Let's start with the G20

So what's up for next week's trading.

To start with, the G20 will be a focus when the market opens on Monday. The comments have been all over the place this week but realistically, I don't think we should expect a whole lot, but seeing the ball advance down the field might be nice. It will take two to tango though and when the Pres. like tariffs because he views them as a tax on foreigners, anything can happen.

BTW a senior administrative official of the US just told CNBC's Eamon Javers that the Pres. "doesn't feel pressure to make a deal for the sake of a deal, he has more time" Moreover, is is bringing his anti-China rottweiler Peter Navarro to the dinner with him. Javers added that the official also said the president "has been getting information from advisors that the economy continues to show resilience and strength despite the equity markets." and therefore that one possible scenario tomorrow is a "squishy positive" outcome with no actual deal terms announced after the dinner but both sides agreeing to continue talks and positive rhetoric. The US side could even announce holding off on Jan 1 tariff increases to help talks continue.

As far as other releases and events, below is a look at the most important for the week:

Monday

  • ISM manufacturing PMI, 10 AM ET/1500 GMT, Est 57.5 versus 57.7. Employment component was at 56.8 last month. The prices paid was 70.0 versus 71.6.

Tuesday

  • RBA Rate decision. 10:30 PM ET (Monday)/0330 GMT (Tuesday) No change expected to the 1.5% target rate
  • BOE Gov. Carney is due to testify about Brexit Withdrawal Agreement before the Treasury Select Committee, in London, 4:15 AM ET/0915 GMT

Wednesday

  • Australia GDP 3Q. 7:30 PM ET (Tuesday)/0030 GMT (Wednesday). Estimated 0.6% versus 0.9%.Year on year 3.3% versus 3.4% last
  • BOC rate statement. 10 AM ET/1500 GMT, No change expected
  • ADP employment change, 8:15 AM ET/1315 GMT, Est 195K versus 227K
  • US ISM non manufacturing PMI, 10 AM ET/1500 GMT. Estimate 59.0 versus 60.3

Thursday

  • Australia retail sales, 7:30 PM ET/0030 GMT. Estimate 0.3 versus 0.2%
  • OPEC meeting. All day. Will OPEC cut production?
  • Canada trade balance, 8:30 AM ET/1330 GMT. Last -0.42B
  • US trade balance, estimate -55.0 billion versus -54.0 billion last month

Friday

  • Canada employment change, 8:30 AM ET/1330 GMT. unemployment rate, last 5.8%. Change in employment, last 11.2%.
  • US employment report, 8:30 AM ET/ 1330 GMT, unemployment rate 3.7% versus 3.7% last month. Changes non farm payroll 199K versus 250K. Average hourly earnings 0.3% versus 0.2% last. Average hourly earnings year on year 3.1%, unchanged.