If you are having difficulty seeing this email, you can view in your browser or click here to print.

• S&P futures made back earlier losses and flat now.  Asian equities mixed overnight. European equities higher. Treasuries firmer across the curve. Dollar stronger on the major crosses, particularly vs euro and sterling. Gold down 0.4%. WTI crude up 0.5%.
• Eurozone manufacturing PMI disappoints in October:  More signs of euro-area growth slowdown, with Eurozone October flash manufacturing PMI at 26-month low of 52.1 versus consensus 53.0 and prior 53.2. Services PMI at 24-month low at 53.3 versus forecast of 54.5 and prior 54.7.  
• No hint of Brexit resolution in the UK; Bloomberg noting yesterday’s cabinet meeting "descended into open conflict".  This leading to further speculation that PM Theresa May could soon face a no confidence vote.
  
• Trump steps up attacks on Powell:  In a WSJ interview, President Trump escalated his attacks on Fed Chairman Powell, blaming him for threatening US economic growth and saying he appeared to enjoy raising interest rates. Trump acknowledged Fed independence while also making clear he was intentionally sending a direct message to Powell that he wanted lower interest rates. Trump also reiterated that he sees the Fed as the biggest risk to the economy because interest rates are being raised too quickly. Also highlighted dissatisfaction with the central bank because rates were at zero during the Obama administration.
  
• Yesterday morning the S&P touched the lowest level since May 29th before proceeding to bounce 48 pts in the afternoon. That marked the furthest the index has traded below its 200 dma since March 2016.
  
• Tariffs/effects on growth becoming a major theme of Q3 earnings (CAT yesterday) as the Energy, Industrials and Materials subsectors were all off at least 4.6%.  BA looks good with cash flow strong.  To fade or not to fade?
  
• Earnings update- 130 S&P names have now reported with 65% better on the Sales line and 87% beating EPS estimates (about 10% above the historical average).
  
• Texas Instruments issues cautious guidance: More scrutiny on semi space as they guided well below the Street (and more than I expected) for the December quarter (~5 points below normal seasonality).  More on Daily Note today.  I will be covering small long.
  
• A lot going on today and the focus will be on US FHFA home prices for Aug (9amET), US flash PMIs for Oct (9:45amET), US new home sales for Sept (10amET), the US Beige Book (2pmET), Fed speakers (Bostic, Brainard, Mester), and earnings (AB, ALXN, APH, BA, Barclays, BKU, BSX, CHKP, Deutsche Bank, EVR, FCX, GD, Heineken, HLT, IR, ITW, NDAQ, NSC, NYCB, OC, Peugeot, SIRI, SLAB, STM, T, TMO, TUP, and UPS before the open and AFL, AGNC, AHL, AMD, ARI, AZPN, BHE, CCMP, CLB, CLGX, DLB, DRE, ELY, ETH, F, FFIV, FTI, FWRD, GHL, KN, KNX, LM, LSTR, NOW, MLNX, MSFT, PKG, PLXS, PTC, RJF, TSLA, UNM, V, VRTX, WHR, and XLNX after the close)

Any comments, suggestions, or questions - please email info@hedgefundtelemetry.com
Occasionally, an earnings report date could change, or could be incorrect. We rely on various sources including Street Account, Factset, and Bloomberg to compile this report.    

Unsubscribe me from Hedge Fund Telemetry