Kospi closes 7.6% lower after a circuit breaker despite strong TSMC results

EU mid-market update: Kospi closes 7.6% lower after a circuit breaker despite strong TSMC results; CoreWeave drops 15% with its 2032 bonds near a 15% yield after hot core CPI lifts October Fed hike odds from about 22% to roughly 40%; Dated Brent trades near $134 against $107 for futures.

Notes/observations

- Wednesday’s hot CPI and CRWV bonds breakout turned a rotation into a rout: the S&P 500 fell 1.11% to 7,718.94, its worst session since late July and the end of its longest run without a 1% drop in more than six years, while the Nasdaq lost 1.88% to 26,692.87 and the Philadelphia semiconductor index fell 4.5%. The 2-year yield spiked 16bp to 4.95% and the 10-year to 5.30% before buyers pulled them back to about 4.81% and 5.19% by the close. Bank of America fell 4.8% after revenue of $29.96bn missed by 2.6%, and Morgan Stanley fell 2.75% despite a revenue beat. ASML’s early gain on its raised full-year outlook faded. Comex silver fell 6.1% to $55.55, its lowest close in nearly a year, and gold touched about $4,100.

- TSMC guided Q4 Rev to $52.3-54.3bn, up 14% on the quarter and 48% on the year at the midpoint, against $48.8bn expected, and raised full-year dollar growth to about 44%. Gross margin is guided to 65-67% and operating margin to 56.5-58.5% at NT$31.8 per dollar, with the margin midpoint down 40bp on the quarter to 66% on the steep N2 ramp and overseas-fab dilution. Management saw no sign of an AI slowdown, said the mid-to-high-50% AI accelerator revenue CAGR for 2026-2029 will probably be higher, and said demand remains far above supply even after financing, power and component constraints. TSMC’s own checks of US data-center construction and power availability were positive, which is the opposite of what the Korean tape priced. It affirmed $60-64bn of 2026 capex, said 2026-28 investment will be significantly higher than the prior three years, with nearly 25 fabs in progress, and still expects revenue to outpace capex. N2 capacity should more than double in 2027, A14 volume production stays on schedule for 2028, and N3 capacity is being added, including Arizona’s second fab in Q3 2027. Management is prudent on 2027 consumer demand because of rising component prices, called backend capacity somewhat short, and did not confirm reported broad price increases. Talks on using a customer’s Terrafab capacity in the US are not finalised.

- Anthropic told prospective investors that Q3 Rev was $16.8bn, up about 45% from $11.6bn in the second quarter and 3.6 times the $4.7bn of the first, with an adjusted gross margin of 85%, an adjusted operating margin above 11% and positive free cash flow, per US financial press citing people familiar. The Information later reported that the company is lowering its margin projection as revenue accelerates. The 74-point gap between the two margins, about $12bn on Q3 Rev by our arithmetic, sits entirely below the gross-profit line in training, research, sales, stock compensation and overhead, so how training compute is classified will matter once a prospectus is filed. The figures are adjusted and unaudited, and the company has not published them. At the $1.8-2 trillion valuation investors are discussing, against $965bn at the May Series H, Q3 revenue annualised at $67bn implies roughly 27-30 times. Bloomberg has reported formal IPO marketing from the week of November 9 and a debut by year end.

- CoreWeave fell 15% on Wednesday, its third-largest one-day drop on record, as yields on its 2031 and 2032 bonds approached 15%, and its CEO told staff in a memo that the backlog more than supports its debt and that the market is acting irrationally. The company carried about $52bn of debt and lease obligations at the end of June against a backlog of about $104bn. Oracle fell 8-9% a day after rising 4.2% on its Project Jupiter power proposal, and its 6.25% November 2032 bond yields 7.24%, roughly half CoreWeave’s level. Nebius and Dell each lost 11%, about $80bn came off four AI-linked names, and Nvidia fell 3.2%, AMD 5.7% and Broadcom 3.1%. Deutsche Bank said the names under most credit scrutiny for capex needs were already under pressure before the CPI print. The gap between Oracle at 7.24% and CoreWeave near 15% is the price of customer concentration and unsecured leverage, and it opened on a day when the 10-year yield moved less than 10bp.

