- As expected, the RBA held rates steady, but maintained hawkish language in the statement. Aussie bonds are slightly weaker, while the A$ has outperformed at the margins.
- The China Caixin services PMI printed comfortably above expectations, aiding China equities. Spill over has been limited elsewhere though, as the US election approaches.
- FX overnight implied volatilities are very elevated.
- Later US October services ISM/PMI and September trade print, as well as UK October services/composite PMIs. The eurogroup meeting continues and the ECB’s Lagarde and Schnabel speak.
MARKETS
- With the election drawing closer and the uncertainty over the result greater, the move lower in yield stalled in Asian trading with yields across the curve higher.
- Cash markets were weaker throughout the Asia trading day with the 2YR +0.4bp to 4.168, 10YR +1bp to 4.295 and the 30yr +1bp to 4.479.
- The Dec’24 10Y futures traded in a very tight range, oscillating around 110-14 with little movement and low volumes.
- Tonight’s data sees the release of the S&P Global US Services PMI, ISM Services Index / Prices Paid / Employment and New Orders and Mortgage Applications.
JGBS: Subdued Session Ahead Of US Presidential Election
In Tokyo morning trade, JGB futures are flat compared to settlement levels on Friday. The local market was closed yesterday for a holiday.
- The local calendar has been light today with monetary base as the sole release.
- Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session, with a flattening bias. Yesterday, the so-called “Trump trade” (bear steepener) was unwound after a poll in Iowa, a typically reliable red state, gave Harris a 3-point lead over Trump. A late swing to Harris was also evident in other weekend polls. However, Polymarket still shows odds that favour Trump to win in today’s US Presidential Election. Political polling in key swing states remains within the margin of error, leaving the race finely balanced.
- Cash JGB swings are +/- 1bp across benchmarks beyond the 1-year. The benchmark 10-year yield is 0.5bp lower at 0.946% versus the cycle high of 1.108%.
- Swap rates are flat to 1bp lower. Swap spreads are tighter.
AUSSIE BONDS: Slightly Cheaper After RBA Delivers Expected ‘No-Change’ Decision
ACGBs (YM -5.0 & XM -1.0) are 1-2bps cheaper after the RBA delivered the widely expected ‘no change’ decision. To summarise the accompanying statement:
- The latest forecasts mirror those from August, highlighting persistent underlying inflation due to strong demand and tight labour markets. Growth is weak, wage pressures have eased, and global uncertainties remain high.
- The RBA Board prioritises returning inflation to target, emphasising vigilance against upside risks. Despite lower headline inflation, underlying inflation remains high. Policy will stay restrictive until inflation trends sustainably toward the target, with decisions guided by evolving economic data and risks.
- Cash ACGBs are flat to 4bps cheaper, with a flattening bias. The AU-US 10-year yield differential at +27bps, near the upper limit of the +/-30bps range maintained since November 2022.
- Cash US tsys are flat to 1bp cheaper in today’s Asia-Pac session, with a steepening bias, ahead of today’s US Presidential Election.
- Swap rates are 1bp higher to 1bp lower, with EFPs ~1bp tighter and the 3s10s curve flatter.
- The bills strip has bear-steepened, with pricing flat to -6.
- RBA-dated OIS pricing is 1-5bps firmer after the RBA decision and 1-9bps firmer than last Wednesday’s pre-CPI levels. The market had assigned an 8% probability to a 25bp rate cut at today’s meeting.
RBA: Another Hawkish Hold, Board Remains “Vigilant” To Upside Inflation Risks
The RBA left rates at 4.35% in November as was unanimously expected. The tone of the statement and guidance paragraphs was little changed and suggested another hawkish hold. The Board remains “vigilant to upside risks to inflation” and didn’t rule “anything in or out”. It is still going to be “some time yet before inflation is sustainably in the target range”. Thus, Governor Bullock will probably reiterate at the 1530 AEST press conference that rate cuts are unlikely in the “near term”.
- The statement was updated for the new data released since the last meeting on September 24. This included a couple of mildly hawkish additions – that some labour market indicators had “recently stabilised” and there is “tentative evidence of an increase in spending” in Q3 as income growth rises.
