Apple

According to Goldman, "tech accounted for 50% of the overall S&P 500 expansion during the past five years (Apple is responsible for 20% of rise). Tech sector now has margins (18%) that are twice the overall market." That tremendous tech, but mostly AAPL-driven, margin growth has now ended.  So can this torrid surge in tech margins continue? Goldman's answer is a resounding no.

• Turkey downs Russian warplane near Syria border, Moscow denies airspace violation (Reuters)
• Investors seek safety in bonds, yen after Turkey downs Russian jet (Reuters)
• Donald Trump Is Not Backing Down (BBG)
• Uber's Exposure May Grow as U.S. Drivers Seek 57.5 Cents a Mile (BBG)
• U.S. issues global travel alert as manhunt continues for Paris attackers (Reuters)
• Stung by Oil, Distressed-Debt Traders See Worst Losses Since '08 (BBG)

• French, U.S. Troops Enter Mali Hotel as Gunmen Hold Hostages (BBG)
• Top suspect seen on CCTV in metro during Paris attacks (Reuters)
• Paris Attacks’ Alleged Ringleader, Now Dead, Had Slipped Into Europe Unchecked (WSJ)
• Global shares march on as alarm bells ring for metals (Reuters)
• European Stocks Rise With Asian Shares as Zinc, Ringgit Advance (BBG)
• World leaders arrive for summit amid heavy security (Reuters)

According to Reuters, the suspects targeted in a pre-dawn raid in France were planning to attack the Quatre Temps on Thursday, the busiest mall in France located in the business district at La Defense. Meanwhile, WaPo, citing European intelligence officials, says Abdelhamid Abaaoud was killed in Wednesday's operation.

Editors Note: GoldCore believe that blockchain technology will revolutionise the world of finance, payments and money and may have an impact on the world on a scale of that of the internet. If you thought the “internet” was disruptive, well you ain't seen nothing yet ... the blockchain cometh!

The internet is in a very sad state. Recent measures introduced by governments around the world, including C-51, TPP, and previous bills introduced such as the Stop Online Piracy Act (SOPA), threaten the rights to a free and open internet. However, much less talked about is the current state of online advertising and how it's slowly eroding our rights to browse online through disabling content for those using ad-blockers, paywalls and invasive tactics to market products based on our browsing history.

"My guess is that we will have negative rates in Norway before there will be any talk of QE"...

The low interest rates and relatively low inflation rates we’ve had recently aren’t going to last. They will soon be replaced by wildly fluctuating markets and rapidly depreciating currencies. We could have a catastrophic deflation, where trillions of currency units are wiped out; or a hyperinflation, as governments create trillions more of them; or both phenomena in sequence. But, as bad as they are, those are just financial phenomena; what will be much, much more serious are things looming on the political, economic, social, and military fronts of the Greater Depression. The bottom line is that you want to get out of the dollar before everyone else does.

• Stock futures little changed as Yellen comments awaited (Reuters)
• Draghi stimulus hint underpins stocks, knocks euro (Reuters)
• Black Friday's Losing Its Mojo and Retailers Might Be Relieved (BBG)
• Macy’s Fights Downward Spiral With Bet on Off-Price Backstage Stores (WSJ)
• Greece Comes to a Standstill as Unions Turn Against Tsipras (BBG)
• Euro zone production falls more than expected in September (Reuters)
• Valeant played a key role in building, operating Philidor RX (Reuters)

For the third day in a row, China dominated the overnight newsflow with the latest industrial output data, which printed at 5.6% missing expectations of a 5.8% increase, and was tied with March for the lowest print since late 2008.

"Apple has lowered its component orders by as much as 10% according to our teams in Asia. The cuts seem to be driven by weak demand for the new iPhone 6s, as overall builds are now estimated to be below 80mn units for the December quarter and between 55-60mn units for the March quarter."

With the third quarter earnings season almost over, and 90% of companies having reported, here is a quick look at where we stand and what has emerged as the 4 main themes during earnings calls.

Why - after commodities - China is set to change the landscape on energy in the coming years

The 'crapification' of jobs is the direct result of the 'crapification' of the economy.

Overnight, the SNB which unlike the Fed and the other "serious" central bank hedge funds, released a 13-F updating on its latest stock portfolio. We learned that in the quarter in which AAPL stock tumbled to $92 during the August 24 ETFlash crash, the Swiss money printing authority which reported a record $20 billion loss in the second quarter, and a record $52 billion in the first half, added another 909,000 AAPL shares, bringing its new grand total to 10.3 million shares,