Good Morning,

All the main markets of the world are trading in a very negative week, just for one important reason: The presidential election in U.S. In the last Friday everything fell when the FBI finding a trove of new Clinton emails, thus breathing new life into the Trump campaign and throwing what was a foregone conclusion back into doubt. Stocks tanked and gold popped, and in this week the market still trading in the same negative direction. It will be this way until the vote, especially if polls continue to tighten and the outcome remains uncertain. So there’s no point in obsessing over fundamentals for now. Nothing real will matter until we find out who gets to mess things up going forward.

Meanwhile, Yesterday on the meeting of the Federal Reserve, they left rates unchanged, and has downgraded the pace of household spending from “strongly” to “moderately.” To some this might be a minor change, but it is worth keeping in mind with the soon to be released monthly non-farm payroll number. A soft payroll number might have the Fed members reconsider their December 2016 interest rate hike. Tomorrow we will know the Nonfarm Payrolls, which measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.

So, in conclusion we are in the middle of very important days, and all the market are taking this in the bad way, Dow Jones Industrial Average already lost more than 1%, S&P 500 -1.34% and in the European market the situation is worse, with loses about 3% in the last 3 days.

Today for a little moment, the Europeans indexes seems to have broken the losing streak that has held for the last few sessions and is currently up more than 0.3 percent and the index of domestically-focused U.K. companies is up more than 1 percent on Thursday. But is not so simple, and the strong volatility still present.

Also, the Oil prices took a big hit yesterday on a build in U.S. stockpiles. The storage report was a bit shocking on several fronts. One, crude imports jumped by 2 million b/d to 9 million b/d, and two, US crude stock increased over 14 million bbls. And the Oil continued to weaken on the back of a larger than expected crude build. The recent price decline into the low $45s has wiped out all the gains since the announcement of an OPEC supply cut agreement back in September.

ADIDAS

Shares in Adidas are down more than 4 percent so far today. The German sportswear company reported its Q3 earnings before the bell. Despite Q3 revenues growing 14 percent, the results have failed to impress investors.

adidas

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eToroFACEBOOK

Facebook fell more than 7 percent in extended trade after warning that it cannot sustain its run of revenue growth. The social media giant posted third quarter revenue of 7 billion dollars, a 56 percent increase over last year, topping analyst estimates for the sixth straight quarter. On the investor call, however, Facebook CFO David Wehner warned that revenue growth would slow “meaningfully”, as the company has reached the limit of ad frequency on users’ news feeds.

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MarKos

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