- The RBA notes that the November forecasts are “very similar” to August’s. The revisions to the trimmed mean profile were only by 0.1pp, but it meant that it should be at the top of the 2-3% band in Q2 2025 rather than Q4 but the mid-point will still be Q4 2026, which is what the RBA highlights in the statement.
- Despite recent revisions, demand continues to exceed supply. Growth was revised down across the forecast horizon. Household consumption growth was revised lower near term but was then little changed. Public demand was revised down in H2 2024 but up from 2025 and 2026. A federal election is due by mid-May 2025.
- Given that easing of the labour market appears to have “stabilised”, employment growth was revised higher for Q4 2024 and Q2 2025 but the unemployment rate was unchanged. Wages were revised down across the forecast period.
- Productivity growth remains a problem and was revised lower across forecasts.
RBA: Risks Balanced, Inflation To Return To Target “Gradually”
RBA Governor Bullock stated that bringing inflation down the last part of the way is “not easy” and that there are still upside risks to inflation, including continued weak productivity growth, tight labour market and the level of demand still exceeding supply. Overall, the risks remain balanced and so the Board is not “ruling anything in or out”.
- The Board’s discussion was structured as it was in September with it asking if policy was “restrictive enough” to return inflation to target within the “reasonable timeframe”. It found that it was. It again looked at scenarios that would drive rates to have to rise or fall rather than debating a move at the November meeting.
- The Governor would not give rate guidance but said that the market OCR pricing was consistent with inflation not returning to target any time soon and its path “was as good as any”.
- Bullock observed that if the quarterly rise in trimmed mean CPI doesn’t moderate from Q3’s 0.8% q/q then it will not return to target. Over recent quarters it has been quite stable and is expected to decline only gradually.
- Inflation can be quite “sticky” because it can take time to improve the supply side to meet demand. The unemployment rate is a good indicator of the size of this output gap and its stabilisation at a low level signals that demand is still above supply.
- On the downside, the Board is prepared to act if the pickup in real income growth doesn’t result in the forecast consumption recovery and it surprises to the downside. It is the same with a sudden weak surprise to the labour market. But the RBA is not expecting job losses but rather a rise in unemployment driven by employment growth running below the labour force.
AUSSIE BONDS: AU-US 10-Year Yield Differential Too Wide Vs. FV
The AU-US 10-year cash yield differential stands at +29bps today, near the upper limit of the +/-30bps range maintained since November 2022.
- A simple regression of the AU-US 10-year yield differential against the AU-US 1Y3M swap differential over the past year suggests that the current 10-year yield differential is about 11bps above fair value, estimated at +18bps.
- The 1Y3M differential serves as a proxy for the anticipated relative policy trajectory over the next 12 months.
- Since mid-September, the AU-US 1Y3M differential has narrowed by approximately 20bps. In contrast, the 10-year yield differential has widened by 5-10bps over the same period.
Figure 1: AU-US Cash 10-Year Yield Differential (%)
Source: MNI – Market News / Bloomberg
NZGBS: Subdued Session Ahead Of Key Events, Q3 Jobs Tomorrow
NZGBs closed 1bp cheaper after a very subdued local session ahead of the RBA Policy Decision, (after-market) and the US Presidential Election later today.
- Earlier today the RBNZ released its Financial Stability Report. The report said the country is experiencing a pronounced economic downturn that could get worse.
- Swap rates closed 1bp lower to 1bp higher, with a flattening bias.
- RBNZ dated OIS pricing closed flat to 2bps firmer across meetings. A cumulative 97bps of easing is priced by February, with 56bps by year-end.
- Q3 labour market data including wages are released tomorrow. They are expected to show a contraction in employment with the unemployment rate rising to 5% driven by lower growth and job shedding.
- This softening in labour demand should help to ease wages growth, as well as no new public sector agreements, which drove the Q2 increase. The RBNZ meets on November 27 and is likely to cut rates again but the size of the move is currently uncertain.
- On Thursday, the NZ Treasury plans to sell NZ$200mn of the 0.25% May-28 bond, NZ$250mn of the 4.50% May-35 bond and NZ$50mn of the 5.0% May-54 bond.
NEW ZEALAND: Employment Contraction Expected Driving Higher Unemployment
Q3 labour market data including wages are released on Wednesday. They are expected to show a contraction in employment with the unemployment rate rising to 5% driven by lower growth and job shedding. This softening in labour demand should help to ease wages growth, as well as no new public sector agreements, which drove the Q2 increase. The RBNZ meets on November 27 and is likely to cut rates again but the size of the move is currently uncertain.
