The big multinational companies continue to deliver and other stuff

Earnings overall continue to be excellent with a higher % of revenue beats than Q2. Apple of course was incredibly impressive. The big multinational companies with healthy exposure outside of the US definitely took advantage of the stronger rebound overseas. Emerging markets, led by Brazil, may be under pressure today after Brazil’s decision to levy a transaction tax on foreign purchases of their stocks and bonds in an attempt to halt the gains in the Real and the Real today is at a one week low. The US$ however is down a touch vs most other currencies. The RBA in minutes from their Oct rate hike said low rates could lead to imbalances in the economy. If only Greenspan took that advice in ’03-’04 and Bernanke now but I digress. Sept Housing Starts and PPI are the two key data points today with the housing figure being impacted by the tax credit.

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