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11/5/18
Thomas Thornton
Top Overnight News

  • S&P futures up 0.2% after US equities bounced last week. Asian markets weaker overnight with Hong Kong down over 2%. China held up better, but still weaker. European markets mostly modestly higher. Treasuries a bit firmer after yields saw some renewed upward pressure last week. Dollar little changed vs euro and yen. Sterling extending recent outperformance. Gold flat. WTI crude down 0.4% with continued focus on Iran waivers.
  • It looks as if the best Trump and Xi may be able to do at G20 is a ceasefire. Lot of discussion about how stocks tend to do well no matter the outcome of the midterm elections looking at historical patterns.  This could bring a surprise this year.   Rates a renewed headwind following stronger employment report. Desynchronized global growth dynamic continues to get attention. Peak earnings growth another area of concern with labor/commodity/freight/FX headwinds.
  • China Caixin services PMI weaker and new business component lowest since 2008. Nothing new from Chinese President Xi, who reiterated willingness to lower tariffs and boost imports. UK reportedly secured concession from EU that avoids a hard border in Ireland, though as usual, some pushback. UK services PMI came in weaker than expected Nothing incremental on Italian budget. BoJ Governor Kuroda ruled out near-term rate hike.
  • Not much corporate news, though earnings season rolls on this week. According to FactSet, with 75% of S&P 500 having now reported, blended growth rate for Q3 EPS stands at 24.9%. NY Post said MGM retained advisers to study possibility of a merger with CZR.  Paper also said ARNC privatization complicated by liabilities associated with Grenfell Tower disaster.  AMZN scrapped free shipping minimum for first time this holiday season. LOW closing some underperforming stores.
  • Calendar for Mon 11/5 – the focus will be on the US Markit services PMI for Oct (9:45amET), the US non-manufacturing ISM for Oct (10amET), analyst meetings (AOS and Novartis), and earnings (D, DO, FOLD, L, RACE, SEAS, SHO, SRC, SYY, WBT, and WRK before the open and ACHC, ATUS, CALX, CAR, COHU, BKNG, ELF, FMC, FN, GSHD, IFF, MAR, MTW, MWA, MYL, OXY, RNG, SBAC, THC, TROX, and VVV after the close).
  • We should flip the switch on the new website midday today.  And for clients, please look out for the password change email today too. Thanks for your patience.  

Market Snapshot
US Economic Reports This Week
Pre Market Movers
Key Levels - Starting to see indexes move above 20 day moving average



 


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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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