- Bloomberg consensus is forecasting a 0.4% q/q drop in employment resulting in it rising only 0.1% on a year ago down from 0.6% y/y in Q2. The range of forecasts is quite wide between +0.1% q/q to -0.8% q/q.
- The major local banks are all expecting a contraction in employment with ANZ at consensus but the rest below. ASB & BNZ are forecasting -0.5% q/q, Westpac -0.6% q/q and Kiwibank -0.7% q/q. Q3 filled jobs fell 0.7% q/q. So there may be downside risks to the consensus forecast.
- As the economy seems to be cutting jobs, the unemployment rate is forecast to rise 0.4pp to 5% with projections between 4.8% and 5.3%. BNZ, Kiwibank and Westpac are all expecting a consensus outcome, while ANZ is 0.1pp below at 4.9% and ASB 0.1pp above at 5.1%.
- Private wages are forecast to rise 0.7% q/q after 0.9% q/q in Q2, which was impacted by public sector wage agreements. ASB, ANZ, Kiwibank and Westpac are all in line with consensus while BNZ is projecting slightly softer growth at 0.6% q/q.
FOREX: A$ Up On Hawkish RBA Hold, But Moves Modest Ahead of US Election
The USD is mixed against the majors in the first part of Tuesday trade. The BBDXY index is little changed, last near 1258.65. Yen has weakened a touch, while AUD is up modestly (as the RBA left rates on hold, but kept hawkish language). NZD is also up a touch.
- AUD/USD is tracking back towards 0.6600, so up around 0.15% in latest dealings. As expected the RBA kept rates on hold, although with hawkish rhetoric. The central bank needs to vigilant to upside inflation risks and is not ruling anything in or out.
- OIS is slightly firmer for Australia and this is likely helping the A$, although outperformance is modest. RBA Governor Bullock noted that the current policy settings are correct and that the path back lower for inflation will be slow.
- NZD/USD is up a touch to 0.5980. We had a better Caixin services PMI print in China, aiding to recent positive China economic momentum. This has helped China and HK equities, a likely positive for the antipodean currencies.
- Still, aggregate moves are modest, with overnight vols very elevated ahead of US election outcomes tomorrow.
- USD/JPY is drifting higher, last near 152.45/50, off around 0.20% in yen terms. US yields are up a touch, but gains are less than 1bps at this stage.
- The above equity moves may be weighing on yen crosses at the margin. AUD/JPY is back to 100.55/60, still within recent ranges.
- Later US October services ISM/PMI and September trade print, as well as UK October services/composite PMIs. The eurogroup meeting continues and the ECB’s Lagarde and Schnabel speak.
FOREX: Overnight Vol Surges For USD/CNH & USD/MXN Ahead Of US Election
Implied FX vols in the overnight space have surged today to reflect US election risk. The table below outlines the current implied vols across the G10 FX pairs and for a number of EM currencies, which are seen risk around the US election outcome. It also plots the implied ranges for the next day, based off these implied vol levels.
- USD/MXN clearly stands out, at very elevated levels. This isn't at intra-day record highs, which got near 100% in 2008 (during the GFC), per Bloomberg.
- USD/CNH overnight vol is also very elevated and also implies a very wide range in terms of spot, 7.0388-7.1841, with a near 74% implied probability.
- For other pairs we at elevated levels, but at that this stage, not at record highs for the likes of AUD/USD and NZD/USD.
Table 1: Overnight FX Vols & Implied FX Ranges
| 1 day Implied Vol (%) | Implied Range | |
| USD/CNH | 30.56 | 7.0388-7.1841 |
| USD/JPY | 28.615 | 150.60-153.64 |
| USD/MXN | 93.38 | 19.77-20.45 |
| EUR/USD | 28.06 | 1.0798-1.0961 |
| GBP/USD | 17.9 | 1.2862-1.3054 |
| USD/CHF | 19.1 | 0.8577-0.8703 |
| USD/NOK | 33.93 | 10.89-11.116 |
| USD/SEK | 30.26 | 10.621-1.824 |
| AUD/USD | 34.885 | 0.6520-0.6650 |
| NZD/USD | 33.125 | 0.5889-0.6055 |
| USD/CAD | 16.95 | 1.3818-1.3945 |
Source: MNI - Market News/Bloomberg
- Also note the following option expiry pipeline for NY cut (later today).