- October Fed hike odds roughly doubled on the CPI print, from about 22% to the low 50s intraday and between about 35% and 43% by the close, depending on the pricing source, with December near 50%. The detail was broad: gasoline rose 34.2% from a year earlier, fuel oil 74.2% and shelter 3.2%, and Capital Economics said the core upside had no obvious temporary cause. Oxford Economics now forecasts an October hike. San Francisco Fed’s Daly said more hikes are more likely than not but that none is urgently needed, and that reacting while there is time to decide would be imprudent. The Beige Book reported moderate growth in two of the 12 districts, with expectations of slight growth. The 10-year real yield is 2.88%. This morning the 2-year is 4.768%, the 10-year 5.156% and the 30-year 5.501%, and the 5s30s spread has narrowed to about 50bp from 55.5bp. The front end is carrying the repricing while long-end buyers cap the move. JPMorgan strategists dismissed talk that Treasury will cut 20-year issuance at the November refunding, and September PPI and retail sales land at 14:30 CET.

- Brent is down 1.6% at about $104.4 and WTI about 1% lower near $94.1 after Wednesday’s settlements at $106.06 and $95.09, yet the IEA said North Sea Dated reached about $134, up 43% since the start of September against 13% for Brent futures. Other North Sea grades traded up to $160. The agency said diesel constraints will persist well into 2027, that the Russian diesel agreement with the US will have little practical effect, and that Gulf crude exports rose 4.4 million b/d in September to about 75% of prewar levels while Iranian exports fell to zero under a US blockade. A Houthi attack caused a limited fire at an Aramco administrative building in Dhahran, a Singapore-registered ship was sunk in Hormuz, and CNN reported the US is considering using its largest non-nuclear bomb against Iran. API data showed a crude draw of 11.1 million barrels. IEA members meet today on further diesel stock releases after the 50 million barrel release in early October.

- A US official said Washington is discussing lifting some sanctions on shadow-fleet vessels to cut record freight rates, while the Washington Post reported that US intelligence officials warned Ukraine through its embassy that intelligence sharing would stop unless it halts strikes on Russian energy sites. Russia accused Ukraine of hitting two refineries, including the 400,000 b/d Ryazan plant, a breach of the energy ceasefire Trump announced on Sunday that Moscow never confirmed. Musk said Trump is ultimately responsible for any curbs on Ukraine’s Starshield systems, after a Ukrainian official said SpaceX capped Starlink terminal speeds for the military. In Paris, Le Pen said France cannot continue to finance Ukraine. The shadow-fleet idea runs against the EU’s record sanctions listing adopted Monday, and a halt in Ukrainian strikes would remove a main constraint on Russian refinery runs behind the diesel shortage.

- Elsewhere, CNN reported, citing multiple US officials, that the US military has drawn up new strike plans that include the GBU-43/B “mother of all bombs” against Iranian energy infrastructure and nuclear sites, to be used if Trump orders combat operations to resume either before or after the November 3 midterms. The weapon has been used once, on April 13, 2017, against an ISIS-K tunnel complex in Nangarhar, Afghanistan, where Afghan officials reported roughly 90-96 militants killed, and only about 15 were built. Axios reported earlier this week that Trump and Netanyahu discussed new action against Iran, with Defense Secretary Hegseth and CENTCOM leadership the strongest advocates for resuming strikes, and Iran says it is counting the moments until it can strike US warships. A Singapore-registered ship was sunk in Hormuz this week, and the Houthis hit an Aramco office building in Dhahran. The IEA says Iranian crude exports are already zero under the US blockade, so the oil-market exposure is retaliation against Gulf infrastructure and shipping rather than lost Iranian barrels.

