ASIA MORNING: This And That

First up this morning Aussie traders catch CBA Manufacturing, Services and Composite PMI data due out at 9am AEDT. There are no economist forecasts for these prints. Prior month readings read 49.4 (Manufacturing), 52.5 (Services) and 51.9 (Composite). We don't expect too much price action on the back of these announcements, but it will be interesting to flag for locals if we see a significantly weaker print, which could lead to some AUD softness. Given we've had three RBA cuts in a short space of time, there could be upside to these numbers as monetary policy flows through to sentiment. AUDUSD currently trades at 0.6852 with ranges tight overnight.
 

Better risk sentiment on US/Turkey relations and crude's overnight rally to the tune of +2.3% though partially offset by mixed messages from US earnings (Paypal beat, Tesla beat, Microsoft ok, Ebay miss) should help ASX cash move higher at the open. ASX Dec Futures are up 33pts and give good indication as to spot's early direction.
 

The "safe" removal of Kurdish armed forces from Northern Syria has seen Trump lift sanctions on Turkey originally enacted in order to discourage the NATO ally from acting "unilaterally in Syria". From all reports, a buffer area and "ceasefire" has been permanently agreed. This has seen Russian police and Syrian border guards escort Kurdish militia away from the zone. Positive developments between Turkey and the US has helped risk sentiment late in NY, however, sanctions could still be imposed should "something happens that [the US] aren't happy with". USDJPY traded higher but seems hesitant to move above 108.7 having tested twice overnight. NZDUSD made gains in linear fashion and trades with some space between current spot and psychological handle 0.64.
 

Building on yesterday's Brexit defeat, markets look to an EU extension of the Brexit deadline and in particular how long a delay will be granted. It looks likely that the Brexit deadline will shift three months meaning Jan-31-2020 though French President Macron has demanded Nov-15 at the latest. The earlier it is, the more likely PM Johnson will be able to get his Brexit deal through UK Parliament with majority support. Remember that the Withdrawal Agreement Bill passed the House of Commons but it was the accelerated timetable that was voted down.