Marc Chandler submits:The US dollar is consolidating this week’s gains in choppy activity. Stronger than expected eurozone GDP (1.0% quarter-over-quarter) failed to lift the euro as much as one might have expected. It appears the market quickly realized this is as good as it gets. Heightened tensions remain evident in the European debt markets and this may also be helping to limit euro upticks.
Asian stocks remain unchanged. IBM released its Q1 report showing its weakest revenue results since 2009. Guangdong reported a decline of 25.2% in imports and exports in Q1. Chinese social network Weibo will go public on Nasdaq today.
After a blistering October for stocks, drunk on yet another month of record liquidity by the cental planners, November's first overnight trading session has been quiet so far, with the highlight being the release of both official and HSBC China PMI data. The official manufacturing PMI rose to 51.4 in October from 51.1 in September. It managed to beat expectations of 51.2 and was also the highest reading in 18 months. October’s PMIs are historically lower than those for September, so the MoM uptick is considered a bit more impressive.