Happy Monday. Good Luck out there this week.
Global Spotlight
Nov. 2-4: ASEAN Summit. Leaders from across Southeast Asia will gather in Bangkok for the annual Association of Southeast Asian Nations (ASEAN) summit, which will include China, India, Japan and South Korea — among others.
Nov. 2-4: RCEP Aims to Finalize Free Trade Zone. Officials from the proposed 16-nation Regional Comprehensive Economic Partnership (RCEP) will meet during the ASEAN summit in Bangkok to try to finalize a pact on the world’s largest free trade zone.
Nov. 4: Ukraine Prepares for Troop Pullbacks. In a notable sign that the disengagement process in Zolote, Ukraine, is progressing, Ukrainian President Volodymyr Zelenskiy has announced that a troop pullback from Petrivske, the third and final disengagement site, will begin Nov. 4.
Nov. 5: Campaign Season Starts in the U.K. The British House of Commons will hold its last session next week and then will be dissolved so the political parties can start campaigning for the general election on Dec. 12.
Nov. 6: GERD Talks in Washington. Ethiopian and Egyptian negotiators will head to Washington on Nov. 6 for talks on the contentious multibillion-dollar Grand Ethiopian Renaissance Dam, a hydroelectric megaproject in the works since 2011.
Nov. 7: Iran’s Next Nuclear Steps. Iran previously has taken calibrated steps away from the Joint Comprehensive Plan of Action nuclear deal in response to the Trump administration’s “maximum pressure” sanctions campaign.
Stratfor.com
Economic Calendar
Briefing.com has a good U.S. economic calendar for the week. Here are the main U.S. releases.
Briefing.com
Last Weeks Numbers
Review Last weeks numbers here.
The S&P 500 Last Week.
money.net
Earnings
Source I/B/E/S data from Refinitiv
Aggregate Estimates and Revisions
- Third quarter earnings are expected to decrease 0.8% from 18Q3. Excluding the energy sector, the earnings growth estimate is 1.6%.
- Of the 356 companies in the S&P 500 that have reported earnings to date for 19Q3, 75.8% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four quarter average of 74%.
- 19Q3 revenue is expected to increase 3.7% from 18Q3. Excluding the energy sector, the growth estimate is 5.0%.
- 59.2% of companies have reported 19Q3 revenue above analyst expectations. This compares to a long-term average of 60% and an average over the past four quarters of 59%.
- For 19Q3, there have been 79 negative EPS preannouncements issued by S&P 500 corporations compared to 33 positive, which results in an N/P ratio of 2.4 for the S&P 500 Index.
- The forward four-quarter (19Q4 –20Q3) P/E ratio for the S&P 500 is 17.5.
- During the wee
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