Stock markets around the world have been relatively quiet overnight in a normal pause while awaiting news. NASDAQ futures up 0.25% continues to slightly outperform Dow and S&P 500 futures up 0.1%. The DAX is up 0.4% while the FTSE is up 0.5%.
WTI crude oil is up 0.4% as it bounces up off $50.00. CAD has started to follow oil upward, suggesting last week’s bearishness on weak Canada data has started to blow over. USD is up slightly as traders continue to anticipate a December rate hike following a flurry of Fed speakers just before the blackout period begins ahead of next week's decision.
In the UK, focus has been on the Heathrow Airport expansion announcement while in the US, corporate reports are in the spotlight. Earnings reports to date had been positive overall but today's numbers are very mixed with General Motors (NYSE:GM), DuPont (NYSE:DD) and Merck (NYSE:MRK) posting big beats while Eli Lilly (NYSE:LLY) and Whirlpool (NYSE:WHR) have missed badly. Caterpillar (NYSE:CAT) was mixed, with big profits offset by a cut to guidance. This has me wondering if this could become a quarter of extremes with large positive and negative surprises.
Tonight brings Apple's (NASDAQ:AAPL) earnings report, one of the main events of earnings season. Traders are likely to focus on the success of the iPhone 7 launch and if it was big enough to maintain Apple's status as an unlimited growth company or indicate apple may be maturing. Traders may also look for signs or comments on whether Samsung (KS:005930)'s product problems have benefitted Apple.
The weekly API crude oil inventory report is also due this afternoon. Surprise drawdowns the last two weeks have provided fundamental support to a market being rocked by on again off again speculation on an OPEC deal with the big meeting still over a month away.
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