CH] +14.0% (Q3 operating income of €180m beat €166m consensus, permanent recruitment returned to growth and a further €75m of annual savings was targeted), Randstad [RAND.NL] +4.5% (staffing-sector read-through from Adecco’s profit beat, return to growth in permanent recruitment and additional cost-savings plan), Siemens [SIE.DE] +4.0% (Q4 orders surged 58%, FY free cash flow hit a record €12.1bn, mid-term growth targets were raised and a direct Siemens Healthineers spin-off was confirmed), Rolls-Royce [RR.UK] +2.5% (reaffirmed £4.7bn-£4.9bn operating-profit and £3.8bn-£4.0bn free-cash-flow guidance while announcing an additional £1.5bn buyback), Wacker Neuson [WAC.DE] -5.5% (FY EBIT-margin guidance was narrowed to 7.0%-7.5%, with demand remaining challenging and September order intake showing only a modest pickup).

Financials: Allianz [ALV.DE] +2.0% (Q3 operating profit rose 6.2% to €4.7bn and the upper end of FY operating-profit guidance was lifted to around €18.6bn).

Speakers

- ECB Economic Bulletin Energy prices have continued to rise, posing upside risks to the inflation outlook and downside risks to the growth. Council committed to setting monetary policy to ensure that inflation stabilized at its 2% target in the medium term.

- Poland Central Bank (NBP) Member Duda noted that it might need to raise rates on certain conditions.

- Turkey Central Bank (CBRT) Gov Karahan Quarterly Inflation Report press conference.
Noted that its tight monetary stance to continue until price stability as supply shocks limited inflation slowdown..

- Turkey Central Bank (CBRT) Quarterly Inflation Report raised the end-2026 inflation from 28.0% to 29.5% and raised the end-2027 inflation from 15.0% to 21.0%.

- Russia Central Bank (CBR) Gov Nabiullina stated that saw 2026 GDP growth 'within 1%'.

- Iran President Pezeshkian said to meet Turkey's Erdogan on sidelines of UN Climate Change Conference (Cop31). Leaders to discuss ways to develop trade.

Currencies

- USD Index approaching 20-month highs in the aftermath of recent hawkish Fed speak. Markets currently seeing a 100% chance that the Fed moves to tighten in Dec.

- EUR/USD tested a 18-month low at 1.1075 in the session. ECB Economic Bulletin largely reflected the recent Oct rate decison.

- GBP/USD was steady after Q3 Prelim GDP data was in-line with expectations.

- USD/JPY edging back towards the pivotal 160 area after BOJ's Asada warned that premature rate hikes could hurt growth and depress underlying inflation. Japan Top FX Diplomat Mimura noted that the recent FX moves were too fast and kept the market aware of potential; FX intervention.
The 10-year German Bund yield last at 3.29%, France 10-year Oat at 4.76% and 10-year Gilt yield at 5.21%; 10-year Treasury yield: 4.99%; 10-year JGB: 2.79%.

Economic data

- (SE) Sweden Oct PES Unemployment Rate: 3.5% v 3.6% prior.

- (FI) Finland Sept Current Account Balance: -€0.5B v -€1.2B prior.

- (UK) Sept Monthly GDP M/M: 0.2% v 0.0%e.

- (UK) Q3 Preliminary GDP Q/Q: 0.7% v 0.7%e; Y/Y: 1.9% v 1.9%e.

- (UK) Q3 Preliminary Private Consumption Q/Q: 0.6% v 0.4%e; Government Spending Q/Q: 0.6% v 0.5%e v -0.5% prior; Gross Fixed Capital Formation Q/Q: 1.7% v 0.7%e; Exports Q/Q: 1.6% v 0.8%e; Imports Q/Q: 1.8% v 0.6%e.

- (UK) Q3 Preliminary Total Business Investment Q/Q: 0.4% v 0.6%e; Y/Y: 3.0% v 5.2% prior.

- (UK) Sept Industrial Production M/M: +0.3% v -0.4%e; Y/Y: 3.1% v 2.8%e.

- (UK) Sept Manufacturing Production M/M: +0.7% v -0.5%e; Y/Y: 4.4% v 3.8%e.

- (UK) Sept Construction Output M/M: +0.8% v -0.1%e; Y/Y: -1.5% v -2.2%e.

- (UK) Sept Index of Services M/M: 0.2% v 0.0%e; 3M/3M: 0.9% v 0.9%e.

- (UK) Sept Visible Trade Balance: -£22.3B v -£19.2Be; Overall Trade Balance: -£5.1B v -£2.1Be; Visible Trade Balance (ex-precious metals): -£21.4B v -£19.9B prior- SE) Sweden Oct Final CPI M/M: 0.0% v 0.0% prelim; Y/Y: 0.9% v 0.9% prelim.