- UK GDP rose 0.1% in August against a 0.1% fall expected, lifting the annual rate to 2.1% against 1.7% expected, the highest since August 2022, but production did all the work: output rose 0.8%, services were flat and construction fell 0.2%. The visible trade deficit narrowed to £18.0bn from £21.8bn expected. Chancellor Healey said in Bangkok that his October 28 Budget will meet the fiscal rules and stay on the path the IMF has endorsed, that spending and deficits must be controlled, and that it will give “a bit of breathing space”. The rules require day-to-day spending to be met by tax revenue by 2029-30, and the FT reported the Budget will be funded by taxes or spending cuts rather than borrowing, with additional spending fully paid for in that year. The Iran war has cut his headroom, and an October 12 assessment put the cost of meeting spending pressures, including defence, at roughly £35bn of tax rises or benefit cuts. The IMF said it is not asking for faster deficit reduction and told the UK to stay the course, while warning against blanket cost-of-living subsidies. A pledge to keep the rules does not set the gilt reaction; the forecasts and measures on October 28 do. The 10-year gilt reached 5.515% on October 8, its highest since July 2007, and the BoE’s Pill is pushing back on pricing of about 100bp of hikes by mid-2027.

- Ericsson’s management still calls the RAN market flat, so part of the quarter was pulled forward, and the CEO flagged geopolitical risk and high component costs as headwinds to gross margin next year. During its earnings call it highlighted that 2027 likely to be a “transition year” with component-cost headwinds: inflation’s financial impact will build over coming quarters, while multi-year customer contracts delay price increases flowing through the P&L. Management expects some impact despite mitigation and warns of “significant” gross-margin dilution without action; Q3 tactical measures worked well, but cannot offset inflation indefinitely.

- Cross-asset: Gold is near $4,142 and silver $56.03 after Wednesday’s dip toward $4,100, with the US 10-year real yield at 2.88%. The dollar rallied after CPI, with the Bloomberg Dollar Spot Index up as much as 0.6% and the krona down 0.61%. AUD/USD is near 0.6954 after Australia lost 39,300 jobs against a gain of 20,000 expected, with unemployment up to 4.7%, the highest since October 2021. BOJ’s Koeda said the bank should adjust its policy rate in a timely manner, and Japan and the US agreed on the first chip project under the $550bn investment plan. Escondida’s supervisors were said to have approved a wage deal, removing the strike risk, and Antofagasta’s third-quarter copper output rose 7% from the second quarter to 151,900 tonnes, with 2027 guidance of 630,000-690,000 tonnes. Rémy Cointreau’s first-quarter organic sales fell 0.9% against a 1.2% decline expected, with US and China down, and management is not counting on a material bounce. Barclays reportedly sees a Tesla-SpaceX merger announcement possible before December. Still to come: PPI, retail sales and jobless claims at 14:30 CET, the IEA diesel meeting, euro-area draft budgets due at the Commission today, and the European Council, which begins today and runs through Friday.

Asia

- Japan Aug Core Machine Orders M/M: 5.2% v 2.3%e; Y/Y: 18.6% v 15.6%e.

- Australia Sept Employment Change: -39.3K v +20.0Ke; Unemployment Rate: 4.7% v 4.6%e.

- South Korea Sept Total Bank Lending to Household (KRW): 1.199T v 1198.3T prior.

- Japan Fin Min Katayama: Reiterates no change in US-Japan message since intervention. Won't hesitate to take action on FX if needed.

- South Korea Financial Services Committee (FSC) held an emergency meeting and note to respond sternly to market disturbing behavior. Prepared to deploy contingency plans if necessary.

Global conflict/tensions

- US military said to have developed new strike plans that included potentially using the so-called “mother of all bombs” to target Iranian energy infrastructure and nuclear sites should Pres Trump give the order to resume combat operations.

