OUTSIDE MARKET DEVELOPMENTS: Global equity markets were higher overnight with gains ranging from 0.5% to as high as 4.4% in the Hang Seng. The New Zealand business confidence survey for November slightly worse than expected, there was a slight uptick in a Japanese bank services PMI reading for October, and Australian imports contracted, which was offset by a gain in exports for the month of September. A Swiss consumer climate reading for the fourth quarter came in with a bigger contraction than the previous month, German factory orders and UK construction PMI both came in softer than expected. However, the news overnight was the bank of England’s decision to increase its asset purchase facility by 150 billion pounds. The North American session will start out with the October Challenger job cuts survey, followed by a weekly reading on US initial jobless claims that is expected to have a modest […]
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