Earnings season continues to be excellent relative to expectations while revenue season is mixed, the same theme as seen in Q2. Based on my little earnings cheat sheet, 18 of 20 co’s have beat earnings estimates while only 10 have exceeded revenue estimates. All in one day today we get information on the labor market, inflation and manufacturing as Jobless Claims, CPI, NY and Philly Fed surveys (the first Oct data points we see) are released. The Pound is up sharply, having its best day since May vs the US$ after a BoE official seemed to step off the QE gas pedal a bit as he thinks its current “scale and speed” is having a positive impact and said they may even pause their purchases with the option of resuming later. Similar to the opinion of Fed Pres Warsh but maybe a jab to the doves, a RBAustralia Gov said they shouldn’t be timid when it comes to raising rates as they certainly weren’t on the way down.
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