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Coronavirus daily numbers from Europe:

Coronavirus daily numbers from Europe:
  • France reports 45,422 cases (positivity rate 16% vs 8% a week ago)
  • UK reports 23,012 cases vs 20,530 the day prior
  • Italy reports 19,644 vs 19,143
  • Netherlands reports 8669
That's a new record for Italy/France and the others are all very close. Expect the weekly pattern to show lower numbers on Mon/Tues and then pick back up on Wednesday.

In an illustration of how fast cases are rising, here are the portion of total cases since the outbreak that were reported in the past week:
  • France 13.9%
  • UK 15.2%
  • Italy 19.1%
  • Germany 13.0%
The charts above don't yet include today's data.

Importantly, Italian citizens will be asked not to leave their towns and the government is weighing a partial lockdown. Spain will hold a special cabinet meeting on Sunday that would allow regions to implement curfews.

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Sat 24 Oct 2020 14:45:51 GMT

Stock earnings calendar moves into the big names this week.

Lots of high profile names to announce earnings this week The earnings calendar for the week will ignite with a broad range of some of the biggest of the big names.  On Thursday alone we get all the FAANGs sans Netflix (which disappointed with their subscriber numbers this week), but Facebook, Amazon, Apple, and Google is quite a lineup (and it is joined by Starbucks as well). Boom!  

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Stock earnings calendar moves into the big names this week.


Greg Michalowski
Sat 24 Oct 2020 14:45:51 GMT
Category: News
0


Lots of high profile names to announce earnings this week The earnings calendar for the week will ignite with a broad range of some of the biggest of the big names.  On Thursday alone we get all the FAANGs sans Netflix (which disappointed with their subscriber numbers this week), but Facebook, Amazon, Apple, and Google is quite a lineup (and it is joined by Starbucks as well). Boom!  

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Sat 24 Oct 2020 06:12:13 GMT

The SNB may have to sell part of its >$100 bn US stock portfolio

An ICYMI on the Swiss National Bank and the campaign being waged in Switzerland to ban it from investing in defence companies. The vote is on November 29.

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The SNB may have to sell part of its >$100 bn US stock portfolio


https://az705044.vo.msecnd.net/20160503/switzerland.png Eamonn Sheridan
Sat 24 Oct 2020 06:12:13 GMT
Category: Central Banks
0
An ICYMI on the Swiss National Bank and the campaign being waged in Switzerland to ban it from investing in defence companies. The vote is on November 29.

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Sat 24 Oct 2020 06:03:29 GMT

PBOC Governor Yi Gang says will reduce restrictions on cross-border use of the yuan

People's Bank of China Governor speaking on Saturday at the Bund Summit conference held in Shanghai:  Report comes via .  --- China has plans to promote the yuan's use as a reserve currency. 

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PBOC Governor Yi Gang says will reduce restrictions on cross-border use of the yuan


Eamonn Sheridan
Sat 24 Oct 2020 06:03:29 GMT
Category: Central Banks
0
People's Bank of China Governor speaking on Saturday at the Bund Summit conference held in Shanghai:  Report comes via .  --- China has plans to promote the yuan's use as a reserve currency. 

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Sat 24 Oct 2020 05:54:11 GMT

Brazil will import Chinese-produced coronavirus vaccine Sinovac for trials

Brazil’s President Jair Bolsonaro said last week China lacked the creditability to develop a cure for the coronavirus. Whoops.  Now a Sao Paulo research centre, partnered with China's Sinovac Biotech Ltd, was granted “exceptional” permission to bring six million doses fo the COVID-19 drug into the country for phase three trials.

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Brazil will import Chinese-produced coronavirus vaccine Sinovac for trials


https://az705044.vo.msecnd.net/20200804/coronavirus.jpg Eamonn Sheridan
Sat 24 Oct 2020 05:54:11 GMT
Category: News
0
Brazil’s President Jair Bolsonaro said last week China lacked the creditability to develop a cure for the coronavirus. Whoops.  Now a Sao Paulo research centre, partnered with China's Sinovac Biotech Ltd, was granted “exceptional” permission to bring six million doses fo the COVID-19 drug into the country for phase three trials.

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Fri 23 Oct 2020 20:58:10 GMT

ForexLive Americas FX news wrap: Back and forth but relatively subdued

Forex news for North American trading on October 23, 2020: Markets: - Gold down $2 to $1902 - US 10-year yields down 2 bps to 0.836% - S&P 500 up 12 points to 3465 (down 0.5% on the week) We may have settled into a pre-election lull as it was a day of ebb and flows but not much conviction.

