• Equity Markets: Equity markets had mixed day yesterday with the S&P500 up +0.21% but the Nasdaq was down -0.25%, even as the US Government shutdown is due to end following the Senate’s passing of a temporary funding bill. Europe was stronger up +1.28%.  In the US, ten sectors were in positive territory and 68% of stocks ended higher. Healthcare and Energy were best. Information Technology and Industrials were weakest. Nvidia fell 2.9% on news that Softbank had sold out of the stock. CoreWeave fell c. 16% after management lowered guidance for capex and revenue due to datacentre capacity issues. FedEx rose 5.45% after management provided a positive update at a conference. In Europe, all eleven sectors were in positive territory, with Healthcare and Energy best, whilst Utilities and IT were worst. Payments company Adyen rose c. 8% after providing a 20% growth target at its results. Vodafone rose c. 8% on its German turnaround and dividend increase. Novo Nordisk regained some lost ground rising 6.4% on little news.       
• Macro: In macro news yesterday, in Europe, the German ZEW Expectations survey for November showed a decline to 38.5 from 39.3, which was below estimates at 41.0 and the Current Situation index remains very weak at -78.7. This morning, we had final October German CPI that was unchanged at +2.3% YoY, and Wholesale Prices that were 0.3% MoM vs 0.2% last month. In the US, the NFIB Small Business Optimism index for October was lower at 98.2 from 98.8 previously and marginally below expectations of 98.3.   
• Economic releases are fairly limited today with US MBA Mortgage Applications the main highlight. From the central banks it is a very busy day with the Fed’s Barr, Williams, Paulson, Waller, Bostic & Miran speaking today. From the ECB we have Schnabel and de Guindos and from the BoE, Pill will also be speaking.
• Stocks: LVMH: (Neutral TP €630, c.0% Upside): Commentary relating to new store openings and minority stake in La Joux-Perret FedEx: (Overweight TP $282 5.3% Upside): FedEx CEO offers updated guidance on Q2 growth.
• Debt: UK Gilts were the star performer yesterday following the uninspiring labour market data. Bunds and Treasuries were little changed.

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