Morning all! - The US told several Gulf Arab countries to be prepared for a short, intense military campaign after the US midterm elections, according to people briefed on the conversations cited by the WSJ. - NZD/USD slumped following the surprise decision by the RBNZ to keep rates unchanged at 2.75% in a narrow 4-3 vote split. - APAC stocks were mostly higher as the region followed suit to the gains on Wall Street; European equity futures indicate a subdued cash market open. - Crude futures rebounded overnight following yesterday's choppy trade; 10yr UST futures mildly retreated as yields edged higher in tandem with oil prices. - Looking ahead, highlights include German GfK Consumer Confidence (Nov), US Atlanta Fed GDPNow, Fed Policy Announcement (Oct), BoC Policy Announcement (Oct), UK Autumn Budget. Speakers include BoC’s Macklem & Fed Chair Warsh. Supply from Germany & the US. Earnings from GE Vernova, Phillips 66, Microsoft, Alphabet, ServiceNow, FedEx, T-Mobile, Ford, UBS, Airbus, Unilever & GSK.

Asia-Pac stocks follow suit to the gains on Wall St, where the Nasdaq outperformed as tech stocks continued to shrug off recent AI-related concerns, while participants digest SK Hynix earnings and await the looming central bank decisions: ASX 200 (+0.9%), Nikkei 225 (+1.3%), KOSPI (+2.8%)

🇺🇸US pre-market movers🇺🇸 ES +0.3% NQ +0.4% RTY +0.4% $CDNS +1.5%: Q3 numbers beat & raised FY26 outlook $GLW +1.5%: Solid report; headline numbers topped as did next Q guidance $SOFI +10%: Q nos. & FY26 guidance impressed $NVDA said it plans to invest $3bln in $META's equity offering $PYPL -1.7%: Top line missed $SPGI +4%: EPS & rev. topped alongside lifting FY view $WHR -6%: Dismal report; surprise loss per shr., rev. missed & cut FY outlook $RCL +4.5%: Profit beat & lifted FY view $SHW -4.7%: Bottom line underwhelm & midpoint of FY outlook fell short of Wall St. exp. $UPS +1.5%: Q metrics surpassed & lifted FY guidance $JCI +4%: Strong earnings w/ stellar outlook $BA +0.8%: Deeper loss per shr. than exp, but rev. & adj. FCF topped $AVGO +2.4%: Upgraded at DA Davidson $MRNA -3%: Downgraded at William Blair

Morning all! - Iranian Deputy Security Chief Bagheri Kani said Iran is open to a shorter US proposal timeline if conditions are met, according to state TV. - APAC stocks were mixed, with tech stocks supported by the rebound stateside; European equity futures indicate a marginally lower cash open. - DXY took a breather, GBP/USD lacked direction ahead of Wednesday's UK Budget, and USD/JPY stayed afloat. - UST futures edged higher ahead of the FOMC, tech earnings and PCE data this week, while Bund futures rebounded ahead of German supply. - Crude futures pulled back amid limited fresh catalysts and no major geopolitical escalation, while spot gold traded sideways above USD 4,000/oz. - Looking ahead, highlights include US ADP Employment Change Weekly, Durable Goods (Sep), Richmond Fed Index (Oct), Dallas Fed Index (Oct), Atlanta Fed GDPNow, Israeli legislative election for the Knesset. Supply from the UK, Italy, Germany & the US. Earnings from SoFi, Coca-Cola, UPS, Corning, PayPal, Boeing, S&P Global, Robinhood, Seagate, Visa, SK Hynix.

Asia-Pac stocks begin mixed with Nikkei 225 and KOSPI surging following the tech outperformance stateside as the sector recovers from the recent AI-led sell-off, and with Anthropic filing for an IPO: ASX 200 (-0.3%), Nikkei 225 (+1.5%), KOSPI (+3.7%)

🇺🇸US pre-market movers🇺🇸 ES +0.2% NQ +0.3% RTY +0.2% $META +1.5%: Plans up to $95bln stock offering to fuel its huge AI infrastructure spending $VZ +0.3%: EPS & postpaid phone net adds. beat w/ strong FY profit view; note, rev. missed $RRC +14.2%: $EQT -4.2% agrees to acquire Co. in an all-stock deal, valuing combined Co. at over $50bln $FICO -10%: Downgraded at Wells Fargo Brazil ADRs hit hard after left-wing Lula unexpectedly wins the election; $BAK -33% $ITUB -26% $PBR -22% $VALE -4.5%

Morning all! - US President Trump said it was “getting to be decision time” on whether to strike a deal with Tehran or resume attacks. - An Iranian source posted on Telegram that an IRGC launcher in Sirik was hit by a missile from an unknown fighter jet minutes after firing a missile towards the Strait of Hormuz. - Several UK Budget measures were reported over the weekend, ahead of Wednesday's announcement. - APAC stocks were mixed with a mostly negative bias following last week's surge in oil; European equity futures (ex-FTSE 100) indicate a positive cash open. - EUR/USD gained slightly, with the single currency back above the 1.1200 level after France was spared from a ratings downgrade by Moody's. - Looking ahead, highlights include Swedish PPI (Sep), German Ifo (Oct), Chinese Fifth Plenum. Speakers include ECB’s Elderson. Supply from EZ & US, US Treasury Buyback (Liquidity Support; 20Y-30Y). Earnings from Verizon. - NOTE: UK clocks moved back one hour on Sunday and reverted to GMT, which means the time difference between London and New York will be four hours for the week ahead.

Asia-Pac stocks begin negative following last week's surge in oil and amid ongoing geopolitical risks, while participants await this week's tech earnings and central bank decisions: ASX 200 (-0.3%), Nikkei 225 (-0.3%), KOSPI (-0.6%)

Asia-Pac stocks begin negative following the tech selling on Wall St, which had spurred a flight-to-quality; ASX 200 (-0.2%), Nikkei 225 (-1.5%), KOSPI (-3.7%)

🇺🇸US pre-market movers🇺🇸 ES -0.9% NQ -1.6% RTY -0.4% $META -3.0%: Earnings beat, raised FY capex to the high end; FY27 outlook limited $TSLA -3.9%: Cautious outlook for Optimus, delayed robotaxi revenue, and high expected chipmaking costs overshadowed EPS beat $IBM -6.6%: GM declined w/ consulting rev. flat $LRCX -8.5%: Guidance underwhelmed some expectations $BX -3.3%: Revenue missed $PG +3.1%: Earnings beat $CMCSA +1.3%: Adj. EPS & rev. beat $SAP +1.7%: Cloud revenue and backlog growth beat expectations $BABA -3.9%, $PDD -2.1%, $JD -2.6%: Chinese regulators reportedly summoned major e-commerce platforms over product quality

🇺🇸US pre-market movers🇺🇸 ES +0.2% NQ +0.6% RTY +0.3% $SMCI +12.5%: Sharply raised Q1 outlook on stronger AI platform demand & also lifted GM guidance; $HPE +5% $DELL +7% $NFLX -7%: Guidance notably underwhelmed following slowest rev. growth in 3yrs $SPCX +8.3%: Sharp increase in AI rev. drove a swing to profit & saw stronger-than-exp. rev & Starlink growth $UAL -0.5%: EPS missed w/ dismal next Q guidance $T -6%: Post-paid net additions missed $COF +3.5%: EPS & rev. topped, NIM expanded & credit loss provisions declined $MCO -3%: Headline metrics disappointed $PM -3.5%: FY bottom line guidance fell short $ABT -4.5%: Plans to separate its nutrition business & reduced 2026 sales growth forecast