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10/31/18
Thomas Thornton
Top Overnight News

  • Every major equity market is higher; China +1.4%, Japan +2.2%, Europe +1.6% and S&P futures (+19) are at the highest levels in 4 days on the last trading day of October, and stocks globally (MSCI World) are set to have their worst month since mid-2012.  Treasuries weaker across the curve, extending this week’s backup in yields. Dollar not doing much against the majors following latest bout of strength. Gold down 0.4%. WTI crude up 0.4%.
  • Nothing specific behind global equity bounce that started in US on Tuesday. Easiest excuse for initial move seemed to be some combination of oversold conditions, talk of month-end rebalancing and expectations for renewed support from corporate buybacks. Some strategists have also been defending equities, highlighting still favorable US economic backdrop and the fact that earnings growth rates may have peaked.  
  • Biggest positive seems to be the signs of stabilization in results from Facebook. (not a great number but "good enough")
  • China PMI’s light, as both Services (53.9 vs. 54.6) and Manufacturing (50.2 vs. 50.6) missed estimates.  The Chinese Yuan on the verge of fresh 10 year lows vs. the dollar, and Bloomberg noting their repo rate jumped the most in 4 years overnight. No change from the BOJ (as expected); asset purchase rates remains unchanged and it forecast inflation will remain below its 2% target until at least 2021. Also not so great production readings from both Japan and South Korea. German retail sales also soft.
  • Facebook light on a number of key metrics, but results good enough against low expectations. EBAY GMV growth better than feared. Electronic Arts hit by deceleration in Live Services and softer guidance. Maxim guidance light as company latest analog to flag broad-based slowdown. Fire Eye nice beat and raise plus billings were better. Amgen beat and raised.  Cheesecake Factory earnings beat, but comps light.
  • Q3 update is now 60% of the S&P’s now reported (299 names) with 59% beating Revenue’s and 82% better on EPS (both metrics below last quarter).
  • Volatility and earnings continue to result in strong US volume; yesterday (9.7B) marked the 6th straight session over 9B shares vs. the 7B YTD average.  That continues to mark the best volume stretch since the equity selloff in February.
  • A busy rest of the week with catalysts in the US:   8:30 ADP, 9:45 Chicago PMI, tomorrow is ISM, PMI and AAPL earnings post market.   
  • Earnings (ACOR, ADP, AEE, Airbus, AIT, ANTM, APO, APTV, BAX, BG, CDW, CG, CLX, CRTO, DBD, DIN, EL, GNC, HES, GlaxoSmithKline, GM, GNC, GRMN, HES, HFC, ICE, JBT, K, S, Sanofi, Santander, SC, Sprint, SPR, Standard Chartered, TAP, and TEL before the open and AIG, ALL, ATH, CACI, CDE, CF, CLI, CMP, ESRX, FISV, FIT, FORM, MOH, MUSA, NXPI, QRVO, SSNC, STAY, WMB, XPO, and ZNGA after the close).

Market Snapshot
US Economic Reports Today
Pre Market Movers
Key Levels



 


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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.    

 

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