Nov 2 Asian Macro Initial Thoughts US futures sell down 200pts in early trades as covid surges


04 Nov

ASIAN Futures ended Friday higher but weekend news of a surge in covid cases likely to reverse that +VE sentiment.  Nikkei futures +93pts, HK ADR’s  +217pts BUT Australia trading lower.   I expect Asian Markets will trade lower.
US Futures opened flat but sold down 200pts in early trading (S&P -0.5% and NDX -0.4%) as UK announced a lockdown and covid cases in the US rise.

Global Covid Cases hit a single day record of 500,000 cases. US had 99,321 cases on Friday; with scientists warning the latest surge looks set to accelerate in the next few weeks. UK announce a month long lockdown on Sunday Prompting downward revision for economic -VE for Airlines, Leisure etc.

Apple supply chain names should see interest as the recent weakness in the Apple share price I think is more related to the warnings in its report about the threat to its Apple Store revenues; rather than iPhone sales.

AHEAD US election and Covid will overhang the market. We get lots of PMI data which is likely to have seen improvements as economies started to re-open BUT the recent spike in cases will negate much of the upside from that data. FOMC meeting will also be in focus to see if there are any policy changes to off-set the lack of a new US Government stimulus package. US ISM data will be watched closely and on Friday the jobs report. UK BoE rate decision too.

JAPAN Nikkei Futures in Chicago at 23,070 (Osaka  23,160) vs 22,977 last close; suggests market opens +93pts but I expect it to trade lower following the US markets and the rising covid cases.  Yen closed Friday 104.64 
Data due Monday Manufacturing PMI Oct (Sept was 47.7, F/cast is 48)
Tokyo reported 116 new covid cases Sunday vs 99 Saturday. Nationwide cases were 614
Large-scale home appliance stores and other retailers are being flooded with pre-orders for the PlayStation 5 video game console, produced by a subsidiary of Sony Corp., ahead of its release on Nov. 12. +VE
Mitsubishi Motors Corp. has announced that it aims to increase its passenger car sales for electrified vehicles, which include electric and hybrid cars, to 50% worldwide by fiscal 2030. +VE. Other carmakers have also set sales targets for electrified vehicles. Toyota Motor Corp. plans to sell more than 5.5 million electric vehicles in 2030, of which more than 1 million cars are expected to be EVs and fuel cell vehicles. Honda Motor Co. is also aiming for two-thirds of its global sales to be electrified vehicles by 2030
The Japan Business Federation (Keidanren), in its new growth strategy, will propose increasing the percentage of women on corporate boards to 30% or more by 2030 and starting the construction of a new, safer kind of nuclear reactor +VE
Japan’s move to embrace a climate target of carbon neutrality by 2050 could open the way for the beleaguered nuclear industry to fire up again, nearly a decade after the Fukushima disaster shut down most of the country’s reactors. Would be +VE for Nuclear Plant companies.
Japan may effectively shut off China from supplying drones to its government to protect sensitive information, according to six people in government and the ruling party familiar with the matter, as part of a broad effort to bolster national security. -VE Chinese Drone makers
Japan has picked Mitsubishi Heavy Industries as a main contractor to develop the country's own next generation stealth fighter for launch in the 2030s, the defense minister said Friday. Separately, Mitsubishi announced that it was suspending its civilian aircraft project given uncertainties for the travel industry due to the coronavirus pandemic.+VE. IT also announced it has asked several other companies to temporarily employ idle workers from its factories in central Japan in a bid to cut costs and weather a downturn from the COVID-19 pandemic.
Oriental Land forecasts Yen 51.1bn loss the operator of Tokyo DisneyLand and other Disney operations in Japan -VE
Japan Airlines said Friday it had forecast an annual net loss of 240-270 billion yen after the coronavirus pandemic grounded air travel around the world. Local media reported that the company plans to slash 3,500 jobs through a hiring freeze, while JAL also said it has decided to stop hiring for next year. -VE
Japan's Electric Power Development Co Ltd (J-Power) plans to shut old and low-efficiency coal-fired power plants by 2030, in line with government policy, the company's president said on Friday. +VE


