Microsoft outage having global impact

EU mid-market update: Microsoft outage having global impact; Huang agrees to testify before Thanksgiving as Trump backs Cook for Nvidia CEO; US 2-year jumps to 4.88% ahead of PPI; Brent rises 3.3% on Houthi strikes on Saudi energy.

The brief

- Nvidia’s +2% move in premarket is indicative of overall market sentiment, which could be concluding a volatile week with a calmer finish. Huang’s resignation has turned into a personal and political story. He and Commerce Secretary Lutnick will both testify on how banned chips reached China through Megaspeed, and Trump has publicly backed Tim Cook to replace him. Nvidia shares were defended around $150 mark and closed down 4.3% while AMD and Broadcom gained, and Treasury yields jumped (2-year at 4.88%, 10-year at 5.10%) as the Fed talked about smaller, more frequent hikes. In Europe, Richemont and Generali both beat earnings estimates, but Goldman turned defensive on European banks, insurers and energy as the 10-year passed 5%. Next up are PPI today and Nvidia’s results on Nov 17.

Observations in full

- Since Thursday’s resignation, the risk has shifted to Huang personally, while Washington has started weighing in on the CEO search. House Foreign Affairs chair Mast says Huang has agreed to testify before lawmakers, with an appearance expected before Thanksgiving, and that he has “very serious questions to answer”. Having given up both his executive roles and his board seat, he will testify as a private citizen, and Trump says the FBI inquiry into his relationship with Alice Huang is underway. Reuters, citing two people, reports a relationship with a third Nvidia employee, which neither Huang nor the company has confirmed. The company still has not given a reason for his departure. Trump endorsed Apple’s Tim Cook for the job on Truth Social, “A Legend replaces a Legend”, a day after the White House said it was not intervening in the board’s decision. A president publicly naming a candidate puts political pressure on a board that is also deciding how much of the Megaspeed findings to disclose to Congress. Reported successor names include Kress, Ian Buck, Arm’s Rene Haas, chair Harvey Jones, Lisa Su, Micron’s Sanjay Mehrotra and Cook. Mehrotra stands out because memory supply is now the main constraint on Nvidia’s allocation. Huang is now the fourth-largest holder, with about 3.6%, and his net worth fell about $10B to roughly $145B. Musk’s “That would be an honor”, in reply to a post urging him to hire Huang, lifted SpaceX about 3%. California law makes non-competes unenforceable, so Huang could join a major GPU buyer or competitor immediately. Nvidia fell more than 14% intraday before closing 4.3% lower at $166.19 as dip buyers stepped in. Kress’s first results as interim CEO come on Nov 17, before his testimony, with Q3 guided at about $108B and the $279B commitment book under review.

- The export-enforcement story is now the main thread, and it points at the administration as well as Nvidia. Commerce Secretary Lutnick has agreed to testify before Congress, after Axios reported he stalled a crackdown on chip diversion and that Commerce received a national-security warning about Huang’s relationship. Reports overnight say Megaspeed, linked to Alice Huang in Singapore, acquired banned Nvidia chips in China, and Malaysia’s trade minister said the country “never cleared” Megaspeed or its Malaysian affiliate. That affiliate bought at least $4.8B of Nvidia-based equipment between June 2024 and February 2026. Senator Cotton is urging Commerce to ban CXMT, and Commerce is finalising an AI remote-access rule. Testimony from Lutnick and from Huang as a private citizen gives a Democratic Congress two witnesses on the same diversion channel, ahead of the Xi-Trump meeting at APEC in Shenzhen, which Beijing confirmed Xi will attend. China’s defence ministry said US and Chinese defence departments “maintain communications”. Schumer says he has the votes to stay Democratic leader, so the January majority will run its investigations under the same leadership.

- Other AI chipmakers are taking share of the trade. AMD rose 5.9% and Broadcom 5.5%, while the Taiex fell 2.6%, ASML 3%, and TSMC, SK hynix and Advantest all fell in Asia. Cerebras rose after hours on record revenue and a higher outlook, the first public read on an independent AI accelerator since Nvidia lost its founder. Cisco rose about 3% after hours on record revenue of $18.5B, and Applied Materials guided Q1 above consensus. SMIC said AI-related demand for specialty memory and controllers grew faster than it expected three months ago, eMemory’s Q3 royalties rose 27% y/y, while Silergy said Chinese consumer demand is “very weak” in what is usually a strong Q4. Investors are now separating the platform from the person: AI compute demand remains intact, while Nvidia carries a discount for losing its founder and for the investigations.

