US EARLY MORNING: Equity futures are subdued amid Middle East tensions, offsetting solid China activity data; heavy Fedspeak, key earnings due later today

US PRE-MARKETS: US equity futures are trading off neutral, Treasury yields are little changed, the Dollar Index is flat. A positive macro impulse from better-than-expected activity data out of China (see below) is being offset by geopolitical concerns in the Middle East, after a summit in Jordan between the US, Egypt and Palestinian leaders was called off following a Gaza hospital bombing; President Biden will instead only visit Israel on his trip. Oil futures are being supported by the tensions in the Middle East, while weekly inventory data reported by the API were also supportive for the complex (crude -4.4mln vs exp. -0.3mln, with Cushing -1mln; gasoline -1.6mln vs exp. -1.1mln, though distillates -0.6mln vs exp. -1.4mln). As the US day gets underway, traders will continue to monitor geopolitics, while there are also other key events to digest, including the weekly MBA mortgage applications, September Building Permits and Housing Starts, and weekly energy inventory data; the Fedspeak slate is also busy ahead of the blackout window which kicks in at the end of this week), with Governors Waller and Bowman (voters), NY Fed’s Williams (voter), and 2023 voters Cook and Harker due to give remarks. We will also get earnings reports from the likes of Netflix (NFLX), Tesla (TSLA), Morgan Stanley (MS), Abbott (ABT) and Procter & Gamble (PG) today. The Treasury will auction USD 13bln of 20yr debt.

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18 Oct 2023 - 09:30- Fixed IncomeData- Source: Newsquawk

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