Beijing starts shift from coal to gas

Beijing says it's starting to do something to clean up the air after last year's record-high pollution that left the city gasping for air. The government says it plans to increase the use of cleaner energy in homes and on the road.

In many of Beijing’s old Hutong communities, coal is still the main source of winter heating.

Yuan Shumin has been using it for as long as she can remember, but not because she wants to.

"Electric heating is cheaper than burning coal. So why aren’t we using electric heating? It’s warm, it’s not poisonous like coal, and it’s also safer to use with elderly people in the house." Beijing resident Yuan Shumin said.

But their requests for electric heating went unanswered.

There is some movement, though. Four coal-burning heating plants will replace coal with natural gas for heating and electricity in the center of the city.

Facilities at one of them are being built now, and it’s supposed to start generating electricity in the next year or two.

"Our installed capacity will expand to 1.37 million kilowatts when we replace coal with natural gas. At the same time, it’s cleaner. There will be no more leftover residue from coal." Zhong Qianghua, engineer of Beijing Energy Investment Holding Co., Ltd. said.

This is just one of the solutions proposed by Professor Ma Yongliang who studies air pollution control.

"One is to replace coal. The other is to cut emissions from coal that is burned. There used to be over 20 million tons of coal burned every year. But according to the current target, there will be 17 million tons burnt in a year." Ma Yongliang, associate professor of Air Pollution Control Department of Tsinghua university, said.

There are also some restrictions on the use of private cars, although the roads are still thoroughly congested. More electric buses will go into use.

"Within five years, 20 percent of buses will be electric. And 65 percent of all buses will be powered by clean energy." Zhao Jianbo, chief engineer of Beijing Public Transportation Group, said.

There may not be much hope for clean air this winter, but we should see some improvement in the coming years.

Businesses, farmers bullish on egg futures

Eggs do not weigh as much in China’s consumer price basket as pork does, but their prices are equally, if not more, susceptible to market swings. Local farmers and business leaders hope that the egg futures will prepare them better for industry ups and downs in the future.

Egg prices are volatile, just as their fragile shells. For Zhang Dexiang, a local farmer from Xishui County in Central China, this lesson was learnt the hard way. He bought ten thousand layer hens early this year, but tumbling egg prices knocked him down the ladder of fortune.

"I was extremely painful, but I had to sell those chicken at five yuan each. Many others went broke. I paid too much but all my efforts ended in vain," Zhang said.

Last year, egg prices in China spiked 60 percent from January to July, luring many into the business. Yet rising competition, soaring prices of chicken feed, and a bird flu breakout in April have led to a price freefall and now everyone struggles to break even. In Xishui County, which is well known for its poultry industry, 20 million layers were either dumped or terminated in one month. Business leaders hope that the egg futures will do them a favor.

"The biggest edge is that we are able to track the price, meaning we can strategize our plans for production, procurement, and sales based on egg price movement," Yang Guang, Chairman of Hubei Shenlu Group, said.

Shenlu Group runs poultry businesses from feeding, sales, to distribution, and rakes in 2 billion yuan, or 328 million US dollars sales every year, according to company website. The company has signed agreements with local farmers to share market intelligence and pledges to become the egg futures’ designated settlement site, which will beef up local businesses for stronger market volatility.

Source CCTV

76 vehicles to make world debuts at Tokyo Motor Show

A total of 76 vehicles are set to make their world debuts at the 43rd Tokyo Motor Show to be held from Nov. 22 through Dec. 1, the Japan Automobile Manufacturers Association, the organizer of the event, said Thursday.

The number of world-firsts rose sharply from 53 in the previous exhibition in 2011. Among them are Toyota Motor Corp.'s <7203> Fuel Cell Vehicle Concept and Honda Motor Co.'s <7267> S660 Concept micro sports car.

Source  NewsOnJapan

Honda Fit retakes top spot in Japan

Honda Motor Co.'s Fit subcompact was the top-selling car in Japan in October, returning to the No. 1 slot for the first time since April 2011, industry data showed Thursday.

Sales of the Fit totaled 23,281 units. Toyota Motor Corp.'s Prius hybrid came in second with sales of 20,886 units, followed by Toyota's Aqua compact hybrid with 19,984 units.Behind the Fit's comeback was a fully remodeled version launched in September, its first full model changeover in six years. A hybrid version of the new Fit achieved a fuel economy of 36.4 kilometers per liter, the best among hybrid vehicles in the world.
Sales of fuel-efficient hybrid vehicles and minivehicles remained brisk. Six of the top 10 models were minivehicles.