- FX OPTIONS: Expiries for Nov05 NY cut 1000ET (Source DTCC)
- EUR/USD: $1.0830-50(E1.6bln), $1.0900(E1.3bln), $1.0915-30(E727mln), $1.0940-60(E1.5bln)
- USD/JPY: Y152.00($826mln), Y152.50($1.0bln), Y153.20-25($621mln), Y153.65($751mln)
- GBP/USD: $1.3000(Gbp523mln), $1.3115-30(Gbp1.0bln)
- AUD/USD: $0.6530-40(A$533mln), $0.6600-10(A$1.8bln)
ASIA STOCKS: China Markets Up, Others Mixed Before the US Election.
- Following stronger than expected CAIXIN PMI Services data, China led the way with the CSI 300 up almost 2%, whilst Shanghai Comp was up +1.80%, Hang Seng up +1.20% and Shenzhen Comp up +2.6%.
- In Korea a weaker than expected CPI print potentially makes the next BOK meeting live. Despite this, stocks retreated with the KOSPI down -0.25%.
- In Malaysia, the currency had a less volatile day relative to previous days bringing a reprieve to markets. The FTSE Malay KLCI posted moderate gains at +0.15%.
- In Indonesia, the GDP print for 3Q was moderately behind expectations. The markets have endured the volatility of the currency, which has seen more pronounced in recent sessions. The Jakarta Composite was down today off -0.20%.
- In India, the NIFTY 50 was opening weaker down -020% with data showing that the period of foreign inflows into the stock market has taken a pause.
ASIA STOCKS: Some Inflows Return Following Consistent Outflows.
- Some signs of positivity yesterday in terms of Asian equity flows. South Korea saw +$261 of inflows following four successive days of outflows. Indonesia, Thailand , Malaysia all turned positive after successive days of outflows but for the Philippines outflows continued.
• South Korea: Recorded inflows of +$261m yesterday, bringing the 5-day total to -$689m. YTD flows remain positive at +$7.365b. The 5-day average is -$138m, the 20-day average of -$152m and the 100-day average of -$66m.
• Taiwan: Experienced outflows of -$230m yesterday, totaling -$1,644m over the past 5 days. YTD flows are negative at -$11,789b. The 5-day average is -$329m, worse than the 20-day average of +$21m and the 100-day average of -$139m.
• Indonesia: Posted inflows of +$17m yesterday, bringing the 5-day total to -$136m. YTD flows remain positive at +$2.540b. The 5-day average is -$27m, in line with the 20-day average with the 100-day average of +$32m.
• Thailand: Recorded inflows of +$1m yesterday, totaling -$261m over the past 5 days. YTD flows are negative at -$3.497b. The 5-day average is -$52m, the 20-day average is -$31m and the 100-day average of -$10m.
• Malaysia: Posted inflows of +$37m yesterday, contributing to a 5-day outflow of -$194m. YTD flows stand at +$414m. The 5-day average is -$39m, worse than the 20-day average of -$10m with the 100-day average +$6m.
• Philippines: Saw outflows of -$13m yesterday, with net outflows of -$63m over the past 5 days. YTD flows are positive at +$31m. The 5-day average is -$13m, worse than the 20-day average of -$1m and the 100-day average of +$5m.
OIL: Crude Holds Onto Monday’s Gains With Material Event Risks Ahead
Oil prices have been range trading following Monday’s jump as market moves have been limited ahead of this week’s US election result and Fed meeting. WTI is up 0.1% to $71.52/bbl after falling to around $71.30. Brent is 0.1% higher at $75.18/bbl, close to the intraday high. Yesterday’s weaker greenback supported the rally in crude but today the USD index is flat.
- While risks of an escalation of the conflict in the Middle East persist, this week oil markets are watching the outcome of the US election, which will hopefully be known on Wednesday, the FOMC meeting on Thursday and US inventories with industry-based data on Tuesday and the official EIA on Wednesday. In China, there is October trade data on Thursday and the legislature standing committee is meeting this week, which may result in further stimulus.
