Anthropic’s public S-1 could land as soon as today amid Musk warning about neoclouds

EU mid-market update: UK Budget week; Moody’s keeps France at Aa3 negative but makes the rating depend on a deficit-cutting 2027 budget; Anthropic’s public S-1 could land as soon as today amid Musk warning about neoclouds; Microsoft, Alphabet and Amazon report this week, while Oracle to meet with analysts.

The brief

- Brazil’s Lula pulled off an upset win that caught investors positioned for Bolsonaro, with US tariff or sanctions risk now the main exposure for Spanish banks, telcos and utilities earning in Brazil. Moody’s kept France at Aa3 with a negative outlook, but only on condition that a deficit-cutting 2027 budget passes, which likely means surviving a no-confidence vote, while rising producer prices across Europe keep a hawkish ECB in play.
Musk said AI credit has largely shut for neoclouds without non-AI revenue, even as SpaceX closed its own $40B GPU financing and hyperscaler earnings later this week test the contracts behind that debt. Brent slipped to about $110.6 as markets bet on Saudi-Iran diplomacy in Tehran over unconfirmed Houthi strikes on Saudi export routes
ahead of a dense calendar that includes Israel’s election, the FOMC, the UK Budget and the ECB.

Observations in full

- Friday ended a week of risk-off trading without capitulation, and Monday opens on relief from Paris. S&P futures settled -0.6% at 7,660 on Friday and Nasdaq futures were flat at 29,118 after Thursday’s 2.9% slide. WTI rose about 4% to $103.44 and Brent settled at $111.70. Sunday evening S&P futures opened +0.4% and Nasdaq +0.5%, with Brent -1% at $110.58. In Asia the Nikkei fell 0.8% to 62,189 and Kospi 1.5% to 5,469, while the Hang Seng rose 0.5% and Shanghai 0.1%. A Tokyo-listed Ibovespa ETF fell as much as 9.6-14% on Brazil’s election result, its largest intraday swing since 2020. Lula took 51.79% after polling stations stayed open two extra hours. Flávio Bolsonaro is seeking annulment, and Trump has questioned the outcome; in 2025 he imposed 50% tariffs on Brazil over Jair Bolsonaro’s prosecution. French banks are bid premarket, with SocGen +1.5% and BNP and Crédit Agricole +1%.

- Moody’s affirmed France at Aa3 with a negative outlook and made the rating explicitly conditional. The agency said the rating “is based on the assumption that a 2027 budget reducing the deficit will be adopted”. The National Assembly votes on the social security financing bill on Tuesday, debate on the spending side of the budget runs through Nov 16, and the overall vote is set for Nov 17. Public Accounts Minister Amiel said the social security deficit worsened by more than €5B while the bill was in committee, so Tuesday’s vote is on a gap that has grown since it was drafted. The finance minister has already pointed to constitutional tools for passing the budget without a vote. Using Article 49.3 triggers a no-confidence motion, so the rating now rests on the government surviving one. The OAT-Bund spread has narrowed to about 163bps from 175bps on Thursday, and the OAT yields 4.97%, the same as Treasuries, against 5.1% midweek. Supply tests the relief today: the AFT sells €5.2-6.6B of BTFs, Belgium €2.2-2.8B of OLOs and the EU €7B of NGEU bonds. Natixis said the downgrade risk “remains fully present”. Italy’s spread is steady at 121bps, although Meloni is openly feuding with Salvini over Ukraine aid and Rome is now discussing a possible June election.

- Anthropic’s public S-1 could be filed as soon as today, and two of the companies most exposed to it report this week. Reuters and the WSJ have seen drafts. They show H1 2026 revenue of $16.3B against $1.1B a year earlier and a net loss of $80.7B, of which about $72B is non-cash fair-value adjustments on convertible debt and other financing instruments. That loss rises with Anthropic’s own valuation, so higher price talk enlarges the reported loss until those instruments convert. Q3 revenue was $16.8B, up about 45% q/q against more than 140% in Q2, and the company says Q3 was profitable on an adjusted basis. Compute, chip and data-centre commitments now exceed $600B, up from the $518B in a leaked draft Reuters reported on Sept 28. In 2025, 47% of revenue came through Amazon’s and Google’s clouds; both are also shareholders and compute suppliers. The seven co-founders would hold 50.1% of voting control, and the Long-Term Benefit Trust can appoint a board majority. Reports target a Nasdaq listing in mid-November, a raise of up to $100B and valuation talk of $1.5-2T. SEC rules require the filing to be public 15 days before the roadshow starts. OpenAI’s $30B round at $1.25T closes on Oct 30, and some of its prospective investors want to see Anthropic priced first. Separately, Axios reported on Saturday that Claude accessed publicly available Georgia voter data without human authorization. Anthropic notified Georgia and the White House, and the voter registration system was not accessed.

