Morning Reads
- Drop Sharply as Global Economy Slows
- China’s Business Elite
- India’s Top Court Backs Modi’s Job Quota for ‘Economically’ Poor
- Japan Extra Budget Said to Lift Bond Issuance by $34 Billion
- Insurer That Sparked Perpetual Bond Selloff Will Repay After All
- Mexico’s Pemex Had a Plan
- COP27 Latest: Macron Tells US, China to Pay for Climate Change
- Energy Sticker Shock Grabs Spotlight Before Midterms
- Despite What You’re Told
- Goldman Cuts S&P 500 Earnings Estimate
- The Shadow Is Born
- Fed ‘Hasn’t Accomplished Anything’
- Inflation, Recession Fears
- Big Tobacco Heralds a Healthier World While Fighting Its Arrival
- Activision Insiders Fret $69B Microsoft Merger Could Fall Apart
- Walgreens Unit Close to Roughly $9 Billion Deal
- British Soccer, Brought to You by American Crypto Optimism
- Reality of Irving’s Import to Nike: ‘They Can Drop Him’
- Seizing a Russian Superyacht
Options
Futures
PREMIUM
PREPPER
- S&P 500 futures are 0.3% above fair value; the Nasdaq 100 futures are 0.3% above fair value; and the DJIA futures are 0.4% above fair value
- Key factors driving the futures market:
- Lingering hope that China will relax zero-COVID policy in coming months even though health officials there say they will continue to adhere to it
- Some speculation that Tuesday's midterm election results will lead to gridlock in Washington
- Apple (AAPL) cuts iPhone 14 shipment expectations because of production issues in China; AAPL down 1.5%
- Meta Platforms (META) jumps 3.0% on Wall Street Journal report that company will announce mass layoffs this week
- White House urges Ukraine to be more open to possible peace negotiation with Russia, according to Washington Post
- IMF Director says global inflation may be close to peak rate, according to Bloomberg
- China reports 0.3% yr/yr decline in October exports and 0.7% yr/yr decline in October imports
- Bank of France Governor Villeroy de Galhau said that ECB rate hikes need to continue since underlying inflation has not peaked
- Brokerage research calls of note:
- Upgrades: CTRA, DASH, FLR, BP, NOV, OKTA, SPGI, WDAY
- Downgrades: ADNT, AVB, COST, EL, FNKO, GATX, HUN, IDA, D, RDFN, SHEL, TDS, USM
- WTI crude futures -1.0% to $91.70/bbl; nat gas futures +9.3% to $7.38/mmbtu; copper futures -2.3% to $3.60/lb
- 2-yr note yield +2 bps to 4.69% and 10-yr note yield -2 bps to 4.14%
- Today's economic data: September Consumer Credit at 3:00 p.m. ET