Newsquawk Rundown, Daily Podcast

As things stand, the outcome of the US election is finely poisedEarly doors, the ‘Biden playbook’ was seen, but as the former Vice President failed to take some of the key states, there was a shift in betting marketsHowever, even that impulse could not be sustained with some of the key swing states (Pennsylvania, Michigan and Wisconsin) unlikely to have their results declared any time soonThe key takeaway, however, is that Trump has performed better than polls guided, while Biden has not made as...

US futures are supported, but off highs with ES +1.2% as the DXY dips (-0.4%) and USTs curve bear-steepensFiveThirtyEight projects Biden has an 89% chance of winning the election vs. 10% chance for President Trump & a CNBC poll has Biden ahead of Trump in 6 battleground statesThe RBA cut rates by 15bps as expected and announced an AUD 100bln boost to its QE programme; Governor Lowe pushed back on neg. ratesPayPal beat on EPS & revenue but are subdued in the pre-market as no preliminary...

Asian equity markets were higher across the board after following suit from the gains on Wall StThe RBA cut rates by 15bps as expected and announced an AUD 100bln boost to its QE programmeGovernor Lowe noted that the RBA has not run out of firepower but also pushed back against the prospect of negative ratesIn FX markets, the DXY slipped back below 94.00, providing some reprieve to major counterpartsLooking ahead, highlights include Turkish CPI, US ISM New York, Factory Orders and...

European bourses are bolstered this morning, shrugging off initial COVID-19 tentativenessAdditionally, Chinese official manufacturing & non-manufacturing and Caixin manufacturing PMIs all exceeded expectationsReports noted that UK & EU Brexit negotiators were zeroing in on a solution to break the deadlock on fishing accessUK PM Johnson announced a 1-month lockdown across England from November 5th through to December 2ndMonmouth poll shows Biden's lead in Pennsylvania narrows to...

Asian equity markets traded with cautious gains and US stock index futures were choppy amid tentativeness moving into a risk-packed weekChinese official manufacturing & non-manufacturing and Caixin manufacturing PMIs all exceeded expectationsReports noted that UK & EU Brexit negotiators were zeroing in on a solution to break the deadlock on fishing accessUK PM Johnson announced a 1-month lockdown across England from November 5th through to December 2ndIn FX markets, the DXY...

European bourses have pared back the US-induced downside post multiple large-cap earnings in the after market; ES -0.7%, NQ -1.2%Nasdaq is weighed on in-spite of Apple, Alphabet, Amazon, Facebook and Twitter all beating on top and bottom linesElizabeth Warren is reportedly set to request to become Joe Biden’s Treasury Secretary in the event that the former VP wins the upcoming election, PoliticoEZ Q3 GDP beat substantially, as flagged by President Lagarde yesterday while headline flash CPI was...

Asian equity markets weakened heading into month-end and after US stock index futures faded the recovery seen on Wall StreetDisappointment was observed in the wake of big tech earnings despite Apple, Alphabet, Amazon, Facebook and Twitter all beating on top and bottom linesECB sources stated that policymakers debated tools for the next stimulus package on Thursday in which some favoured more bond purchases under PEPP, some preferred TLTRO adjustments and others a mix of bothIn FX, they DXY...

European cash indices have been choppy but futures have staged a modest recovery after yesterday’s COVID-19 concerns amid the busiest day of earnings season for Q3However, crude has continued to deteriorate throughout the morning dropping below multiple key figuresRegeneron (REGN) COVID-19 outpatient trial prospectively demonstrates that its antibody cocktail REGN-COV2 significantly lowered virus levelsHouse Speaker Pelosi has sent a letter to Treasury Secretary Mnuchin listing all the areas that...

Asian equity markets traded mostly lower following the bloodbath on Wall St where all major indices declined by more than 3%BoJ maintained policy settings as expected and continued to signal a lack of urgency for immediate supportRegeneron (REGN) COVID-19 outpatient trial prospectively demonstrates that its antibody cocktail REGN-COV2 significantly lowered virus levelsIn FX markets, the DXY held on to most of yesterday’s gains above 93.00, EUR/USD hovers around 1.1750 and GBP/USD maintains 1.30...

European indices are posting substantial losses, Stoxx 50 -2.5%, but off lows of some -3.5% earlier in the session; stateside, ES -1.3%Concern around COVID-19 has intensified with France & Germany reportedly to implement lockdown restrictions imminentlyUS House Speaker Pelosi said Democrats are continuing to work on regarding COVID-19 relief legislationCrude is pressured on general sentiment and demand-side concerns with Zeta re-intensifying to a Hurricane unable to offset thisFX...