Monday Watch

Today's Headlines

Bloomberg:              

• China’s Insistence That Taiwan Isn’t a Country Starts Backfiring.
• Yuan’s Haven Status Won’t Stick Until China Relaxes Its Controls.    
• BOJ’s Swelling Asset Pile Complicates Future Exit From Stimulus.
• Emerging-Market Traders Cut U.S. Election Volatility Wagers.
• IMF Meets With Global Economy in Historic Recession.  
• India Cases Top 7 Million; China Local Infections: Virus Update.  
• Yuan Drops on China Rule Change; Dollar Edges Up: Markets Wrap.  The offshore yuan fell after Chinese policy makers acted to restrain its strength by making it easier to bet against. Stocks began the week in mixed fashion. The yuan fell as much as 0.7% lower against the dollar, which ticked higher against major peers. The Australian dollar also slipped. S&P 500 futures dipped after the benchmark ended higher last week, with some traders betting lawmakers are moving closer to reaching an agreement on stimulus. Shares dipped in Japan, were little changed in Australia and edged higher in Hong Kong and South Korea. Crude oil declined and gold was steady. Treasuries won’t trade Monday due to the U.S. holiday. S&P 500 futures dipped 0.1% as of 10:25 a.m. in Tokyo. The gauge rose 0.9% on Friday. Japan’s Topix fell 0.3%. Hong Kong’s Hang Seng Index gained 0.4%. Shanghai Composite advanced 0.5%. South Korea’s Kospi added 0.2%. Australia’s S&P/ASX 200 Index slid 0.1%. Euro Stoxx 50 futures were little changed.
• Oil Falls Below $40 With Supply Constraints Beginning to Ease.  
• Policy Regime Change, Recovery Fades, BOJ Awkward Exit: Eco Day.
• The Next Big Shift in Economics Takes Shape Under Covid Shadow.  
• Trump, Pelosi Spar Over Stimulus as Aide Questions Deal Need.
• Kashkari Says Economy Needs More Fiscal Support to Aid Recovery.
• President No Longer Considered a Transmission Risk, Doctor Says.  
• Amy Coney Barrett to Tell Senate That Making Policy Not Court’s Role.  
• Inhaled Vaccines Aim to Fight Coronavirus at Its Point of Attack.

Wall Street Journal:

• Joe Biden on What Voters ‘Deserve’.
• Lessons for the Next Pandemic—Act Quickly.
• Armenia, Azerbaijan Trade Accusations of Shelling Despite Truce.
• Pelosi Says Coronavirus Stimulus Talks With White House at Impasse.
• Investors Are Betting Corporate Earnings Have Turned Corner.
• High Court Nominee Hearings Renew Focus on Hot-Button Issues.
• Why Politicians Despise Us—Continued. 
• Levi’s, Hilfiger Push a New Kind of Online Shopping.
• ‘No Time to Die’ for Hedge-Fund Manager’s James Bond Bet.

Fox News:

• Denver shooting victim identified as pro-cop veteran, shot in front of son: family.
• Barrett to praise Scalia in opening hearing statement, say court should not make policy.
• Biden considering controversial NY Governor Cuomo as AG: Report.

CNBC:

• Inside Lucid Motors’ plan to take on Tesla.
• Coronavirus threatens theme parks’ lucrative Halloween celebrations.
• Walmart, Target try to beat Amazon on speed by focusing on curbside pickup.
• Pelosi says stimulus talks ‘remain at an impasse’ as White House calls for separate vote on PPP funds.
  

Zero Hedge: 

• Left-Wing Security Guard Charged With First Degree Murder In Denver Shooting Of Trump Supporter.
• WHO Flip-Flops: Urges World Leaders To Stop Using Lockdowns To Fight COVID Contagion.
• Is The Next "October Surprise" An Unexpected Moment Of Clarity?
• "Player Protests/Politics" Cited As Driving NBA Finals Ratings Collapse.
• China's Leninist Climate Pledge.
• Our Social Dilemma.
• ANTIFA Is Compiling Lists Of "Fascist" Businesses For Yelp's New "Racist Behavior Alerts".
• Yuan Slides After China Makes It Easier To Short Currency, Signals "Discomfort" With Recent CNY Surge.
• Security Paralyzed By Fears Of Being Called "Racist" As Shoplifting Mobs 'Bulldoze' Luxury NY Stores.
• Left-Wing Security Guard Charged With First Degree Murder In Denver Shooting Of Trump Supporter.
• The Great California Exodus Accelerates.
• Math Association Say Math "Inherently Carries Human Biases", Citing Critical Race Theory.
• Goldman: Here Are The Three Key Things For Markets In The Next Two Months.
• Putin Trolls Biden: Communists & Dems Share 'Common Values' While Trump Record Hard On Russia.
• The Second Act Will Be Worse Than The First: Lockdowns Are Not The Answer.
• American Nobel Winner Builds 5-Minute COVID-19 Test; India Cases Top 7 Million: Live Updates.
• Auto Supply Companies Are Desperate For Factory Workers.
• 'White Supremacist' Narrative Unravels: Whitmer Kidnap Suspect Attended BLM Rally, Another Called Trump A 'Tyrant'.
• Visualizing The State Of 5G Networks Worldwide.
• 'Non-Partisan' Chairman Of Presidential Debate Commission Linked To Steele Dossier & More...
• Crane Counts In North American Cities Drop For First Time Since 2017.
• White House Doctor Says Trump No Longer At Risk Of Transmitting The Coronavirus.
• Now Biden Says Filling Ginsburg Seat 'Not Constitutional' - And Americans Don't 'Deserve To Know' If He'll Pack Court.

The Epoch Times:

• Chinese Regime Presents ‘Urgent Threat’ to Institutions and Freedoms in the West: Canadian MP Garnett Genuis.
  

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Night Trading

• Asian indices are unch. to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 64.75 -2.5 basis points.
• China Sovereign CDS 38.75 -1.75 basis points.
• Bloomberg Emerging Markets Currency Index 59.77 -.02%.
• Bloomberg Global Risk-On/Risk Off Index 423.0 +21.0 points.
• Volatility Index(VIX) futures 29.10 +.26%. 
• Euro Stoxx 50 futures +.31%.
• S&P 500 futures unch.
• NASDAQ 100 futures +.28%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• None of note
  

After the Close:

• None of note
  

Economic Releases

• None of note

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China Balance of Trade report and the Supreme Court Senate Confirmation Hearing could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the week.