- Equity Markets: Equity markets had a solid though volatile day yesterday with the S&P500 +0.40% and the Nasdaq +0.66%, as investors weighed up solid earnings results with Sino/US trade tensions. Europe +0.57%. In the US, seven of eleven sectors were in positive territory and 49% of stocks ended higher. Real Estate and Utilities were best. Materials and Industrials were weakest. AMD rose 9.4% on news Oracle will install 50,000 of its new MI450 AI chips. In Europe, nine of eleven sectors were in positive territory, with Consumer Discretionary and IT best, with Financials and Industrials worst. Following LVMH’s solid report yesterday the luxury sector was strong with LVMH (+12.2%) Hermes (+7.4%) and Richemont (+6.3%).
- Macro: In macro news yesterday, in Europe, EU industrial production rose more than expected +1.1% in Aug (vs 0.0% est., 2.0% prior). Irish Property prices in August rose 7.4%, flat with a slightly downwardly revised previous number. This morning UK GDP for Aug was inline at 0.1% MoM with Industrial and Manufacturing better than expected, whilst Services and Construction were marginally weaker than estimates. The UK’s August Visible Trade Balance deteriorated to -£21.2bn from -£20.6bn. In the US, MBA mortgage applications declined -1.8% (vs -4.7% previous week). The Empire Manufacturing index was a strong 10.7 in October (vs -1.8 est. and -8.7 previous). Economic releases today include the EU’s Trade Balance, US Retail Sales (Sept +0.4% est.), US PPI (Sept +0.3% est.), Jobless claims is scheduled but not expected due to Government shutdown. We also expect the Philadelphia Fed Business Outlook (Oct 10.0 est.), and NAHB Housing Market Index (Oct. 33 est.). From the Central Bankers, today’s speakers include the BoE’s Mann and Greene, the ECB’s Wunsch, Lane and Lagarde, and from the Fed Waller, Barr, Miran, and Bowman.
- Stocks: Nestle (Overweight PT CHF87.76p 15.2% upside): Commentary on a solid set of Q3 results.
- Debt:The European bond market rally continued yesterday with yields down another 3~4basis points thanks to the Fed’s Powell’s dovish comments the previous evening
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