Markets Overview

We will receive Japan’s Ecowatcher’s survey later at 1pmSingapore time. In European time, we will receive moredetail on the composition of Euro area GDP growth in Q3.

    The UK will print October industrial production and we willreceive October trade data in France. In the US, we willreceive the October BLS JOLTS survey, the NovemberNIFB small business survey and the December IBD/TIPPeconomic optimism index. Canada will print housing startsfor October.

    All eyes will be on China’s November trade numbers today.

    Consensus is expecting Chinese exports to contract 5.0% y/y, slightly better than the 6.9% y/y contraction seen a monthago. Likewise, imports is also expected to contract 11.8%y/y, better than the 18.8% y/y contraction in October. Otherthan data from China, Taiwan will be releasing wholesaleprice index as well as consumer price index for November.

    The greenback strengthened as the post payroll rallycontinued, with the disappointing employment trends surveyhaving no impact on December rate hike expectations.

    EUR slid as both the Sentix survey and German industrialproduction fell short of expectations. JPY eased justmarginally, as weakness on Wall Street helped defend itagainst the general USD advance. GBP dipped as the USDrose broadly, with no fresh UK data to offer an alternate view.

    AUD weakened as commodity prices fell.

    Asian currencies fell against the USD yesterday, reversingthe gains in the previous trading day. The KRW fell by themost, by 1%, to close at 1168.06/USD, while the SGD alsofell 0.5% to close 1.4045/USD. The THB and TWD weredown 0.3% and closed at 35.87/USD and 32.936/USDrespectively, while the PHP was flat at 47.074/USD.

    The USD/SGD was trading at a narrower range of 1.3964