Market Roundup: Weaker but Recovering

Tsys weaker in late morning trade, climbing back near the top end of the session range. Some early gap moves amid no noticeable block or headline prints chalked up to rethinking hawkish/dovish messaging: post-ECB and pre-Fed and BoE later in week.

• No noticeable react to MNI's Chicago Business BarometerTM, that dipped a further half-point to 45.2 in October, contracting for a second consecutive month. After the across-the-board September plunge, most indicators saw marginal improvements in October, whilst New Orders and Supplier Deliveries slipped further. Order Backlogs and Employment recorded stronger upticks.
• Tuesday's ISMs likely to draw same muted reaction ahead Wed's FOMC policy announcement with 75bp expected, as much focus on year end guidance as current annc: step-down to a 50bp hike at the following meeting looks like the path of least resistance for now – the question is, how strongly does the FOMC seek to express that view.
  
• Employment data: ADP private jobs data early Wed (0815ET) followed by October read for NFP this Fri at 0830ET.
• Equities have bounced off lows, ESZ2 -13.25 at 3898.0, Communication Services and Information Technology sectors underperforming.