Europe

- ECB’s Dolenc (acting Slovenia member): Did not see second-round effects yet. ECB might not have to do much, if markets tightened. Labor market isn't so tight anymore. Must be vigilant on inflation data. Approaching restrictive policy stance.

- ECB Pereira (Portugal) noted that yields rise was more related to fiscal rules.

- ECB Kocher (Austria) stated that was not at stage where ECB discussed bond-market tools.

- BOE Pill (chief economist, hawkish dissenter noted that should not give impression that a hike now would be the start of a series of increases.

- UK Chancellor of the Exchequer Healy (Fin Min) noted that would follow IMF advice to stick to deficit reduction plans in October 28th budget.

Americas

- Fed Beige Book noted that two of the twelve Federal Reserve Districts reported moderate growth in economic activity. Three Districts reported modest growth, while four reported slight growth.

- Fed's Daly (non-voter, dove) noted that was more likely than not to need more rate hikes.

Energy

- Weekly API Crude Oil Inventories: -11.1M v -2.1M prior.

Speakers/fixed income/FX/commodities/erratum

Equities

Indices [FTSE +0.31% at 10,757.78, DAX -0.40% at 25,198.32, CAC-40 +0.19% at 7,888.17, IBEX-35 +0.13% at 19,256.33, FTSE MIB -0.49% at 49,510.50, SMI +0.41% at 14,187.60, S&P 500 Futures -0.35%].

Market focal points/key themes: European equity bourses reversed Wednesday’s fragile rebound on Thursday as the Stoxx Europe 600 surrendered nearly 0.35% and the DAX shed roughly half a percent, once hotter-than-expected U.S. CPI—headline 3.7%, core 2.6%—drove 10-year Treasury yields to 5.266% and triggered an abrupt global compression of duration-sensitive growth multiples. The sharpest individual swings were THG’s 10.5% surge after it raised FY26 adjusted EBITDA guidance to £103m while maintaining positive free-cash-flow expectations, and Ericsson’s 8.5% advance on a Q3 adjusted EBITA beat driven by efficiency measures, set against the semiconductor complex’s collapse: ASM International –9.5%, Infineon –9%, Workspace Group –9% on declining occupancy and lower customer activity, Mondi –8% on higher-than-expected input costs, Mycronic –8% after an SEB downgrade, and ASML itself –6.5% as TSMC’s results and the intensifying Asian chip rout revived rate-hike fears and Chinese-competition concerns. Technology desks that had briefly anchored the continental complex to ASML’s Q4 sales guidance resumed aggressive de-risking, transmitting the overnight Asian rout into European equipment makers, chip foundries and software names while defensive staples and selected property vehicles absorbed residual capital. With Lagarde still refusing any ECB backstop for French sovereign spreads and the Q3 reporting season already scarred by LVMH’s China-driven disappointment, equity multiples remain mechanically tethered to multi-decade-high global yields, leaving risk appetite subordinated to the next macro data shock until corporate margins demonstrably expand enough to offset the cost of capital.

Equities

CONSUMER DISCRETIONARY: THG [THG.UK] +10.5% (raised FY26 adjusted EBITDA guidance to £103m and maintained expectations for £25m–£35m of positive free cash flow), Dunelm [DNLM.UK] +4.5% (Q1 sales rose 1.1%, with growth accelerating to about 4% in the final seven weeks and gross margin improving), TUI [TUI1.DE] +2.5% (Brent crude fell about 2%, easing fuel-cost pressure on the travel operator), Workspace Group [WKP.UK] -9.0% (Q2 portfolio occupancy declined and management reported lower customer activity).

TECHNOLOGY: ASM International [ASM.NL] -9.5%, Infineon [IFX.DE] -9.0%, STMicroelectronics [STMPA.FR] -7.0%, VAT Group [VACN.CH] -7.0%, BE Semiconductor Industries [BESI.NL] -7.0%, ASML [ASML.NL] -6.5% (TSMC results and affirmed Capex; global semiconductor selloff intensified after hotter US inflation revived rate-hike fears and the Asian chip rout deepened concerns over AI capital spending and Chinese competition), Mycronic [MYCR.SE] -8.0% (SEB downgraded to Hold from Buy and cut its price target to SEK360 from SEK385).