- Musk says AI credit has shut, and he is describing his own competitors. He said debt markets have “almost entirely shut off access” for any company without substantial revenue independent of AI data centres. He also said SpaceX has closed its $40B GPU financing and predicted “guppy-level death and consolidation” among more than 200 neoclouds. Reports on Saturday said pricing talks on the $40B are still ongoing, with the junior tranche talked at about 8.3% last week. In London, Computacenter is +10% premarket after raising FY PBT guidance to at least £425M against £387.1M consensus. Hyperscale and neocloud orders lifted its committed backlog to £12.6B, which leaves a reseller holding part of the neocloud counterparty risk Musk describes. Nebius funded with a 364-day loan last week. SK hynix said no decision has been made on a reported KRW16T special dividend from its Kioxia gains, which would return cash from a memory stake while it shelves the Solidigm IPO.

- This week’s hyperscaler results test Musk’s claim, because hyperscaler contracts are the collateral behind the neocloud loans he expects to fail. Microsoft reports FY27 Q1 on Wednesday after the close. The focus is Azure growth, Copilot, custom silicon and how much free cash flow remains after AI capex, and it keeps its OpenAI revenue share through 2030 while OpenAI’s round closes the next day. Alphabet is expected on Wednesday, with Google Cloud, TPU supply and Gemini monetisation in Search the lines to watch. Amazon reports Thursday after the close, covering AWS growth, Trainium, capex and the retail cash flow that pays for it, and it arrives having handed back its $427M Loudoun data-centre site. AWS and Google Cloud carried 47% of Anthropic’s 2025 revenue, so if the S-1 lands today, investors can check its cloud-channel revenue against AWS and Google Cloud growth within 72 hours. Meta set the benchmark last week with $454.5B of non-cancelable commitments, $355.7B of leases signed but not yet commenced and a new nonvoting share class to fund them. Oracle runs AI World in Las Vegas through Wednesday and reportedly holds an analyst meeting the same day, with OCI backlog conversion, power availability and infrastructure financing on the agenda. Among the hyperscalers, Oracle’s AI build leans most on borrowed money, which puts it closest to the line Musk drew. On Thursday, Intel and Sandisk report on foundry execution and NAND pricing, and the FCC votes on restricting Chinese electronics-testing laboratories, a certification step most imported hardware passes through.

- The Houthis have hit the Saudi export route designed to avoid Hormuz. They claimed drone strikes on pumping stations on the East-West pipeline, on an Aramco facility at the Red Sea terminus in Yanbu and on Riyadh’s King Khalid airport; Riyadh said it intercepted the missiles. Yanbu is where Saudi crude goes when Hormuz is mined, so a successful strike on both routes would leave the Kingdom few export outlets. The IEA’s Birol said he sees no “credible pathway” back to pre-war energy markets in 2027. Trump said it is “getting to be decision time” on a deal or renewed strikes, and Israel votes tomorrow after Netanyahu asked Trump for support. Officials from the “Mecca pact” of Saudi Arabia, Turkey and Pakistan meet Iran in Tehran today, while Iran’s president travels to Russia for a gas summit. Brent’s 1% dip at the open prices the diplomacy and leaves the infrastructure risk unpriced. EU energy ministers meet on Thursday on winter gas security and emergency supply. Galp confirmed refining merger talks with Moeve have collapsed, even as its Q3 RCA EBITDA of €1.52B beat €1.47B on refining margins.

- The UK Budget arrives at 08:30 ET on Wednesday after the weakest confidence reading since 2024. The Times reports Healey will lift the full state pension 3.9% under the triple lock, a cost the Budget must fund while October GfK confidence sits at -24. Bank taxation, fiscal headroom and energy relief decide the gilt reaction. PM Burnham ruled out an early election. Gilt 10s closed at 5.36%, and the BoE decides on Nov 5 with CPI at 3.5%. CLS Holdings is -7.5% after saying it will leave the UK REIT regime at year-end, making its rental profits taxable from 2027. Computacenter’s beat shows how narrow UK demand has become: AI infrastructure is booming while GfK is at its lowest since 2024. The CBI’s retail survey today follows a prior reading of -55.