SOUTH KOREA Expect markets to open lower covid concerns and the US election likely to outweigh some good local results. Friday saw increased turnover -VE for sentiment. Volatility expected to remain high. With US Stimulus talks effectively dead investors will look to the FOMC next week for action. Trade Data out Sunday was mixed. PMI data will also influence trading.
Data out Sunday
Balance of Trade Oct $5.98b vs 8.7b Sept revised (F/cast was 6.5b)
Exports Oct -3.6% YoY vs +7.6% Sept revised (Consensus was -4%)
Imports Oct -5.8% YoY vs +1.5% Sept revised (Consensus was -2.1%)
Detail Average daily shipments still +5.6% with the period having two fewer business days than last year. Overall exports to China 5.7% while shipments to the US +3.3% Semiconductor exports +10% and vehicle sales +5.8%. But the latest covid surge in the US and Europe likely to undermine the good data but China’s recovery +VE.
Data due Monday Manufacturing PMI Oct (Sept was 49.8 F/cast is 49)
Sunday Seoul reported 124 new covid cases (vs 51 Friday). Govt said on Sunday it will expand its mandatory mask policy to spas, wedding halls and other places as part of new social distancing rules aimed at preparing for a prolonged COVID-19 outbreak. It introduced a new five tier social distancing system too.
South Korea’s major banking groups are projected to see record-high earnings for this year, analysts said Sunday. +VE
Unionized workers at GM Korea decided to go on a partial strike after they failed to reach an agreement with the company in wage negotiations, according to the union Friday.  The union will proceed with a four-hour walkout on Friday and next Monday, it said. -VE
LG Electronics Inc. said Friday its net profit nearly doubled in Q3 YoY on the back of strong global demand for its TVs and home appliances amid the coronavirus pandemic. Net income 649.2 billion won ($573.6 million) in the July-September period, +87.8% YoY.  In line with previous guidance. It gave an upbeat outlook tempered with caution "We expect demand to increase next year, although it is difficult to rise to pre-pandemic levels," the company said. "Recovery to such levels will take a long time.” +VE
LG Chem Ltd. was the world's biggest supplier of electric vehicle (EV) batteries in the first nine months of this year thanks to robust demand from global automakers, a market research firm said Friday. It had 24.6%, next was China’s CATL with 23.7% and third was Panasonic. Samsung SDI Co. and SK Innovation Co., were in the fourth and sixth place, respectively.
The annual nationwide shopping festival Korea Sale FESTA kicked off Sunday with over 1,600 companies, the largest scale to date. The two-week festival takes place until Nov. 15 this year with the support of the central governments and the 17 metropolitan and provincial authorities, though many parts of the event will go online.
Hyundai Heavy Industries Co. has been fined 246 million won ($216,800) for misusing a subcontractor's technologies, the country's antitrust watchdog said Sunday.
Korea Shipbuilding & Offshore Engineering Co. said Friday that it swung to a net loss in the third quarter from a year ago due to the stronger local currency. Net loss 77 billion won ($68.3 million) in the July-September period, compared with a profit of 20.4 billion won a year earlier.
LG International said its operating profit in Q3 was 34.9 billion won ($30 million), up 19.5% YoY, Sales +14.3% YoY to 3.1 trillion won. Net profit +358.9% to 41.3 billion won.  Driven by increased volumes of emergency goods and improve profitability at logistics centre operations.
LG Chem’s plan to split off its battery business received final approval at a shareholders meeting at the LG Twin Towers in Yeouido, western Seoul, Friday.

