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PBoC Rate Cuts Supercharge Global Markets   
Fri, 21 Nov 11:43 AM EST/04:43 PM GMT
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Economic Data
- (IE) Ireland Oct PPI M/M: 0.5% v 1.2% prior; Y/Y: +0.3% v -0.6% prior
- (EU) ECB: 18 banks to repay total €8.5B in 3-Year LTRO Funds vs. €3.5Be
- (RU) Russia Oct Real Retail Sales M/M: 2.3% v 1.9%e; Y/Y: 1.7% v 1.2%e
- (RU) Russia Oct Unemployment Rate: 5.1% v 5.1%e
- (CA) Canada Oct CPI M/M: +0.1% v -0.2%e; Y/Y: 2.3% v 2.1%e
- (CA) Canada Oct CPI Core M/M: 0.3% v 0.2%e; Y/Y: 2.3% v 2.1%e
- (MX) Mexico Q3 GDP Q/Q: 0.5% v 0.6%e; Y/Y: 2.2% v 2.3%e
- (US) Nov Kansas City Fed Manufacturing Activity: 7 v 6e

Global markets have rocked higher this morning thanks to China's PBoC and its surprise rate cut. The DJIA and the S&P500 notched fresh record highs right after the open of cash trading and remain pretty well bid, but off their highs. As of writing, the DJIA is up 0.63%, the S&P500 is up 0.66% and the Nasdaq is up 0.45%.

The biggest equity beneficiaries of the Chinese cuts are in the materials segment, including miners and equipment manufacturers. Iron ore names have taken a beating over recent months, and both VALE and CLF were up more than 9% at their best levels in cash trading. BHP and FCX are up just shy of 5% a piece, and CAT is up 4%. Gold and crude are also rocking higher, with spot gold up more than 2% since the announcement and back above $1,200 for the first time in three weeks, while WTI crude nearly took out $78 before retracing some of its gains.

The ECB initiated ABS purchases this morning. A speech by ECB President Draghi was also being widely discussed. During the European session, Draghi said the ECB would "do what we must to raise infl ...
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