- A Microsoft cloud outage is now disrupting governments and companies. Microsoft said changes applied to restore service were “not taking as expected”, before reporting “early signs of stabilization” and extending its email timeout to 48 hours to protect delayed messages. Japan’s MOF said it cannot receive email, and Richemont briefly delayed its H1 release because of the outage. It is Microsoft’s second major outage in a month, coming as it consolidates its neocloud relationships and as Anthropic’s workplace tools compete with Microsoft 365. Richemont’s H1 operating profit of €3.13B beat €2.8B expected, with Americas sales up 19% against a 20% comparison, its 11th straight quarter of double-digit growth there.

- Nebius fell 16.8% after delays at third-party data-centre sites pushed revenue into 2027, while customers are now prepaying the whole build. Q3 revenue was $980.8M, up 571% y/y and ahead of consensus. But Nebius moved its $7B annualised revenue target from December to February and guided FY26 to the low end of $3.0-3.4B, because construction delays at third-party data centres pushed revenue into 2027. Prepayments on Q3 contracts now cover 100% of the cost of new capacity, up from 50-60% in Q2, so customers are funding the build, but the build itself is late. Nebius will shift expansion to sites it owns and operates, some of which are ahead of schedule, and expects pre-tax profitability as early as Q4. The gap with CoreWeave, whose sites are fully permitted and under construction, shows the risk sits with who controls the site. Anthropic’s IPO is reported on track to price Nov 18 at $70-78 a share, the day after Nvidia reports. ByteDance plans to buy back up to $6B of shares at a $400B valuation.

- The front end sold off hard before PPI, and the Fed is now talking about smaller, more frequent hikes. The 2-year jumped about 15bps to 4.88%, the 10-year rose 12bps to 5.10% and the 30-year reached 5.43%, flattening 2s10s to about 22bps. A December hike is fully priced, with CME at about 13% odds of 50bps. Cleveland’s Hammack called for restrictive policy through smaller, more frequent hikes, which points to a run of 25bps moves into 2027. October PPI is forecast at +0.4% m/m after +1.3%, with core at +0.3%, after core CPI already reached Waller’s 0.3% threshold. Claims rose to 200K and existing home sales fell 5.5%. Gold fell 2.9% to $3,885, its lowest since October 2025, Bitcoin fell 4% to about $71.5K, and the dollar index rose to 103.19. Southern priced $1.75B of equity units with an 8.625% distribution, showing what regulated utilities now pay to fund data-centre load.

- Oil rose on a new front in the Gulf just as the IEA forecast a return to surplus. Brent rose 3.3% to $95.82 and WTI to $88.74 after Houthi attacks on Saudi energy sites. The IEA’s monthly report says the market returns to surplus in Q4 2026. Renewed Houthi strikes threaten the Red Sea normalisation Hapag-Lloyd expects in Q1 2027, while tanker rates West of Suez are down about 50% from October. The IAEA’s quarterly report says it has lost track of Iran’s uranium stockpile and cannot conclude how much is stored for peaceful purposes. That undermines the order of the Qatari draft, which reopens Hormuz before stockpile talks, and gives Washington’s hawks an argument just as Trump calls new fighting “highly unlikely”. Kushner said Russia and Ukraine have agreed to bring European partners into the next round of talks, and ASEAN’s planned joint stockpile of petroleum products shows Asian importers preparing for supply disruptions to last.

- Goldman turned defensive on European financials and energy as the 10-year Treasury yield passed 5%. It cut European banks to neutral and insurers and energy to underweight. Generali’s 9M adjusted net income of €3.68B beat €3.56B expected. ams OSRAM said its AI photonics unit for data-centre optical links is moving closer to commercialisation, while Q3 revenue missed. Germany’s 2027 budget provides €561B of spending and €62B of investment. France’s October CPI was confirmed at 3.4% y/y and Poland’s at 3.5%. China confirmed it is preparing a new round of trade talks with the EU while saying it is “very concerned” about EU protectionism.

