Greetings,
United States: The preliminary Markit PMI report showed robust business activity in October. Services’ performance (2nd chart) exceeded forecasts.
Japan: Asset managers are increasingly long the yen (which is often used as a macro hedge).
China: China’s exports to the US and the trade surplus are at record highs.
Energy: US shale drilling activity has bottomed (see definition below for “frac spreads”).
Equities: Retail investors continue to push their favorite stocks higher.
Global growth stocks’ outperformance has diverged from relative earnings expectations.
Food For Thought: COVID cases in rural areas:
Edited by Daniel Moskovits
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