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ForexLive Americas FX news wrap: Back and forth but relatively subdued


//az705044.vo.msecnd.net/20201023/2020-10-23_16-45-20.png Adam Button
Fri 23 Oct 2020 20:58:10 GMT
Author: Adam Button
Category: News
0
Forex news for North American trading on October 23, 2020: Markets: - Gold down $2 to $1902 - US 10-year yields down 2 bps to 0.836% - S&P 500 up 12 points to 3465 (down 0.5% on the week) We may have settled into a pre-election lull as it was a day of ebb and flows but not much conviction.

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Fri 23 Oct 2020 20:10:19 GMT

1

S&P affirms UK sovereign rating at AA with a stable outlook

S&P keeps the UK steady Last week Moody's downgraded the UK to Aa3, which is the equivalent of AA- in S&P terms. Fitch is also at AA-. S&P is not dissuaded by Brexit and mounting debt, evidently.

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S&P affirms UK sovereign rating at AA with a stable outlook


Adam Button
Fri 23 Oct 2020 20:10:19 GMT
Author: Adam Button
Category: News
1
S&P keeps the UK steady Last week Moody's downgraded the UK to Aa3, which is the equivalent of AA- in S&P terms. Fitch is also at AA-. S&P is not dissuaded by Brexit and mounting debt, evidently.

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Fri 23 Oct 2020 20:04:21 GMT

2

S&P moves Italy to BBB stable from BBB negative

S&P gets a boost The outlook on Italy was raised to stable from negative with the rating affirmed at BBB by S&P. No doubt it's due to Italy's strong long-and-short term commitments to fiscal restraint.

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S&P moves Italy to BBB stable from BBB negative


Adam Button
Fri 23 Oct 2020 20:04:21 GMT
Author: Adam Button
Category: News
2
S&P gets a boost The outlook on Italy was raised to stable from negative with the rating affirmed at BBB by S&P. No doubt it's due to Italy's strong long-and-short term commitments to fiscal restraint.

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Fri 23 Oct 2020 19:55:49 GMT

CFTC Commitments of Traders: Sterling shorts head to the exits

Forex futures positioning for the week ending October 20, 2020: The GBP shorts were wise to get out of the way ahead of Wednesday's news on restarting negotiations. The nearly-flat positioning now reflects the total lack of commitment in the trade lately.

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CFTC Commitments of Traders: Sterling shorts head to the exits


//az705044.vo.msecnd.net/20201023/cad-positioning-cftc.png Adam Button
Fri 23 Oct 2020 19:55:49 GMT
Author: Adam Button
Category: News
0
Forex futures positioning for the week ending October 20, 2020: The GBP shorts were wise to get out of the way ahead of Wednesday's news on restarting negotiations. The nearly-flat positioning now reflects the total lack of commitment in the trade lately.

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Fri 23 Oct 2020 19:35:06 GMT

7

Senator Shelby: Chances for a stimulus deal are 'slim'

Are we ready to move on? Mark Meadows is the only one who has had any kind of real optimism today and there's no sign of any movement on the key hangups of state and local funding along with liability protections. Trump himself today ranted about Democrats wanting too much money for states.

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Senator Shelby: Chances for a stimulus deal are 'slim'


Adam Button
Fri 23 Oct 2020 19:35:06 GMT
Author: Adam Button
Category: News
7
Are we ready to move on? Mark Meadows is the only one who has had any kind of real optimism today and there's no sign of any movement on the key hangups of state and local funding along with liability protections. Trump himself today ranted about Democrats wanting too much money for states.

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Fri 23 Oct 2020 19:20:25 GMT

Stay short GBP/USD - MUFG

Mitsubishi UFG says to sell cable MUFG Research maintains short GBP/USD exposure as its trade of the week for the coming week. MUFG is short cable with a target at 1.2630 and a stop at 1.3180.

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Stay short GBP/USD - MUFG


//az705044.vo.msecnd.net/20201023/2020-10-23_15-19-20.png Adam Button
Fri 23 Oct 2020 19:20:25 GMT
Author: Adam Button
Category: News
0
Mitsubishi UFG says to sell cable MUFG Research maintains short GBP/USD exposure as its trade of the week for the coming week. MUFG is short cable with a target at 1.2630 and a stop at 1.3180.