TELECOM: Ericsson [ERICB.SE] +8.5% (Q3 adjusted EBITA beat expectations as efficiency measures offset higher component costs).

CONSUMER STAPLES: Pernod Ricard [RI.FR] +3.0% (fiscal-Q1 sales fell a smaller-than-expected 0.9%), Imperial Brands [IMB.UK] +3.5%, British American Tobacco [BATS.UK] +3.0%, Haleon [HLN.UK] +2.5% (defensive rotation as hotter US inflation and the Asian technology rout drove investors out of rate-sensitive growth stocks).

INDUSTRIALS / DEFENCE: Mondi [MNDI.UK] -8.0% (Q3 input costs were higher than expected and underlying EBITDA excluding forestry effects fell sequentially), Antofagasta [ANTO.UK] -6.0% (raised FY26 gross cash-cost guidance to $2.60–$2.70/lb from $2.40–$2.60 as year-to-date copper production remained 8% lower), Anglo American [AAL.UK] -4.0%, Rio Tinto [RIO.UK] -4.0%, Glencore [GLEN.UK] -3.0% (copper and broader metals prices weakened amid the global risk-off move), Symrise [SY1.DE] +1.5%, Lanxess [LXS.DE] +1.5% (lower crude prices provided an input-cost read-through for chemicals producers).

FINANCIALS: Kinnevik [KINVB.SE] +5.0% (Q3 net asset value rose 1% sequentially to SEK107.75 per share), EQT [EQT.SE] +3.5% (reported strong Q3 fundraising and agreed to acquire Stockbridge, adding about $16.5bn of fee-generating assets under management), Wallenstam [WALLB.SE] +3.0% (Q3 rental income rose 3.8% and net operating income increased 5.1%, lifting the operating margin to 80.5%), British Land [BLND.UK] +2.5% (first-half like-for-like net rental income grew 12%, portfolio values rose 1.5% and FY27 EPS guidance was reiterated), Nordea [NDA.FI] -5.0% (Q3 operating profit missed consensus as loan losses reached €74m and the net fair-value result fell 19%), Kinnevik [KINV-B.SE] -6.0% (quarterly net asset value rose only 1% sequentially and remained SEK8bn below the year-earlier level).

Speakers

- BOE’s Greene noted that risks of 2nd round effects were quite significant. Relying on market pricing did not work in the long term.

- BOE Dep Gov Breeden noted that was surprised how economy had absorbed the energy shock; looking whether energy shock was gone or just delayed.

- ECB's Kazaks (Latvia) noted that there was no immediate need to rush on interest rates. Inflationary forces remain stronger in the immediate future.

- UK Chancellor of the Exchequer (Fin Min) Healy noted that budget will meet fiscal rules and stay on path with IMF rules.

- Former ECB Pres Draghi noted that was a long way from France becoming a Euro Area crisis and that the bar was pretty high for use of ECB’s Transmission Protection Instrument (TPI).

- German Chancellor Merz stated that expected very tough negotiations on EU 7-year budget at the EU Summit. Hoped for an agreement before year end.

- Portugal PM Montenegro stated ahead of an EU Summit that the US-Russia diesel agreement would not solve the problem.

- South Africa Central Bank (SARB) Gov Kganyago noted that upside risks to inflation remained and that CPI was expected to return to the 3% target only in 2028.

- Russia said to consider ban on LPG exports amid market conditions; To continue gasoline imports until at least end-2026. Russia diesel shipments to US could take 2-3 weeks.

Currencies

- USD was steady during the session as tech selloff deepened during the Asian session and into EU morning. . US Treasuries yields were lower on safe-haven demand which saw the USD softened.