- Asia: Japan’s banks profit from rate hikes while the MOF scales back defence spending. MUFG’s H1 net income rose to ¥1.63T from ¥1.29T with a ¥200B buyback, SMFG’s to ¥1.00T with ¥220B, and Mizuho’s to ¥896B with ¥200B. Katayama called recent FX moves “one-sided, rapid” and brought forward winter utility subsidies. The MOF proposed a five-year defence plan of ¥50-60T, against the ¥80T sought, and Takaichi said the consumption tax cut will be reflected in prices. China’s October credit missed, with M2 growth of 7.1% and new yuan loans of ¥11.42T year to date against ¥11.6T expected, but the yuan fix strengthened to 6.7152, its strongest since Nov 3, as the PBOC injected a net CNY280B. Korea’s President Lee acknowledged a “significant correction” in Korean stocks. Singtel raised its FY27 EBIT growth guide to mid-to-high single digits.

- Cross-asset: After Huang’s exit the story moves to his testimony before Thanksgiving, Lutnick’s hearing and the FBI inquiry, while Trump’s endorsement of Cook puts political pressure on Nvidia’s board. Kress reports on Nov 17 with the $279B commitment book under review, as AMD, Broadcom and Cerebras gain share of the AI trade. Nebius’s slide on third-party delays, despite 100% prepayments, shows sites the operator controls are worth more. A 15bps jump in the 2-year to 4.88%, the 10-year at 5.10% and Hammack’s call for smaller, more frequent hikes set up PPI, with gold at its lowest since October 2025. Brent at $95.82 on Houthi strikes, and the IAEA losing track of Iran’s uranium, work against the IEA’s Q4 surplus call. Microsoft’s second major outage in a month reached Japan’s MOF and Richemont’s results. Ahead: PPI at 08:30 ET, Nvidia Nov 17, Anthropic’s reported pricing Nov 18 and APEC in Shenzhen.

- Asia closed mixed with KOSPI underperforming -1.0%. EU indices -0.2% to +0.4%. US futures -0.1% to +0.2%. Gold +0.5%, DXY 0.0%; Commodity: Brent -0.2%, WTI -0.6%; Crypto: BTC -5.6%, ETH -4.4%.

Asia

- South Korea Oct Export Price Index M/M: +0.7% v -0.5% prior; Y/Y: 36.7% v 41.3% prior.

- South Korea Oct Import Price Index M/M: -1.8% v +1.9% prior; Y/Y: 13.5% v 17.8% prior.

- New Zealand Oct Manufacturing PMI: 54.9 v 56.3 prior (13th month of expansion).

- Japan Fin Min Katayama: Expect monetary policy to work toward 2% price target.

Global conflict/tensions

President’s strategy remains opaque; posted that did not need a deal with Iran; VP Vance directed to focus on massive Corruption and Crime taking place in Democrat run Cities and States thus move off of his recent diplomatic outreach.

Europe

- Germany's budget committee finalized the 2027 budget, including more than €200B in total new borrowing (2nd highest level since World War II).

Americas

- US Oct Federal Budget Balance: -$404.1B v -$317.5Be.

- Fed's Williams (moderate, voter): The economy had been resilient and growth has been strong. US economy getting stronger but not overheating. Inflation was stubbornly persistent and high. Inflation was "far too high".

- Peru Central Bank (BCRP) raised the Reference Rate by 25bps to 4.50% (as expected) into tightening with its 1st hike since Jan 2023, Statement noted that the rate hike did not necessarily signal start of a tightening cycle.

Speakers/fixed income/FX/commodities/erratum

Equities

Indices [FTSE +0.26% at 10,891.75, DAX -0.16% at 26,773.89, CAC-40 +0.07% at 8,366.83, IBEX-35 +0.28% at 20,021.32, FTSE MIB -0.01% at 51,804.50, SMI -0.21% at 15,116.90, S&P 500 Futures +0.05%].

