Dow Futures

Dow Futures contract was down 100 points, or 0.3%, the S&P 500 Futures contract was down 18 points, or 0.4%, and the Nasdaq 100 Futures contract was down 85 points, or 0.6%.

1. What’s influencing markets? Middle East tensions, Chinese GDP, and Netflix earnings.
2. Dow futures fall; Netflix tops the earnings calendar
3. M&T Bank exceeds profit expectations as interest income rises due to increased interest rates.
4. Brent reaches $93 as Middle East strife raises supply concerns.
5. Citizens Financial’s profit falls by 33% as interest income falls.
6. Travelers’ profit declines 14% as a result of increased disaster losses in the United States.
7. As petrol prices rise, UK inflation remains stubbornly stable.
8. Fund managers become negative again in October, according to a BofA survey.
9. Chipotle stock has risen for two days in a row amid market volatility.
10. FirstEnergy shares fall, snapping a two-day winning streak.
11. Adobe shares jump for the second day in a row amid market volatility.
12. TML sells 9.9% of its TTL holding to TPG Rise Climate for Rs 1,613.7 crore.
13. United’s Israel threat sends airline stocks tumbling.
14. Payments stocks fall in the report The Federal Reserve may alter the debit card fee cap.
15. Wall Street brokerages improve China’s GDP growth prediction for 2023.
16. United Airlines’ stock drops 5% as its projection falls short of analyst expectations.
17. ASML predicts flat sales in 2024 as chipmakers slow orders.
18. Elevance Health’s earnings were $0.54 higher than expected, but revenue fell short of expectations.
19. Carl Icahn is suing the Illumina board of directors for breach of ‘fiduciary responsibilities.’
20. To put X social media to the test Annual subscription of $1 for minimal features
21. Wall Street closes neutral, with US Treasury yields rising in response to strong data and earnings.
22. The dollar is holding steady as yields increase; attention is focused on Mideast issues and China data.
23. Gold rises as the safe-haven bid remains intact in the face of Middle East concerns.
24. Retail sales in the United States increased unexpectedly after falling the previous month. 
25. In September, the annual inflation rate in Canada fell to 3.8%. 
26. August saw an increase in company inventories in the United States. 
27. Vanguard sells share in Ant-Vanguard joint venture – Bloomberg News 
28. Engaged Capital purchases a stake in VF Corp, sending the stock up. 
29. BYD, China’s electric vehicle conglomerate, expects its net earnings to more than double in the third quarter. 
30. Lucid’s quarterly deliveries increased marginally from the previous quarter. 
31. Thermo Fisher Scientific will pay $3.1 billion for Olink. 
32. Choice Hotels is interested in acquiring the $7.8 billion cheap hotel chain in the United States. Wyndham purchase 
33. VMware falls 11% on speculation that China will stall the Broadcom purchase. 
34. Prologis’ earnings were $0.20 higher than expected, and revenue exceeded expectations. 
35. Fortrea climbs as activist Starboard reports a 5%+ stake. 
36. Lockheed Martin’s earnings were $0.10 higher than expected, and revenue exceeded expectations. 
37. Goldman Sachs’ earnings were $0.07 lower than expected, but revenue exceeded expectations. 
38. J&J earnings were $0.15 higher than expected, and revenue exceeded expectations. 
39. Bank of America anticipates customer inflows into equities for the 11th week in a row. 
40. Fund managers are shifting to cash as economic growth slows, according to a BofA poll. 

