Canada CPI release and emergency EU summit held!? — Focus points and schedule for November 23

◎ Today's Highlights

1)Thin trading due to holidays and Black Friday

Today, the Tokyo market is closed for a holiday, and in the U.S. trading is shortened due to Thanksgiving and Black Friday, so thin trading is expected. Yesterday, with the U.S. also closed and thin trading, the pound rose sharply on reports of a provisional Anglo-European agreement and retraced immediately on denial reports. When it again moved higher, it showed highly volatile market behavior. There may be headlines that make prices jump today as well, so caution is advised.

2)Brexit provisional agreement and weekend talks

Yesterday, reports emerged of a Brexit provisional agreement between the U.K. and the European Union. To finalize the talks, a meeting between Prime Minister May and European Commission President Juncker is scheduled. If this meeting does not yield an agreement, an extraordinary EU summit will not be held. Naturally, the remaining concerns include the Ireland border issue and fisheries rights between Spain and the U.K. (Gibraltar) that must be resolved.

3)Extraordinary EU Summit held

If the talks are concluded favorably at the above meeting, an extraordinary EU summit will be held. If an agreement is reached at the extraordinary EU summit, markets may open gaps on Monday.

If, on the other hand, negotiations collapse or no extraordinary EU summit is held, there is also a possibility of opening gaps.

4)Canada CPI (Consumer Price Index)

Today’s important data is Canada’s CPI, a variable that tends to move markets. Given expected thin trading, it is likely to cause notable moves.

◎ Today’s Event Schedule

11/23 (Friday)

Black Friday

00:00 EUR Consumer Confidence
02:00 EURMersch, ECB Executive Board member, remarks
16:00 EUR Germany GDP
17:15 EUR France Manufacturing & Services PMI
17:30 EUR Germany Manufacturing & Services PMI
18:00 EUR Eurozone Manufacturing & Services PMI
21:00 EURDegintos, ECB Vice President, remarks
22:30 CADCanada CPI (Consumer Price Index)・Retail Sales

11/24 (Saturday)

Meeting between Prime Minister May and European Commission President Juncker

03:00 USD Baker Hughes Rig Count

11/25 (Sunday)

Provisional EU Summit scheduled

◎ Records Room

Records Room for November 22 — Stock prices, interest rates, and key remarks