Global Economy Turning the Corner and believing that the worst is behind is a narrative gaining a bit of traction. Reuters Pointing to South Korean Kospi index, a benchmark for Asian Export demand +11% since August, Caterpillar +21% since end of August is another Sign that Global demand for manufacturing starting, possibly to rebound. The narrative being discussed is that Global growth and not so Much U.S. growth will save the day, U.S. cycle has already bottomed and rebounded where Asia and Europe are just starting to bottom (hopefully) Friday morning European PMI’s released and will be watched to see in fact if a rebound is at hand. Stocks in Hong Kong closed +1.5% As protestors are leaving the besieged university, freely and thus cooling tensions Dax +.9% But NKY closed down .5%. Spoos drifting higher again but not without some red flags
Kohl’s and Home depot reported disappointing earnings, Kohl’s cut full year forecasts, and tock -12% oomph. Home Depot also cut full year forecast, for second time this year stock -5%.,But yet spoos and Dow care little .Europe see 17-19 Stoxx 60 stock sectors higher led by basic Resources as European Auto sales handily beat expectations .
Oil Lower as Russia says it is unlikely to continue with Output cuts Nat gas -1.4% as Warmer weather forecast for the of Month and talk of Normal temps for Start of December. Gold steady, treasury complex little changed, as are Bunds.
- Live impeachment proceeding resume today
- *U.S. OCT. BUILDING PERMITS RISE 5% TO 1.46M; EST. 1.39M Highest building permits print (1461k) since May, 2007
- ◘ China’s small-cap ChiNext Index rose to a two-month high as investors bet authorities may add more liquidity to the financial system(mizuho)
- @realDonaldTrump- At my meeting with Jay Powell this morning, I protested fact that our Fed Rate is set too high relative to the interest rates of other competitor countries