The big news over the last 72 hours is the US-Canadian trade agreement (reached late Sunday night) that will preserve the trilateral NAFTA pact (although NAFTA will be renamed). Rates were unchanged Friday with market news centering around President Trump signing a stopgap spending bill delaying a potential partial government shutdown until December. Kick the can down the road!
Internationally, Italian officials confirmed that the target for next year's deficit will be set at 2.4% of GDP, on the high end of expectations and certainly causing consternation from the European Commission about Italy's fiscal discipline.
Tomorrow, things are quiet with only September Auto Sales and Truck Sales in the afternoon. The RBA will also be out with their latest monetary policy decision. Wednesday, we receive the weekly MBA Mortgage Index, September ADP Employment Change, September ISM Services, and weekly crude inventories. Thursday brings August Factory Orders and weekly natural gas inventories. The week closes with September Nonfarm Payrolls and Unemployment figures, August Trade Balance and August Consumer Credit.
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