TAIWAN Expect market to open lower following the US declines and new of rising covid cases in US and Europe.
Data due Monday
Manufacturing PMI Oct (Sept was 55.2 F/cast is 52)
Fridays 1% fall prompted Minister of Finance Su Jain-rong to call for calm, saying that the government is closely monitoring the market and the state-run National Stabilization Fund would step in to shore up local shares if necessary. Worth noting that market volume on Friday was relatively low suggesting that many have already positioned for the increased covid cases and US elections. +VE
MediaTek Q3 profit soars 94% Despite US export restrictions keeping it from selling to Huawei, MediaTek expects its strong momentum to continue as it expands beyond China.  Driver was robust chip demand mainly for 5G smartphones and entry-level Chromebooks due to COVID-19 pandemic-driven remote schooling. MediaTek expects the strong growth momentum to extend into this quarter, it said.“Following a strong third quarter, overall demand remains stable. We expect another quarter with significant year-on-year revenue growth,” company CEO Rick Tsai told an investors’ teleconference. +VE
ASE Technology chip assembly and testing capacities are tight, particularly in its wire-bonding service, where constraints are expected to continue through the Q2 2021. This situation is expected to create a friendly environment for the company’s average selling price (ASP) next year, executives of the world’s biggest chip tester and packager told investors in a teleconference. They expect margin expansion in Q4 and ASP improvement next year. +VE
Chunghwa Telecom has built more than 3,000 5G base stations  nationwide as of the end of last quarter, beating its construction schedule, it said on Friday. It is optimistic it would exceed its annual target for 5G adoption by the end of this year, as the number of subscribers has grown as expected and the launch of Apple Inc’s iPhone 12 models last month would further drive adoption. +VE
CPC Corp and Formosa Petrochemical yesterday announced they would lower the prices of gasoline and diesel, effective today, after keeping their fuel prices unchanged last week.
Central bank board warns of potential real-estate bubble. Several of the members said that they felt uneasy about the pickup in local property transactions and prices, fueled partly by ultra-low interest rates worldwide, instituted to help mitigate the effects of the COVID-19 pandemic, according to the minutes of last month’s policy meeting released on Thursday. -VE
Taiwan’s life insurance companies reported cumulative foreign-exchange losses and hedging expenses of NT$219.3 billion (US$7.58 billion) for the first nine months of the year, a record high, Financial Supervisory Commission (FSC) data showed on Thursday. The losses were attributable to the New Taiwan dollar’s appreciation of 3.3% against the greenback since the end of last year, the data showed. Despite heavy foreign-exchange losses and hedging expenses, life insurers still reported combined net profits of NT$476.3 billion from their overseas investment for the first nine months of the year, which indicated a return on investment of 2.6%, still higher than the return rate of domestic investments, the data showed. +VE

CHINA Expect market to open lower with investors cautious ahead of the US election and with rising global covid cases that could impact the Chinese exporters.  New rules for the Chinese markets; like Futures, Stock lending etc +VE for sentiment and longer term for markets.
Data out Saturday

Manufacturing PMI Oct 51.4 vs 51.5 Sept (F/cast was 51.4)
Non Manufacturing PMI Oct 56.2 vs 55.9 Sept (F/cast was 55.2)
Data due Monday Caixin Manufacturing PMI Oct (Sept was 53.0 F/cast is 52.8)
Detail
Manufacturing Eighth month of growth as the economy recovers; rises in output, new orders and export sales. But employment fell at a steep rate. Delivery times stable. Imputes costs rose faster and output price inflation. Business sentiment improved.
Non Manufacturing Fastest growth since Oct 2013, New business rose but there were declines in new export orders and and employment. Imputes costs rose for a sixth month and at a faster pace but selling prices fell at a slower rate. Business sentiment was stable.
China boosts foreign access to huge onshore capital markets. New rules that came into effect on Sunday November 1; open up futures trading, allow the lending out stocks and other changes. The new rules combine with the existing QFII scheme with amendments to simplify and speed up the process by which international investors can get access to the Chinese markets. Another important change is the removal on their position limits. +VE means potential increased weighting into Global indices
Huawei working on plans for a dedicated chip plant in Shanghai that would not use US technology and enable it to secure supplies for its core telecom infrastructure business despite US sanctions. But only low end 45nm chips which is what the industry was making 15 years ago. It would aim to try and make 28nm by end of 2021 and 20 nm chips by end 2022.
Shares of Lufax Holding Ltd LU.N, one of China's largest online wealth management platforms, -14% in their debut on the New York Stock Exchange on Friday, after the company raised $2.36 billion in its initial public offering. Lufax had earlier priced its offering at the top end of its range between $11.50 and $13.50 per ADS, the company said in a statement.
China said on Friday the United States should not become a haven for Chinese criminals’ ill-gotten wealth and it denied that five people arrested in the United States for conspiring to coerce a Chinese family to go home were its law enforcement officers.
Swiss private bank Julius Baer Gruppe AG BAER.S plans to set up business in China in partnership with a local financial firm as part of its strategy to boost growth in Asia, people with direct knowledge of the matter told Reuters.
A US District Court Judge blocked the Commerce Department's ban on TikTok which was slated for 12 November to bar the Chinese-owned short video-sharing app from operating in the US, foreign media reported. US District Court Judge Wendy Beetlestone justified that there were up to 700 million TikTok users in the world, and that the Commerce Department's ban will affect 100 million of them in the US.
Tibetan herders get used to their new lives as China tackles poverty. SCMP reports Thousands of people have been relocated away from their Tibetan pastures and into villages as part of Xi Jinping’s poverty alleviation scheme. They are provided with homes, jobs and health care, but are encouraged to leave their religious beliefs behind

