The week started with a bang overnight with big bounces for the Nikkei and Hang Seng, while AUD continued to climb. Both AUD and NZD rebounded out of recent corrections. This momentum has not carried though into European and North American trading however, where markets have been consolidating slightly below Friday’s levels. There hasn’t been much out in the way of news yet but this appears to be just a brief pause ahead of what looks to be a very busy week for news. We are continuing to move through the peak of earnings season, and today the main event is Apple earnings due after the close with Facebook on Wednesday. It’s also a big week for Japan with key economic indicators scheduled throughout the week. The Fed meets on Tuesday and Wednesday which could influence USD trading. A no-taper decision appears to be a foregone conclusion but it will be interesting to see if members are still hinting at a December taper or if that gets dropped and pushed off to next year. Global manufacturing PMI numbers due Friday mean that activity could carry right through to the end of the week. Corporate News Merck $0.92 vs street $0.88 Mosaic has agreed to purchase CF Industries’ phosphate business for $1.4B, which could attract trading interest to the fertilizer sector. Economic News Significant economic announcements released yesterday afternoon and overnight include: There were no major announcements overnight. Economic reports due later today include: 9:15 am EDT US industrial production street 0.4% 9:15 am EDT US manufacturing prodn street 0.3% 10:00 am EDT US pending home sales street 3.6%

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