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Fri 23 Oct 2020 18:39:08 GMT

3

US dollar gives back gains as the mood improves

Back and forth we go The US dollar is losing some ground at the moment, particularly against the euro and the commodity currencies. The move comes as equities erase losses and turn higher.

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US dollar gives back gains as the mood improves


//az705044.vo.msecnd.net/20201023/2020-10-23_14-38-17.png Adam Button
Fri 23 Oct 2020 18:39:08 GMT
Author: Adam Button
Category: News
3
Back and forth we go The US dollar is losing some ground at the moment, particularly against the euro and the commodity currencies. The move comes as equities erase losses and turn higher.

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Fri 23 Oct 2020 18:16:24 GMT

2

What's on the US economic calendar next week

The final stretch before the election Monday we're going to get the Senate confirmation of a Supreme Court justice but at that point it should also be entirely clear that a stimulus bill is dead.

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What's on the US economic calendar next week


//az705044.vo.msecnd.net/20201023/2020-10-23_14-15-46.png Adam Button
Fri 23 Oct 2020 18:16:24 GMT
Author: Adam Button
Category: News
2
The final stretch before the election Monday we're going to get the Senate confirmation of a Supreme Court justice but at that point it should also be entirely clear that a stimulus bill is dead.

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Fri 23 Oct 2020 17:41:08 GMT

1

It was a strong week for the kiwi

Sterling gains fade The New Zealand dollar is the top performer this week while the US dollar was the laggard. Even today with USD staging a bit of a comeback, it's not sticking as the kiwi pushes back into positive territory.

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It was a strong week for the kiwi


//az705044.vo.msecnd.net/20201023/2020-10-23_13-36-31.png Adam Button
Fri 23 Oct 2020 17:41:08 GMT
Author: Adam Button
Category: Technical Analysis
1
Sterling gains fade The New Zealand dollar is the top performer this week while the US dollar was the laggard. Even today with USD staging a bit of a comeback, it's not sticking as the kiwi pushes back into positive territory.

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Fri 23 Oct 2020 17:02:34 GMT

2

Baker Hughes US oil rig count 211 vs 205 prior

Second pop in a row I can't make sense of the recent rise in drilling. There are lots of DUCs there and it could be about keeping production flat. I can't see any company trying to boost output in this environment.

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Baker Hughes US oil rig count 211 vs 205 prior


//az705044.vo.msecnd.net/20201023/2020-10-23_13-03-03.png Adam Button
Fri 23 Oct 2020 17:02:34 GMT
Author: Adam Button
Category: News
2
Second pop in a row I can't make sense of the recent rise in drilling. There are lots of DUCs there and it could be about keeping production flat. I can't see any company trying to boost output in this environment.

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Fri 23 Oct 2020 16:52:26 GMT

19

Trump certainly has made voter turnout great again. There's a trade in that

The polarization in the United States is staggering No matter what happens in the election in 11 days, a big story from the vote is certain to be turnout. The long lines in the first days of early voting were a giveaway about what's coming. The country has now passed 51 million votes cast, compared to about 130m total in the last election. In Florida, more people have already case early votes than the amount who voted for Trump last time.

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Trump certainly has made voter turnout great again. There's a trade in that


//az705044.vo.msecnd.net/20201023/2020-10-23_11-34-05.png Adam Button
Fri 23 Oct 2020 16:52:26 GMT
Author: Adam Button
Category: News
19
The polarization in the United States is staggering No matter what happens in the election in 11 days, a big story from the vote is certain to be turnout. The long lines in the first days of early voting were a giveaway about what's coming. The country has now passed 51 million votes cast, compared to about 130m total in the last election. In Florida, more people have already case early votes than the amount who voted for Trump last time.

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Fri 23 Oct 2020 16:08:01 GMT

1

ECB regulators formerly in favor of lifting bank payout caps now worried about virus

ECB decision on payouts complicated by worsening pandemic The number of countries hitting virus daily records is deeply troubling.

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ECB regulators formerly in favor of lifting bank payout caps now worried about virus


Adam Button
Fri 23 Oct 2020 16:08:01 GMT
Author: Adam Button
Category: News
1
ECB decision on payouts complicated by worsening pandemic The number of countries hitting virus daily records is deeply troubling.

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Fri 23 Oct 2020 15:42:32 GMT

4

Libya says it could double oil output in four weeks to 1mbpd

Libya lifts force majeur Leaders in Libya's civil war signed a ceasefire today and now there are plans to quickly ramp up oil production. The country's NOC says it plans to boost oil production above 1 mbpd in four weeks. It's around 500kbpd now, up from less than 200kbpd over the past few months.

