Hard Landing vs. Soft Landing Scoreboard Update
Hard Landing vs. Soft Landing Scoreboard Update: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Why Didn’t Stocks Drop On Yesterday’s Yield Spike?
- Hard Landing vs. Soft Landing Scoreboard Update
Stock futures are lower and oil is up 3% as tensions in the Middle East remain elevated despite President Biden’s visit to Israel.
Chinese economic data topped estimates across the board overnight. But an imminent default by embattled property developer Country Garden weighed on sentiment in Asian markets.
In Europe, U.K. CPI came in hot as it held steady at 6.7% vs. (E) 6.5% in September. While the Eurozone HICP “Narrow Core” met estimates at 4.5%.
Looking into today’s session, there will remain considerable focus on the conflict between Israel and Hamas amid Biden’s visit to the region and if no progress is made towards a ceasefire, rising oil prices will continue to act as a headwind on risk assets.
Domestically, there is just one economic report today: Housing Starts (E: 1.394 million) that should not meaningfully move markets. There are aslo multiple Fed officials scheduled to speak: Waller, Williams, Bowman, and Harker.
Earnings season also continues today with: MS ($1.27), ALLY ($0.80), CFG ($0.92), WGO ($1.32), TRV ($2.93), and PG ($1.71) and reporting ahead of the bell, while TSLA ($0.75) and NFLX ($3.46) will release results after the close.
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