Daily Snapshot

This is an external email. Please take care when clicking links or opening attachments. While we may have had a breather͏​​‌͏

This is an external email. Please take care when clicking links or opening attachments. Right, well – that was very much͏​​‌͏

This is an external email. Please take care when clicking links or opening attachments. Sure enough – as one superpower ͏​​‌͏

This is an external email. Please take care when clicking links or opening attachments. It really is one big game isn’t ͏​​‌͏

This is an external email. Please take care when clicking links or opening attachments. I think we’ve all been guilty of͏​​‌͏

This is an external email. Please take care when clicking links or opening attachments. First Half: Earnings overload hi͏​​‌͏

This hadn’t really felt like a week that was going to move the needle, with US macro data releases still in limbo given the government shutdown (73% chance this continues past Oct 15), and most mentally preparing themselves for Q3 earnings next week (how on earth are we back here again).

Steady as she goes really – another day of Europe building on opening highs, and volumes much healthier than what we’ve seen in recent times. Refreshing, to say the least. Saying that, there’s no shortage of pain out there at the minute as the main story continues to one of shorts being squeezed aggressively. ASML’s +74% rebound off April lows says it all; LVMH’s +24% lift is the same theme, on a smaller scale. Broker upgrades aside, positioning continues to take precedence over fundamentals.

Halfway through a week which has been slow to start, but plenty to keep us busy internally as we hosted our UK conference yesterday (please ask for feedback), acted as passive book runner on Fermi’s IPO, and host our Cap Goods Conference tomorrow.

Well, the Europe – U.S. equity debate may have lost steam since the start of the year, but a lively weekend in New York, controversies and all, ended in a clutch birdie from Lowry yesterday to retain our first Ryder Cup on American soil since 1995. Make America Good At Golf Again (sorry) did make me chuckle, and the celebratory aftermath does make for some spectacular viewing – perhaps this may have seeped into the relatively subdued participation earlier, with volumes to the bleak levels which…