NewsOnJapan

Over 1/3 of world's eggs are from China

China has become the world’s top egg producer over the past few years. Statistics show that China produced 24 million tons of fresh eggs in 2011, accounting for over one third of the world’s total production.

The country’s fresh egg market was worth 180 billion yuan, or about 30 billion U.S dollars in 2011. It is also the largest egg consumer country globally. China exported about 80 thousand tons of eggs in 2011, mostly to Hong Kong and Macao. Most of the egg production areas are in Northern China, while regions around Beijing, Shanghai, and Guangzhou consume most of the eggs.

Source CCTV

Kicking the yakuza in the assets

The yakuza, Japan's organized-crime syndicates that have reaped riches from extortion to human trafficking, are finding their ranks decimated by the same strategy U.S. authorities used to jail Al Capone: going after the money.

In the government's latest move against the gangs, the Financial Services Agency (FSA), Japan's financial regulator, on Nov. 5 began inspections of the country's three largest banks, Mitsubishi UFJ Financial Group (MTU), Sumitomo Mitsui Financial Group (SMFG), and Mizuho Financial Group (MFG), to determine whether they are complying with regulations meant to curb transactions with criminal organizations. Spokesmen for the three banks declined to comment on the inspections.

The government's efforts are having an impact: Yakuza membership plunged 11 percent in 2011, to 70,300, and fell an additional 10 percent in 2012, to 63,200, following annual declines of about 3 percent or less since 2004, according to data from Japan's National Police Agency. The yakuza have generally been tolerated because of their long history and ties to corporate Japan and politicians. While membership in the gangs isn't illegal, laws enacted nationwide in 2011 made it illegal for anyone to do business with gang members. That same year, a U.S. executive order required American financial institutions to freeze yakuza assets.

Japan. Ex-Nagano pension fund manager accused of embezzlement

A former Japanese pension fund manager arrested in Thailand last week enjoyed an extravagant life prior to fleeing Japan.

Last Friday, immigration officials in Bangkok arrested Yoshinobu Sakamoto, 55, the former manager the Nagano Prefecture Construction Industry Welfare Pension Fund, for being in the country illegally.

Since 2010, Sakamoto had been wanted by the Nagano Prefectural Police in connection with the embezzlement of 2.38 billion yen from that fund. When he was arrested, Sakamoto reportedly had 20,000 yen in his possession.

Sakamoto's downfall was drastic. An acquaintance tells the Yomiuri that prior to leaving Japan he was referred to as "company president" and spent time in hostess clubs in glitzy Ginza.

Through an introduction from a female manager of a club in Ginza, he began dining at a high-end restaurant in the Roppongi entertainment district in 2009. Until August of the following year (one month before he fled), he came to the restaurant once a month, each time with three or four Ginza hostesses.

"He was always wearing a finely tailored suit," says an employee at the restaurant. "I had heard he was staying at a top hotel in Roppongi. I thought he was a well-bred son from a wealthy family."

Sakamoto, who had been living in an apartment in west Bangkok, is expected to be extradited to Japan this week.

Nagano police plan to arrest Sakamoto once he arrives. Police also intend to initiate a probe into losses in investments made into private equity and clarify how capital was allocated.

According to TBS News (Nov. 2), Sakamoto has admitted to embezzling the money and that none of the funds remain. Police in Thailand indicated that the suspect gave a number of women seven million yen in cash and jewelry.

The Nagano Prefecture Construction Industry Welfare Pension Fund was one of the 84 clients of AIJ Investment Advisors, the firm at the center of a $2 billion fraud that came to light in 2012. The investment firm had been entrusted with more than 30 percent of the fund's assets, or approximately 6.5 billion yen.

Sakamoto was first given control of the Nagano pension fund assets in 1989. Prior to his disappearance, he was in charge of overseeing more than 20 billion yen in funds entrusted by 6,800 people.

