Next week (November 10-14), China's core economic data (PPI/CPI, social financing and credit, retail sales, etc.) will be released in a concentrated manner, while economic indicators and oil market reports from Europe and the United States will be released one after another, coupled with the dynamics of central banks in many countries and the potential risk of missing US data.

Sunday (November 10): China's inflation data kicks off the day, with the PPI-CPI transmission logic drawing attention.

On Sunday, China released its October PPI and CPI data. PPI is sometimes used as a leading indicator of CPI, reflecting consumer price trends from the cost side 3-6 months ahead of CPI.

Monday (November 10): China's credit data sets the tone for credit easing and tightening, while data from multiple countries are released simultaneously.

Monday's main focus was China's release of October's new RMB loans, year-on-year figures for total social financing, and M2 data. The social financing and new RMB loan data reflect the tightness of credit, helping to observe economic vitality; while the M2-M1 gap is an important indicator of the shift of household savings, directly reflecting consumption and investment intentions. On the same day, China's refined oil price adjustment window opened.

In addition, Australia released its weekly consumer confidence index, the Bank of Japan released a summary of the opinions of the deliberation committee members of its monetary policy meeting this month, and the Eurozone released its November Sentix investor confidence index.

Tuesday (November 11): Singles' Day coincides with a wave of economic data releases, with key indicators from Europe, the US, and the UK all coming together.

Tuesday coincides with "Singles' Day" (November 11th), and the Eurozone and Germany will release their ZEW economic sentiment indices, while the UK will release its September unemployment rate and wage growth rate. This comes after the Bank of England decided to keep interest rates unchanged at 4%.

Canada released its trade balance later in the evening, showing a trade surplus of $3.3 billion at the beginning of the year, which the market now predicts will fall to -$6.3 billion.

Wednesday (November 12): OPEC report guides oil prices; Fed officials' speeches hold hidden implications.

On Wednesday, OPEC will release its monthly oil market report, which will disclose the global oil supply and demand pattern, inventory changes, and price outlook, directly affecting international oil price trends and consequently impacting the energy sector and inflation expectations.

In the evening, U.S. Treasury Secretary Bessant delivered a speech, and FOMC voting member and Philadelphia Fed President Paulson shared his views on the topic of fintech. Previously, Powell had stated that "by many metrics, stock valuations are quite high," which the market interpreted as a direct attack on U.S. tech stocks. Whether Paulson's speech will extend these statements and release further signals regarding market valuations or policy inclinations is worth close attention.

Thursday (November 13): Three consecutive crude oil reports released, the risk of missing US data remains to be resolved.

Thursday marks a busy period for oil market reports: the U.S. API will release its crude oil inventory data, and the International Energy Agency (IEA) and the U.S. EIA will release their respective oil price estimates.

The UK will release its GDP, trade balance, and industrial output figures, while Australia will release its unemployment rate.

It is worth noting that if the US government shutdown continues, the US October CPI (a core inflation indicator) and initial jobless claims (a real-time signal of the labor market), which were scheduled to be released on that day, will be absent. These two data points are directly related to the Federal Reserve's decision to cut interest rates.

Friday (November 14): Data on China's "three drivers" of the economy concludes, with the uncertainty surrounding the absence of a major economic indicator.

Friday marks the final data release of the week, with China releasing figures for total retail sales of consumer goods (reflecting consumer activity), value-added industrial output of enterprises above a designated size (industrial economic activity), and urban fixed asset investment (infrastructure and manufacturing investment trends).

On the same day, the EIA released its crude oil inventory changes, and Europe released its trade balance and revised Q3 GDP figures.

It is worth noting that if the US government shutdown continues, the US retail sales data (known as the "terror data") that was originally scheduled to be released today will be absent, or if the shutdown suddenly resumes, the "terror data" will appear in the market beyond expectations.

This data serves as a "barometer" of the US consumer market, with consumption accounting for over 70% of GDP. It is an important reference for the Federal Reserve's policy-making, and its absence may lead to biases in market assessments of the US economy and exacerbate asset price volatility.

Risk warning: Multiple variables may pose potential volatility risks.

The US government shutdown has resulted in the absence of key data, but the shutdown may end at any time, causing asset price volatility. At the same time, if the rapid correction in US stocks expands, it will also quickly translate into market sentiment and cause asset price volatility.

Second, speeches by officials from the Federal Reserve, the European Central Bank, and the Bank of England may signal a policy shift.

Third, in addition to core economic data, investors should be wary of other risks such as the continued escalation of geopolitical conflicts (Russia-Ukraine conflict, Israeli-Palestinian conflict, US-Venezuela issues, etc.).