Blinken in Tel Aviv today, NFP later on and 17th Nov is the new date for the debt ceiling, most folks think it will (have) to be raised again, no doubt there will be plenty of wheeling and dealing ahead of it
AAPL : High Q3 revenue not enough to reverse the downward trend in Apple's overall performance
ECB hopeful on inflation but cannot close door on rate hikes -Schnabel, yesterday's U.S rate 'plunge' is almost equal to a rate cut (bonds were way oversold..), 17th Nov Debt ceiling date again...>>> “The Fact is the Committee is Not thinking about rate cuts right now at all. We’re not talking about rate cuts” – J. Powell
Thomas Jordan: SNB «Fulfilled Its Mandate» in Saving CS
Putin revokes Russian ratification of global nuclear test ban treaty
Yellen says the US economic relationship with China must consider human rights and national security. Treasury Secretary Janet Yellen says Washington wants to build an economic relationship with Beijing that takes into account national security and human rights and is fair to both sides
Elon Musk tells Rishi Sunak AI will eventually mean no one needs to have a job in a conversation with the Prime Minister following the summit at Bletchley Park
FTX founder Sam Bankman-Fried facing decades in jail as he’s convicted of defrauding crypto customers
Apple on Thursday posted its fourth consecutive quarter of year-over-year sales declines as the iPhone maker continues to struggle with slower device sales amid an uncertain economic environment
Central Banks were slow to start the hiking cycle 2y ago, the risk is they will be slow to show any signs of cutting (possibly too late), thus will keep a lid on consumers for a while, still so much debt to be rolled over next 18-24months
Bill Gross says it’s time to buy these regional bank stocks - opportunity, oversold levs
Markets :
From oversold bonds and equity levels (HF sold equity for 7weeks in a row...), NFP up next, if in line, we could very well have the best equity week YTD! just like that
Bonds similar picture - the big 5%+ will be tough from here
USDollar would appear to be forming a few 'tops' last couple of months, take CABLE 1.2050-1.2150 area (1.23+ needed for the USD bears), AUDUSD 0.6275 - 0.6400 area (similarly would need 0.65+ for the Oz bulls, EURUSD around 1.0500, USDMXN quickly back down, USDCAD topped around 1.38000, USDJPY topped 151+ but BoJ will move on YCC in early 2024 + Fed might well have peaked >>> risk for further USD long unwinding going forward on any 'weaker than expected' data, which will push market to price in a cut some Q1 or Q2 2024. CHF overall may well have peaked for now, in fact it weakened after 'peaks worries' from 2nd or 3rd week in October..
Crude pretty stable low 80's$ still
SPX500 well above 200dma 4240 area, the stocks outside the magnificent 7's had a pretty ferocious rally this week, sign of more to come ? let's see whether it was short-covering or simply that they appear 'too cheap' to many >>> Hedge Funds are the least long U.S. stocks they've been in more than 11 years according to data from Goldman Sachs.. hummm, year-end rally?
Nvidia’s dominance in AI is causing “growing inequalities” between countries and is stifling fair competition, France's finance minister warned
Yups
Amazing, one of the darling of the covid times..
Do you agree?..
have a great weekend
team PVM