Morning Update – 15/11/2017 – by Arjun Lakhanpal

Morning all.  Stocks look a little vulnerable and whilst the S&P only closed down 0.23%, we saw another stumble in the Nikkei overnight, which closed down another 1.57%. The Topix fell for a fifth day in the longest losing run this year. A global equity sell off deepened in Asia amid signs of an oversupply in commodities and as concern grows that stocks have become too expensive, while there remains uncertainty about U.S. tax reform. Mining, oil and metal stocks were among the biggest losers in Japan last night. A Bloomberg commodities gauge added to its biggest drop in six months and crude oil extended declines after the International Energy Agency cut its forecast for demand and cautioned the global market will remain oversupplied. The dollar traded near a three-week low and Treasuries climbed, taking US 10yr yields to 2.35%. Japan’s economy grew for a seventh straight quarter, its longest expansion since 2001, benefiting from government fiscal stimulus and massive Bank of Japan monetary easing. A recovery in exports and rising business confidence offset a decline in consumer spending to underpin a 1.4 percent increase in gross domestic product in the third quarter from the previous three-month period. We have quite a busy data today and this morning we get French CPI, UK Unemployment and earnings and EU trade data.. Later this afternoon we get the important US CPI and Retail Sales data.  Good luck.