Can BTC help with Human Rights around the world? I ask because the BTC now has a US SEC sactioned ETF and that action of Greed is playing right into the hands of victims of Human Rights.
Can Governments Stop Bitcoin? (quillette.com) – Alex Gladstein outlines why he things that the Human Nature of Greed is only helping the BTC case and why it is hard as hell for Governments to slow down the adoption of cryptos.
Now on to next week. Scott Brown always has a good take on the next week.
The economic reports are not expected to be market-moving. Industrial production should have risen moderately in September. Residential construction figures are likely to be mixed but well within the usual month-to-month noise. The Beige Book doesn’t usually get much attention from the market, but Fed policymakers place some weight on anecdotal evidence. In this case, watch for what I said about inflationary pressures.
— Scott Brown from Raymond James
Happy Monday. Good Luck out there this week.
Global Spotlight
Turkey’s Central Bank tees up more interest rate cuts. The Monetary Policy Committee meeting of the Turkish Central Bank on Oct. 21 is widely expected to result in an interest rate cut despite the country’s high inflation rate and weak currency, particularly after President Recep Tayyip Erdogan fired numerous officials at the bank who reportedly opposed further rate cuts.
The Moscow Format meets on Afghanistan amid regional security concerns. Representatives of the so-called Moscow Format, launched in 2017 and consisting of Russia, Afghanistan, India, Iran, China and Pakistan, have been invited to an Oct. 20 meeting with Taliban representatives in Moscow.
Coalition government talks continue in Germany. After weeks of exploratory talks, the progressive Social Democratic Party, the environmentalist Greens and the pro-business Free Democratic Party will start formal negotiations the week of Oct. 18 aimed at forming a three-party coalition government.
A high-level U.S. delegation visits Ecuador and Colombia. U.S. Secretary of State Antony Blinken will lead a delegation from Oct. 19-20 that will meet Ecuadorian President Guillermo Lasso and next with Colombian President Ivan Duque.
Bitcoin ETFs at Long Last? The value of a bitcoin surged to $60,000 for the first time in six months on Oct. 15 on speculation that the Securities and Exchange Commission may finally approve a bitcoin exchange-traded fund next week after nearly a decade of various proposals to do so.
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
- 21Q3 Y/Y earnings are expected to be 32.0%. Excluding the energy sector, the Y/Y earnings estimate is 24.8%. (notice the huge drop from last quarter numbers)
- Of the 41 companies in the S&P 500 that have reported earnings to date for 21Q3, 82.9% have reported earnings above analyst estimates. This compares to a long-term average of 65.8% and prior four quarter average of 84.7%.
- 21Q3 Y/Y revenue is expected to be 14.1%. Excluding the energy sector, the growth estimate is 11.5%.
- During the week of Oct. 18, 78 S&P 500 companies are expected to report quarterly earnings.
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