HONG KONG ADR’s +217pts to open at 24,324 except for Cheung Kong Hutch the ADR’s closed strongly with many up over 1%. I doubt we open strongly and after the 479pts sell off on Friday expect early margin call selling. The good China PMI data will help but the global covid situation will have a -VE impact on China’s recovery. Earnings largely complete so covid and the US election likely to be the focus.
Data due Monday
Retail Sales Sept (Aug was -13.4% F/cast is -5%)
Out after market Friday
GDP Growth Rate Adv Q3 -3.4% YoY vs -9% Q2 (F/cast was +1.7%)
GDP Growth Rate Adv Q3 +3% QoQ vs -0.1% Q2 (F/cast was +1.5%)
A fifth month of recession but the smallest so far this year; helped by the expansion in China. Exports of goods resumed growth but services continue to plummet and tourism is frozen. Private consumption also declined along with investment.
Government not to roll out a third round of Employment Support Scheme; citing an international organization that a government should not readopt universal and non-targeted economic bailout in wake of contained plague and reopened economy, or else it will waste massive resources.-VE

SHORT SALES Friday 7.2% vs 21% Thursday
Top Shorts Henderson (12) 34%, Galaxy Ent (27) 33%, Hang Seng Bank (11) 31%, HSBC (5) 31%, MTRC (66) 30%, Swire Pac A (19) 28%, HK & China Gas (3) 27%.

