Daily Agenda: The Week Ahead, November 9 – 14, 2015

Chinese inflation data and euro zone GDP likely to pave way for further easing; U.S. oil inventory figures expected to provide no relief for the bulls.

U.K. Prime Minister David Cameron Greets Danish Counterpart Lars Lokke Rasmussen

Lars Lokke Rasmussen, Denmark’s prime minister, talks to members of the media following a meeting with David Cameron, U.K. Prime Minister at 10 Downing Street in London, U.K., on Monday, Sept. 21, 2015. Rasmussen said on Thursday Denmark will accept 1,000 of the asylum seekers in the European Union’s quota system. Photographer: Simon Dawson/Bloomberg *** Local Caption *** Lars Lokke Rasmussen

Simon Dawson/Bloomberg

After a resoundingly positive employment report from the U.S. Department of Labor on Friday, financial markets shifted to a more defensive posture in anticipation that the inevitable end of zero interest rates is within view. Central banks in Europe and Asia into the spotlight as the quantitative easing torch is passed on by Fed Chair Janet Yellen and her team. Interest will also shift toward the skies: astronomers, crafts people and engineers will convene on an Andean mountaintop to celebrate the culmination of decades of work in research of the heavens.

Monday, November 9: After exports plunged in July and August Denmark’s trade data will be carefully watched for more potential signals of softening demand for European goods. Denmark has recently found its nation’s economy dragged into the political debate in the U.S. as democratic hopefuls Hillary Clinton and Bernie Sanders have cited the nation’s social policies as a possible future template for the world’s largest economy. Danish Prime Minister Lars Løkke Rasmussen, however, publicly responded last week asserting that the southernmost Scandinavian nation is a devoutly free-market state.

Tuesday, November 10: With concerns over slowing growth in China weighing on global markets inflation data released by the National Bureau of Statistics will be carefully watched for signs that the People’s Bank of China has more latitude to increase stimulus measures. A separate release by the central bank detailing the growth of new loans for the month is also on deck, with forecasts for recent targeted liquidity measures to have swelled lenders’ coffers.

Wednesday, November 11: Las Campanas Observatory in Chile fetes the ground-breaking ceremony for the facility to house the giant Magellan Telescope. Upon its completion, expected within a decade, the telescope is anticipated to have up to ten times the light-gathering ability of existing instruments — including the Hubble Space telescope. Casting of the telescope’s first of seven mirrors was completed by the University of Arizona’s Steward Observatory Mirror Lab in late 2005; grinding and polishing were not completed until 2012.

Thursday, November 12: Energy Information Administration inventory data scheduled for release on Thursday is expected to show a marginal decline that belies historically high supplies for North America, thanks to shale and oil sands capacity. After media outlets published an internal document for OPEC staff Wednesday, oil futures markets reacted to the plunging expectations for demand without any overt signal of panic.

Friday, November 13: With activity measures for the euro zone trending lower in recent months, investors have signal expectations that European Central Bank president Mario Draghi and his team will extend their quantitative easing program by driving sovereign bond prices ever higher. Third-quarter GDP scheduled for release by Eurostat for the 19-nation area will provide a key test. If activity remains tepid as expected, bond bulls will likely be emboldened in anticipation of a fresh ECB “bazooka.”


Saturday, November 14: After an exhaustive two-year renovation, the Smithsonian Institute in Washington reopens the Renwick Gallery this weekend. The restored Renwick — the first purpose-built art museum in the U.S. — will feature a new exhibit titled “Wonder,” including installation works from John Grade, Patrick Dougherty and Chakaia Booker, among others.