Market focal points/key themes: European equities ease from Thursday’s record, with the STOXX 600 down about 0.2% in the report, the DAX off 0.2%, the SMI off 0.2%, the FTSE MIB flat and the FTSE 100 up 0.3%, snapping a four-session winning streak but still on track for a 2.4% weekly gain, its best since June, as value-heavy and defensive sector weights insulate the index from the AI-led rotation that leaves Nvidia headed for roughly an 11% weekly drop after CEO Jensen Huang’s decision to step down. Single-stock losses are concentrated in luxury, chips and balance-sheet stories, with Richemont down 7% as quarterly sales growth slowed to 13% from 20% and €229M of one-offs flattered operating profit, Eramet down 7.5% on a roughly €500M six-for-five rights issue at €14.49, ams OSRAM down 6.5% on Q4 guidance below consensus, and Acciona and Acciona Energía down 6% and 5% on delayed asset rotation and a €500M subordinated intra-group loan, while Infineon (-2%), Siltronic (-1.5%), ASML and Aixtron (-1% each) track Nvidia lower amid US scrutiny of chip access. Energy and insurance offer support, with Equinor up 2%, Shell and BP up 1.5% each and TotalEnergies up 1% as Brent holds near $96 after renewed US-Iran tension and shipping threats restore a supply premium, and Aviva up 0.5% on a 19% rise in nine-month general-insurance premiums, though Generali falls 1.5% on a €1.5B natural-catastrophe hit and Enel loses 1% as lower fixed-price residential tariffs erode domestic profitability. Rates dominate the macro tape, with a hotter October US CPI pushing markets to fully price a 25 bps Fed hike in December and a 15% probability on a 50 bps move that was close to zero a week ago, while Trump’s statement that Washington no longer needs a formal Iran agreement, preliminary Q3 euro-zone GDP (+0.4% expected versus +0.6% prior), ECB speakers Elderson and Schnabel, US PPI and Fed remarks from Collins and Logan set the afternoon agenda.

Equities

Consumer discretionary: Richemont [CFR.CH] -7.0% (quarterly sales growth slowed to 13% from 20% in the prior quarter, while €229m of one-offs supported operating profit and elevated gold costs pressured underlying margins).

Healthcare: GSK [GSK.UK] +0.5% (European regulators recommended approval of a single Bexsero meningitis-B booster dose for people aged 10 and older).

Technology: ams OSRAM [AMS.CH] -6.5% (fourth-quarter revenue and adjusted-EBITDA guidance missed consensus as weak smartphone demand offset strength in optoelectronics), Infineon [IFX.DE] -2.0%, Siltronic [WAF.DE] -1.5%, ASML [ASML.NL] -1.0%, Aixtron [AIXA.DE] -1.0% (Nvidia’s abrupt leadership change and mounting US scrutiny of chip access revived uncertainty around the global AI investment cycle).

Energy: Equinor [EQNR.NO] +2.0%, Shell [SHEL.UK] +1.5%, BP [BP.UK] +1.5%, TotalEnergies [TTE.FR] +1.0% (Brent held near $96 after renewed US-Iran tensions and threats to shipping restored a geopolitical supply premium).

Consumer staples: Danone [BN.FR] +1.0% (completed the acquisition of fast-growing MADE Group, adding more than €300m of annual sales and expanding its Asia-Pacific healthy-nutrition portfolio).

Financials: Aviva [AV.UK] +0.5% (nine-month general-insurance premiums rose 19%, the combined ratio improved 0.6pp to 93.8% and wealth net flows increased 31%), Generali [G.IT] -1.5% (nine-month earnings increased, but the insurer disclosed a €1.5bn natural-catastrophe hit).

Materials: Eramet [ERA.FR] -7.5% (launched a roughly €500m six-for-five rights issue at €14.49 per share to reduce debt and protect covenant headroom).

Utilities: Acciona [ANA.ES] -6.0%, Acciona Energía [ANE.ES] -5.0% (the trading update highlighted delayed asset rotation and a €500m subordinated intra-group loan to reinforce the energy unit’s balance sheet despite an upper-end EBITDA forecast), Enel [ENEL.IT] -1.0% (nine-month recurring profit rose 4%, but declining domestic profitability from lower fixed-price residential tariffs overshadowed overseas growth).

Speakers

- Germany Economy Ministry: Leading indicators have stabilized but recovery has yet to reach the labor market.

- EU Foreign Affairs Policy Chief Kallas: Need to focus on Russia-Ukraine ceasefire.

- Czech Central Bank (CNB) Nov Minutes noted that policymakers agreed that hike was not the start of a cycle. Vote to hike by 25bps was not unanimous (4-3) with Frait, Zamrazilova and Kubelkova seeking steady policy. Members differed on timing of rate hike and saw risk of energy cost spillover.

- Poland Central Bank (NBP) Janczyk noted that was possible MPC would not change rates at the upcoming Dec meeting.

