While the US bond market, if not equities, is enjoying the day off on a day in which there is no economic data just more Fed speakers including the Fed's Evans who on Friday uttered what may be the dumbest thing a central planner has ever said, the week's macro docket starts in earnest on Tuesday when China will release the all important September trade data out. As a reminder it was the August trade report that precipitated the CNY devaluation just a few days later. Over in Europe, we’ve got German CPI and the October ZEW survey while in the UK we’ll get the September CPI/PPI/RPI readings along with the BoE Credit Conditions and Bank Liabilities surveys. Over in the US on Tuesday we get the NFIB small business optimism survey, while we’re also due to hear from the Fed’s Bullard. There’s more important data out of China on Wednesday with the September CPI and PPI prints, while also in Asia the Japan PPI reading is due. Closer to home on Wednesday we’ve got French, Spanish and Italian CPI, while in the UK we get the various employment indicators. Euro area industrial production is also expected. The focus in the US on Wednesday will be on the September retail sales print, while PPI and business inventories are also due along with the Fed’s Beige Book. We start in Japan on Thursday with industrial production and capacity utilization readings. There’s nothing of note in Europe but in the US we get the main release of the week with the September CPI reading due, with markets expectations of further deterioration in the headline (-0.2% mom), while consensus for the core reading is at +0.1% mom. On top of this, average weekly earnings, Philly Fed business outlook, empire manufacturing and initial jobless claims are also due, while the Fed’s Bullard, Mester and Dudley are due to speak. We end the week in Europe on Friday with the final September Euro area CPI print. Over in the US we get industrial and manufacturing production, capacity utilization, JOLTS job openings and the preliminary University of Michigan consumer sentiment print. Along with the data and Fedspeak, US earnings season ramps up with 36 S&P 500 companies due to report. Of particular note will be the banks with JP Morgan (Tuesday), Bank of American (Wednesday), Wells Fargo (Wednesday), Goldman Sachs (Thursday) and Citigroup (Thursday) the notables. The corporate releases are headlined by Johnson & Johnson and General Electric while Schlumberger should provide an early hint into the state of the energy sector. Source: Deutsche Bank