Xinhua. Alibaba will launch ''Singles' Day''

A sign is shown to mark the countdown to the "Singles' Day" shopping promotion on Nov. 11. by a Tmall online shop in Guangzhou, capital of south China's Guangdong Province, Nov. 5, 2013. Alibaba Group, operator of China's biggest e-commerce platforms, will launch a shopping festival on Nov. 11 on its consumer-oriented platform Tmall.com, highlighting big discounts. Sales on Tmall.com reached 13.2 billion yuan (2.2 billion U.S. dollars) on that day last year

Tokyo cops bust Kabukicho gambling operation.

Tokyo Metropolitan Police on Thursday announced the bust of a bookmaking operation for horse and motor boat racing in the Kabukicho red-light district of Shinjuku Ward.

On Monday, officers took Satoshi Kanbara, the 34-year-old manger of Satellite Win, an employee and eight customers into custody for violating professional motor boat and horse racing laws regarding bookmaking.

At the time of the raid, law enforcement discovered the customers had wagered 620,000 yen on 38 races as they watched the race results on 11 television monitors.

At present, gambling on horse, motor boat, bicycle, and motorcycle racing from authorized betting outlets is legal in Japan.

Kanbara has reportedly admitted to the allegations. "Bookmaking is profitable so I started this business," said the suspect.

Since April, the gambling operation collected approximately 100 million yen in revenue.

Source NewsOnJapan

China's trade volumes with major partners improving

''Looking at the global picture, external trade between China and its major trading partners is also increasing. The Customs Administration says the European Union still maintains its rank as the top trade partner with China.

Bilateral trade reached about 456 billion U.S. dollars, up half a percent from a year ago. The U.S. and ASEAN ranked second and third, with trade volumes of 423 and 359 billion U.S. dollars respectively, or jumping 6.9 percent and 10.9 percent year on year.

Bilateral trade with Japan showed its first expansion since last June, at 0.8 percent year on year in October. The administration also said that China’s trade with emerging markets, such as Russia, Brazil, India and South Africa has been growing at a stable pace in the past ten months''.

Source  CCTV

China´s exports increased by 5.6 percent y/y on October

''China’s latest trade figures are out, showing export growth rebounded more than expected in October, and suggesting that the economy is back on track.

Exports increased by 5.6 percent year-on-year last month, data from the General Administration of Customs showed on Friday.

Imports, meanwhile, rose 7.6 percent on an annual basis.

Overall, trade volume reached more than 21 trillion yuan, or 3.5 trillion U.S. dollars in the first ten months, which is up 7.6 percent year on year.

"In October, China’s total trade volume rebounded to 6.5 percent in October from September’s 3.3 percent, suggesting a stable trend. The growth rate of exports also climbed from September’s 0.3 percent to 5.6 percent in October. This reflects an improvement in external demand, which could help ease pressure on exporters," Huang Guohua, Deputy Inspector of General Administration of Customs, said.

Private firms contributed to the biggest bulk in trading activity. According to the customs data, trade volumes of private firms jumped more than 22 percent from a year earlier, higher than state-owned companies and multinationals.

"China’s trade entities are upgrading and diversifying. This reflects that China’s trade is depending less on Foreign Direct Investment companies, but explore more strength domestically," Huang said.

Huang also said that China’s economic recovery is stimulating commodity imports, especially for energy and resource products''.

Japanese astronaut Wakata arrives at ISS

A Russian Soyuz spacecraft carrying a three-man crew including Koichi Wakata of Japan successfully docked with the International Space Station Thursday after being launched from Kazakhstan.

Wakata will stay at the ISS for about six months, including the final two months when he is scheduled to serve as the first Japanese commander.The spacecraft blasted off from the Baikonur Cosmodrome at 10:14 a.m. (4:14 a.m. GMT) and entered Earth's orbit at an altitude of some 200 kilometers about nine minutes later. The crew entered the ISS some two hours after the spacecraft docked with it at 4:27 p.m.

Source NewsOnJapan

From Reuters: ECB adds to bubbly markets’ risky lack of fear

"The European Central Bank rate cut on Thursday is yet another bit of monetary policy loosening.   The absence of fear is itself a warning.

The latest upward phase in global markets started when the U.S. Federal Reserve unexpectedly did not reduce its bond purchases in September. The decision weakened the dollar against the euro, exacerbating deflationary pressures in the depressed zone. The ECB has now responded with what might be called a retaliatory rate cut, which has already brought the euro down a bit.

