Top-of-mind headlines as we start the week:
— S&P 500 earnings for 3rd quarter 2021 are expected to be +29.4% higher vs. same quarter last year, with the energy and materials sectors posting the highest growth rates.
— Orders for US durable goods rose 1.8% in August, triple what was anticipated, driven by orders for airplanes and airplane parts.
— China’s factory activity unexpectedly shrank in Sept., the first contraction since Feb. 2020, on higher materials costs and power shortages.
— So far in 2021, there have been a record 770 US IPOs, vs. 10-year annual average of 205, and most IPOs (58%) are SPAC deals.
— Banks have earned $3.6 billion this year issuing ESG-related bonds versus $1.6 billion for fossil fuel company debt.
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