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Daily Briefing – Tuesday, October 10, 2017

US

With the nation off for Columbus Day, US markets all ended in the red yesterday weighed down by sell-offs in health-care, financials and industrials. Property research group, Property Shark reports that foreclosures in New York City have returned to 2009 levels, having surged 79% in this year’s 3rd quarter alone. In the Staten Island, the number is up 264%. The least affected, for now, is Manhattan.

 

Europe

Spanish stocks buoyed European benchmarks as the day ended with all but the FTSE in the green after Spanish banks announced they would be moving out of the Catalan region and anti-separatists began letting their voices be heard. On the data front, German industrial production surged above expectations at 2.6% MoM (pushing the yearly up to 4.7%), France’s GDP rose 0.5% in Q3 based on central bank figures, and the Sentix investor confidence measure for the EU rose a point and a half to 29.7 for October. The pound gained strength, after starting the week weak on political turmoil. And ECB officials have explicitly stated that the banking sector will be able to withstand an increase in interest rates of up to 2%.

Asia

As Chinese stocks corrected downwards after their post-holiday surge, Asia was generally up led by the Kospi’s 1.79% rise thanks to traders buying up Samsung ahead of the company’s Friday Q3 report. Once again, the Nikkei was relatively subdued, at 0.45% due to geopolitical tensions pushing up the yen as August’s trade balance came in last night at ¥318.7bn. China’s central bank announced overnight that foreign reserves are up for the 8th month in a row and now stand at 3.11 trillion US dollars. Additionally, the nation’s statistics bureau head said that China would have no problem hitting and perhaps overstepping its target 6.5% growth figure.

 

Commodities

Oil remains in a very gentle upward freeze ahead of tomorrow’s OPEC report; and gold is experiencing its second day of gains as Trump & Kim continue spattering.

 

 

Today’s Events

6 AM GMT

Germany: Trade Balance

8:30 AM GMT

UK Trade Balance, Industrial & Manufacturing Production, and NIESR GDP Estimates at 12 noon.

12:55 PM GMT

US: Redbook Index

8:30 PM GMT

API Crude Oil Stocks

11:50 PM GMT

Japan: Machinery Orders

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