After the barrage of events and data announcements this week, the November 8-12 week has little economic data of more than passing interest. The presence of Veterans Day on Thursday shortens the working week as stock and bond markets will be closed on Thursday and there will be an early close for the bond market on Wednesday.
The G20 leadership will meet in Seoul, South Korea on November 11 and 12. However, these top level summits are generally of less interest to markets than the sessions of the finance ministers and central bankers.
Quite possibly the most interesting data of the week is not on official calendars. The Fed's Senior Loan Officer Opinion Survey for October should be released on Monday at 14:00 ET. In the last few reports credit conditions had begun to return to pre-recession readings and this edition should continue the trend. There was a hint in the FOMC statement of November 3 that bank lending has ceased to contract.
Consumer Sentiment Index is released on Friday and will reflect consumer attitudes during the period leading up to the national election. It is possible this will impact the reading. The index fell 0.5 points in October from September and may notch a bit lower in early November. There may be some hint of the movement for the index when the IBD/TIPP Economic Optimism Index for October is released on Tuesday at 10:00 ET. This has a fairly good history of signalling the direction of the Reuters/University of Michigan report.
International trade balance data for September on Wednesday will mostly..read more
