Often, we don’t dwell on the dangers that face our servicemen and women as they work to protect our freedom. But, it is there. Today we honor and celebrate those who are willing to put their lives on the line for millions of Americans through their service in our armed forces. We are grateful to each and every one of you.
Global Spotlight
Nov. 10-12: Xi in Greece. Just days after Greek Prime Minister Kyriakos Mitsotakis returned home from a visit to China, Chinese President Xi Jinping will arrive in Athens as part of an effort to solidify the relationship with a key piece to China’s Belt and Road Initiative.
Nov. 10: Spanish Elections. Spain will hold a general election, the fourth in as many years, and the winner will be … fragmentation. Polls suggest that no party will be able to govern alone, and long coalition talks will follow the election.
Nov. 13: Turkey’s Erdogan Set to Visit Washington. Amid a backdrop of U.S.-Turkey tensions, Turkish President Recep Tayyip Erdogan and U.S. President Donald Trump will try to soothe relations when Erdogan visits the White House.
Nov. 13-14: BRICS Leaders to Meet. The leaders of Brazil, Russia, India, China and South Africa will hold a summit meeting in Brasilia, where they are expected to focus on strengthening economic cooperation between the five countries, known by their acronym BRICS, with a particular emphasis on technology, innovation and the digital economy.
Nov. 15: Opposition Protests Target Modi’s Economic Record. The opposition Indian National Congress plans to hold a major rally in New Delhi protesting Prime Minister Narendra Modi’s handling of the economy.
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.
Earnings
Source I/B/E/S data from Refinitiv
Aggregate Estimates and Revisions
- Third quarter earnings are expected to decrease 0.5% from 18Q3. Excluding the energy sector, the earnings growth estimate is 2.1%.
- Of the 446 companies in the S&P 500 that have reported earnings to date for 19Q3, 74.2% 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 3.9% from 18Q3. Excluding the energy sector, the growth estimate is 5.3%.
- 58.0% 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 19Q4, there have been 44 negative EPS preannouncements issued by S&P 500 corporations compared to 17 positive, which results in an N/P ratio of 2.6 for the S&P 500 Index.
- The forward four-quarter (19Q4 –20Q3) P/E ratio for the S&P 500 is 17.8.
- During the week of Nov. 11, 16 S&P 500 companies are expected to report quarterly earnings.
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