Quick Overview

• U.S. Personal incomes rose 0.2% in October.
  Personal consumption expenditures rose 0.2% in October and 1.9% YoY.
  

• The Federal Reserve would not hesitate to act to prevent financial strains from damaging the economy and any steps it does take are not made to shield investors, a top Fed official said on Friday.
  
  

• U.S. Construction spending fell 0.8% MoM and 0.6% YoY.
  

• The Chicago purchasing managers index rose from 49.7 to 52.9, stronger than expected
  
  

• Moody's downgraded or put on review debt totaling $119 billion that was issued by SIVs, including some tied to Citigroup.
  

• Congress may legislate a boost in fuel-economy standards to 35 miles a gallon by 2020.
  

• GDP in Canada rose 0.7% in the third quarter and 2.9% YoY.
  

• Japans consumer prices rose 0.3%
  Japans unemployment rate unchanged at 4% in October and
  Japans household spending rose 0.6% in October.
  Japans housing starts fell 35% YoY
  

• GDP in the euro zone rose 2.7% YoY
  

• Retail sales in Germany fell 2.7%
  

• GDP in India rose 8.9%.
  

• The International Cocoa Organization estimates the 2006-2007 estimate of world cocoa ending stocks at 1.6 million tons or 44% of annual use.