Two Days After He "Turned Bearish On Equities", Dennis Gartman Is Again "Net Long"

"In our retirement funds here at TGL we bought back into the same non-US steel manufacturing concern that we’d owned previously as it broke out to the upside... we are aggressively long of gold/EUR and we own a leveraged gold mining ETF. We have balanced those positions with bearish equity derivatives sufficient to leave us marginally… very marginally… net long of equities."

Housing Starts Crash Most In 5 Years To 18-Month Lows

Following August's disappointing dump in Housing Starts (and Permits), September data is an utter disaster. Against expectations of a 2.9% rise, Housing Starts plunged 9.0% in September to 1.047mm - the weakest since March 2015. Year-over-year, Starts have crashed almost 12% - the most since April 2011, driven by a collapse in multi-family housing. Permits offered some hope for the future (although current starts suggests historical permits were a weak indicator).

ECB Wants To Curb Bitcoin Use Over Fears It May "Lose Control Over Money Supply"

In a surprising reminder how the European central bank feels about bitcoin and other virtual money, the ECB urged EU lawmakers to tighten proposed new rules on digital currencies such as bitcoin, fearing they might one day weaken its own control over money supply in the euro zone.In other words, first the ECB went after cash; now it is going after all virtual currencies like bitcoin.

Frontrunning: October 19

  • China third quarter GDP grows 6.7 percent as expected as construction booms, debt rises (Reuters)
  • China Growing at 6.7% Opens Window to Deliver Debt-Curb Vow (BBG)
  • U.S. expects Islamic State to wield chemical weapons in Mosul fight (Reuters)
  • Iraq urges U.S.-led coalition to prevent Islamic State escape to Syria (Reuters)
  • Fox national poll shows Clinton leading by six points (Hill)

Massively Oversubscribed Saudi Bond Offering Upsized To $17.5 Billion: Largest Ever From A Developing Nation

According to latest reports Saudi Arabia is now set to sell $17.5 billion in the biggest bond sale ever from an emerging-market nation, a number which may still rise thanks to what is a massive oversubscription: as of this moment the orderbook is said to be "around $67" billion, or roughly 4 times oversubscribed, courtesy of the global financial repression imposed by central banks, forcing investors into the smallest trace of yield.

US Futures, Global Stocks Mixed After Lackluster Chinese Economic Data; Oil Rises Over $51

US futures were little changed, with European shares lower, and Asian stocks higher as caution returned after last night's Chinese economic data did little to clear up how the world's second largest economy is performing, and provided few positives for investors ahead of the third and final U.S. presidential debate; imminent announcements from both the ECB and the Fed also will keep traders on their toes today.

ECB Preview: What Wall Street Thinks Mario Draghi Will Say Tomorrow

While expectations are low from Thursday's ECB meeting,  it may ultimately boil down to Draghi’s communication about asset purchases. Any hint of QE tapering would spur a large-scale sell-off in the rates market, according to most Wall Street strategists. Here is what else the sellside thinks will happen.

Sterling Stumbles On Report Merkel Said To Shut Brexit "Back Door" Channels

Moments ago, sterling reverted to its familiar downward sliding trajectory and took a steep move lower following a Bloomberg report that German Chancellor Angela Merkel’s government is "battening down the hatches for coming Brexit talks, instructing officials to avoid any back-door contacts that could hand the U.K. an advantage", citing people familiar with the discussions.

World Gone Mad: Japanese Investors Edition

Will we ever learn? Bonds which never pay back principal, yield only 1%, and are converted to equity if the issuer gets into trouble (that is, at exactly the time when you don’t want to own their stock), are being enthusiastically snapped up by Japanese investors.

American Psycho: Sex, Lies & Politics Add Up To A Terrifying Election Season

It’s like being in the Twilight Zone. Only instead of Rod Serling’s imaginary “land of both shadow and substance, of things and ideas,” we’re trapped in an all-too-real land of politics and lies, where freedom and integrity play second fiddle to ambition and greed. Nothing is real.

Global Markets Shrug As China 'Manages' To Meet GDP Expectations

A couple of trillion dollars of freshly created debt and a collapsing currency (which did nothing for the trade balance which was described as "not very solid" by authorities) along with a dead stock market, a bond market at record low yields (unconvinced at any recovery) and a housing bubble and China's National Statistics Bureau 'nails it' with 'meets' across the board (albeit Industrial production disappointed).

Hacked Salesforce Presentation Showed No Interest In Twitter, But These 2 Companies May Be "In Play"

According to a May 2016 presentation that, paradoxically, came from a trove of thousands of former Secretary of State Colin Powell’s emails that were hacked and published in September by DCLeaks, Salesforce was looking at more than a dozen potential acquisition targets that did not include Twitter. Instead, the presentation notes two public companies, previously undisclosed, which may spike in trading tomorrow on hopes of an imminent Salesforce acquisition.