Nissan now assumes an average USD/JPY rate of 157 for the current fiscal year, up from its prior forecast of 150.

Industry sources said Ukrainian drone strikes since late October have knocked Russian refining capacity down roughly 30%. The refineries hit include three large central Russian plants in Ryazan, Yaroslavl and the Volga region with combined nominal capacity of about 300,000 t/day (≈2.2mn b/d); Russia’s total primary refining capacity is about 930,000 t/day. Sources said crude runs at Russian refineries were roughly 700,000 t/day (≈5.0mn b/d) at end-October and estimate actual processing may have fallen by as much as 200,000 t/day.

The New York Fed Q3 Household Debt and Credit report: loans 30+ days delinquent rose to 5.0% from 4.7% in Q2. Total household debt increased 1.8% QoQ to $19.1 trillion. Mortgage balances delinquent 90+ days rose to 1.13%, the highest since Q1 2018. Home-equity line balances increased by $23 billion, the largest quarterly gain since 2005. New auto-loan delinquencies rose; student-loan delinquency growth slowed; credit-card delinquencies improved. The New York Fed said overall credit quality remains sound despite higher mortgage delinquencies.