Friday Watch

Evening Headlines

Bloomberg:

• China Gets Richer as Virus Drags on U.S., Credit Suisse Says.  
• Huawei Outhustles Trump by Hoarding Chips Vital for China 5G.  
• What to Watch for in China's 5-Year Plan as Economy Shifts to Self-Sufficiency.
• U.S. Deaths Hit High; France New Cases Top 40,000: Virus Update.
• Stock Futures Steady Before Final Election Debate: Markets Wrap.  U.S. equity futures were steady and benchmark Treasury yields remained near their highest since June as traders readied for the final presidential debate and lawmakers in Washington continued to haggle over a spending bill. Asian stocks were mixed. S&P 500 contracts were little changed after the benchmark closed higher with financial stocks rallying almost 2%. The 10-year Treasury yield steadied around 0.85% amid data showing the labor market is still gradually recovering. The dollar was little changed. Japanese and South Korean shares edged higher, while those in Australia dipped. Intel Corp. tumbled in after-hours trading after a tepid forecast. S&P 500 Index futures were flat as of 9:01 a.m. in Tokyo. The gauge rose 0.5% on Thursday. Japan’s Topix index gained 0.2%. Australia’s S&P/ASX 200 Index slid 0.2%.
• Oil Set for Weekly Drop With Second Wave Clouding Demand Outlook.  
• China’s Self-Reliance, 1986 Goal, Jobless Claims Drop: Eco Day.
• Senate Skepticism on Pre-Election Stimulus Vote Spreads to House.
• Chicago Issues Business Curfew as Cases, Hospitalizations Surge.  
• WeWork Default Is a Real Possibility, Fitch Ratings Warns.
• Goldman’s Image Stained Again With Damning 1MDB Settlements.
• Uber, Lyft Ordered by Appeals Court to Comply With Labor Law.
• FDA Vaccine Rules Challenged as Weak at Advisory Panel Meeting.  
• What We Learned From Ghislaine Maxwell’s Unsealed Deposition.

Wall Street Journal:

• In Xi Jinping’s China, Nationalism Takes a Dark Turn.
• Inside the Left’s Web of ‘Dark Money’.
• The Biden ‘Family Legacy’.
• Red and Blue States of Recovery.
• Jobless Claims for Month So Far Fell to Lowest Levels Since March.
• Palantir to Help U.S. Track Covid-19 Vaccines.
• Barbie Sales Take Off as Parents Try to Cut Down on Screen Time.
• Intel Hit as Consumers Flock to Lower-Cost Laptops, Datacenter Chips.

Fox News:

• New Hunter Biden allegations hover over final Trump-Joe Biden debate. 
• EXCLUSIVE: Hunter Biden biz associate's texts suggest meeting with Joe.
• Progressive journalist slams corporate media for 'dangerous' blackout of Hunter Biden scandal
• Hunter's ex-partner recounts meeting Joe Biden, says sons were 'paranoid' about hiding father's involvement.
• Pressure builds for debate moderator to address growing Hunter Biden scandal.
  

CNBC.com:

• Digital payment stocks Square and PayPal surge this year, but a market analyst has a warning.
• Intel drops on weak results for its data center group.
• Coronavirus second wave is hitting Europe in very different ways. JPMorgan has a theory on it.
• Steel producer Nucor sees opportunity in autos beyond recent rebound.
• Redfin CEO expects ‘absolutely insane’ demand in housing market to last into 2021. 
  

MarketWatch.com:         

• Gilead's stock rises as FDA formally approves remdesivir.  
• Walmart sues government in pre-emptive move ahead of expected opioid lawsuit.

Zero Hedge:

• Hunter Biden's Ex-Partner To Be Trump's Debate Guest As Senate Demands Hunter Turn Over Records.
• Iran To Import North Korean Missiles In 25-Year Military Deal With China.
• Hunter's Ex-Biz Partner Speaks In Pre-Debate Presser.
• Walmart's Redesigned Airport-Style Stores Will Track Everyone.
• "Bias, Hatred, & Rudeness" - Trump Posts Full Raw '60 Minutes' Interview, Then Posts Pence's.
• 2020's Best Performing Hedge Fund Warns Of "Incredible Move" Around The Election.
• Epstein And Bill Clinton Flew Together, Maxwell Confirms In Newly Released Deposition.
• Intel Plummets After Data Center Sales, Gross Margin Miss; Cloud Server Orders Slowing.
• Pelosi Optimism Triggers Massive Value Rotating Short Squeeze.

The Epoch Times:

• A Look Back at the Biden Family’s China Business Ties.
  

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 equity indices are -.5% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 65.75 unch.

• China Sovereign CDS 37.75 -.25 basis point.

• Bloomberg Emerging Markets Currency Index 59.67 -.09%.
• Bloomberg Global Risk-On/Risk Off Index 252.0 -14.0 points.
• Volatility Index(VIX) futures 28.85 +.09%
• FTSE 100 futures +.05%.

• S&P 500 futures -.07%.

• NASDAQ 100 futures +.02%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ABB)/.17
• (AXP)/1.35
• (ALV)/1.15
• (B)/.27
• (BLMN)/-.32
• (CRI)/1.57
• (CLF)/-.12
• (GNTX)/.41
• (ITW)/1.45
  

After the Close:

• None of note
  

Economic Releases

9:45 am EST

• The Markit US Manufacturing PMI for Oct. is estimated to rise to 53.5 versus 53.2 in Sept.
• The Markit US Services PMI for Oct. is estimated at 54.6 versus 54.6 in Sept.
  

Upcoming Splits

• (NEE) 4-for-1
  

Other Potential Market Movers

• The Full Senate vote on nomination of Amy Coney Barrett and the Eurozone PMI report,  could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by technology and consumer shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finished modestly lower. The Portfolio is 50% net long heading into the day.