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� US equities start the week strongly. S&P topped 5,850 its 46th record day for 2024.
� Lack of macro data in US to derail the soft-landing rhetoric, while sentiment appearing to be supported by a solid start to Q3 earnings last week.
� China headlines over the weekend underwhelmed markets but saw further headlines shortly after US open from Caixin speculating about significant Chinese bond issuance, which gave markets a boost.
� The �Trump trade� appeared to resurface with latest polls swinging back in Trump�s favour and betting markets suggesting chance of a GOP sweep increasing.
� A risk on day. Tech, Utilities and Real Estate leading, while Energy, Materials and Consumer Discretionary lagged.
� AsiaPac is mixed with Mailand China and Hong Kong lower, while Japan is and Aus are higher.
� No real follow through on the 6trY headlines from yesterday�Onshore equities headed lower after lunch, with Shanghai feeling a bit of pressure.
� Tencent -2.7% vs ADR -1.5%. The greenback is firmer vs majors and EMFX � ZAR c17.63.
� Aussie turned weaker after offshore yuan weakened.
� No major movements over in the yields: US2y 3.96/US10y 4.09.
� Aussie yields are 2bps lower across the curve and JGB futures slightly better offered.
� Its red across the board in the commodity space with oil leading declines after a report that Israel won�t strike Iran�s oil infrastructure, reducing supply threats � we�ve also got IEA out later.
� PGMs are following suit while iron ore is a holding up a tad better.
� We�ve got some key earnings releases out of the US.
� Locally, our auct � �33, �38,�53 on offer.
� The rand is weaker this morning, at R17.63/$, after closing weaker yesterday (R17.57/$*).
Key events and data:
� 08h00: UK ILO unemployment rate (August), average weekly earnings (August)
� 11h00: Eurozone ZEW survey expectations (October), industrial production (August)
� 11h30: SA SACCI business confidence index (September)
� 14h30: US Empire manufacturing (October)
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