With a big winter storm ripping through the central US, closing airports and making travel difficult just ahead of their Thanksgiving holiday and the busiest travel days of the year in the US, one of my favourite movies comes to mind. Interestingly just as the winter weather has picked up, global stocks have gone relatively quiet. The effect of the Iran deal rolled through pretty quickly and was pretty much unwound in gold and crude oil by the end of US trading yesterday. Today finds more action in commodity markets where the early arrival of winter has natural gas on the move and WTI crude continuing to climb while Brent crude consolidates yesterday’s big breakout rally. In currency markets, AUD has gone into retreat after RBA Deputy Governor Lowe suggested that with the resource boom fading, Australia needs to grow productivity or get ready for slower growth, which suggests the RBA may have to take a more dovish direction or act more decisively to get the Dollar down than in the past perhaps. USD has bounced back against everything against SEK with Brent sensitive NOK also weak. GBP has dropped back a bit today after Scotland published a white paper on their hopes for independence. Global indices have spent the day digesting their recent gains for the most part although the Dax continues to advance on speculation a deal to form a coalition government may be on the way soon. News flow picks up from the US tomorrow with three days of announcements crammed into one before focus turns toward Japan later in the week. Corporate News Rogers Communications entered into a 12-year $5.2 billion deal to broadcast NHL games in Canada, will sublicense some games to CBC Tiffany & Co $0.73 vs street $0.58, same store sales 7.0% vs street 4.3%, revenues $911M vs street $888M. Raised guidance to $3.65-$3.75 from $3.50-$3.60 Economic News Significant economic announcements released yesterday afternoon and overnight include: Singapore industrial production 8.0% vs street 9.3% South Africa GDP 1.8% vs street 2.0% Hungary interest rate decision 20bps cut to 3.20% as was widely expected US building permits 1034K vs street 930K Economic reports due later today include: 9:00 am EST US house price index street 0.4% 10:00 am EST US consumer confidence street 72.6

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