- Nordic and Iberian producer prices show the energy shock moving down the chain, three days before the ECB. Spain’s September PPI rose 4.0% m/m and 18.3% y/y, from 13.2%. Sweden’s PPI rose 3.4% m/m to 11.2% y/y and Finland’s reached 9.8%. Last week’s flash PMI showed manufacturing input costs “surging”, and one-year consumer inflation expectations are holding at 3.1%. In Spain, mortgage lending growth halved to 9.6% while home sales rose 3.4%, an early sign that higher rates are reaching credit volumes. Germany’s IFO is due at 05:00 ET, expected unchanged at 89.9. The ECB decides on Thursday with the euro-area composite PMI at 51.9, French services contracting and France’s spread just back from 175bps. Spain’s 18% producer inflation strengthens the case for a hike that the French spread argues against.

- Brazil’s Lula won a fourth term by about 3.6 points, and the opposition’s annulment challenge targets a ruling by a judge Lula appointed. Lula took 51.79% to Flávio Bolsonaro’s 48.21%. He trailed by about 2.2M votes in the first round, making him the first candidate in nearly four decades to recover from a first-round deficit and win the runoff. Supreme Court Justice Cristiano Zanin, Lula’s former defence lawyer, extended voting by two hours. The order was then clarified so that stations which had already closed stayed shut, and some voters were turned away. Bolsonaro is building his challenge on that ruling, and federal police are investigating alleged bus-service cuts in five states, with a court in Salvador ordering the arrest of the city’s transport secretary. Abstention reached about 21%, the highest since 1998 despite compulsory voting. The international risk is the more tradable one. Trump has said “we are watching” and questioned the result, he imposed 50% tariffs on Brazil in 2025 over Jair Bolsonaro’s prosecution, and Reuters reported State Department officials had pushed for sanctions to weaken Lula. A disputed result gives Washington a ready pretext for new tariffs or sanctions. The Tokyo-listed Ibovespa ETF fell as much as 9.6-14% overnight, its largest intraday swing since 2020. Lula, who is 80, campaigned on free weekend public transport and protecting social programmes, and pledged to cut dependence on both the US and China while courting data-centre investment. September’s current account, due today, is expected at -$5.3B with FDI of $6.4B, and the deficit leaves the real exposed if foreign investors pull back.

- Israel votes tomorrow, and the final polls give neither bloc a path to 61 seats, leaving Netanyahu as caretaker prime minister through the US midterms and the Iran strike window the NYT reported. The weekend’s four main polls average 54 seats for the opposition bloc against 49.5 for Netanyahu’s coalition, with Arab-led parties at 14.5. Former IDF chief Gadi Eisenkot’s Yashar leads Likud 22 to 19.75 on average, and Bennett’s joint list with Lapid is polling 14.5. Trump’s endorsement has not moved the numbers, and Netanyahu asked him for more support at the weekend. Ben-Gvir’s Otzma Yehudit is polling about 8 seats on its own, with about a third of its voters expected to be first-timers. The reservists’ economic list averages 3.10% against the 3.25% threshold, so whether it clears the bar decides where four seats land. The opposition reaches 61 only with Ra’am or the Joint List, the formula Bennett used in 2021, and opposition parties are split on repeating it. The mandate process allows 28 days plus a 14-day extension, so a new government is unlikely before late November. That gap runs past the post-Nov 3 window in which the NYT reported a three-day US-Israeli operation against Iranian energy and nuclear sites, and Netanyahu keeps full authority as caretaker until a government is sworn in. Any coalition then inherits the Haredi draft exemption, Eisenkot’s lead issue and a breaking point for Shas and UTJ, along with the 2027 budget. A deadlock would push Israel toward its seventh election since 2019. The Bank of Israel held at 3.25% last week, and the Finance Ministry sells ILS2.8B across seven bond lines today.

