Headlines discussed at LNWM’s Monday morning briefing:
— The Fed injected cash into the overnight lending (repo) market after rates spiked; lowered Fed funds rate by another 25 basis points.
— The Manufacturers Purchasing Index for the Eurozone fell to 45.6 for Sept., lowest level in 7 years; below 50 is worsening outlook.
— S&P 500 earnings are expected to be 4% lower for 3rd quarter 2019 vs. year earlier, before rebounding in 4th qtr, per consensus estimates.
— India announced a surprise $20 billion corporate tax cut in an effort to win new American investment as trade war with China continues.
— The US will send some military troops to Saudi Arabia to bolster oil field defenses after last week’s drone attack cut production.
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