Morning Update – 11/10/2017 – by Arjun Lakhanpal

Morning all.. Wall St closed up again with another record close for the Dow. The S&P was up 0.23% in a day with no data. In Asia we had another positive close for the Nikkei (up 0.32%) but USDJPY failed to extend far past the NY close. EUR held gains after the Catalan issue subsided. Spanish stock market due to open about 1.5% higher this morning.  BBG Sources: there is agreement on ECB GC to keep pledge not to raise rates until well past the end of  bond buying; maintaining that pledge would remove one potential point of contention while offering investors reassurance that higher borrowing costs will not be imminent when purchases slow; other sources expressed concern that guidance may need strengthening as markets could question if there will be long enough pause between end of purchases and the first rate hike. In the US, Pres Trump (16:53bst): plans to make changes to his tax plan within next few weeks; “we’ll be adjusting a little bit over next few weeks to make it even stronger, but I will tell you it’s become very, very popular”. More solid data from Japan overnight, as Japan Aug Core Machinery Ords: +3.4% m/m vs +1.1% cons & +4.4% y/y vs +0.8% cons; Japan Cabinet office: raises assessment of machinery orders, showing signs of picking up (prev said they were in a lull. Overall a quiet Asian session.. This morning we still get very little data of note with Spanish CPI the only stand-out and that rarely impacts the EUR.. Also very little from the US again today but we get the minutes of the last Fed meeting tonight.. A few speakers to watch for from the ECB and Fed today though..Good luck…