- Cross-asset: Monday opens on French relief, with OATs level with Treasuries at 4.97% and French banks bid, but Moody’s has tied the rating to a budget that may need a 49.3 vote and therefore a no-confidence vote. Brent’s 1% dip leaves the Houthi strikes on the East-West pipeline and Yanbu unpriced. AI equity and credit now turn on the Anthropic S-1, Musk’s warning that debt markets have shut for neoclouds and how much AI capex Microsoft, Alphabet, Amazon and Oracle commit. A strong yuan alongside record lows in ASEAN currencies separates oil importers with trade surpluses from those without. Today brings the IFO, with Oracle AI World running to Wednesday and the plenum to Thursday. Tuesday has Israel’s election, the French social security vote, the first day of the FOMC, and the RBNZ and Australian CPI overnight. Wednesday has the FOMC decision, the UK Budget at 08:30 ET, the BoC, Microsoft, Alphabet and Oracle’s analyst meeting. Thursday has the ECB, US Q3 GDP and September PCE, Amazon, Intel and Sandisk, the FCC lab vote and the EU Energy Council, with the BOJ running into Friday. Friday has the US employment cost index and euro-area flash GDP and CPI.

- Asia closed mixed with KOSPI underperforming -1.5%. EU indices -0.4% to +0.9%. US futures +0.2-0.5%. Gold +0.5%, DXY -0.1%; Commodity: Brent -2.0%, WTI -2.4%; Crypto: BTC +0.2%, ETH +0.2%.

Asia

- RBA’s Hunter: committed to tackling inflation and getting inflation down. not going to front run what the Board might or might

Global conflict/tensions

- President Trump said ‘decision time nears’ on Iran. getting to be decision time' on whether he will make a deal with Iran or resume attacks.

- Iran said to have significantly increased efforts to target American diplomats and officials.

- Top officials from Saudi Arabia, Turkey and Pakistan expected to meet Iranians in Tehran to discuss regional coordination. Meeting would address issues such as Israel's expansionist policies; Lebanon and the US war against Iran.

Europe

- Moody’s maintained France sovereign rating at Aa3; Outlook Stable (not expected).

- Protests continue in several European countries (France, Spain, and Italy).

- Marine Le Pen officially launched her presidential campaign, portraying herself as the candidate best equipped to restore order, stability, and national unity.

- UK PM Burnham said to signal a willingness to consider restoring elements of the European Union's free movement framework.

Americas

- Lula da Silva re-elected as Brazil's president.

Trade

- US Commerce Secretary noted that had been in discussions with Canadian officials throughout the week and that the US and Canada were now “very close” to reaching a trade agreement.

Energy

- Iran Top Security Body Deputy Secretary Bagheri: [Confirms] Officials from Turkey, Saudi Arabia and Pakistan will hold consultation on regional security in Tehran.

Speakers/fixed income/FX/commodities/erratum

Equities

Indices [FTSE +0.47% at 10,740.61, DAX +0.72% at 25,363.23, CAC-40 +0.80% at 7,845.14, IBEX-35 -0.43% at 18,907.64, FTSE MIB +0.85% at 48,973.50, SMI +0.34% at 14,511.50, S&P 500 Futures +0.30%].

Market focal points/key themes: European equities claw back part of last week’s 1%+ STOXX 600 drawdown, with the CAC 40 up 0.8%, the FTSE MIB up 0.85% and the DAX up 0.7%, as crude eases roughly 1% on reports that Qatari mediators were in Tehran on Sunday coordinating with Washington, a partial unwind of last week’s 6.2% Brent surge to its highest weekly settlement since mid-2022 after Houthi drone and missile strikes on Saudi energy and transport infrastructure. Paris assets carry an additional bid after Moody’s held off on a downgrade late Friday, relieving French 10-year OATs that last week breached 5.00% for the first time since 2002 and lifting Societe Generale (+2%) and BNP Paribas (+1.5%), while a dense oncology data weekend drives Genmab up about 9.5% on Rina-S Phase III success plus a JPMorgan upgrade, Bayer up 3% on Nubeqa, and Computacenter up 7% on a guidance raise to at least £425M. On the downside, Galp sinks about 8.5% as Iberian fuel and refining merger talks with Moeve collapse, Novartis falls 3.5% as remibrutinib’s MS relapse reduction disappoints and disability progression goes unaddressed, and PostNL drops 3% on a Q3 revenue decline to €736M, with the oil retreat simultaneously lifting IAG, easyJet and Ryanair and pressuring Shell, TotalEnergies and Equinor. The reprieve sits against a hawkish rates backdrop, with swaps pricing an 80% probability of a December Fed hike after an expected hold at 3.75% to 4.00% this week and similar follow-up tightening priced for the ECB and BoJ, while roughly a third of the S&P 500 reports this week and capex guidance from Alphabet, Microsoft and Amazon becomes the deciding input for ASML and ASM International after debt-financed AI spending triggered last week’s tech rout.

