Happy Monday. Good Luck out there this week.
Global Spotlight
COVID-19 in the Oval Office. Following the shock Oct. 1 announcement of U.S. President Donald Trump’s COVID-19 diagnosis, next week will see global attention fixed on the White House just weeks before the presidential election. It will be key to monitor the trajectory of the president’s illness, which as of the end of the week was still limited to mild symptoms.
The Quad comes together at Tokyo’s behest. Japan will host an Oct. 6 gathering of foreign ministers from the U.S.-led Quadrilateral Security Dialogue, an informal strategic forum aimed partly at countering China’s rise consisting of Japan, the United States, India and Australia.
Saudi holy sites reopen as the pandemic continues. Saudi Arabia will begin opening up holy pilgrimage sites in the kingdom for the year-round Umrah pilgrimage beginning Oct. 4.
Negotiations over the Eastern Mediterranean continue. Turkey and Greece will be holding a technical meeting on coordination in the Eastern Mediterranean Sea on Oct. 5 at NATO headquarters in Brussels.
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. This week I am featuring Jill Mislinski’s version of the prior week. The callouts also show the large range of Friday trading after the POTUS COVID announcement.
Earnings
Source I/B/E/S data from Refinitiv
Aggregate Estimates and Revisions
- 20Q3 earnings are expected to be -21.5% from 19Q3. Excluding the energy sector, the earnings growth estimate is -17.8%.
- Of the 18 companies in the S&P 500 that have reported earnings to date for 20Q3, 94.4% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four quarter average of 73%.
- 20Q3 revenue is expected to be -4.4% from 19Q3. Excluding the energy sector, the growth estimate is -1.7%.
- During the week of October 5, four S&P 500 companies are expected to report quarterly earnings.
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