Morgan Stanley

Frontrunning: October 21

  • Trump, Clinton trade barbed jokes for charity (Reuters)
  • Islamic State retaliates as Iraqi forces push on Mosul (Reuters)
  • Hedge Fund Managers Struggle to Master Their Miserable New World (BBG)
  • Woebegone Stock Pickers Vow: We Shall Return! (WSJ)
  • Madonna pledges oral sex for Clinton voters (The Hill)

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.

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)

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.

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.

Daniel Hannan - The Right Approach To Brexit

Daniel Hannan, a British member of the European Parliament (MEP), made an eloquent, impassioned speech this weekend on what should take place in Brexit talks.

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.

Frontrunning: October 13

  • Weak China data, stronger dollar send global stocks skidding (Reuters)
  • Oil price gains limited by higher OPEC output, U.S. crude stocks (Reuters)
  • Wells Fargo CEO Stumpf Quits in Fallout From Fake Accounts (BBG)
  • SEC Said to Demand That Cooperman Agree to Hedge Fund Suspension (BBG)
  • FBI, DOJ roiled by Comey, Lynch decision to let Clinton slide by on emails, says insider (Fox)

Global Stocks Tumble To Three Month Lows As China Fears Return

Remember when two weeks ago the China Beige Book warned that "It’s A Lot More Negative Than People Think" in the world's second biggest economy? Well after months of complacency about the Chinese economy and financial risks emanating from its $35 trillion financial sector, overnight the world got a rude awakening when China export figures tumbled, signalling a deeper slowdown than many anticipated just as the Fed prepares to raise interest rates.

Frontrunning: October 10

  • Rancorous Debate Gets Personal (WSJ)
  • In debate, Trump signals aggressive close to his campaign (AP)
  • Trump Ends Nightmare Weekend With Over-the-Top Debate (BBG)
  • Trump vs Clinton: He calls her a devil, she says he abuses women (Reuters)
  • Ryan discussed revoking Trump endorsement (Politico)
  • Trump's body language during debate raises social media eyebrows (Reuters)