Market Calendar: South Korea, Taiwan Markets Closed; China Lending Data Due

The real signal sits in China's social financing and new yuan loans, which reveal whether credit demand is actually reviving, while the September M2 print shows how much of that is liquidity versus borrowing. Canada's jobs report and the University of Michigan sentiment gauge carry more weight than usual given how much rate-path expectations now hinge on labor and consumer data. The ECB speakers are the wildcard, since any shift in tone on the euro-area outlook would move cross-asset positioning. Whether China's credit expansion broadens beyond headline totals is the open question.