WATCH
As of 30 September 2020, some 92,000 units of first-hand private residential properties may be available in the coming three to four years
, hitting a new low in over four years, announced Transport and Housing Bureau. From 3Q20, the number of private flats under commencement of construction was 3,500, down 51.4% QoQ; that under completion was 2,300, down 69.7% QoQ. +VE for the Hong Kong Developers
New World Development (0017) receiving about 10,000 checks for the 337 units offered in the first price list of phase two on Wednesday at an average HK$19,838 per sq ft after discounts, about 5% higher than the first price list of phase one. The cheapest flat, measuring 264 sq ft, is offered at HK$5.72 million, or HK$21,697 per sq ft after discounts. +VE
Hong Kong Ferry (0050) and Empire Group had sold 218 out of 248 units on offer at Starfront Royale in Tuen Mun by 6 pm yesterday.
Secondary market, Centaline Property Agency recorded eight secondary transactions at 10 blue-chip housing estates over the weekend, -64% WoW and hitting a 13-week low, as new projects in the primary market lured away buyers.
MACAU declines in gaming revenue narrowed in October, -72.5% after plunging at least 90% for six straight months. October was MOP7.27 billion ($910.5 million) +228.8% MoM, as visitors begin trickling back. That was taken as a sign that Beijing's relaxation of travel and visa curbs is starting to attract visitors from the mainland. +VE. Follows MGM China saying its two Macau resorts were back to breakeven and even making profit.
Alibaba’s quest to reinvent the factory seen in its first smart factory. The company aims to use the vast amount of consumer data it has gathered to help factories streamline production and shorten order lead times. +VE
Hang Seng Indexes Company Limited introduced the Fast Entry Rule for early inclusion of sizable new listings in the Hang Seng China Enterprises Index (HSCEI) outside regularly scheduled index reviews. The new rule is effective immediately.
ANT GROUP (06688.HK), closing IPO today's noon, was over-subscribed by approximately 390 times, according to market sources. Its H shares were subscribed by approximately 1.55 million retail investors, breaking the record high made by ICBC (01398.HK)'s IPO in 2006 when 970,000 people subscribed. ANT GROUP's IPO froze capital of $1.3 trillion, toppling the record of NONGFU SPRING (09633.HK) which had frozen over $670 billion this year.
PING AN (02318.HK) said the listing of Lufax Holding’s American depositary shares (ADSs) on the New York Stock Exchange was approved and the trading of ADSs will commence on October 30, 2020 (New York time). The final offer price of the ADSs issued under this offering was US$13.5 per ADS. The net proceeds from the Offering to be received by Lufax Holding are approximately US$2.265 billion. If the Over-allotment
Option is exercised in full, Lufax Holding will receive net proceeds of US$341 million.
HKEX (00388.HK) announced the consultation results on corporate weighted voting rights (CWVR), which allows the companies listed in the US to return to Hong Kong market with WVR, while permitting corporate entities to benefit from WVR. The Exchange stated that it would launch a separate consultation on the matter. The Exchange plans to consult the market on proposals to normalize the eligibility requirements that apply to Greater China Issuers that do not have WVR structures and seek to secondary list. The Exchange is currently considering whether these issuers should: meet the same expected market capitalisation requirements as non-Greater China Issuers at listing as set out in the JPS; and not have to demonstrate that they are an “Innovative Company”. It hoped to publish a consultation paper soon on a review of its dual-primary and secondary listing regimes as a whole.
CHINA RAILWAY (00390.HK) results for 1-3Q20.
It reported a net profit of RMB18.26 billion, up 18% yearly, with an EPS of 69 fen.
CNBM (03323.HK) results for the first nine months ended September 2020. It reported a net profit of RMB11.626 billion, up 11.8% yearly.
CGS (06881.HK) results for the first nine months of 2020. Net profit amounted to RMB5.65 billion, +46.38% yearly.
ICBC (01398.HK) the third-quarter net profit -4.7% yearly to RMB79.885 billion, with an EPS of RMB0.22.
The Hong Kong Monetary Authority announced the results of the residential mortgage survey for September 2020. The number of mortgage applications in September +13.3% MoM to 12,288. The results of its survey on residential mortgage loans (RMLs) in negative equity at end-September 2020. The estimated number of RMLs in negative equity increased to 199 cases at end-September 2020 from 127 cases at end-June 2020. These cases were related to bank staff housing loans or RMLs under mortgage insurance programme, which generally have a higher loan-to-value ratio.
CRRC (01766.HK) result for the first three quarters of 2020. The net profit amounted to RMB6.793 billion, down 19.2% yearly. EPS was RMB0.24.
HTSC (06886.HK) results for the first nine months of 2020. Net profit amounted to RMB8.839 billion, +37.24% YoY
CM BANK 3Q Net Profit +0.7% YoY to RMB26.815B EPS was RMB1.05.
ABC (01288.HK) third-quarter net profit -4.6% yearly to RMB56.501 billion, with an EPS of RMB0.15. Operating income ballooned 4.9% annually to RMB159.437 billion in the period.
MTR CORPORATION (00066.HK)announced that the bid for Lohas Park Phase 13 was secured by a consortium of SINO LAND (00083.HK), KERRY PPT (00683.HK), K. WAH INT'L (00173.HK) and CHI MER LAND (00978.HK)
BOC (03988.HK) announced that the 3Q20's net profit -1.6% yearly to RMB44.794 billion with an EPS of RMB0.14. The operating income grew 2.3% yearly to RMB143.319 billion. For 1-3Q20, the net profit -8.7% yearly to RMB145.711 billion. The operating income +3.2% yearly to RMB430.302 billion.
SA SA INT'L: Interim Loss May Expand to $230-300M After taking into account the preliminary estimated provision for the impairment of HK$30 million to HK$70 million on right-of-use assets and property, plant and equipment, SA SA INT'L (00178.HK) expects to record a loss of approximately HK$230 million to HK$300 million for the six months ended 30 September 2020, compared with a loss of HK$36.5 million for the corresponding period last year.
R&F PROPERTIES (02777.HK) result for the first three quarters of 2020. The net profit amounted to RMB4.122 billion, -9.1% YoY. EPS was RMB1.18.
BOCHK 1-3Q Operating Profit Before Impairment Allowances -3.9% YoY to $31.322B
BANKCOMM (03328.HK) first three quarters of 2020, net profit -12.4% YoY to RMB52.712 billion. EPSwas RMB0.65.
Centa-City Leading Index (CCL) last printed at 176.84, -0.01% weekly.
The CCL was depressed significantly by the fluctuation of luxury housing prices.
CCL (large units) -1.48% weekly to 170.5. The volatility of luxury property prices broadened, with the relative index jumbling between 170-180.
Among the CCL in four districts, upswing was reported in three districts last week and downswing in one district. This week, rises were tracked in all four districts, being the first time in 23 weeks. Centraline noted green shoots on housing market with bottom-out prices.