For global markets, it all means that the policy taps are wide open. The Bank of Japan is increasing its monetary base at an annual pace of about 60-70 trillion yen ($611-$712 billion) – two-thirds of the Fed’s high speed, in a smaller economy. And emerging economy bank lending has contributed two-thirds of the $3 trillion, or 4.6 percent, rise in global M2 since January, according to JPMorgan. The bank’s economists judge the current episode of excess global liquidity the most extreme they have seen.

Signs of excess abound. Stocks wobbled after the ECB cut and firmer U.S GDP, but the MSCI world equity index is still close to five year highs. The yield on U.S. 10-year Treasuries, which touched 3 percent early in September, has fallen back to 2.6 percent. Robert Shiller, the Nobel prize-winning economist, warns of bubbly property prices from Brazil to China and the eponymous S&P/Case-Shiller index shows home prices in 20 large U.S. metro areas up by 12.8 percent from August 2012.

It looks like dangerous calm. Trading volume in the U.S. Vix S&P 500 options volatility index, often seen as a gauge of fear, has slumped. The Vix did jump on Nov.7, but from unusually low levels. Amid the glut of liquidity, fear has gone.

That is itself a warning.  Any change in monetary policy expectations could throw sand in the market’s well-lubricated complacency. 

Asian Stocks fell on concern stimulus cut by Fed

Asian stocks fell after a report showing economic growth in the US fuelled speculation the Federal Reserve could begin tapering its stimulus before the year is out.

An initial reading for US gross domestic product in the third quarter rose 2.8%, up from 2.5% in the second quarter and a forecast for growth of 2%.

Markets dragged following the release of the data, as it increased concern that the Fed might deem the economy has picked up enough to begin scaling back its monthly $85bn bond buying programme this year. However, many economists still think the Fed will hold off until March 2014.

Also to be had in account, the largest contribution to US growth in the third quarter came from a large increase in real private inventories. 

Japan's Nikkei 225 finished down 1% as a stronger yen against the dollar weighed on exports.

The Hang Seng dropped 0.60% and the Shanghai Composite fell 0.80%.

On a more positive note for Asian markets, Chinese exports rose 5.6% in October from a year earlier, according to a report from the General Administration of Customs in Beijing. 

It beat the consensus for 1.7% growth and September's unexpected decline of 0.3%. 
Imports advanced 7.6%, leaving a trade surplus of $31.1bn, the biggest this year.

"Strong imports of industrial commodities last month suggest that China's investment led rebound was holding up relatively well early in Q4," said Capital Economics. 

The import figures also point to resilient internal demand, Nomura chipped in. 

"However, with policymakers again focussing on risks from excess credit, the rebound still seems unlikely to last. Meanwhile, stronger-than-expected exports in October add to positive signs from elsewhere in Asia about the state of global demand."

Meanwhile, this weekend will be the Third Plenary Session of the 18th Central Committee of the Communist Party of China, a closed meeting of 200 of China's top politicians.

The outcome of the meeting could play a significant part in shaping China's economy as reforms are expected to be announced to address the recent slowdown.

Source: LiveCharts

US:Jobs report tops expectations,payroll jobs increased 204,000 in October

The jobs report overall topped expectations, though there were some weak spots. Total payroll jobs in October increased 204,000, following a revised increase of 163,000 for September (originally up 148,000) and after a revised gain of 238,000 for August (previous estimate was 193,000). The consensus forecast was for a 120,000 rise for the latest month. The net revisions for August and September were up 60,000. Private payrolls gained 212,000 after a 150,000 increase in September. The consensus expected 128,000 in October. 

The unemployment rate firmed to 7.3 percent after dipping to 7.2 percent in September. The median forecast was for a 7.3 percent unemployment rate. 

Goods-producing jobs advanced 35,000 after rising 27,000 in September. Manufacturing was up 19,000 after edging up 4.000 in September. Construction gained 11,000, following a boost of 18,000. Mining rose 4,000 after a rise of 5,000 in September.

According to the Bureau of Labor Statistics, "There were no discernible impacts of the partial federal government shutdown on the estimates of employment, hours, and earnings from the establishment survey."

Private service-providing jobs increased 177,000 in October after a 123,000 rise in September. The October gain was led by professional and business services (up 21,000), leisure and hospitality (up 53,000), retail trade (up 44,000), and professional & business services (up 44,000).

Government jobs declined 8,000 in October after gaining 13,000 in September. 

