Ty B
MarketFag: Futures Slide (cash open…meh) As 10Y Yields On Verge Of Tagging 5% Ahead Of Powell Speech-existing home sales drop…blackstone whinging about rates..Commodity prices
Futures dropped and global markets slumped again after treasury yields continued their relentless march higher (until something breaks), draining appetite for stocks as traders tracked earnings news and an intensifying diplomatic push to contain the Israel-Hamas war. Yields on 10-year US government bonds gained for a fourth day, pushing them just shy of 5% for the first time since 2007, while 30Y yields are well above 5% now. Many potential drivers for price action Thursday include weekly jobless claims data and a packed Fed speaker slate headed by Chair Powell at 12pm New York time… while the ridiculous explosion in US debt whichhas increased by over $600 billion in one month, or about $20 billion per day, is not helping.
Markets are in wait and see mode until 12:00pm when Powell delivers remarks at the Economic Club of NY which will be very interesting given the recent run up in yields, the stronger data of late and the geopolitical events since we last heard from him.
(Done as they don’t set anything other then Prime)
Earlier in the session, Asian stocks sank for a second day, driven by losses in Hong Kong, as concerns about China’s broader economy added to geopolitical tensions in the Middle East. The MSCI Asia Pacific Index declined as much as 1.6%, the most in about two weeks, led lower by Tencent and Samsung. Equities went south across the region. Nikkei, Kospi and Hang Seng indexes are all down about 2%. Singapore’s Straits Times Index fell to its lowest since March, while the benchmark in South Korea lost more than 1.5% as the central bank held interest rates steady and flagged upside risks to inflation. All other benchmarks in Asia were lower with those in Japan, Hong Kong and Australia down more than 1%. Â
In rates, treasuries were cheaper across the curve with losses led by long-end, extending disinversion of 2s10s beyond Wednesday’s high. Continued trend higher in Treasury yields sees 10-year approach 5%, peaking just below 4.98% in early London session. Many potential drivers for price action Thursday include weekly jobless claims data and a packed Fed speaker slate headed by Chair Powell at 12pm New York time. An auction 5-year TIPS closes an hour later. US yields cheaper by more than 6bp at long-end, widening 2s10s, 5s30s spreads by 3bp and 2bp; 10-year yields have eased from cheapest levels of the day to around 4.97% with bunds and gilts outperforming by 4.5bp and 1.5bp in the sector. Dollar IG issuance slate includes CAF 3Y; Goldman Sachs, MUFG, and Bank of New York raised almost $7b Wednesday, taking weekly total to $24b; this week’s seven offerings are all from the banking sector. $22b 5-year TIPS auction at 1pm is indicated around 2.53%, exceeding comparable results since 2008.
https://www.zerohedge.com/markets/futures-slide-10y-yields-verge-tagging-5-ahead-powell-speech
https://finance.yahoo.com/quote/%5EIXIC
https://tradingeconomics.com/commodities
(And this is a major reason why FFR rates won’t be rising. Can’t have the golden property goose lose that much…QE coming in a MASSIVE WAY to counteract sovereign debt sales…Fed has no other choice) and That will spike all property values AND Rents
Blackstone Inc. (BX) Q3 Earnings and Revenues Lag Estimates
https://www.msn.com/en-us/money/taxes/blackstone-inc-bx-q3-earnings-and-revenues-lag-estimates/ar-AA1ivBqv
(On Netflix….they stopped reporting SAC (subscriber acquisition costs)years ago so absolutely NO context with all those additions)
NAR: Existing-Home Sales Decreased to 3.96 million SAAR in September
https://www.calculatedriskblog.com/2023/10/nar-existing-home-sales-decreased-to.html
See cap 5
planeFag eastern Med and Yerp update
French and Aussie AF departed Tel Aviv and Potato equipment still being taken out of same
It represents a millisecond of time
Unimportant imo
Nokia plans to cut up to 14,000 jobs after sales and profits plunge in a weak market
Telecom gear maker Nokia said Thursday that it is planning to cut up to 14,000 jobs worldwide, or 16 per cent of its workforce, as part of a push to reduce costs following a plunge in third-quarter sales and profit.
The Finnish company, one of the world’s main suppliers of high-speed 5G wireless networks, said it's trying “to navigate the current market uncertainty" as higher interest rates take a toll.
The company said it is aiming to slash 800 million euros (US$843 billion) to 1.2 billion euros in costs by the end of 2026. That is expected to lead to a reduction from 86,000 employees to between 72,000 and 77,000 over that time period.
Nokia’s third-quarter sales plummeted 20 per cent, to 4.98 billion euros from 6.24 billion in the same three-month period last year. Comparable net profit plunged to 299 million euros in the July-to-September quarter from 551 million a year earlier.
The company’s biggest unit by revenue — the mobile networks business — declined 24 per cent to 2.16 billion euros, driven mainly by weakness in the North American market. Operating profit for the division fell 64 per cent.
https://www.bnnbloomberg.ca/nokia-plans-to-cut-up-to-14-000-jobs-after-sales-and-profits-plunge-in-a-weak-market-1.1986821