DOW -0.59%, NDX -2.45%, S&P -1.21%, Russel 2K -1.48% Markets opened lower and sold down. Dow was down over 500pts at one stage. They then rebounded a little and traded sideways for most of the day with a small rally/bargain hunting into the close.
The senate was adjourned making a new stimulus deal even more unlikely pre election. Treasury Sec accused Pelosi of pulling a political stunt over the stimulus negotiations.
Trump and Biden still too close to call; adding to the uncertainty.
Most of the data was good but the rise in covid cases puts it in jeopardy.
Apple -5.6% I think less to do with weak iPhone sales and no guidance. This was the last quarter ahead of the new iPhone 12 release, so a decline in sales should have been expected. What emerged today was the warnings in the annual report of regulatory risk to the App Store; which could hit billions of dollars in revenue. That is a huge risk that I written about before. -VE
Also after market Apple announced that some AirPods Pro (pre Oct 2020) have sound problems which is will fix for free -VE
Amazon -5.5% despite Q3 earnings beating; concerns about how it is going to continue to grow.
Twitter -21% as user growth missed forecasts
Facebook -6.3% as active users in Canada and the US fell.
Alphabet +3.8% on good earnings
ExxonMobil -1% warned of losses ahead, cutting Capex and cutting more jobs
Chevron +1% also reported a loss.
Other Work from home names: Netflix -5.6%, Disney +0.2%, Zoom -5.9%,
Nvidia -3.8%, Micron -0.3%, Skyworks -2.7%, AMD -3.5%
Re-opening stocks Boeing -2.6%, Simon Property -1%, Kohls -2.3%, Nordstrom -0.8%, Gap -1%, United Airlines +0.9%, Carnival +5.7% massive spike mid afternoon. Wynn Resorts +0.3% also saw an uptick mid afternoon
Lock down names Campbell Soup -0.2%, General Mills -0.2%, JM Smucker +0.8%; all of then rallied initially before selling down into from mid morning.
DATA
Personal Income Sept +0.9% MoM vs -2.5% Aug revised (F/cast was +0.4%)
Personal Spending Sept +1.4% MoM vs +1% Aug (F/cast was +0.8%)
PCE Price Index Sept +1.4% YoY vs +1.3% Aug revised (F/cast was +1.6% )
PCE Price Index Sept +0.2% MoM vs +0.3% Aug (F/cast was +0.3%)
Employment Cost
Index Q3 +0.5% QoQ vs +0.5% Q2
Wages Q3 +0.4% QoQ vs +0.4% Q2
Benefits Q3 +0.6% QoQ vs +0.8% Q2
Core PCE Price Index Sept +0.2% MoM vs +0.3% Aug (F/cast was +0.2%)
Core PCE Price Index Sept +1.5% YoY vs +1.4% Aug revised (F/cast was +1.7%)
Chicago PMI Oct 61.1 vs 62.4 Sept (F/cast was 56)
Michigan Data Final
Consumer Expectations Oct 79.2 vs 75.6 Sept (F/cast was 78.8)
5 year Inflation Expectations Oct 2.4% vs +2.7% Sept (F/cast was +2.4%)
Consumer Sentiment Oct 81.8 vs 80.4 Sept (F/cast was 81.2)
Inflation Expectations Oct 2.6% vs 2.6% Sept (F/cast was 2.7%)
Current Conditions Oct 85.9 vs 87.8 Sept (F/cast was 84.9)
Baker Hughes Total Oil Rig Count 296 vs 287 prior
USD was vs Yen & Euro. Bitcoin +0.9% @ 13,608.71, VIX +1% @ 38.02, US T10 0.874%
OIL Brent -0.53%, WTI -1.24% hitting a 5 month low on demand concerns
Gold +0.58%, Silver +1.52%, Copper -0.2%
AHEAD Total Vehicle Sales, Manufacturing PMI ISM Manufacturing Data (New Orders, Prices, Employment, PMI) Construction Spending.
Earnings Clorox, PayPal, Mondelez International, Estee Lauder, Marathon Petroleum, Wingstop, Waste Management, Skyworks Solutions, Transocean, Rambus, Trivago, Loews Insurance, Ingersoll Rand, Rambus, FirstEnergy, AMC Network, Assurant

