|
WHAT HAPPENED OVERNIGHT:
· S&P +0.18%: nudged higher by more earnings beats helping ease recovery concerns.
· GE.US and RGBLY.US were the latest beats in a stellar round of Q3 earnings seasons helping counter concerns that lingering inflation and tightening policy will slow recovery.
· Yields fell whilst dollar gained, UST 10yr <1.62%, DXY>93.91 Gold eased back below $1800
· Market did sell off in the 2nd half, FB leading FANG+ lower; Nasdaq (+0.1%) & Russell 2k (-0.7%)
· Asia’s softer, NKY -0.2%, China tech slid on concerns about more scrutiny from Washington after the U.S. banned China Telecom’s American business.
· China -1%, HK -1.6%, HSTECH -3.5% and Tencent -3%.
· Australia +0.1%; Fins (+0.5%), Energy (+0.2%), Materials (-1.1%) following another sharp selloff in Iron Ore and Coal. RIO -1.8% & FMG -2.6% & BHP -1% indicates flat.
What else of interest?
· XDs: CAT 50c/ HMN 4c/ KST 10c/ PRX 247.8c/ RCL 30c
· Thermal coal futures in China fell for the sixth straight session as government oversight on the sector intensifies scrutiny, Coal is now down 38% since Oct. 19 in the longest losing streak in more than a year. China NDRC said it will harshly crack down on price manipulation and hoarding, which is seen as disrupting order in the market.
· Iron Ore slumped on expectations that falling mill output will cap any potential gains for the raw material. Stell That volumes already declined to the lowest since 2017 last month. Steel output -2.8% m/m, and -13.5% y/y, in the middle third of Oct., according to the China Iron & Steel Association.
SOUTH AFRICAN NEWS:
Expect JSE AllShare -0.5%
From SA Close:
|
Commodity |
% Move |
Level |
|
Gold |
0.06% |
1 787 |
|
Plat |
-0.82% |
1 023 |
|
Pall |
2.58% |
2 019 |
|
Copper |
-1.42% |
445.7 |
|
Oil Brent |
-0.54% |
85.8 |
|
Dalian iron |
-3.01% |
693.5 |
|
Sing iron |
-2.76% |
118.0 |
|
Coking Coal |
-1.37% |
2 703.5 |
|
Thermal Coal |
-3.88% |
1 144.6 |
|
Steel Rebar |
-4.23% |
4 689.0 |
TODAYS KEY DATA POINTS:
Gobal Macro data – today
· 01:00PM: US MBA Mgt Apps
Global data – week ahead
· Thur (Oct 28): US GDP, US Initial Jobless Claim, ECB Rates, Ger CPI
· Fri (Oct 29): EC CPI, EC GDP
· Monday (Nov 1): US ISM PMI
· Tues (Nov 2): None
· Wed (Nov 3): FOMC, EC Markit PMI, EC Unemployment,
· Thur (Nov 4): US Initial Jobless Claims, EC PPI, BOE Rates
· Fri (Nov 5): US Non-Farm Pay, US Unemployment, EC Retail Sales
What about SA?
Also due today:
· FBR H1
SA – week ahead
· Thur (Oct 28): PPI, MIX H1
· Fri (Oct 29): Trade Balance, NPH agm
· Monday (Nov 1): Absa PMI
· Tues (Nov 2): Naams Veh Sales
· Wed (Nov 3): Sbg PMI, DCP H1
· Thur (Nov 4): None
· Fri (Nov 5):None
|