Need to Know: October 30th
1. Trump preparing more China tariffs if November discussions fail.
2. GE slashed its dividend to $0.01/share to conserve cash flow.
3. US home price appreciation slows, but house prices have still risen faster than incomes over the past few years, eroding affordability.
4. Overall market volatility is being driven by a somewhat false narrative that earnings are broadly coming in below expectations. Amazon, however, did report weak guidance and FANG stocks have lost $200b in market cap in just two trading days.
5. US consumer confidence hits 18yr high, according to Conference Board.
6. China's yuan hits 10 year low amid trade disputes and general economic weakness.
Tomorrow's Key Economic Releases: October 31st:
- ADP Employment Report
- Canada GDP
- Chicago PMI
- EIA Crude Oil Stocks Change
- Caixin Manufacturing PMI