- UK Monthly GDP data showed that the economy remained resilient despite recent global shocks. GBP/USD at 1.3265 but dealers seeing up upside headwinds as economic environment for next year continued to look challenging.

- EUR/USD staying above the 1.12 level aided by lower US bond yields. Dealer noted that markets had pare bets on ECB interest-rate hikes and were no longer fully pricing three full increases by the end of next year.

- USD/JPY staying below the 158 level as the Yen benefitted from safe haven demands.

- The 10-year German Bund yield last at 3.39%, France 10-year Oat at 4.77% and 10-year Gilt yield at 5.34%; 10-year Treasury yield: 5.11%; 10-year JGB: 2.89%.

Economic data

- (SE) Sweden Sept PES Unemployment Rate: 3.6% v 3.8% prior.

- (NL) Netherlands Sept Unemployment Rate: 4.0% v 4.0% prior.

- (UK) Aug Monthly GDP M/M: +0.1% v -0.1%e; 3M/3M: 0.7% v 0.5%e.

- (UK) Aug Industrial Production M/M: +0.8% v -0.1%e; Y/Y: 1.6% v 0.7%e.

- (UK) Aug Manufacturing Production M/M: 1.2% v 0.0%e; Y/Y: 3.0% v 2.3%e.

- (UK) Aug Construction Output M/M: -0.2% v 0.0%e; Y/Y: -1.8% v -2.1%e.

- (UK) Aug Index of Services M/M: 0.0% v -0.1%e; 3M/3M: 0.9% v 0.7%e.

- (UK) Aug Visible Trade Balance: -£18.0B v -£21.9Be; Overall Trade Balance: -£0.9B v -£4.2Be; Visible Trade Balance (Ex Precious Metals): -£19.8B v -£20.0B prior.

- (NO) Norway Sept Trade Balance (NOK): 105.0B v 100.6B prior.

- (CH) Swiss Sept Producer & Import Prices M/M: 0.3% v 0.7% prior; Y/Y: -0.2% v -0.7% prior.

- (FR) France Sept Final CPI M/M: -0.3% v -0.3% prelim; Y/Y: 3.1% v 3.0% prelim.

- (FR) France Sept Final CPI EU Harmonized M/M: -0.3% v -0.4% prelim; Y/Y: 3.4% v 3.4% prelim; CPI Index (ex-tobacco): 103.07 v 102.99e.

- (TR) Turkey Sept Central Gov't Budget Balance (TRY): -532.2B v +12.9B prior.

- (IT) Italy Aug General Government Debt: €3.201T v €3.207T prior.

- (EU) Euro Zone Aug Industrial Production M/M: -0.5% v 0.0%e; Y/Y: -1.1% v -0.1%e.

Fixed income issuance

- (ES) Spain Debt Agency (Tesoro) sold total €5.436B vs. €4.5-5.5B indicated range in 2029, 2031 and 2033 SPGB bonds.

- (FR) France Debt Agency (AFT) sold total €12.0B vs. €10.0-12.0B indicated range in 2031, 2032 and 2033 bonds.

- (SE) Sweden sold total SEK750M vs. SEK750M indicated in 2036 and 2039 I/L Bonds.

Looking ahead

- (NG) Nigeria Sept CPI Y/Y: No est v 15.4% prior.

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

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

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

- 05:50 (FR) France Debt Agency (AFT) to sell €0.75-1.25B in 2032, 2039 and 2040 I/L Bonds.

- 06:00 (IL) Israel Sept Trade Balance: No est v -$5.4B prior.

- 06:00 (IL) Israel Aug Chain Store Sales M/M: No est v -1.2% prior.

- 06:00 (CZ) Czech Republic to sell CZK5.0B in 12-month bills.

- 06:30 (IN) India Sept Unemployment Rate: No est v 5.0% prior.

