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- S&P futures up 0.45% following a big two-day bounce to end an October that saw a meaningful selloff in global markets. Asian markets mixed overnight, though Japan a big laggard. European markets higher. Treasuries unchanged to slightly weaker at the long end of the curve. Sterling strength the big story in FX on recent Brexit headlines, but off best levels with usual noise. Dollar also lagging euro, but little changed vs yen. Gold up 0.8%. WTI crude down 0.7%.
- Trump walking back pre-midterm tax cuts plans; now saying a 10% "middle class tax cut" will come next year.
- Fairly uneventful from a headline perspective. Kudlow said nothing set in stone when it comes to additional tariffs on China. Premier Li said China has capacity to push US relations back to normal. Chinese officials to pledge more policy fine tuning to counter slowdown. Caixin Manufacturing PMI slightly better than estimates (50.1 vs. 50); that said Sept/Oct are the two lowest prints since Spring 2017. And Bloomberg noting this print may have been "front loaded" ahead of US tariffs being imposed. Japan hit by telecom selloff on mobile fee discounts. UK officials pushed back against Times report of a deal with EU on financial services that helped Brexit sentiment earlier.
- DWDP earnings report looks good enough and it's trading up 4.5% (added yesterday to trade ideas as a long). FIT beat and guided for better Q4 EPS, while takeaways helped by low expectations. QRVO better than feared with margins and Apple content bright spot. NXPI guide better than feared and iPhone and
buybacks also helped. FISV missed on revenue and margins with focus on slowdown in Financials. ALL missed.
- AAPL earnings tonight (4.3% S&P weighting). 338 S&P names have now reported; EPS beats have been solid but only 60% beating on the Revenue line vs. 72% last quarter
- Thursday focus will be on the BOE decision (8amET), US nonfarm productivity and unit labor costs for Q3 (8:30amET), US Markit manufacturing PMI for Oct (9:45amET), US construction spending for Sept (10amET), US manufacturing ISM for Oct (10amET), US auto sales for Oct, and earnings (AMCX, AME, ARW, AVP, BCE, CBRE, CCOI, CHD, CI, Credit Suisse, Deutsche Bank, DSPG, DWDP, EXC, GNRC, GOLF, IIVI, IT, JHG, LITE, MGP, MPC, MSCI, MSG, MT, OSK, PBI, PH, RDUS, Royal Dutch Shell, SEE, SFM, Shire, SSYS, Swiss Re, TEVA, THS, TPX, UFS, VECO, W, WYND, and ZTS before the open and AAPL, ACIA, ACLS, AIV, ANET, APPN, ATHN, BIO, BRKR, CARB, CATM, CBS, CC, CDR, CRUS, EBS, EQIX, FLR, FTNT, GPRO, HST, IPHI, KHC, LHO, LNC, LYV, MDRX, MELI, MET, MSI, OLED, PBYI, PK, RMAX, RTEC, SBUX, SHAK, SPXC, SRCL, SYMC, TDC, TDOC, TNDM, VIAV, WTW, WU, and X after the close).
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US Economic Reports For The Rest Of The Week
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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.
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