Quick Overview

• U.S. Productivity increased at an annual rate of 4.9% in the third quarter, stronger than expected and the best gain in four years.
  

• Vice chairman of the National People's Congress suggested that China should reposition their $1.4 trillion of foreign currency reserves into stronger currencies.
  

• U.S. Wholesale sales rose 1.3% in September inventories rose 0.8%.
  
  

• Federal Reserve officials on said more interest rate cuts could be needed if economic growth proves weaker than expected.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were down 800,000 barrels last week to 311.9 million barrels.
  Supplies of gasoline were down 800,000 barrels
  Supplies of heating oil were up 600,000 barrels.
  Refinery use was flat last week at a sluggish 86.2% of capacity.
  Gasoline demand rose 0.8%
  Distillate demand fell 2.4%.
  

• Japans leading index fell 1.3% in September, due to Japan's poor housing starts. Eight of ten indicators rose.