Quick Overview

• The Federal Reserve took small steps in the direction of a more hawkish stance on rates, tweaking its guidance on future policy for the first time since March.

• The ADP employment report showed that 203,000 private sector jobs were lost in October. Although this was more than the 190,000 forecast, investors welcomed the fact it represented the smallest number since July 2008.
  

• The Institute of Supply Management's index of services fell from 50.9 to 50.6 in October
  

• The Mortgage Bankers Association said its index of mortgage applications rose 8%
  

• The World Bank expects GDP in China to be up 8.4% in 2009 and up 8.7% in 2010
  

• Services in the U.K. rose from 55.3 to 56.9 in October
  

• Services in the Euro zone rose from 52.3 to 52.6 in October
  

• Australia's retail sales fell 0.2% in September.
  

• The U.S. Department of Energy said:
  Supplies of crude oil fell 4.0 million barrels.
  Supplies of gasoline fell 300,000 barrels
  Supplies of heating oil supplies fell 1.1 million barrels.
  Refinery use fell from 81.8% to 80.6%
  Gasoline demand was unchanged YoY
  Distillate demand fell 14.8% YoY.

• Gold prices extended their record breaking run, pushing towards $1,100

• Ore demand pushes freight costs higher

• Informa estimates the US corn crop at 13.064 billion bushels with a yield of 164.8 bushels per acre
  Informa estimates the US bean crop at 3.333 billion bushels with a bpa of 42.4.
  The last USDA estimate, in Oct, was 13.018 billion corn with a 164.2 bpa and 3.250 billion beans with a 42.4 bpa.
  Last month, Informa estimated the corn crop at 13.127 with a 164.7 bpa and the bean crop at 3.250 billion with a 44 bpa.

• (Bloomberg) -- Rice futures in Chicago rose to the highest price in almost 10 months on mounting concern that Indian inventories will trail demand, forcing the world’s second-largest producer to import grain.
  Output in India has declined because of adverse weather, and the government plans to buy 26 million metric tons of the grain from farmers this year to bolster domestic stockpiles and avoid food shortages, said Dennis DeLaughter, a rice farmer and the owner of Progressive Farm Marketing in Edna, Texas.
  “The government is trying to make sure they don’t have a panic on their hands, so they’re moving rice into the market early to avoid having a run on supplies,” DeLaughter said.