DAX -0.36%, CAC +0.54%, FTSE -0.08% markets to open lower but worked higher to flat on good data but then struggled to make further gains and traded sideways with covid concerns as France and Germany announced new measures and caution over the US election. Travel & Leisure lead the gains and Household Goods the declines with Ocado, Just Eat Takeaway and security software maker Avast all trading lower.
Ubisoft -7.5% after first-half results.
Sinch added 6.9%.
Proximus +8.1% after Q3 beat expectations and it raised its guidance.
DATA
EUROZONE
GDP Growth Rate Flash Q3 +12.7% QoQ vs -11.8% Q2 revised (F/cast was +7.5%)
GDP Growth Rate Flash Q3 -4.3% YoY vs -14.8% Q2 revised (F/cast was -8%)
Inflation Rate Prel Oct -0.3% YoY vs -0.3% Sept (F/cast was -0.2%)
Inflation Rate Prel Oct +0.2% MoM vs +0.1% Sept (F/cast was +0.2%)
Core Inflation Rate Prel Oct +0.2% YoY vs +0.2% Sept (F/cast was +0.2%)
Unemployment Rate Sept 8.3% vs 8.3% Aug revised (F/cast was 8.6%)
GERMANY
Retail Sales Sept +6.5% YoY vs +3% Aug revised (F/cast was +6%)
Retail Sales Sept -2.2% MpM vs +1.8% Aug revised (F/cast was -0.5%)
GDP Growth Rate Flash Q3 +8.2% QoQ vs -9.8% Q2 revised (F/cast was +7.2%)
GDP Growth Rate Flash Q3 -4.3% YoY vs -11.3% Q2 revised (F/cast was -5.8%)
FRANCE
GDP Growth Rate Prel Q3 +18.2% vs -13.7% Q2 revised (F/cast was +15.1%)
Household Consumption Sept -5.1% MoM vs +2.2% Aug revised (F/cast was -0.7%)
Inflation Rate Prel Oct 0% YoY vs 0% Sept (F/cast was +0.3%)
Inflation Rate Prel Oct -0.1% MoM vs -0.5% Sept (F/cast was +0.2%)
UK
Nationwide Housing Prices Oct +5.8% YoY vs 5% Sept (F/cast was +4.7%)
Nationwide Housing Prices Oct +0.8% MoM vs 0.9% Sept (F/cast was +0.5%)
AHEAD
EUROZONE Manufacturing PMI
GERMANY Manufacturing PMI
FRANCE Manufacturing PMI, New Car Registrations
UK Manufacturing PMI



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