Note: this is a Beta version of a daily news summary. Love it? Hate it? Please comment.
Need to Know
1. ADP Employment numbers for Oct came it at 227k vs a significantly lower 189k.
2. Dow surges 673 points in two days. Is the bottom in? The recent 10% decline over 20 days is a 2-standard deviation event, according to Tom Lee of Fundstrat. This is exceedingly rare and points to oversold conditions.
3. Canadian GDP and China's Caixin Manufacturing PMI both came in slightly above expectations, providing bullish support for global growth. However, China's official manufacturing PMI was 50.2, below expectations but still expansionary.
4. Turkish media broke more news about Washington Post reporter, Jamal Khasoggi. "In accordance with plans made in advance, the victim, Jamal Khashoggi, was choked to death immediately after entering the Consulate General of Saudi Arabia." His body was then dismembered and destroyed "again, in line with advance plans", it added.
Nice to Know
- The Problem with Type A Personalities
- The Oceans are Heating Up Faster than Estimated
- What if You Lie to US Border Agents About Pot Use?
- Nonfarm Payrolls
- Unemployment Rate
- Average Hourly Earnings
- Labor Force Participation Rate
- ISM-NY Business Conditions Index
- Factory Orders
- Canadian Unemployment Rate
- Canadian Participation Rate
Quote of the Day
"Your time is limited, so don't waste it living someone else's life." -- Steve Jobs