What happened this week

This weekend the Palestinian militant group, Hamas, launched an attack against Israel. There have been over 1,500 deaths recorded and many more injured. President Biden is expected to speak today on the unprecedented terror attacks and subsequent unfolding war. 

Markets opened after the long weekend slightly higher, boosted by a drop in Treasury yields as investors sought a safe-haven whilst assessing the geo-political risks of the Israel-Hamas war. The US 10yr Treasury was down 8 bps to 4.694%. 

Investors are waiting more quarterly results in the coming week; hoping for more insight ion company profit margins, consumer spending, inflation and the potential for continued high interest rates. Here’s who to look out for this week:

Tues: PepsiCo, Neogen Corp

Wed: Loop Industries, Wipro Limited, Samsung

Thurs: Delta Airlines, Infosys, Domino’s Pizza, Walgreens

Fri: JPM, PNC Financial Services, Citigroup, BlackRock, Wells Fargo, UnitedHealth Group

Samsung releases results on Wednesday and is expected to show a third quarter profit down 80% from a year earlier as the global chip manufacturer cites high inventory, low demand and rock-bottom prices for memory chips as the cause and expects to rebound as they have reduced inventory significantly. 

Other economic data on the calendar for this week:

Tues: Wholesale Inventories

Wed: Core PPI, Minute of Fed’s September FOMC Meeting

Thurs: CPI, Initial Jobless Claims

Fri: Import Home Index, Consumer Sentiment