What’s in Today’s Report:
- Staying Focused on the True Cause of Market Volatility
- Weekly Market Preview: Can Global Yields Drop?
- Weekly Economic Cheat Sheet: How strong is US Growth?
Futures are moderately higher after new UK Chancellor of the Exchequer Jeremy Hunt abandoned virtually all of the tax cut proposals in PM Truss’s spending/stimulus plan.
Hunt’s announcement of the abandoning of tax cuts and a review in April of the energy subsidies are easing market concerns and pushing the Pound higher and global yields lower.
Outside of the UK fiscal news it was a mostly quiet weekend.
Today focus will be on the Empire Manufacturing Survey (E: -2.5) which is our first look at October data, and markets will want to see moderation in the headline and a continued drop in the price index, and if that occurs stocks can extend the rebound.
On the earnings front, activity ramps up later in the week but some results we’re watching today include: BAC ($0.79), SCHW ($1.05), BK ($1.10).