Macro Update – November 2011

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Data misses lead to small range in risk today, while silver looks toppish after almost hitting key $50 oz level

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Philly Fed and housing price misses fail to derail holiday-shortened rally ahead of Easter weekend

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More positive earnings from US tech combine with constructive periphery auctions to send risk higher

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Earnings beats pair with strong Eurozone PMI & Canadian CPI data to lift risk back higher

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Chinese CPI comes in at whisper figures after cut to food weighting, while new loans come in at ¥1.2t as WestLB & Portuguese GDP weigh on euro 13F Monday

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Mubarak steps down while Canadian trade figures blow past estimates and US consumer confidence helps S&P rally to new highs

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Oil rallies on Mubarak refusal to step down, while Swiss CPI misses estimates, BoE unchanged, and EM sells off further

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Inflation worries weigh on EM & risk overall while 10yr UST auction sees massive foreign participation

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China hikes while German IP misses and gas price pressures weigh on US ABC Consumer Comfort Index

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