What's going on in this world?


Factory activity fell to the lowest level in three years in Japan, while the economic expansion in South Korea slowed.


German exporters are sending ever so slightly encouraging signals that the worst of an industry slump might be behind them, an improvement that may come too late to prevent a recession in Europe’s largest economy and spillover into the rest of the region. Manufacturers in Germany saw shallower declines in output and export orders in October, and business confidence in trade improved thanks to better expectations among wholesalers. Yet the outlook is far from optimistic, and data on Nov. 14 may well show the nation’s economy shrinking for a second straight quarter. Bloomberg Economics sees GDP in the July-to-September period contracting by 0.1% — the same as the previous quarter.


Purchasing manager numbers for the euro area showed the region remains on the brink of a contraction, with signs in Germany that the manufacturing slump is starting to take a toll on employment. One bright spot was a surprise increase in the French services sector. Markit PMI numbers for the U.S. economy are published at 9:45 a.m. Eastern Time.

Repo US:

The Fed's enhanced repo operations kick off today to smooth out month-end volatility in the funding markets. It will offer at least $120 billion at its overnight repo, up from $75 billion, and at least $45 billion at its 14-day term actions, up $10 billion. Here's our QuickTake on why the repo market's a mess.

Bonds US:

Good news: Bond market swings aren’t making the front pages. The 10-year Treasury yield is on track for its narrowest one-week trading range (7.5 basis points) in six months. Based on Bank of America’s MOVE Index, this week is poised to deliver the biggest one-week reduction in anticipated bond market swings since the start of the year.


Just made the very anticipated rebound after premarket pricing drop to 1700 flat. Follow our signals to see how to trade this one!