The Consumer Price Index will be boosted by higher gasoline prices in October. Components of core inflation should be mixed but mostly higher. (Used vehicle prices were reported to have risen sharply.)
Happy Monday. Good Luck out there this week.
Global Spotlight
China’s Sixth Plenum. Chinese President Xi Jinping will host the Sixth Plenum, the most important annual political meeting in China, from Nov. 8-11. Beijing is expected to release a new Chinese Communist Party history document — only the third such document since 1945 — in which Xi will outline China’s economic trajectory for the foreseeable future as based on quality, not quantity, growth.
U.S.-Egypt strategic dialogue. A high-level Egyptian diplomatic delegation will be in Washington on Nov. 8-9 to meet with U.S. counterparts. This will be the first such U.S.-Egyptian meeting under the Biden administration, and will focus on counterterrorism cooperation and Egypt’s regional role in conflict mediation in theaters like Israel and the Palestinian territories, the Eastern Mediterranean, and Libya.
South Africa’s medium-term budget policy statement. South African Finance Minister Enoch Godongwana will deliver the nation’s budget policy plan for the next three to five years on Nov. 11.
A week of Brexit meetings. The next week will be crucial for two unresolved Brexit disputes. British officials will meet with their French counterparts to try to end their dispute over fishing rights while British and EU negotiators will discuss the future of the Northern Ireland protocol.
Russia begins easing Europe’s energy crisis. Russia’s state-controlled gas monopoly Gazprom is expected to begin sending additional gas flows to Europe on Nov. 8 to begin filling its gas storage facilities in Germany and Austria, putting downward pressure on electricity and natural gas prices that have hit record highs in many parts of Europe in recent months.
Stratfor.com
Economic Calendar
Briefing.com has a good U.S. economic calendar for the week. Here are the main U.S. releases.
There is a light calendar this week. The bond market will be closed for the Veterans Day holiday.
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 41.5%. Excluding the energy sector, the Y/Y earnings estimate is 33.2%.
- Of the 445 companies in the S&P 500 that have reported earnings to date for 21Q3, 80.7% 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 16.2%. Excluding the energy sector, the growth estimate is 12.8%.
- During the week of Nov. 8, 13 S&P 500 companies are expected to report quarterly earnings.
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