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10/1/18
Thomas Thornton
Top Overnight News

  • S&P futures up 0.6%. Asian markets mixed overnight. Chinese markets closed for holiday all week. European markets higher with Italy a standout after falling more than 3.5% last Friday. Treasuries weaker across the curve. Dollar firmer vs yen, but a bit weaker vs euro. Canadian dollar strength the big story in FX today. Gold down 0.6%, extending its recent weakness. WTI crude up 0.2% with bullish bets hitting an 11-week high last week.
  • Busy in terms of macro. US and Canada reached a deal to overhaul NAFTA, providing the big tailwind for risk sentiment today. Some reprieve for Italian assets despite reports EU ready to reject budget plans in November. China September manufacturing data softer than expected, but more policy support expected. US-China relations continue to deteriorate beyond trade with Beijing canceling upcoming security meeting. Japan manufacturing sentiment softened in latest Tankan.
  • Tesla up big after Musk settled with SEC in a deal that will allow him to stay on as CEO. GE named new CEO and said it will fall short of prior guidance. WSJ said Facebook could be hit with a fine worth as much as $1.63B over recently announced data breach. PFE CEO to step down at year's end.
  • WSJ discussed how strong dollar a headwind on Q3 earnings, but nothing new.

Market Snapshot
US Economic Reports This Week
Pre Market Movers



 


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