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It's a busy week as traders return from the long Thanksgiving holiday, with inflation releases in the Eurozone and Japan. We'll also get the second estimate of US GDP, housing data and ISM manufacturing, UK monetary aggregates and PMIs in China. Finally, the Russia-OPEC meeting takes place in Vienna on November 30, while the Senate hearing of Fed chair nominee Powell and Yellen's testimony before Congress will be closely watched. The Senate tax vote, tentatively expected on Thursday, will be the week's key event.

With a full slate of central bank meetings, data (including payrolls Friday) and earnings next week there’s a little bit for everyone. On Thursday, according to Politico, we will also know who the next Fed Chair is as well as get a first look at a version of the House tax bill in the US, perhaps on Wednesday.

World stocks stayed near peaks and currencies moved in tight ranges on Wednesday as China’s 19th Communist Party Congress opened while focus in Europe turned to speeches from top euro zone central bankers before next week’s key policy meeting, as well as Catalonia's ultimatum due on Thursday. S&P futures are solidly in the green as usual, with Dow futures jumping above 23,000, driven higher by IBM as investors looked for new reasons to extend gains after hitting new all-time highs Tuesday.

While central banks step away from the spotlight, as does Asian data and markets with China and South Korea both taking a weeklong break, there will be a bevy of central bank speakers to "explain" what is going on while it will be a busy week data wise, with the US employment trade balance report due this week, PMI and retail sales in Euro area, as well as PMI and house prices in UK. The key central bank events include the Australia RBA board meeting, ECB minutes,Yellen and Fed member speeches. In Emerging Markets, there are monetary policy meetings in India, Poland and Romania.

Authored by Chris Whalen via The Institutional Risk Analyst,

“The great wheel of circulation is altogether different from the goods which are circulated by means of it. The revenue of the society consists altogether in those goods, and not in the wheel which circulates them”

 

Adam Smith, 1811