- On the supply side, near-term there are risks to Gulf of Mexico production from Tropical Storm Rafael, and further out, another Iranian attack on Israel could result in its oil infrastructure being targeted.
- Later US October services ISM/PMI and September trade print, as well as UK October services/composite PMIs. The eurogroup meeting continues and the ECB’s Lagarde and Schnabel speak.
GOLD: Awaiting US Election Today & FOMC On Thursday
Gold is 0.4% lower in today’s Asia-Pac session, after closing broadly unchanged at 2736.78 on Monday.
- With the US Presidential Election held later today and the FOMC’s next policy decision on Thursday, market participants appeared content to sit on the sidelines.
- Yesterday, US treasuries rallied, led by the long-end, as the so-called “Trump trade” (bear steepener) was unwound after a poll in Iowa, a typically reliable red state, gave Harris a 3-point lead over Trump. A late swing to Harris was also evident in other weekend polls. However, Polymarket still shows odds that favour Trump to win in today’s US Presidential Election. Political polling in key swing states remains within the margin of error, leaving the race finely balanced.
- According to MNI’s technicals team, the pullback from last week’s record high at $2,790 is considered corrective for now. Last week’s gains resulted in a breach of $2,685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on the $2,800.0 handle next. Firm support is $2,712.8, the 20-day EMA.
CHINA: Proposals for Refinancing of Local Government Debt.
• National People’s Congress Standing Committee discussed on Monday an option to increase the debt ceiling for local governments to allow ‘hidden’ off balance sheet debts to be refinanced on balance sheet (per BBG).
• The International Monetary Fund estimates there is approximately CNY60tn (US$8.5tn) of hidden debt from local authorities.
• Finance minister Lan Fo’an announced last month that China would soon launch its largest ever program to address the local debt issue.
• Suggestions are that anywhere from CNY6tn to CNY10tn of new issuance may be approved this week by the National Party Congress.
• There are suggestions that this alleviates the financial burden for local governments, but that appears to miss the point.
• Bringing off balance sheet debt on balance sheet will raise the official debt levels and challenge the debt ceiling.
• Raising the debt ceiling will allow further (on balance sheet) issuance which will help alleviate the fiscal pressure created by the slowdown in the property market. This may still be seen as positive for short to medium term economic momentum.
• As well, the NPC is expected to provide further details on what financial resources are available for further stimulus, and where it will be targeted.
• As is normal with the NPC, it will be light on in detail as that follows thereafter.
CHINA: CAIXIN PMI Services Stronger for October.
- Today’s CAIXIN PMI Services came in at 52.0 for October
- This was a rise from September’s release of 50.3.
- Following the release earlier in the month of the CAIXIN PMI Manufacturing at 50.3, the resulted in composite rising to 51.9 from 50.3.
- The results are consistent with recent data which indicates that the impact of the various stimulus packages are starting to show up in the broader economy.
- The CAIXIN PMI Survey covers small and medium sized businesses and therefore is considered a more reliable indicator of the performance of China’s private sector.
MNI BNM PREVIEW - November 2024: Comfortably On Hold
EXECUTIVE SUMMARY:
- At the most recent BNM meeting in September the Central Bank kept rates on hold at 3.00% citing forward looking indicators suggested a sustained period of strong economic activity would be supported by resilient domestic expenditure and higher export activity.
- Since that meeting there has been two data releases for exports. The first for August was consistent with the BNM’s positive view. However, September’s export data was unexpectedly weak, declining -0.3%. Whilst this appears to materially be impacted by seasonality, it must be watched carefully in the coming months.
- Market consensus is that the BNM will remain on hold. It seems sensible to suggest that given the strength of GDP growth and the geopolitical uncertainties outside of Malaysia, there is limited reason for the BNM to alter its course for monetary policy.
FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: BNM Preview - NOV 2024.pdf
SOUTH KOREA: CPI Moderated in October, Below Consensus.
- Korea’s October CPI YoY moderated to +1.3% with the MoM figure at 0.00%.
- Down from +1.6% in September, this was the lowest reading since 2021.
- Food prices rose +1.4%, and a modest decline in Housing/Utilities to +1.6% from +1.8%.
- The largest decline in prices was seen in Transport that slipped to -4.0% (from -1.2%).
- The Bank of Korea has an inflation target of +2.0%.
