Morning Reads

Reads

• Economies Still Show Some Growth
• Norway’s Wealth Fund Sees High Volatility in UK Bonds
• Xi’s $6 Trillion Rout Shows China Markets Serve the Party First
• As Inflation Bites, Japan Says It Will Help With Electricity Bills
• Coal Baron or Climate Warrior?
• EU Strikes Deal to Ban the Sale
• Exxon and Chevron Rack Up Giant Profits
• ‘No Jobs Available
• This Is The Legal Mess Now Facing the Trucking Industry
• Fed Seen Aggressively Hiking to 5%, Triggering Global Recession
• Elon Musk Takes Twitter, and Tech Deals, to Another Level
• Tech Boom Ends
• Amazon, Intel Pressed to Slash Costs After Years of Bulking Up
• Trump’s Air Force One Deal
• How Brands Split With Celebrity Partners

Options

Futures

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• S&P 500 futures are 0.4% below fair value; the Nasdaq 100 futures are 0.8% below fair value; and the DJIA futures are in line with fair value
• Key factors driving the futures market:
  • Heavy selling in Amazon.com (AMZN), which is down 12%, following latest earnings report and guidance
  • Hesitation ahead of latest inflation reading, the September PCE Price Index, at 8:30 a.m. ET
  • Rising Treasury yields; 10-yr note yield back above 4.00%
• Bank of Japan maintained its ultra-loose policy stance and raised its inflation forecast for 2022 to 2.9% from 2.3%
• Japan's Prime Minister Kishida announced a JPY29 trln extra budget, as expected.
• Biden administration reportedly considering additional restrictions on exports of advanced technology to China, according to The New York Times
• IMF lowered its 2022 growth forecast for Asia to 4.0% from 4.9% while the outlook for 2023 was cut to 4.3% from 5.1%
• Elon Musk is now in charge of Twitter. CEO Parag Agrawal and CFO Ned Segal are out, according to CNBC
• Brokerage research calls of note:
  • Upgrades: MYRG, GILD, INTC, U, FSLR
  • Downgrades: CAT, WU, ESS, META, LHX, SWK
• WTI crude futures -1.0% to $88.21/bbl; nat gas futures -1.8% to $6.03/mmbtu; copper futures -2.0% to $3.45/lb.
• 2-yr note yield +2 bps to 4.36% and 10-yr note yield +5 bps to 4.00%
• Today's economic data: September Personal Income and Spending, including PCE Price Index, and Q3 Employment Cost Index at 8:30 a.m. ET; September Pending Home Sales, and October Univ. of Michigan Consumer Sentiment - Final reading at 10:00 a.m. ET