10-15

Q3 Earnings kick off today: From Seeking Alpha

JPM  +2.3% earnings $2.68 vs  $2.45 stock ~+2%

Goldman Sachs Q3 GAAP EPS of $4.79 misses by $0.09. Revenue of $8.32B (-5.7% Y/Y) misses by $10M

Johnson & Johnson (NYSE:JNJ): Q3 Non-GAAP EPS of $2.12 beats by $0.11; GAAP EPS of $1.81 beats by $0.23.Revenue of $20.73B (+1.9% Y/Y) beats by $590M.

UnitedHealth (NYSE:UNH): Q3 Non-GAAP EPS of $3.88 beats by $0.12; GAAP EPS of $3.67 beats by $0.08. Revenue of $60.35B (+6.7% Y/Y) beats by $510M.

Citigroup (NYSE:C): Q3 Non-GAAP EPS of $1.97 beats by $0.02; GAAP EPS of $2.07 beats by $0.12.Revenue of $18.57B (+1.0% Y/Y) beats by $30M.

Wells Fargo (NYSE:WFC): Q3 Non-GAAP EPS of $1.07 misses by $0.11; GAAP EPS of $0.92 misses by $0.31.Revenue of $22.01B (+0.3% Y/Y) beats by $690M

Markets:

 Rate Cut probability for October meeting 70 down 9% from 1 week ago. Stocks Bid, Bunds and Bonds steady to higher gold little changed. More evidence that WE and China still far apart as China says they will struggle to buy $50b of U.S. farm products unless all tariffs are removed (BBG).China CPI higher than expectations 3% vs 2.9%, this is highest rate since October 2013 mainly due to higher pork prices. This should cause them to continue to Buy U.S. Hogs but maybe not a pace Traders need to see for higher future prices. Congress back to work after 2 week break, Political tweets, & headlines will thus increase

Market Focus:

 Outside of retail sales Economic calendar filled with Second, tier data, Plenty of Fed speakers though this week to fill the Data void. China U.S. at a détente or a pause in Trade war, if so market attention should turn towards Earnings, which are expected to be weaker than prior quarters. Brexit optimism trending Higher for now.

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