Although US markets are essentially on hold for the rest of the week, with many traders passing on what is usually a quiet half-day Black Friday session, there is still the potential for significant action in international markets. Friday is the last day of the month and on top of the usual portfolio adjustments, there are a ton of major releases due from across the globe. Japan takes the spotlight with its main basket of monthly reports. JPY has been sinking and the Nikkei has been climbing ahead of the news as traders speculate that the Bank of Japan may need to undertake more stimulus and boost inflation. Today’s data may give a better idea of how much or how little pressure the central bank is under to make another move. Reports from other countries across Asia, Europe and North America run the gamut of key numbers including employment, inflation and retail sales. All of this leads into next week’s busy start to December running from manufacturing PMI on Monday building toward US nonfarm payrolls next Friday. As is common when the US is on holiday, trading has been relatively quiet. European and Canadian indices traded flat to slightly higher, indicating that the general uptrend for indices remains intact. Commodities were mixed with precious metals posting small rebounds. In currencies, GBP continues to outperform majors as the UK economy improves. AUD and NZD clawed back some of their recent losses but remain under distribution. Economic News Highlights of overnight announcements include: Canada industrial prices (0 3%) vs street (0.5%) Canada raw material prices (2.3%) vs street (2.0%) Germany unemployment change 10K vs street 0K Germany unemployment rate 6.9% as expected Germany consumer prices 1.3% vs street 1.2% Spain GDP (1.1%) vs street (1.2%) Spain consumer prices 0.2% as expected Italy business confidence 98.1 vs street 97.5 Italy economic sentiment 83.2 vs previous 79.3 Eurozone economic confidence 98.5 vs previous 97.8 Upcoming significant announcements include: 10:15 am AEDT Japan manuf PMI previous 54.2 10:30 am AEDT Japan household spending street 1.0% 10:30 am AEDT Japan unemployment rate street 3.9% 10:30 am AEDT Japan consumer prices street 1.1% 10:50 am AEDT Japan industrial production street 6.3% 3:00 pm AEDT Japan vehicle production previous 13.0% 4:00 pm AEDT Japan housing starts street 5.2% 7:00 am GMT UK nationwide house prices street 6.2% 7:00 am GMT Germany retail sales street 1.4% 9:00 am GMT Italy unemployment rate street 12.5% 9:30 am GMT UK mortgage approvals street 68K 10:00 am GMT Greece retail sales previous (8.9%) 10:00 am GMT Italy consumer prices street 0.8% 10:00 am GMT Eurozone unemployment rate street 12.2% 10:00 am GMT Eurozone consumer prices street 0.8% 7:00 am EST India GDP street 4.6% vs previous 4.4% 8:30 am EST Canada Q3 GDP street 2.5% vs previous 1.7% 8:30 am EST Canada Sept GDP street 2.1% 12:00 pm AEST Sat China manufacturing PMI street 51.1

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