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ISM Manfuacturing misses expectations; S&P Global Mfg PMI revised higher; Fed speak from Daly, Cook, Goolsbee and Miran (more below); Atlanta Fed GDPnow revised higher; OPEC+ hikes as expected, to pause in Q1 26; Softer-than-expected Swiss CPI; China PMI misses; UK & French Mfg PMI beat, EZ & Germany match forecasts; GOOGL announces USD & EUR denominated bond sales, met with strong demand.

Short-Squeezers Shredded As Dash-For-Trash Disappoints; Breadth Abysmal, Bitcoin Bad, Bullion Better

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...'today felt very much like sell everything to buy Mag7...'

Buy
Gold & Silver
Today
JM Bullion

Ranking Retailers Most Exposed To Middle-Income, Gen Z, SNAP Benefits

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'DefCon 1' comes to Foot Locker...

Axos Promo 2

Energy Secretary Clarifies No Nuclear Explosions 'For Now'

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If US ever did move toward detonating a nuclear bomb, arms control experts say it would take about 36 months to restart such tests.


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Goldman On Powell's Halloween Curse: 'December Fed Cut Still Our Baseline'

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The market has oscillated around a 3% terminal pricing for some time, but we think there is a lot of uncertainty round this...


Trump Admin Will Partially Fund November Food Stamps: Filing

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The administration has chosen to fund a reduced amount of benefits for November...


'Weeks When Decades Happen': Goldman Macro Trader Sees 3 Primary Streams To Market

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Last week was huge in terms of news flow, data points and paradigm shifts...


Kimberly-Clark Suffers Biggest Loss Since 'Black Monday' After Unveiling $40 Billion Merger With Tylenol-Maker Kenvue

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"We believe it will take investors some time to process the long-term implications and would expect KMB shares to come under pressure..." 


Sliding Cardboard Box Sales Sets Off Economic Alarm Bells Ahead Of Holiday Shopping Season 

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"We're not getting a lot of lift, obviously, from the economy." 


Deutsche Asks 'What If Markets Are Too Relaxed About Inflation?'

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...there are several forces still pushing inflation higher, raising the risk markets are too sanguine on inflation, which we’ve seen repeatedly in this cycle.


Beijing To Pause Probes Into US Chipmakers: White House

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As part of the trade deal, Washington says Beijing will also take ‘appropriate measures to ensure the resumption of trade from Nexperia’s facilities in China.’


Positioning and the MAG7 Right-Tail Panic

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The crowd now sees only the right tail in MAG7 — setting up some of the best downside hedge opportunities in months.

Israel Charges Lebanon Is 'Dragging Feet' On Disarming Hezbollah, Threatens 'Deeper' Escalation

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Netanyahu: "We will do what is necessary"...


700,000 Ineligible SNAP Recipients Purged After USDA Uncovers Widespread Food Stamp Fraud

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"These states are stonewalling because they know the fraud is massive. When you hide the books, it's never to protect the honest folks..." 


Is Treasury's Trillion-Dollar Cash Stockpile A Reason For Alarm?

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For risk assets, this is an absence of a negative rather than a positive...


US Expands Lockheed Martin–Built Spy Blimps Over Caribbean

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"The United States has intensified the use of its tethered aerostat radar system operating... "


Master Of The House

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Welcome, Monsieur, sit yourself down,
And meet the best innkeeper in town...


Ukraine Sends Special Forces To Bolster Nearly 'Surrounded' Troops In Pokrovsk

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Defense chief admits troops facing the "hardest" time there...


Just When You Thought It Wasn't Possible To Hate The Media More...

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White House catches reporters “secretly recording video” of sensitive info...


'This Is A Weird Market': Top Goldman Trader Notes "Cracks Are Forming" Under The Surface

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Looks strong, but feels weaker...Adding hedges here makes sense in our view.