ISM

Submitted by RanSquawk

The BLS will release the October Employment Report at 08:30am ET on Friday, November 3.  The Street is looking for a veritable surge in hiring following the hurricane-related disruption last month sent monthly payrolls to the first negative print in 7 years. Analysts also expect wage growth to continue rising: Median forecasts looks for 310k nonfarm payroll jobs, with average hourly earnings rising rise to 2.7% Y/Y

Key forecasts:

Back in mid-July, BofA's chief investment strategist Michael Hartnett predicted that the "most dangerous moment for market will come in 3 or 4 months." Well, we are now "between 3 and 4" months since the forecast fate and the most dangerous moment we have experienced since then, ironically, is today's modest selloff on the 30 year anniversary of Black Monday. So looking back at his forecast, has Hartnett thrown in the towel on calls for a correction, and joined all the other BTFDers?

It's that time in the quarter again: 3Q earnings season begins this week with Wall Street consensus expecting S&P 500 EPS growth of just 5% (3% ex-Energy), a sharp drop from the last two quarters (Q1 was+14% and Q2 +11%).

After last week's relatively quiet economic calendar and focus on Central Banks, when we finally heard from both Chair Yellen and Mario Draghi on Friday, attention this week turns back to data. In a relatively busy data week ahead - particularly for the US - focus will likely be on Friday's NFP, Q2 GDP revision on Wednesday, ISM manufacturing reports on Friday and inflation prints from the Eurozone.

Key events across the globe:

As many traders quietly leave for summer break soaking up even more liquidity as they go, a busy US calendar unfolds in the week ahead, with ISM, PCE price data and, of course, payrolls in the spotlight.

Key Events, courtesy of RanSquawk