Apple

• 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,

"Tent outside - full use of apartment - cheap - $90"

"I have a caravan in my driveway that I'm going to rent out."

iPhone maker Apple claimed last month that their latest iteration of the wildly popular handheld device was unhackable. But as we already know from recent hacks of Department of Defense computers, essential domestic grid infrastructure computers, and even NASA’s in-orbit spacecraft, in the digital age nothing is ever really secure. After offering a $1 million bounty, cyber security firm Zerodium confirms a hacker group has successfully compromised Apple's iOS 9. Here’s the kicker: the exploit is remote, so it can be launched on your phone without you even knowing about it.

Following a recent report documenting the surge in empty malls littering China, many suggested that this is indicative of a shift to online shopping and migration to platforms such as Alibaba. That may well be the case, but unlike in the US where one is assured at least some quality control and has a rational expectation that what was ordered online is what will be delivered, in China the reality is far different. According to China's official news agency, Xingua, more than 40% of goods sold online in China last year were either counterfeits or of bad quality, illustrating the extent of a problem that has bogged down the fast-growing online sector.

So far today's trading session has been a repeat of what happened overnight on Monday, when following a weak start on even more weak Chinese data, US equities soared on the first trading day of the month continuing their blistering surge since that dreadful September payrolls report, which as we showed was mostly catalyzed by a near record bout of short's being squeezed and covering, which accelerated just as the S&P broke the 2100 level.

Two months ago, Tim Cook reportedly wrote Jim Cramer that everything was awesome with iPhone sales in China. Days later, channel checks appeared to call Cook's statement into question. Several day ago, one of Apple's component makers - Dialog Semi - issued cautious guidance strongly suggesting iPhone sales momentum was weakening. Apple's earnings produced disappointment as China sales rather notably fell (but was quickly dismissed by analysts as US sales rose) and now, perhaps most worrying of all, Taiwan’s Pegatron Corp - maker of Apple's next-gen iPhone 6S and iPad - has halted hiring in its Shanghai factory as workers note "sales of iPhone 6S have been disappointing."

It's a busy night in AsiaPac. The ubiquitous Japanese stock buying-panic at the open quickly faded. China weakened the Yuan fix quite notably and injected another CNY10bn of liquidity but news of the arrest of the President of China's 3rd largest bank and a graft investigation into Dongfeng Motor's general manager sparked greater uncertainty and Chinese stocks extended the losses from yesterday. Commodities had started to creep lower, with Dalian Iron Ore pushing 2-month lows with its biggest daily drop in 3 months, were extended when the Aussie central bank kept rates steady (as expected) but sparked turmoil in FX markets with forward guidance of th epotential for more easing.

• Baffle with BS: German Bonds Decline Along With Peers as Draghi Cools QE Talk (BBG)
• And yet... ECB's Nowotny says low inflation forces ECB to act (Reuters)
• Stocks fall on China data, but stronger euro zone lifts gloom (Reuters)
• Global factories struggle as stimulus fails to spur (Reuters)
• Russian airline rules out technical fault, pilot error in Egypt crash (Reuters)
• Turkey returns to single-party rule in boost for Erdogan (Reuters)

Ok, this is China: crazy things happen all the time. But where things got outright ridiculous, was when moments ago when as China National Radio reports, Wu Shuang, a partner of Xu Xiang's at Zexi, and also an insider trading suspect, was shot and killed by Chinese police when he "resisted and tried to escape."