- Poland Central Bank (NBP) Gov Glapinski stated that it must remain independent as political pressure could make reaching price stability more difficult.

- IEA Monthly Oil Report lowered the 2026 global oil demand growth from -2.6M to -2.7M and raised 2026 global oil supply growth from -5.8M to -4.8M. Report maintained 2027 global oil demand growth at 2.0M while lowering 2027 global oil supply growth from 7.7M to 6.6M. November balances suggested global oil market would return to a surplus in Q4 2026, with a more substantial build in 2027.

Currencies

- USD maintained a firm tone against the major pairs in the session and near recent 19-month highs. Greenback aided by prospect of the Fed raising interest rates by as much as 50 basis points in December. Dealers noted that expectations were further supported by a renewed rise in oil prices Thursday after President Trump posted on social media that the US didn't need a deal with Iran.

- JPY currency (Yen) weakened to test above 160 level (highest level since early-September). Dealers noting higher US yields usually spell trouble for the Japanese yen.

- EUR/USD at 1.1060 by mid-session. Various EU CPI and GDP data did little to dent the USD firm tone for now.
The 10-year German Bund yield last at 3.37%, France 10-year Oat at 4.89% and 10-year Gilt yield at 5.32%; 10-year Treasury yield: 5.13%; 10-year JGB: 2.86%.

Economic data

- (FI) Finland Oct CPI M/M: 0.4% v 0.7% prior; Y/Y: 3.1% v 2.5% prior.

- (DE) Germany Oct Wholesale Price Index M/M: 0.4% v 1.9% prior; Y/Y: 8.8% v 8.7% prior- (RO) Romania Q3 Advance GDP Q/Q: 2.1% v 0.5%e; Y/Y: +0.1% v -1.1%e.

- (TR) Turkey Sept Current Account Balance: $2.7B v $2.8Be.

- (TR) Turkey Central Bank (TCMB) Oct Inflation Expectation Survey 12-month inflation outlook: 24.0% v 23.9% prior.

- (CH) Swiss Oct Producer & Import Prices M/M: 0.9% v 0.3% prior; Y/Y: +0.9% v -0.2% prior.

- (CN) Weekly Shanghai Deliverable Copper Inventories (SHFE): 27.6K v 33.9K tons prior.

- (TH) Thailand Foreign Reserves w/e Nov 6th: $274.7B v $272.8B prior.

- (FR) France Oct Final CPI M/M: 0.4% v 0.4% prelim; Y/Y: 3.4% v 3.4% prelim.

- (FR) France Oct Final CPI EU Harmonized M/M: 0.4% v 0.4% prelim; Y/Y: 3.7% v 3.8% prelim; CPI (Ex-Tobacco) Index: 103.46 v 103.50e.

- (RU) Russia Narrow Money Supply w/e Nov 6th (RUB): 23.01T v 22.95T prior.

- (ES) Spain Oct Final CPI M/M: 0.6% v 0.6% prelim; Y/Y: 4.9% v 4.9% prelim.

- (ES) Spain Oct Final CPI EU Harmonized M/M: 0.5% v 0.5% prelim; Y/Y: 4.9% v 4.9% prelim.

- (ES) Spain Oct CPI Core M/M: % v -0.2%e; Y/Y (final): 3.1% v 3.1% prelim.

- (PL) Poland Oct Final CPI M/M: -0.4% v -0.4% prelim; Y/Y: 3.5% v 3.5% prelim.

- (PL) Poland Q3 Preliminary GDP Q/Q: 0.8% v 0.7%e; Y/Y: 3.5% v 3.6%e.

- (HK) Hong Kong Q3 Final GDP Q/Q: 1.9% v 1.9% prelim; Y/Y: 5.2% v 5.2% prelim.

- (IT) Italy Sept Total Trade Balance: €2.1B v €1.8B prior; EU Trade Balance: -€0.8B v -€0.3B prior.

- (CZ) Czech Sept Current Account Balance (CZK): 14.1B v 0.2Be.

- (IN) India Oct Trade Balance: -$39.9B v -$30.2B prior; Exports Y/Y: 45.0% v 23.0% prior; Imports Y/Y: 16.5% v 8.0% prior.

- (CN) China Oct YTD New Yuan Loans (CNY): 11.420T v 11.600Te.

- (CN) China Oct YTD Aggregate Financing (CNY):28.610T v 28.908Te.