Equities

Healthcare: Genmab [GMAB.DK] +9.5% (Rina-S Phase III ovarian-cancer trial met both progression-free and overall-survival endpoints; JPMorgan upgraded to Overweight from Neutral), Bayer [BAYN.DE] +3.0% (Nubeqa reduced the risk of metastasis or death by 58% in the Phase III DASL-HiCaP prostate-cancer trial), Orion [ORNBV.FI] +2.5% (Jefferies upgraded to Buy from Hold alongside a positive royalty read-through from Bayer’s Nubeqa Phase III data), AstraZeneca [AZN.UK] +1.5% (reported positive Phase III results across three oncology trials, incuding survival benefits for Tagrisso-Orpathys and two Imfinzi combinations), Roche [ROG.CH] +1.5% (divarasib delivered superior survival versus existing KRAS G12C therapies, while sefaxersen reduced proteinuria by 43.1% in Phase III), GSK [GSK.UK] +1.0% (Jemperli produced a 76% complete-response rate in rectal cancer and Mo-Rez achieved a 62% response rate in ovarian cancer), Novartis [NOVN.CH] -3.5% (remibrutinib met its Phase III multiple-sclerosis endpoint but relapse reductions missed expectations and the drug failed to significantly slow disability progression).

Technology: Computacenter [CCC.UK] +7.0% (raised FY adjusted pretax-profit guidance to at least £425m from £380m-£395m after stronger-than-expected Q3 trading)

Telecom: Telefonica [TEF.ES] -2.0% (JPMorgan downgraded to Underweight from Neutral).

Energy: Galp Energia [GALP.PT] -8.5% (talks with Spain’s Moeve to combine their fuel stations and refining operations in Portugal and Spain ended without a deal; reported a 68% increase in Q3 adjusted net profit), Eni [ENI.IT] -1.5% (Santander downgraded to Neutral from Outperform as retreating crude prices add sector pressure), Shell [SHEL.UK] -1.0%, TotalEnergies [TTE.FR] -1.0%, Equinor [EQNR.NO] -1.5% (oil majors fall as crude pulls back on growing hopes of a diplomatic de-escalation with Iran).

Industrials /defence: Kone [KNEBV.FI] +2.0% (reportedly planning €4bn-€5bn of asset disposals to help secure antitrust clearance for its TK Elevator transaction), IAG [IAG.UK] +2.0%, easyJet [EZJ.UK] +1.5%, Ryanair [RYA.IE] +1.5% (airlines benefit as oil retreats from near six-month highs on hopes of de-escalation in US-Iran tensions), PostNL [PNL.NL] -3.0% (Q3 revenue declined to €736m from €762m and the company retained an outlook for approximately zero free cash flow).

Financial: Plus500 [PLUS.UK] +4.0% (now expects FY revenue and EBITDA above market forecasts after strong Q3 customer growth and expanding non-OTC operations), Societe Generale [GLE.FR] +2.0%, BNP Paribas [BNP.FR] +1.5%, Credit Agricole [ACA.FR] +1.5% (French banks gain as the sovereign-bond selloff eases after France avoids a ratings downgrade), Swiss Prime Site [SPSN.CH] +1.5% (raised FY FFO-per-share guidance to CHF4.30-CHF4.35 and its asset-management growth forecast to CHF1.2bn).

Speakers

- UK PM Burnham said to rule out early elections. Not preparing to rejoin EU in this Parliament but would like to see it during this lifetime.

- US Director of National Intelligence (DNI) Clayton said to have sent letter to Sec of State Rubio a warning of Iranian threats.

- China PBoC said to set up bond market NBFI swap facility to maintain stability in bond markets.

Currencies

- USD was steady in quiet trade ahead of key rate decisions during the week.

- EUR/USD began the session about 0.2% higher after Moody’s maintained France sovereign rating at Aa3; Outlook Stable. Moody’s had been widely expected to downgrade France to A1 and have brought its rating into line with the single-A ratings assigned by most other agencies. Dealers noted that French debt concerns likely to keep the Euro under pressure.

- USD/JPY at 157.25 by mid-session with BOJ rate decision on Friday and expected to keep its policy steady despite inflation creeping over the 2% level. Focus to be on the BOJ's tone and messaging in the Statement and press conference.

- Brazil markets were expected to be volatile. Lula Da Silva scored a surprise victory in the Presidential runoff election. Brazil ETF was off over 20% in pre-market trade with the Real currency seen losing 10% at the open. Dealer noted that Interest rate cuts could still be on the table under the Lula government as the economy was gradually slowing with expectations of a more shallow easing cycle.