Wage growth was sluggish in October, rising only 0.1 percent for average hourly earnings, following 0.1 percent the month before. Expectations were for a 0.2 percent gain. The average workweek held steady at 34.4 hours, but falling short of analysts' forecast for 34.5 hours.

Overall, the employment report showed moderately healthy job gains but there was sluggishness in wages and hours. And the unemployment rate rose. The Fed will have much to mull over ahead of its December policy meeting.

Source:  Bloomberg

WSJ: Behind U.S. GDP Growth Data

The Wall Street Journal reports,"Gross domestic product, the broadest measure of goods and services produced across the economy, grew at an annual rate of 2.8% in the July-through-September period, the Commerce Department said Thursday. That followed 2.5% growth in the second quarter and marked the fastest rate of growth in a year.
The report offered a snapshot of the nation's economic health in the months leading into the 16-day partial government shutdown that began Oct. 1. The higher growth mainly reflected companies' moves to replenish inventories and a pickup in spending by state and local governments".
"But those developments masked worrisome trends—namely, weaker overall spending by consumers and companies' cutting back on equipment purchases. Those could be signs Americans and businesses lost confidence as mortgage rates rose and the prospect of a shutdown and debt-ceiling crisis loomed.

Consumer spending, which accounts for more than two-thirds of GDP, grew at a paltry 1.5%, matching the slowest pace of growth in more than 3½ years. While consumers stepped up spending on long-lasting items such as cars, they slowed spending on services.

Overall investment across the economy grew 9.5% after rising 9.2% in the second quarter, largely reflecting strength in the housing sector. However, business spending on nonresidential equipment—a key measure of companies' willingness to invest—fell for only the second time since the recovery began more than four years ago. The 3.7% drop is a sign companies may have become skittish as political battles over the federal budget and debt ceiling loomed.

Meantime, exports grew 4.5%, after rising 8.0% in the second quarter.

The latest data point to an economy growing at roughly the same subpar pace that has plagued the recovery, now in its fifth year. Many economists had predicted growth would accelerate in the second half of the year as the effects of tax increases and federal spending cuts eased. That now appears increasingly unlikely".

BANK OF ENGLAND LEAVES QE AND INTEREST RATES UNCHANGED

The Bank of England's (BoE) Monetary Policy Committee (MPC) has announced it will keep its monetary policy unchanged after its meeting Thursday. 

The central bank held interest rates at 0.50% and its quantitative easing programme at £375bn.

The decision was widely expected by economists including IHS Global Insight's Chief UK & European Economist Howard Archer who said it seems a "stone dead-certainty" that the BoE will maintain its policy.

"Indeed, the markets and analysts will be most likely looking beyond the November MPC meeting and focusing much more on the November Bank of England Quarterly Inflation Report which is released on Wednesday 13th."

That will help to shape markets' expectations ahead of the release of the minutes of today's meeting, on November 20th.

Expectations have built up recently that the monetary authority might be looking to modify its economic forecasts so as to incorporate incoming data, which might imply bringing forward the date for the first hike in the main policy rate from the second half of 2016, as currently envisaged by the BoE.

Also, a minority of observers are watching developments in currency markets, particularly given the possibility that the European Central Bank might soon be forced to modify its own policy guidance, which could lead to a further strengthening in sterling. 

"With the economic recovery proceeding more quickly than the MPC expected, but little pressure on forward guidance's knockouts, today's decision to leave policy unchanged was probably a unanimous one. But next week's Inflation Report could have a material effect on expectations for the future path of interest rates", Capital Economics told clients this morning. 

U.K. Expectations for inflation registered a sharp rise during the month.

The Lloyds Bank consumer confidence barometer improved in October. 

Expectations for both inflation and interest rates in the coming year registered a sharp rise during the month. 

The net balance for expected prices rose by nine points to 76, a seven-month high, while the balance of expected interest rates rose eight points to 46, its highest level since April 2012. 

The index of job prospects edged upwards by two points to -11, its highest level since July 2005, while the job security balance remained steady at -7, which is its highest score since April 2008.

LiveCharts

UK economy grew 0.7% in Q3

UK economic output grew by 0.7 per cent in the three months to the end of October following an expansion of 0.8 per cent in the three months ending in September 2013, according to the latest monthly estimates from the National Institute of Economic and Social Research (NIESR). 