- (CN) China Oct M2 Money Supply Y/Y: 7.1% v 7.2%e; M1 Money Supply Y/Y: 4.4% v 3.5%e; M0 Money Supply Y/Y: 10.7% v 10.6% prior.

- (CN) China Q3 Preliminary Current Account Balance: $276.1B v $193.7B prior.

- (EU) Euro Zone Q3 Preliminary GDP (2nd of 3 readings) Q/Q: 0.4% v 0.4% advance; Y/Y: 1.3% v 1.3% advance.

- (EU) Euro Zone Q3 Preliminary Employment Q/Q: 0.0% v 0.1% prior; Y/Y: 0.4% v 0.5% prior.

- (EU) Euro Zone Sept Trade Balance: -€8.7B v -€7.8B prior ; Trade Balance (unadj): -€10.3B v -€16.1B prior.

- (CY) Cyprus Q3 Preliminary GDP Q/Q: 0.5% v 1.2% prior; Y/Y: 3.1% v 3.4% prior.

Fixed income issuance

- (IN) India sold INR340B vs. INR340B indicated in 6.94% 2036 bonds; Avg Yield: 7.3203%.

- (ZA) South Africa sold total ZAR900M vs. ZAR900M indicated in IL 2038, 2043 and 2058 bonds.

Looking ahead

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

- 06:00 (PT) Portugal Q3 Labour Costs Y/Y: No est v 5.4% prior.

- 06:00 (UK) DMO to sell £5.5B in 1-month, 3-month and 6-month bills (£1.0B, £2.0B and £2.5B respectively).

- 06:30 (IN) India Forex Reserve w/e Nov 6th: No est v $717.1B prior.

- 07:00 (BR) Brazil Sept Retail Sales M/M: -0.4%e v +0.1% prior; Y/Y: 0.6%e v 0.4% prior.

- 07:00 (BR) Brazil Sept Broad Retail Sales M/M: -0.4%e v -0.2% prior; Y/Y: -0.5%e v +0.1% prior.

- 08:00 (PL) Poland Sept Current Account Balance: -€2.5Be v -€3.6B prior; Trade Balance: -€2.0Be v -€3.0B prior; Exports: €33.9Be v €28.6B prior; Imports: €35.7Be v €31.6B prior.

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

- 08:00 (ES) Spain Debt Agency (Tesoro) announcement on upcoming issuance.

- 08:00 (IN) India announces upcoming bill issuance (held on Wed).

- 08:30 (US) Oct PPI Final Demand M/M: 0.4%e v 1.3% prior; Y/Y: 6.6%e v 6.3% prior.

- 08:30 (US) Oct PPI (ex-food/energy) M/M: 0.3%e v 0.7% prior; Y/Y: 5.0%e v 5.0% prior.

- 08:30 (US) Oct PPI (ex-food/energy/Trade) M/M: 0.4%e v 0.5% prior; Y/Y: 4.8%e v 5.0% prior.

- 08:30 (CA) Canada Sept Wholesale Sales (ex-petroleum) M/M: +0.5%e v -1.6% prior; Manufacturing Sales M/M: 0.1%e v 1.5% prior.

- 10:00 (CO) Colombia Sept Retail Sales Y/Y: 8.6%e v 7.3% prior.

- 10:00 (CO) Colombia Sept Industrial Production Y/Y: +0.2%e v -1.2% prior; Manufacturing Production Y/Y: -0.8%e v -3.7% prior.

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

- 11:00 (RU) Russia Q3 Advance GDP (1st of 3 readings) Y/Y: 0.9%e v 1.3% prior.

- 11:00 (RU) Russia Oct CPI M/M: 1.2%e v 0.4% prior; Y/Y: 7.1%e v 6.4% prior.

- 11:00 (RU) Russia Oct CPI Core M/M: No est v 0.5% prior; Y/Y: No est v 5.5% prior.

- 11:00 (US) Fed’s Bowman.

- 11:00 (EU) Potential sovereign ratings after European close (S&P on Italy; Fitch on Germany; DBRS on UK & Portugal).

- 12:00 (US) Fed's Daly.

- 13:00 (US) Weekly Baker Hughes Rig Count data.

- 14:00 (AR) Argentina Sept Wages M/M: No est v 2.7% prior.

- 19:00 (US) Fed's Jefferson.