Morning Reads
- Major Production Cut to Prop Up Oil Prices
- Europe Faces ‘Unprecedented Risk’ of Gas Shortage, IEA Says
- Cargo Shipowners Cancel Sailings
- Inflation in Europe Now Looks Even Less Transitory Than in US
- Liz Truss Drops Tax Cut for Top UK Earners to Fend Off Rebellion
- Central Banks’ Higher Rates
- Inflation Keeps the U.S. From Stepping In to Slow Dollar’s Rapid Rise
- Relentless Dollar Rally Raises Bets on Interventions, Investors Say
- Wealthy Use Loophole
- Millions in Cryptocurrency Vanished as Agents Watched Helplessly
- Credit Suisse Market Turmoil Deepens After CEO Memo Backfires
- Supermarket Discounts Are Harder to Find as Food Prices Rise
- US Home Prices Now Posting Biggest Monthly Drops Since 2009
- Tesla Slumps as Deliveries Disappoint Due to Logistic Snarls
- These Job-Training Programs Work, and May Show Others the Way
- Walgreens Turns to Prescription-Filling Robots to Free Up Pharmacists
- Backing Lindt, Swiss Court Orders
- Producer Bets Streamers Want the Next
Options
Futures
PREMIUM
PREPPER
- The S&P 500 futures are 0.7% above fair value; the Nasdaq 100 futures are 0.3% above fair value; and the DJIA futures are 0.9% above fair value
- Key factors driving the futures market:
- Falling Treasury yields after UK scraps part of fiscal stimulus plan that calls for tax cuts for high earners
- Cash being put to work at start of Q4 following sharp losses last week and for the month of September
- Speculation that stock market is due for a rally effort given scope of recent losses
- UK Finance Minister Kwarteng said "We get it, and we have listened," as he announces UK will abandon its plan to cut tax rate for high earners
- Credit default swap prices for Credit Suisse driven higher as talk of a confidence crisis swirls; Credit Suisse execs have downplayed such talk
- OPEC+ to consider more than 1 mln barrel per day production cut at this week's meeting, according to Bloomberg
- Final September manufacturing PMI readings for the eurozone, Germany, France, and the UK revised lower
- Tesla (TSLA) sinks 5.1% after 343,000 Q3 deliveries falls short of expected 364,000 deliveries, according to CNBC
- Brokerage research calls of note:
- Upgrades: BOX, CF, WFC, XM, SWN
- Downgrades: C, ENFN, LTHM, MOS, DOCU, RYAN
- WTI crude futures +4.4% to $83.00/bbl; nat gas futures -3.8% to $6.51/mmbtu; copper futures -1.2% to $3.37/lb
- 2-yr note yield -5 bps to 4.15% and 10-yr note yield -8 bps to 3.71%
- Today's economic data: August Construction Spending and September ISM Manufacturing Index at 10:00 a.m. ET