GLOBAL NEWS 

1. At the close of trading, Australian equities were up; the S&P/ASX 200 was up 0.30%.
2. Japan’s markets are higher at the close of trade, with the Nikkei 225 up 0.20%.
3. At the closing of trading, Indian markets were lower; the Nifty 50 was down 0.71%.
4. China’s Q3 GDP growth rate was 1.3% quarter on quarter and 4.9% year on year.
5. Rite Aid’s viability has been called into question.
6. Food and fuel prices are driving up inflation in South Africa.
7. Country Garden default chatter is rife as the offshore debt deadline approaches.
8. Starbucks introduces a smaller cup size in China as competition heats up.
9. Capital Ltd’s third-quarter revenue increases despite a decline in drilling income.
10. Volvo is bracing for weaker truck markets in the coming year after reporting Q3 profits that exceeded expectations.
11. The Nikkei, Hang Seng, and Straits Times indexes were all down 0.5 percent on Wednesday.
12. Hero MotoCorp’s subsidiary Hero FinCorp has chosen eight i-banks for a Rs 4,000 crore mammoth IPO.
13. The government reduces the windfall tax on domestic crude diesel ATF exports.
14. Shares receive mild cheer from China data, but Middle East instability lifts oil.
15. The dollar is stalling as China data shocks.
16. Adidas stock rises following an increase in 2023 outlook.
17. China’s third-quarter GDP growth and September activity indicate that the country’s economic recovery is gaining steam.
18. Volvo’s adjusted operating profit increased more than predicted in the third quarter.
19. With the AI safety summit, Britain strives for global leadership.
20. Gold prices have risen to almost a one-month high as Middle East tensions escalate.
21. Country Garden default chatter is rife as the offshore debt deadline approaches.
22. In the face of regulatory challenges, European airlines are considering consolidation.
23. TML sells 9.9% of its TTL holding to TPG Rise Climate for Rs 1,613.7 crore.
24. BYD, China’s electric vehicle conglomerate, expects its net earnings to more than double in the third quarter.

Economic data

Retail Sales for September rose +0.7% M/M vs. +0.3% expected and +0.8% in August (revised from +0.6%) while core Retail Sales rose +0.2% M/M, in line with expected and vs. +0.9% in August (revised from +0.6%). Ex-Auto & Gas: +0.6% M/M vs. +0.1% expected and +0.3% prior.

Industrial output rose +0.3% vs. est. unchanged and vs. Aug unchanged (vs. previous +0.4%) as Sept capacity use rate 79.7% (consensus 79.6%) vs Sug 79.5%.

NAHB Housing market index for October reported at 40 (below consensus 44) and below the revised 44 in September; index of home sales over next six months 44 versus 49 in September and index of prospective buyers 26 versus 30 in September.

Business Inventories for August rose +0.4% to $2,548.7B vs. +0.3% expected and +0.1% in July (revised from 0.0%) and Business sales +1.3% vs July +0.8% (prev +0.6%); the Aug inventory/sales ratio 1.37 months’ worth vs July 1.39 months.

 Global Economic data

The Chinese economy grew 4.9% y/y in Q3, slowing from the growth rate in the previous quarter of 6.3%, but topped the 4.5% consensus estimate. When compared with the second quarter of the year, China’s GDP rose 1.3% in, quickening from the 0.8% q/q growth recorded in Q2.

China Industrial production rose 4.5% y/y, matching the pace in August, and was slightly above the 4.4% increase expected by economists. China Retail sales rose 5.5%, accelerating from August’s 4.6% increase and topping the 4.8% growth expected by economists surveyed.

The American Petroleum Institute said weekly Crude oil inventories fell -4.383MM barrels, gasoline fell -1.578MM barrels, Distillates fell -0.612MM barrels and Cushing -1.005MM.

Economic Calendar

7:00 AM ET                  MBA Mortgage Applications Data

8:30 AM ET                  Housing Starts M/M for September

8:30 AM ET                  Building Permits M/M for September

10:30 AM ET                Weekly DOE Inventory Data

12:30 PM ET                Fed’s Williams Participates in Moderated Discussion

1.00   PM ET                US Treasury to sell $13B in 20-year notes.

2:00 PM ET                   Federal Reserve Releases Beige Book

3:15 PM ET                   Fed’s Harker Speaks on Workforce Challenges

4:00 PM ET                   Net Long-term TIC Flows for August

Other Key Events:

China House Prices for September

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