- 08:00 (PL) Poland Sept CPI Core M/M: 0.1%e v 0.3% prior; Y/Y: 3.1%e v 3.3% prior.

- 08:00 (BR) Brazil Aug Retail Sales M/M: +0.8%e v -0.8% prior; Y/Y: 1.5%e v 1.2% prior.

- 08:00 (BR) Brazil Aug Broad Retail Sales M/M: 1.0%e v 0.4% prior; Y/Y: 2.0%e v 1.8% prior.

- 08:00 (BR) Brazil CONAB.

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

- 08:30 (US) Sept Advance Retail Sales M/M: 0.3%e v 1.1% prior (revised from 1.2%); Retail Sales (ex-auto) M/M: 0.5%e v 1.3% prior (revised from 1.4%); Retail Sales (ex-auto/gas): 0.2%e v 1.1% prior (revised from 1.2%); Retail Sales (Control Group): 0.3%e v 1.2% prior (revised from 1.4%).

- 08:30 (US) Oct Philadelphia Fed Business Outlook: 28.0e v 37.8 prior.

- 08:30 (US) Initial Jobless Claims: 200Ke v 197K prior; Continuing Claims: 1.71Me v 1.716M prior.

- 08:30 (US) Sept PPI Final Demand M/M: 0.6%e v 0.4% prior; Y/Y: 5.4%e v 5.4% prior.

- 08:30 (US) Sept PPI (ex-food/energy) M/M: 0.3%e v 0.2% prior; Y/Y: 4.4%e v 4.6% prior.

- 08:30 (US) Sept PPI (ex-food/energy/trade) M/M: 0.3%e v 0.3% prior; Y/Y: 4.7%e v 4.7% prior.

- 08:30 (CA) Canada Aug Wholesale Sales (ex-petroleum) M/M: -1.5%e v +0.3% prior; Manufacturing Sales M/M: +1.1%e v -0.4% prior.

- 09:00 (RU) Russia Gold and Forex Reserve w/e Oct 9th: No est v $742.7B prior.

- 10:00 (US) Aug Business Inventories: 0.4%e v 0.8% prior.

- 10:30 (US) Weekly EIA Natural Gas Inventories.

- 11:00 (PE) Peru Sept Unemployment Rate: 4.8%e v 4.8% prior.

- 11:00 (PE) Peru Aug Economic Activity Index (Monthly GDP) Y/Y: 3.3%e v 3.6% prior.

- 11:30 (IL) Israel Sept CPI M/M: -0.3%e v +0.7% prior; Y/Y: 1.8%e v 1.5% prior.

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

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

- 12:00 (CA) Canada to sell 5-year Bonds.

- 14:00 (US) Treasury liquidity buyback targets.

- 17:00 (KR) South Korea Sept Export Price Index M/M: No est v -3.7% prior; Y/Y: No est v 42.4% prior; Import Price Index M/M: No est v -2.4% prior; Y/Y: No est v 15.6% prior.

- 17:30 (NZ) New Zealand Sept Manufacturing PMI: No est v 53.1 prior.

- 17:45 (NZ) New Zealand Sept Food Prices M/M: No est v 0.3% prior.

- 17:45 (NZ) New Zealand Sept Total Card Spending M/M: No est v -0.5% prior; Retail Card Spending M/M: No est v -0.9% prior.

- 19:00 (KR) South Korea Sept Unemployment Rate: 2.7%e v 2.7% prior.

- 20:30 (SG) Singapore Sept Non-oil Domestic Exports Y/Y: 32.3%e v 46.2% prior; Electronic Exports Y/Y: No est v 131.8% prior.

- 22:00 (NZ) New Zealand Sept Non Resident Bond Holdings: No est v 58.9% prior.

- 22:00 (UK) BOE Gov Bailey.

- 22:30 (DE) ECB’s Nagel (Germany).

- 23:30 (US) Fed Gov Warsh).

- 23:30 (JP) Japan to sell 3-Month Bills.