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HAPPY HALLOWEEN to all …. I thought I saw an early & scary trick-or-treater – but I was looking in the mirror instead of out the window 😉 🙂
Dow 32,732.95 -128.85 -0.39%
S&P 500 3,871.98 -29.08 -0.75%
Nasdaq 10,988.15 -114.31 -1.03%
VIX 25.86 0.11 0.43%
Gold 1,636.00 -8.80 -0.54%
Oil 86.18 -1.72 -1.96%Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with Hong Kong’s Hang Seng (+5.2%) leading the way amid strength in tech names.
—Equity Markets—
Japan’s Nikkei: +0.3%
Hong Kong’s Hang Seng: +5.2%
China’s Shanghai Composite: +2.6%
India’s Sensex: +0.6%
South Korea’s Kospi: +1.8%
Australia’s ASX All Ordinaries: +1.6%Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with Hong Kong’s Hang Seng (+5.2%) leading the way amid strength in tech names. China is reportedly setting up a “reopening committee” for its economy. Japan’s Manufacturing PMI expanded for the 21st consecutive month in the October reading while China’s Caixin Manufacturing PMI remained in contraction for the third consecutive month. Japan’s Ministry of Industry asked companies and households to conserve energy during the winter. The Reserve Bank of Australia raised its cash rate by 25 bps to 2.85%, as expected.
China’s October Caixin Manufacturing PMI 49.2 (expected 49.0; last 48.1)
Japan’s October Manufacturing PMI 50.7, as expected (last 50.7)
South Korea’s October Nikkei Manufacturing PMI 48.2 (last 47.3). October trade deficit $6.70 bln (expected deficit of $3.94 bln; last deficit of $3.78 bln). October Imports 9.9% yr/yr (expected 6.9%; last 18.6%) and Exports -5.7% yr/yr (expected -3.0%; last 2.7%)
India’s October Manufacturing PMI 55.3 (expected 54.9; last 55.1)
Hong Kong’s September Retail Sales 0.2% yr/yr (last -0.1%)
Australia’s October Manufacturing PMI 52.7 (expected 52.8; last 53.5)
New Zealand’s September Building Consents 3.8% m/m (last -1.6%)Major European indices trade on a firmly higher note.
—Equity Markets—
STOXX Europe 600: +1.3%
Germany’s DAX: +1.4%
U.K.’s FTSE 100: +1.7%
France’s CAC 40: +1.6%
Italy’s FTSE MIB: +1.8%
Spain’s IBEX 35: +1.3%The Bank of England began its scheduled Gilt auctions today, selling GBP750 bln in shorter maturities.
European Central Bank President Lagarde said that recession risk in the eurozone has increased, and that inflation is too high.
BP reported better than expected quarterly results, raised its guidance, and boosted buyback.
Germany’s September Import Price Index -0.9% m/m (expected 1.1%; last 4.3%); 29.8% yr/yr (expected 31.0%; last 32.7%)
U.K.’s October Manufacturing PMI 46.2 (expected 45.8; last 48.4). October Nationwide HPI -0.9% m/m (last 0.0%); 7.2% yr/yr (expected 8.3%; last 9.5%)
Swiss October procure.ch PMI 54.9 (expected 56.0; last 57.1) and Q4 SECO Consumer Climate -38 (expected -43; last -42)Uber (UBER 28.90 +2.33 (+8.77%): misses by $0.67, beats on revs, mobility gross bookings increased 45%, delivery gross bookings up 13%; guides Q4 adj. EBITDA of $600-$630 mln
BP (BP 33.35 +0.07 (+0.21%): beats by $0.64, misses on revs
Pfizer (PFE 48.40 +1.85 (+3.97%): beats by $0.38, beats on revs; raises FY22 guidance; announces positive top-line data from the Phase 3 clinical trial MATISSE investigating its bivalent RSV prefusion vaccine candidate, RSVpreF or PF-06928316, when administered to pregnant participants to help protect their infants from RSV disease after birth
Eli Lilly (LLY 353.84 -8.25 (-2.28%): beats by $0.05, reports revs in-line; guides FY22 EPS below consensus, revs in-line
Avis Budget (CAR 245.40 +8.94 (+3.78%): beats by $7.06, reports revs in-line
Abiomed (ABMD 382.26 +130.18 (+51.64%): by $0.27, misses on revs; to be acquired by Johnson & Johnson (JNJ) for $380/share in cash; expected to be accretive to adj. earnings beginning in 2024
Stryker (SYK 218.08 -11.16 (-4.87%): misses by $0.11, reports revs in-line; guides FY22 EPS below consensus; downgraded to Hold from Buy at Canaccord GenuityThe S&P 500 futures are up 39 points and are trading 1.1% above fair value.
The Nasdaq 100 futures are up 152 points and are trading 1.4% above fair value.
The Dow Jones Industrial Average futures are up 212 points and are trading 0.6% above fair value.Treasury yields continue to fall.
10-yr note yield is down 14 basis points to 3.93%
2-yr note yield is down seven basis points to 4.42%.Stronger Jolts & Construction … lead 10’s back over 4%
Always watch Bonds and Dollar lead the stocks, U.S. Treasuries went to their lows giving back the bulk of their opening gains and took stocks with them.
Shorter tenors gave back all of their early gainsEURUSD back below 0.99153 support at 0.9898. The 38.2% retracement of the move up from the September 28 low comes in at 0.98799.
The low yesterday did break that level on its way to a intraday low of 0. 98722. Today’s Asian session low came in at 0.9876 as the bias shifts ahead of the FOMC decision and press conference from chair Powell.
Note from Goldman Sachs equity sales.
Since the Wall Street Journal story from Nick Timiraos about the Fed debate future hike size, “we have seen one the largest 5 day easing of financial conditions this century” … you “simply can’t be short that”
“I am old and grizzled enough to know that when Nick (goa)T tweets that the Fed is tapping the brakes, you get out of the way, even if you still believe the ultimate path for stocks is lower. I’m waiting to see if Jerome blesses that easing of financial conditions.”
“Between this market soothe saying from officials, along with simple event risk premium coming out of vol markets as the ECB, BoJ and earnings pass, there has been a significant reduction in the equity vol curve this week.”
“The focus now shifts firmly to Powell. Is he ok with this easing of financial conditions? That is the only question you need to ask yourself.”
Dow 32,653.20 -79.75 -0.24%
S&P 500 3,856.10 -15.88 -0.41%
Nasdaq 10,890.85 -97.30 -0.89%
VIX 25.70 -0.18 -0.70%
Gold 1,651.30 10.60 0.65%
Oil 88.32 1.79 2.07%Chinese EV $NIO has halted production at two factories in Hefei (inland from Shanghai) due to Zero COVID restrictions
NIO confirms earlier rumors.
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