I Read The News So You Don’t Have To – Market News (Oct. 26, 2018)

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by ogordained

United States

  • Durable Goods Orders report was positive, up 0.8%
    • Largely due to defense orders
    • Transport orders fell
    • Capital goods orders -machinery and whatnot- fell for the second straight month
  • The GDP report comes out today at 8:30 – growth is expected at 3.5%
  • The Kansas City Fed is showing business spending falling fast
  • Americans collecting unemployment hit its lowest level in decades

Other

  • Alphabet fell about 5% after the company released revenue figures that were slightly below analysts’ estimates.
  • Amazon reported record quarterly profits of about $2.9bn.
    • But its shares fell 9% in after-hours trading after the company warned that sales during the coming Christmas period might be lower than expected.
  • The price of CopperAluminum, and Nickel has fallen fast, bringing down the share price of mining firms – you can thank the rise of the USD for that
  • Trade and manufacturing confidence is crumbling in Germany, construction sentiment looks bright though
  • South Korean stocks continued their bearish descent
  • Argentina’s consumer sentiment has been crushed
    • The executive board of the IMF meets in Washington, DC today to approve Argentina’s revised $57bn credit line—the largest in the fund’s history.
  • Mexico’s retail sales beat expectations (Actual: 3.9% | Expected: 3.7%)
  • Shares of homebuilders may have finally bottomed out – look at Bloomberg’s American Homebuilder Index
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China

  • Nothing new here as the yuan continues to fall, I feel like I write this everyday
  • Inflows into Chinese bonds are slowing dramatically
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