Stock futures fall as Wall Street eyes busy earnings week: Live updates

S&P 500 earnings were down for three straight quarters at the start of the reporting period, but UBS believes a turnaround is on the horizon.

“We believe the earnings slump is over and the U.S. economy is on track for a soft landing following healthy consumer activity, slowing inflation, and strong growth,” Mark Haefele, global head of IT for UBS Global Wealth Management, said in a note.

“The overall backdrop remains supportive,” he said. “The resilient US macroeconomic backdrop continues to surprise on the upside. As the third quarter progressed, consumer balance sheets showed to be in better shape than previously thought, the labor market continued to be strong, and inflation fell further.”

– Fred Imbert, Michael Bloom

All of Country Garden’s overseas debt could fall into default if the Chinese property developer fails to pay a $15 million coupon on Tuesday, when a 30-day grace period expires.

Country Garden, once China’s largest real estate developer, avoided default in early September after managing $22.5 million in bond coupon payments. Its creditors voted to extend the repayment of six local bonds for three years.

Country Garden shares rose 1.37% in the first hour of trading, tracking a 0.35% rise in the broader Hang Seng Index.

Read the full story here.

– Shreyashi Sanyal

Consumer price inflation in New Zealand reached its lowest level in two years in the third quarter.

Consumer prices rose 5.6% from a year ago, slower than the 6% increase in the second quarter, according to European Central Bank data. Statistics New Zealand Data published on Tuesday. The figure remains well above the central bank’s target range of 1% to 3% as prices for everything from food to housing rise.

The New Zealand dollar fell 0.44% to $0.5903 as the data supported views that the Reserve Bank of New Zealand may not raise interest rates at its November meeting. Stock markets rose slightly, with the S&P/NZX 50 up 0.07%.

The country elected former businessman Christopher Luxon as its next prime minister over the weekend.

– Shreyashi Sanyal

Nelson Peltz’s activist hedge fund Trian Fund Management has created a stake in insurance company Allstate, according to a report from Reuters. Allstate has suffered from the repercussions of various natural disasters, most recently the Maui wildfires in Hawaii.

The move could increase pressure on CEO Tom Wilson. The company recorded five quarters of losses.

Allstate shares jumped 3.8% Monday during after-hours trading.

— Hakyung Kim

Forget about the 0.5% drop in the price of gold on Monday.

What is impressive is how well the price of gold has withstood rising interest rates and a bull market for the US dollar, Strategas Securities head of technical analysis Chris Fearon wrote to clients early Monday.

Last week, gold posted its fourth-best weekly advance over the past 10 years, Fearon wrote, and the precious metal proved remarkably resilient in the face of 10-year Treasury yields, which have jumped 4.5 percentage points since mid-2020, and inflation-adjusted yields have risen 3.75 percentage points. . point, federal funds rose 5.5 points and the dollar rose 20%. Meanwhile, gold has not changed since then. “It’s pretty impressive, all things considered,” Strategas said.

-Scott Schnepper, Michael Bloom

US stock futures opened in the green on Monday night.

Dow Jones Industrial Average futures rose 35 points, or 0.1%. Futures contracts tied to the S&P 500 and Nasdaq 100 rose 0.1% and 0.06%, respectively.

— Hakyung Kim