- The key piece in this data will be the modest decline in Housing/Utilities; an area of focus given house price inflation in Seoul.
- The BOK does not meet again until November 28, having cut rates at the most recent meeting.
- Today’s CPI potentially turns the next meeting into a live one.
- The market currently has c. 12bps of cuts priced in over the next three months.
- Following the conclusion of the US Election, it will be interesting to see if the market starts to forecast and price in a further cut at the next meeting.
INDONESIA: GDP Surprises to the Downside.
- Indonesia’s third quarter release today was lower than the market expected.
- At +4.95% it was moderately below expectations of +5.00%, and the prior print of +5.05%.
- The QoQ number declined also to +1.50% from 3.79% for the previous quarter.
- The Central Bank left rates on hold at their last meeting on October 16,
- In the data releases since, CPI has continued to moderate.
- The GDP miss today is moderate and likely not enough to indicate a rate cut at the next Central Bank meeting on November 20.
CHINA: Bond Wrap: Strong PMI Services a Welcome Sign.
- Discussions ahead of the National People’s Congress on Proposals for the refinancing of local government debt have been ongoing (source: MNI – Markets News).
- Caixin PMY Services Stronger for October (source MNI – Market News)
- PBOC drains liquidity in this mornings OMO (source MNI – Market News)
- Equity markets very positive with the CSI300 +2.00%.
2yr 1.424% 5yr 1.776% 10yr 2.122% 30yr 2.307%
FOREX: CNH Slightly Stronger, Overnight Vol Very High Ahead Of US Election
In North Asia FX, trends are mixed. CNH is higher aided by the better than forecast Caixin services PMI, which underpins some better economic momentum as we progress through Q4. Onshore China equities are up strongly, the CSI 300 firmer by more than 2%. On-going speculation continues around what the NPC may deliver as well, with BBG noting that restructuring local government debt is on the agenda.
- USD/CNH may be lower if not for the proximity of the US election. The pair was last near 7.1050, still comfortably above Monday lows. implied overnight vols for USD/CNH are above 31%, just off record highs.
- Spot USD/KRW has gravitated higher, last near 1379, around 0.20% weaker in won terms. Earlier data showed both a dip in FX reserves and a softer inflation outcome. Headline CPI is comfortably below the BoK's 2% target, which could make the end Nov policy meeting a live one.
- Spot USD/TWD is up slightly, but is holding just under 32.00 at this stage.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 05/11/2024 | 0645/0745 | ** |  CH | Unemployment |
| 05/11/2024 | 0745/0845 | * |  FR | Industrial Production |
| 05/11/2024 | 1000/1000 | ** |  GB | Gilt Outright Auction Result |
| 05/11/2024 | - |  EU | ECB's De Guindos participate in ECOFIN Meeting | |
| 05/11/2024 | - |  US | US Presidential Election | |
| 05/11/2024 | 1330/0830 | ** | US | Trade Balance |
| 05/11/2024 | 1330/0830 | ** |  CA | International Merchandise Trade (Trade Balance) |
| 05/11/2024 | 1355/0855 | ** | US | Redbook Retail Sales Index |
| 05/11/2024 | 1430/1530 | EU | ECB's Lagarde speech at French Competition Authority's event | |
| 05/11/2024 | 1500/1000 | *** | US | ISM Non-Manufacturing Index |
| 05/11/2024 | 1630/1130 | * | US | US Treasury Auction Result for Cash Management Bill |
| 05/11/2024 | 1800/1300 | ** | US | US Note 10 Year Treasury Auction Result |
| 05/11/2024 | 1830/1330 | CA | BOC Minutes (Summary of Deliberations) | |
| 05/11/2024 | 1830/1930 | EU | ECB's Schnabel speech on Macroeconomic Policy | |
| 06/11/2024 | - |  SE | Riksbank Meeting | |
| 06/11/2024 | 0700/0800 | ** |  DE | Manufacturing Orders |
| 06/11/2024 | - | US | FOMC Meeting / S.E.P. | |
| 06/11/2024 | 0930/0930 | ** | GB | S&P Global/CIPS Construction PMI |
| 06/11/2024 | 1000/1100 | ** | EU | PPI |
| 06/11/2024 | 1200/0700 | ** | US | MBA Weekly Applications Index |