Two big themes were running through US trading today, the lack of reaction to a strong GDP report and an unravelling of speculation that big oil production cuts could be on the way. US indices finished in positive territory after trading basically flat much of the day. Considering the big upward US Q3 GDP revision announced in the morning, this comes off as disappointing. The tepid response to good news suggests high expectations and strong growth have already been baked into stock prices and could be a sign of exhaustion. It also may be a sign that traders are reluctant to charge too far ahead of the upcoming Thanksgiving holiday. Crude oil, meanwhile sold off today after Russia indicated it has no plans to cut production any time soon, and rumours circulated that OPEC may focus more on bringing cheaters into line and bringing production in line with current quotas rather than cutting them. AUD and NZD, meanwhile, remain under heavy pressure. GDP forecast cuts from the OECD for China, Japan and Europe have raised more questions about the prospects for resource demand. The continued overhang from the threat that the RBA and RBNZ may intervene or at least continue talking the dollars down isn’t helping their cause either. Tomorrow morning brings a flood of US news ahead before traders head home for their annual splurge of turkey, touchdowns and shopping. Crude oil may remain active on production speculation right through the OPEC meeting being held on the US holiday Thursday. Corporate News Hewlett Packard $1.06 as expected, guides next Q to $0.89-$0.93 vs street $0.93 Analog Devices $0.69 vs street $0.68 Economic News Significant announcements released overnight include: The OECD updated a number of its GDP forecasts this morning, including: World 2014 cut to 3.3% from 3.4% US 2014 cut to 2.2% from 2.6% US 2015 cut to 3.1% from 3.5% Eurozone 2014 cut to 0.8% from 1.2% Eurozone 2015 cut to 1.1% from 1.7% China 2014 cut to 7.3% from 7.4% China 2015 cut to 7.1% from 7.3% Japan 2014 cut to 0.4% from 1.2% Japan 2015 cut to 0.8% from 1.2% US Q3 GDP update 3.9% vs street 3.3% vs previous 3.5% US Q3 core PCE inflation 1.4% as expected US house prices 0.0% vs street 0.4% US consumer confidence 88.7 vs street 96.0 US Richmond Fed 4 vs street 16 Canada retail sales 0.8% vs street 0.5% Canada retail ex auto 0.0% vs street 0.3% Germany GDP 1.2% as expected Upcoming significant announcements include: 4:00 pm AEDT Singapore industrial production street 0.6% 9:00 am GMT Norway GDP street 3.7% 9:30 am GMT UK GDP street 3.0% 8:30 am EST US durable goods orders street (0.6%) 8:30 am EST US durables ex transport street 0.5% 8:30 am EST US jobless claims street 288K 8:30 am EST US personal income street 0.4% 8:30 am EST US personal spending street 0.3% 8:30 am EST US PCE core inflation street 1.5% 9:45 am EST US Chicago PMI street 63.0 9:55 am EST US consumer confidence street 90.00 10:00 am EST US pending home sales street 2.5% 10:00 am EST US new home sales street 470K 10:30 am EST US crude oil inventories street 0.5 mmbbls 12:00 pm EST US natural gas storage street (149 BCF) 12:01 pm EST US traders start taking off for three days of turkey, football and shopping