� The US traded lower with a noticeable pickup in intraday volatility.
� Headlines of Trump administration considering restricting global exports to China containing US software led to a sharp drop, but buyers eventually stepped in to grind things higher to the close.
� Volumes stronger but NDX vols -18% vs 20d average.
� Breadth ok. LO better to buy vs. HF better for sale.
� Energy, Staples, Healthcare led.
� Industrials, ConsDisc and CommServs lagged.
� AsiaPac is trading with a weaker bias, Japan is the notable underperformer.
� BOK held rates steady.
� Trump administration is considering curbs on software exports to China, risking another escalation of the trade spat.
� China conclude their Fourth Plenum gathering in Beijing, with a readout expected later.
� Tesla missed, despite that strong qrt of deliveries.
� The greenback has held ground against majors and EMFX � ZAR c17.44.
� Yen weaker for a 5th session.
� Rates are steady: US2y 3.44/US10y 3.95.
� In commodities, it�s all about oil which extended its move higher after the US slapped sanctions on Russia�s largest oil producers.
� Gold is holding above the 4k mark, but PGMs are weaker again this morning.
� Futures have recovered, and are back inline with our close.
� We exp the theme of rotation to remain in play, albeit with lower conviction in the consumer plays.
� PGMs will be the focal point in resi today.
� The rand is weaker this morning, at R17.44/$, after closing weaker yesterday (R17.41/$*).
Key events and data:
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� 16h00: Eurozone consumer confidence (October)
� 16h00: US existing home sales (September)
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