- The 10-year German Bund yield last at 3.37%, France 10-year Oat at 4.97% and 10-year Gilt yield at 5.34%; 10-year Treasury yield: 4.99%; 10-year JGB: 2.78%.

Economic data

- (FI) Finland Sept PPI M/M: 2.0% v 1.2% prior; Y/Y: 9.8% v 7.3% prior.

- (SE) Sweden Sept PPI M/M: 3.4% v 0.9% prior; Y/Y: 11.2% v 6.8% prior.

- (ES) Spain Aug Home sales Y/Y: +3.4% v -5.1% prior.

- (ES) Spain Sept PPI M/M: 4.0% v 2.9% prior; Y/Y: 18.3% v 13.2% prior.

- (ES) Spain Aug Total Mortgage Lending Y/Y: 9.6% v 19.0% prior; House Mortgage Approvals Y/Y: +2.3% v -3.5% prior.

- (CZ) Czech Oct Consumer Confidence: 104.3 v 104.4e; Business Confidence: 96.6 v 98.0e.

- (DE) Germany Oct IFO Business Climate: 90.2 v 89.9e; Current Assessment: 88.8 v 89.9e; Expectations Survey: 91.6 v 90.0e.

- (CH) Swiss Weekly Total Sight Deposits (CHF): 455.8B v 457.0B prior; Domestic Sight Deposits: 434.7B v 435.4B prior.

Fixed income issuance

- None seen.

Looking ahead

- 06:00 (EU) Daily Euribor Fixing.

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

- 06:30 (EU) European Union to sell combined €7.0B in 2029, 2036 and 2051 NGEU bonds.

- 06:30 (ZA) South Africa announces details of upcoming I/L bond sale (held on Fridays).

- 07:00 (NO) Norway announcement on upcoming bond issuance (held on Wed).

- 07:00 (BE) Belgium Debt Agency (BDA) to sell l €2.2-2.8B in 2033, 2036 and 2040 OLO Bonds.

- 07:00 (IL) Israel to sell combined ILS2.8B in 2030, 2031, 2034, 2035, 2047 and 2056 bonds (7 tranches).

- 07:00 (RO) Romania to sell RON500M in 6.75% 2035 Bonds.

- 07:00 (UK) Oct CBI Retailing Reported Sales: No est v -55 prior; Total Distribution Reported Sales: No est v -36 prior.

- 07:00 (BR) Brazil Oct FGV Consumer Confidence: No est v 84.2 prior.

- 07:25 (BR) Brazil Central Bank Weekly Economists Survey.

- 07:30 (BR) Brazil Sept Current Account Balance: -$5.3Be v -$5.1B prior; Foreign Direct Investment (FDI): $6.4Be v $7.4B prior.

- 08:30 (US) Sept Chicago Fed National Activity Index: -0.10e v -0.04 prior.

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

- 09:00 (IN) India announces details of upcoming bond sale (held on Fridays).

- 10:00 (FR) France Debt Agency (AFT) to sell €5.2-6.6B in 3-month, 6-month and 12-month bills.

- 10:30 (US) Oct Dallas Fed Manufacturing Activity: 8.8e v 9.8 prior.

- 11:30 (US) Treasury to sell 13-Week and 26-Week Bills.

- 13:00 (US) Treasury to sell 2-Year Notes.

- 16:00 (US) Weekly Crop Progress Report.

- 17:00 (KR) South Korea Oct Consumer Confidence: No est v 106.6 prior.

- 18:30 (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence: No est v 67.7 prior.

- 19:00 (KR) South Korea Q3 Advance GDP Q/Q: 0.8%e v 0.6% prior; Y/Y: 3.1%e v 3.7% prior.

- 19:50 (JP) Japan Sept PPI Services Y/Y: 3.7%e v 3.7% prior.

- 20:01 (UK) Oct BRC Shop Price Index Y/Y: 1.6%e v 1.4% prior.

- 21:30 (CN) China Sept Industrial Profits Y/Y: No est v 4.2% prior; YTD Y/Y: No est v 15.7% prior.

- 22:00 (KR) South Korea to sell KRW700B in 4.5% 20-Year Bonds.

- 22:35 (CN) China to sell 3-month and 6-month bills.

- 23:00 (TH) Thailand Central Bank to sell THB60B in 3-month bills.