review the upcoming economic events that you should be monitoring. As the new month begins

traders are getting ready to book year end profits. Traders will be aggressively looking

for action pushing volumes higher than usual before things slow down for the holiday season.

With most central bank meetings behind and the next meeting not scheduled until December

which will make economic data key to trading. A busy week lies ahead of us, both in economic

and corporate terms. PMIs from around the world, covering both

manufacturing and services, will provide plenty of fuel for those assessing whether various

parts of the global economy are going forward or backwards. While it is probably too early

to see the impact of the recent Chinese rate cut in the China PMIs this week, but any signs

of improvement here will allay concerns. The Federal Reserve kept rates unchanged, but

the tweaks to the statement suggest that December is now fractionally more ‘live’ where

possible rate increases are concerned than it was a week ago. However, data needs to

pick up considerably before the market really begins to think more seriously about a move

at the final meeting of the year. The week kicks off on Sunday in China when

the National Bureau of Statistics releases the purchasing manager indexes for both manufacturing

and the services sectors. The data is effectively ancient history following stimulus measures

employed by the central bank. On Monday, the private sector variant of China’s

manufacturing purchasing manager’s index from Caixin will be issued. And on Wednesday

Caixin will issue its services purchasing managers index.

Eurozone manufacturing PMI will be release for individual countries as well as the overall

Eurozone. Also the UK numbers will be release. In the US, the week begins on Monday with

the release of the ISM manufacturing index. Economists expect that the index eased from

50.2 to 49.7. Interesting the final reading of the competing Markit purchasing managers

index for October is also issued and the preliminary reading was a lot higher than the ISM index

at 54.0. On Tuesday the Reserve Bank meets to decide

interest rate settings. And for the first time in six months, a decision to cut rates

is being seriously entertained. Wednesday will see the ADP private jobs data

from the US a leading indicator for the Nonfarm payroll report. The release of the monthly

US jobs report on Friday will be very closely watched; given it will be the second to last

report before the Federal Reserve´s next policy meeting in December. 152K jobs are

forecast to have been created, up from 142K last month, and while the unemployment rate

is expected to tick up to 5.2% from 5.1%. Average hourly earnings are forecast to rise

by 0.2% from 0% MoM. Second in importance will be Thursday´s Bank

of England monetary policy committee decision on rates, accompanied by the latest meeting

minutes and Inflation Report. Scattered throughout the week are the standard

new month data releases including Eurozone retail sales, Australian employment numbers

as well as Canadian jobs data.