"Mega" seems to be the new financial buzzword. Domestically, Rachel Reeves will announce plans to merge local government retirement schemes into “Megafunds” at her inaugural Mansion House speech, mirroring similar setups in Australia and Canada. Meanwhile, in China, there are tax cuts for homebuyers and developers in the "Megacities" of Beijing and Shanghai, as the government tries to put a floor under falling prices and sustain an improvement in housing transactions; the nation lowered home purchase deed taxes to 1%.
In other news, Australia’s labor market in October saw an increase of 15.9k in jobs vs. a 25.0k consensus, while the unemployment rate was in line at 4.1%. Full-time employment change was 9.7k, while part-time employment change was 6.2k. The participation rate was slightly lower at 67.1% vs. a 67.2% consensus.
In markets, Bitcoin rose to $93,462 overnight, Ether rose 2.2% to $3,223.25, the yield on 10-year Treasuries advanced two basis points to 4.47%, West Texas Intermediate crude fell 0.5% to $68.09 a barrel, and spot gold fell 0.5% to $2,560.08 an ounce.
As for the day ahead, we have Eurozone GDP numbers, U.S. PPI, jobless claims, and speeches from Jerome Powell, John Williams, and Adriana Kugler.
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