Meanwhile In Sweden, Crime Hits All Time Highs

It appears President Trump, having warned that Sweden's huge intake of refugees would lead to "problems like they never thought possible," has been vindicated, as the number of Swedes who were victims of crimes such as fraud and sexual offenses jumped to record highs last year.

Gold Drops To Key Technical Support After $2 Billion Purge

After surging above its 50-day moving-average on Friday, it appears someone is keen for that key technical level not to hold as they dumped almost $2 billion notional in seconds this morning, testing down to the 50DMA (but holding for now).

Key Events In The Coming Holiday-Shortened Week

It's a relatively quiet, holiday-shortened week, with volumes expected to grind lower as we head into the Thanksgiving holiday. Key economic releases are the FOMC minutes and the durable goods orders report, both on Wednesday. There is one speaking engagement with Chair Yellen this week.

Frontrunning: November 20

  • Merkel faces worst political crisis of her career (FT)
  • Merkel’s Failure Is Bad News for May (BBG)
  • Trump open to dropping healthcare provision in Senate tax bill: aide (Reuters)
  • Bitcoin's White-Knuckle Ride Continues as It Dashes Past $8,000 (BBG)
  • UK Preparing Enhanced Brexit Cash Offer (BBG)

South Detects "Engine Test" At North Korean Nuclear Facility

More than two months have passed since North Korea held one of its missile tests - the longest period of tranquility this year, although it may be ending soon: South Korea’s National Intelligence Service warned on Monday that it has detected suspicious activity at the North’s missile research facility.

Russia's Arms Sales To Middle East Countries Spike To Record-High Levels

"It’s not S-400 only. Russian weapons, especially aircraft and air defense systems, have proven to be a cost effective alternative to much more expensive Western systems...All in all, the spike in Middle East arms sales is a success story for Russia’s defense industry. "