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Who Is Buying? Another $5 Billion Pulled From US Equity Funds, Outflows In 6 Of Past 7 Weeks

It may come as a surprise to some that as the S&P500 has remained in a tight trading range over the past month, investors continued to withdraw substantial amounts of cash. According to the latest EPFR weekly data, global equities saw another $3.9bn in outflows, which brings the number of outflows to 5 in the past 6 weeks. Of note here is that while Europe has now suffered a record record 37 straight weeks of outflows, the US has been comparably pressured, with outflows in 6 of the past 7 weeks.

The Federal Reserve Is Hillary Clinton's Secret Weapon

Say what you want about Donald J. Trump, but he is correct about one thing: the Federal Reserve has, with near certainty, been holding interest rates down for political purposes - namely, to aid Hillary Clinton in getting elected president of the United States.

Global Stocks, US Futures Modestly Higher As Debate Digested, Draghi Eyed

Global stocks were modestly higher, before the European Central Bank gives its policy update, while investors weigh mixed earnings results. Asian stocks rise, U.S. equity-index futures are little changed.  The euro touched its weakest level since July and stocks in the region fell after their first back-to-back gains in two weeks.

Saudi Arabia Is Already Spending The New Bond Money

The ink wasn't even dry yet on the just concluded historic, upsized and dramatically oversubscribed bond sale by Saudi Arabia which raised $17.5 billion and Saudi Arabia was already begun spending the money. Roughly at the same time as the wire transfers were taking place, the Saudis were busy repaying debts to state contractors, after long delays that squeezed company finances and hurt investor sentiment.

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.

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).

Five Main Things To Watch In Today's Chinese GDP Report

There is a reason why, when the Chinese Q3 GDP print is revealed shortly, it will be an utterly meaningless indicator - the number is a goalseeked, arbitrary political construct meant to convey not information about the economy, but about Beijing's intentions what it may or may not do in the future. Unfortunately, since it is the only official number to come out of Beijing, hours will be spent debating it for the next few days. As such, here are 5 key things to focus on...

Global Stocks Rebound As Fed Fears Ease, Dollar Falls From 7 Month High

If yesterday's session was marked by concerns about Fed tightening and rising long-end rates, today concerns about a hawkish Fed have subsided, with European, Asian stocks and S&P futures all rising amid speculation Federal Reserve policy will remain accommodative after yesterday's dovish comments by Fed vice-Chair Stan Fischer, as well as weak economic data helped push the US Dollar off its 7 month highs.

The Case For Real Assets: Buy Humilation, Sell Hubris

The price of 'real assets' (real estate, commodities, collectibles) relative to 'financial assets' (stocks & bonds) are at their lowest since 1926, and, as BofAML's Michael Hartnett suggests "buying humiliation and selling hubris" as investors are being forced to discount higher inflation and interest rates, as protectionism & redistribution themes are also aimed at boosting Main Street at the expense of Wall Street.

Key Events In The Coming Week

The key economic releases this week include industrial production on Monday, CPI on Tuesday, and housing starts on Wednesday. There are several scheduled speeches from Fed officials this week. The Beige Book for the November FOMC period will be released on Wednesday.

Shanghai B-Shares Unexpectedly Crash Over 6% In Last 90 Minutes Of Trading

“There’s no clear explanation on the sudden drop,” said Castor Pang, head of research at Core-Pacific Yamaichi Hong Kong. “But most investors are deeply concerned about the yuan’s depreciation and capital outflows as the yuan approaches 6.8. Overall market sentiment is very poor and selling in the B-shares index is spreading.”