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Dave Lutz of Stifel, Nicolaus has the latest on what he and his clients are chatting about this morning.We summarize his key points:
- Risk off in Europe. Spain specifically weak. Everyone’swaiting for bank stress test results.
- Shanghai rallied 1.5% last night, and is now up 3 out of the last 4 sessions.
- New French budget coming out that really socks it to high earners.
- A Moody’s review of Spanish debt could come as soon as the close today.
- Chinese leadership transition announced for November 8.
- The Chinese yuan climbs to a 19-year high.
- The yen is at 7-month high
- Moody’s cuts South Africa.
- According to AAII,the number of bearish investors has surpassed bullish investors. This is the first time this has happened since early August.
Also, Michael Block of Phoenix Partners sends over a few more key points:
- Chicago PMI at 9:45ish. Focus on New Orders and Backlogs. Consensus is 52.8, down from 53 last month. ISM is Monday, Consensus there is 50 and the number has been < 50 for three months in a row.
- Spain Stress Test at Noon, but I am more interested in a bailout move. Where is that?
- China up again last night, but no stock boosting measures announced.
- First Obama/Romney debate on Wednesday, Payrolls Friday. Which is more important?
- Fed Minutes Thursday. What were they thinking?
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