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US Futures are Flat as Investors Digest Earnings and Economic Data

US Futures are flat as investors digest earnings and economic data.  The Labor Department reported that September import and export prices came in higher than expected, rising 0.5% m/m and 0.8% m/m, respectively.  The higher import prices are likely due to higher oil and food costs.  The Federal Reserve’s report on Industrial Production showed an increase of 0.3% m/m in September.  European shares are slightly higher.  Two ECB members will speak later today in Europe.  Asian shares closed higher for the 11th day in a row led by Japanese shares.

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US Futures are Slightly Higher as Earnings Season Kicks Off

US Futures are slightly higher as earnings season kicks off.  S&P 500 earnings are expected to grow 4.8% year-over-year in Q3.  The October Empire Manufacturing Survey came at 30.2, higher than the average estimate of 20.0.  European shares are being led higher by material stocks after China trade data.  Asian shares closed mostly higher as investors digested higher inflation data in China.

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US Futures Rose and Yields Fell as Economic Data was less than Anticipated

US futures rose and yields fell as economic data was less than anticipated.  September month over month CPI rose 0.5%, slightly below expectations of an increase of 0.6%.  Retail sales for September rose 1.6%, below the 1.7% expectation.  Lower inflation and retail sales gave the market hope for a slower Fed normalization.  The market will get readings on business inventories and consumer sentiment at 10 am.  European shares are mixed as speculation that the ECB will reduce monthly bond purchases from 60B to 30B euros in January.  Asian shares closed mostly higher after strong earnings from Samsung and China trade data was released.

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US Futures are Lower After Muted Response to Data

US Futures are lower after muted response to data.  First time claims for unemployment insurance came in at 243K, below the consensus estimate of 252K, as the market rebounded from the hurricane related data points.  The Bureau of Labor Statistics reported that producer prices rose 0.4% in September above the expectations for a 0.2% rise.  Producer prices, ex- food and energy, also came in higher than expected at 0.4% vs. expectations of 0.2%.  The big banks have begun reporting earnings with earnings and revenue beating expectations for both JPM and C.  European shares are mixed as Brexit discussions have come to a halt.  Asian shares closed mostly higher led by the Nikkei 225 touching a 21-year high.

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US Futures are Slightly Lower as Weekly Mortgage Applications Fall on Higher Rates

US Futures are slightly lower as weekly mortgage applications fall on higher rates.  The Mortgage Bankers Association announced that mortgage applications for the week of 10/6 saw applications fall by 2.1% on weakness in refinance activity as rates creep higher.  At 10 am, the market will get data on August job openings when the latest JOLTS report is released.  Expectations are for job openings to fall slightly to 6.16M in August.  At 2 pm, the FOMC will release the minutes from their September 20th meeting and new insights are not expected from the release.  Markets are currently pricing in a 92% chance of a rate hike in December.  European shares are mostly lower as political uncertainty continues.  Asian shares closed mostly higher.

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