By the think tank's estimates the current level of gross domestic product (GDP) is now 5.6% above the trough of the 2008-9 recession (established in April 2009), but is still 2.3% below its pre-recession peak (reached in January 2008).

Source: LiveChart

UK Financial Conduct Autority Minority Shareholders in large companies will be protected

Minority shareholders in large companies are to be given more powers as the City regulator tightens listing rules in London.

In a move which it hopes will "protect" small investors, the Financial Conduct Authority (FCA) has strengthened its listing rules to give shareholders "additional voting rights and greater influence" over key decisions.

However, the new guidelines have drawn criticism: according to the Financial Times, lawyers in New York have warned that the amendments could hinder new initial public offerings in London.

The FCA is responding to concerns from the investment community over the governance of premium-listed companies with a controlling shareholder. It assured that the voice of minority shareholders will strengthen "without turning minority protection into minority control".

The new rules say that these companies must be run independently of their controlling shareholders, and the appointment of independent directors would have to be voted on by independent shareholders and also minority investors.

The guidelines are aimed at preventing such corporate governance scandals as those seen at mining groups ENRC and Bumi which caused disputes between owners and other stakeholders after controversial transactions.

The new rules will affect listed companies on the main market in London with a market capitalisation of over £700m and a controlling shareholder of 30% or more. It is thought that this will apply to around half of the FTSE 100 index, such as Sports Direct in which founder Mike Ashley controls 61.7%, and AB Foods in which Wittington Properties owns 54%.

David Lawton, the FCA's Director of Markets said that "active engagement" by all shareholders is necessary to ensure markets work well. "By safeguarding minority interests from abuse by controlling shareholders, these changes will promote market integrity and empower minority shareholders to hold the companies they invest in to account," he said.

Source: LiveCharts

UK Industrial Output rose 0.9% M/M during September

UK industrial production rose at a 0.9% month-on-month pace during September, according to data from the Office for National Statistics (ONS). 

The consensus estimate was for an increase of 0.6%. 

Manufacturing output increased at a 1.2% clip over the month (Consensus: 1.1%).

U.S. JOBLESS CLAIMS DOWN TO 336K IN LATEST WEEK

In the week ending November 2, the advance figure for seasonally adjusted initial claims was 336,000, a decrease of 9,000 from the previous week's revised figure of 345,000. The 4-week moving average was 348,250, a decrease of 9,250 from the previous week's revised average of 357,500.

The advance seasonally adjusted insured unemployment rate was 2.2 percent for the week ending October 26, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending October 26 was 2,868,000, an increase of 4,000 from the preceding week's revised level of 2,864,000. The 4-week moving average was 2,866,000, a decrease of 8,500 from the preceding week's revised average of 2,874,500.

Source: Trading Economics

US Economy Grew 2.8% in third Quarter, above consensus forecast

US Real GDP Q/Q Growth in Q3 was 2.8%,the consensus estimate was 2.0%

ECB cuts key interest rate to 0.25%, shocking Financial Markets

"The European Central Bank shocked financial markets by cutting its main interest rate to a new record low of 0.25 percent on Thursday, responding aggressively to a slump in inflation way below its target".

"The 23-man Governing Council had faced intense market scrutiny in the run-up to Thursday's decision after a surprise slump in euro zone inflation to 0.7 percent in October - far below the ECB target of just under 2 percent.

But market pricing had largely shown investors backing off bets of an actual cut in rates this early.

"Deflationary risks and the stronger euro seem to have motivated the ECB's move. It is obvious that the ECB under president Draghi has become much more pro-active than under any of his predecessors,said CARSTEN BRZESKI, of ING.

Fed Officials dovish comments propels US markets

The Wall Street Journal reports,"the market was looking pretty dicey on Tuesday morning. But by Wednesday’s closing bell, just about everything had turned around. What changed? Do you really need to ask? It was a double-barreled blast of jawboning from everybody’s favorite central bank, the Federal Reserve.

First, San Francisco Fed president John Williams suggested he wasn’t convinced the jobs market could maintain its position without Fed support. Then a paper from two key Fed economists suggested the bank should extend its commitment to low rates for even longer in order to bring down unemployment. The two dovish messages were definitely received by the market.

The other big thing happening is Twitter’s IPO. The offering is expected to priceWednesday night somewhere between $25-$28 a share, and start trading Thursday".