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Libya says it could double oil output in four weeks to 1mbpd


//az705044.vo.msecnd.net/20201023/2020-10-23_11-41-58.png Adam Button
Fri 23 Oct 2020 15:42:32 GMT
Author: Adam Button
Category: News
4
Libya lifts force majeur Leaders in Libya's civil war signed a ceasefire today and now there are plans to quickly ramp up oil production. The country's NOC says it plans to boost oil production above 1 mbpd in four weeks. It's around 500kbpd now, up from less than 200kbpd over the past few months.

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Fri 23 Oct 2020 15:37:54 GMT

1

European equity close: Solid finish to the week but some late selling

Closing changes for the main European bourses: On the week:

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European equity close: Solid finish to the week but some late selling


//az705044.vo.msecnd.net/20201023/2020-10-23_11-37-04.png Adam Button
Fri 23 Oct 2020 15:37:54 GMT
Author: Adam Button
Category: News
1
Closing changes for the main European bourses: On the week:

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Fri 23 Oct 2020 15:13:52 GMT

9

US Treasury seen delaying FX manipulation report until after the election

It was due in mid-October Bloomberg reports that Mnuchin is seen delaying the report until after the vote. We've been waiting for it to land any day. There's a particular focus on Switzerland in this edition because they meet all the criteria to be named.

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US Treasury seen delaying FX manipulation report until after the election


Adam Button
Fri 23 Oct 2020 15:13:52 GMT
Author: Adam Button
Category: News
9
It was due in mid-October Bloomberg reports that Mnuchin is seen delaying the report until after the vote. We've been waiting for it to land any day. There's a particular focus on Switzerland in this edition because they meet all the criteria to be named.

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Fri 23 Oct 2020 15:11:42 GMT

1

Pelosi says she hopes to get a new COVID-19 aid bill

MSNBC interview Says Trump needs to speak to Republicans. We could resolve aid bill differences before the election if Trump wants to. This charade needs to end but there were some positive ticks in equities on this talk.

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Pelosi says she hopes to get a new COVID-19 aid bill


Adam Button
Fri 23 Oct 2020 15:11:42 GMT
Author: Adam Button
Category: News
1
MSNBC interview Says Trump needs to speak to Republicans. We could resolve aid bill differences before the election if Trump wants to. This charade needs to end but there were some positive ticks in equities on this talk.

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Fri 23 Oct 2020 14:59:56 GMT

Italy reports record 19,143 virus cases vs 16,079 yesterday

Italy case count continues to surge A week ago, cases were at 10,009 and a week before that at 5372 and a week before that at 2499. That's nearly 100% week-over-week growth for three weeks straight.

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Italy reports record 19,143 virus cases vs 16,079 yesterday


//az705044.vo.msecnd.net/20201023/2020-10-23_11-00-49.png Adam Button
Fri 23 Oct 2020 14:59:56 GMT
Author: Adam Button
Category: News
0
Italy case count continues to surge A week ago, cases were at 10,009 and a week before that at 5372 and a week before that at 2499. That's nearly 100% week-over-week growth for three weeks straight.

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Fri 23 Oct 2020 14:22:13 GMT

2

US dollar continues to catch a solid bid. Why?

Dollar strong in New York trade I think the market is giving up on the stimulus trade but it's tough to say how much of a chance was priced in to begin with. After Kudlow's comments today, it's clear that the real chance is close to zero.

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US dollar continues to catch a solid bid. Why?


//az705044.vo.msecnd.net/20180202/us-dollar.png Adam Button
Fri 23 Oct 2020 14:22:13 GMT
Author: Adam Button
Category: News
2
Dollar strong in New York trade I think the market is giving up on the stimulus trade but it's tough to say how much of a chance was priced in to begin with. After Kudlow's comments today, it's clear that the real chance is close to zero.

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Fri 23 Oct 2020 13:45:04 GMT

1

US Markit services PMI 56.0 vs 54.6 expected

US Markit services PMI report Services details:

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US Markit services PMI 56.0 vs 54.6 expected


//az705044.vo.msecnd.net/20201023/2020-10-23_9-48-14.png Adam Button
Fri 23 Oct 2020 13:45:04 GMT
Author: Adam Button
Category: News
1
US Markit services PMI report Services details:

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