It’s been another busy week for the markets and with the weekend approaching, traders appear to be closing out positions and taking some money off the table today. Markets that have been rallying such as gold and indices have dropped back a bit. On the flip side, markets that have been under pressure this week, particularly US crude oil, have started to bounce back. US durable goods appeared positive on the surface, but after stripping out the lumpy transportation equipment and defense sectors, came in below expectations. Earnings reports, on the other hand, remain positive, particularly in the technology and freight sectors. USD has been clawing back some of its recent losses in a trading bounce, but the theme of extended QE hasn’t changed. JPY remains strong relative to other majors, which has dampened sentiment toward Japanese exporters and ripped the rug out from under the Nikkei which fell 2.75% overnight. In other markets, NZD and AUD continue their corrections while CHF has backed off a bit. CAD and GBP have started to stabilize. Corporate News MicroSoft $0.62 vs street $0.54, sales $18.5B vs street $17.7B ($0.09) vs street ($0.10), sales $17.0B vs street $16.7B UPS $1.16 vs street $1.15 expects daily holiday season traffic to increase by 8% this year Procter & Gamble $1.05 in line Economic News Significant economic announcements released yesterday afternoon and overnight include: US durable goods 3.7% vs street 2.2% US durable goods ex transport (0.1%) vs street 0.5% US capital goods non-defense (1.1%) vs street 1.0% Germany IFO bus climate 107.4 vs street 108.0 Germany IFO current assessmt 111.3 vs street 111.4 Germany IFO expectations 103.6 vs street 104.5 UK Q3 GDP 1.5% as expected South Korea Q3 GDP 3.3% vs street 3.1% and previous 2.3% Japan consumer prices 1.1% vs street 0.9% Singapore industrial prodn 9.3% vs street 5.7% and previous 3.5% Economic reports due later today include: 9:55 am EDT U of Michigan confidence street 75.0

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