Morning 10-22

 Via yahoo finance

      “The Federal Reserve’s latest Beige Book — a collection of economic anecdotes from across the country — highlighted two COVID-19 era trends that continue to fascinate us all: 1) “Residential housing markets continued to experience steady demand for new and existing homes, with activity constrained by low inventories,“ and 2) “Demand for autos remained steady, but low inventories have constrained sales to varying degrees.”

There are a lot of things behind what’s been driving demand. Simply put, the pandemic has motivated people to 1) move out of densely packed cities to places where you can get a stand-alone home and 2) seek alternative modes of travel in an effort to avoid densely-packed, mass-transit options like planes, trains and buses.

  What I take from this is a bit of upward price pressure on the over all price level of Goods, not enough to push CPI or PCE substantially higher but enough to firm these metrics.

Dollar higher so far this morning Risk a Bit Off Gold, silver Copper lower you know the drill based on Dollar direction. Just released Jobless claims beat consensus by 100k,5 standard deviation beat, market ignores as lots of noise in the weekly claims number.

   From Mizuho scoreboard update on earnings Earnings season has gone well so far, with most companies, including Tesla, beating estimates handily. Verizon raised its earnings per share guidance and its fourth quarter wireless service revenue expectations. Whirlpool raised full year guidance more than 27% above consensus forecasts ($17.50 – $18.00 vs $13.70 consensus). Truck broker Landstar System handily beat its guidance, which was raised in early September. The company posted its second-best third quarter ever so Far so good with Earnings even though the bar for “beats “was set pretty low.

 Pelosi press conference at9 :45 today yesterday the FBI warned of Foreign Interference in Elections (Russia, Iran) as the two countries attempt to influence voters. Another piece of Evidence that election results will be contested, which candidate does this benefit?  Good question. Stimulus will happen in some way, amount and form depends on wins election. I still believe Unlikely before Nov 3rd.

Markets:

 Nat gas Still hovering around $3 handle as todays LNG exports pull back a bit ,they ae still above 30 day Average but  lower then yesterday. Stocks Worldwide a steady to lower, Bitcoin cash 19 month high, Gold -1% Silver -2% platinum -3%,copper-1.5% Bonds small bid    bunds  steady   Sideways markets expected again today driven by headlines

News

  • Telegraph Source: A Brexit trade deal could be agreed in 2 weeks after the EU gave ground in a significant shift that led to talks being restarted from today https://bit.ly/37vN5jW
  • US House Speaker Pelosi’s Spokesman: Discussions between Pelosi & Tsy Sec Mnuchin on the C-19 relief bill are bringing us closer to being able to put pen to paper
  • Final presidential Debate tonight 8:00 CST
  • Covid Update: Global active cases >12m; France and Spain reach 1m cases, first 2 in Europe     ITC markets
  • “Federal Reserve Governor Lael Brainard … said the biggest risk to the economic recovery, beyond the coronavirus, is the danger that Congress won’t pass additional aid for people and businesses hammered by the fallout from the pandemic (morning Money)

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