- (SE) Sweden Oct Final CPIF M/M: 0.0% v 0.0% prelim; Y/Y: 1.1% v 1.1% prelim.

- (SE) Sweden Oct Final CPIF (ex-energy) M/M: -0.2% v -0.2% prelim; Y/Y: 0.1% v 0.1% prelim; CPI Level: # v 125.94 prior.

- (RO) Romania Oct CPI M/M: 0.8% v 0.7%e; Y/Y: 6.9% v 6.9%e.

- (ZA) South Africa Sept Total Mining Production M/M: +2.8% v -4.8% prior; Y/Y: -10.7% v -11.7% prior ; Gold Production Y/Y: -7.5% v -6.4% prior; Platinum Production Y/Y: -9.9% v -22.5% prior.

Fixed income issuance

- (UK) DMO sold £4.0B in 4.125% Mar 2033 Gilts; Avg Yield: % v 4.761% prior; bid-to-cover: x v 3.39x prior; Tail: bps vs. 0.2bps.

- (IT) Italy Debt Agency (Tesoro) sold total €7.25B vs. €6.0-7.25B indicated range in 3-year, 7-year and 20-year BTP.

Looking ahead

- (RO) Romania Central Bank (NBR) Interest Rate Decision: Expected to leave Interest Rates unchanged at 6.50%.

- (DE) Germany Sept Current Account Balance: No est v €10.3B prior.

- 05:25 (EU) Daily ECB Liquidity Stats.

- 05:30 (IN) India Oct CPI Y/Y: 6.0%e v 5.5% prior.

- 05:30 (HU) Hungary Debt Agency (AKK) to sell 3-year, 5-year and 10-year bonds.

- 05:30 (PL) Poland to sell Bonds.

- 05:40 (UK) BOE 7-day short-term repo operation (STR).

- 06:00 (IL) Israel Oct Trade Balance: No est v -$4.3B prior.

- 07:00 (BR) Brazil Oct IBGE Inflation IPCA M/M: 0.3%e v 0.8% prior; Y/Y: 4.7%e v 4.6% prior.

- 08:00 (RU) Russia Gold and Forex Reserve w/e Nov 6th: No est v $721.6B prior.

- 08:00 (UK) Daily Baltic Dry Bulk Index.

- 08:30 (US) Initial Jobless Claims: 195Ke v 189K prior; Continuing Claims: 1.71Me v 1.718M prior.

- 08:30 (CA) Canada Sept Building Permits M/M: -4.1%e v +8.8% prior

- 08:30 (US) Weekly USDA Net Export Sales.

- 09:00 (US) Fed’s Hammack.

- 10:00 (US) Oct Existing Home Sales: 3.85Me v 3.99M prior.

- 10:00 (US) Fed’s Barr.

- 11:30 (US) Fed’s Goolsbee.

- 11:30 (US) Treasury to sell 4-Week and 8-Week Bills.

- 11:30 (US) Treasury to sell 17-Week Bills.

- 12:00 (US) Weekly DOE Oil Inventories.

- 12:00 (CA) Canada to sell 2 Year Bonds.

- 12:30 (DE) ECB’s Nagel (Germany).

- 13:00 (US) Treasury to sell 30-Year Bonds.

- 13:10 (US) Fed’s Daly.

- 14:00 (AR) Argentina Oct National CPI M/M: 1.9%e v 1.9% prior; Y/Y: 32.8%e v 33.4% prior.

- 14:00 (US) Oct Federal Budget Balance: -$317.5Be v -$284.3B prior.

- 16:00 (KR) South Korea Oct Export Price Index M/M: No est v -0.8% prior; Y/Y: No est v 40.9% prior.

- 16:00 (KR) South Korea Oct Import Price Index M/M: No est v 1.7% prior; Y/Y: No est v 17.6% prior.

- 16:30 (NZ) New Zealand Oct Manufacturing PMI: No est v 56.5 prior.

- 18:00 (PE) Peru Central Bank Interest Rate Decision: Expected to raise Reference Rate by 25 bps to 4.50%.

- 18:30 (AU) RBA’s Baker.

- 18:30 (US) Fed’s Williams.

- 19:30 (JP) BOJ’s Asada.

- 21:35 (CN) China to sell 3-year and 10-year New Bonds.

- 22:00 (KR) South Korea Sept M2 Money Supply M/M: No est v 0.9% prior; L Money Supply M/M: No est v 0.2% prior.

- 22:30 (JP) Japan to sell 3-Month Bills.