Stock markets around the world have continued to rebound overnight and through into this morning. Better than expected Norwegian GDP and the expectations component of the Germany ZEW survey have helped to support upward momentum. Overall, it appears that the recent correction of October’s big gains has run its course and positive seasonal factors seem to be kicking in. For commodity markets, however, it’s been a different story. Crude oil has turned back downward again as traders refocus on the ongoing supply glut in the market. Heating oil and natural gas also remain under pressure with demand low as El Niño keeps temperatures in consuming regions warm. Copper also remains on its back Gold remains stuck at low levels showing along with oil trading that while devastating and tragic, last Friday’s terrorist attacks in Paris have not sparked a flight to safety confirming the resilience of nations who do not back down in the face of terrorism. USD is holding fairly steady today. NOK is outperforming on the back of strong GDP figures while AUD has picked up with RBA minutes not showing any increase in dovishness. UK inflation figures came in a bit soft overnight and now the focus turns to the US with the consumer price report which could spark another round of speculation of whether the Fed will raise interest rates next month. Retailers may also attract attention today with results out from home Depot and Wal-Mart. Corporate News Home Depot $1.36 vs street $1.32, guides full year EPS to $1.36 top of prior range and above street $5.32, same store sales 4.9% above street 4.7% Wal-Mart $0.99 vs street $0.98, sales $117.4B below street $118.1B, narrows full year guidance to $4.50-$4.65 from $4.40-$4.70 Agilent $0.50 vs street $0.47, guides next Q to $0.42-$0.44 below street $0.46 Enbridge laying off 5% of its staff Economic News Significant announcements released overnight include: UK consumer prices (0.1%) as expected UK producer input prices (12.1%) vs street (12.0%) UK producer output prices (1.3%) as expected UK retail prices 0.8% vs previous 0.9% UK house prices 6.1% vs street 5.4% Germany ZEW current 54.4 vs street 55.0 Germany ZEW expectations 10.4 vs street 6.0 Norway GDP 1.8%/quarter vs street 0.2% Upcoming significant announcements include: 8:30 am EST US consumer prices street 0.1% 8:30 am EST US core CPI street 1.9% 8:30 am EST US real weekly earnings street 0.2% 9:15 am EST US industrial production 10:00 am EST US NAHB housing index street 64 CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.