Autos, Big Tech and a Weak Demand Backdrop

A packed earnings week opens today. AAPL reports after the close on Monday, November 2. AMGN follows on Tuesday. CHTR posts Wednesday morning, and ALL and COR both drop numbers Tuesday.

SONY reports Tuesday in Tokyo. The Japanese electronics giant carries a $147bn market cap. AMGN, worth $252bn, is the largest US name this week.

The auto sector looms large later in the week. RACE reports Monday. ORTEX alt data shows Austrian car registrations, which lead Ferrari revenue by 22 days, running 75% below the same quarter last year. That is a weak early read, though the fit is loose. RNO reports Wednesday. Dutch registrations, a moderate-fit leading indicator for Renault revenue, are running 19% below year-ago levels.

The India backdrop adds pressure. October 2026 car registrations in India hit just 85,038, the lowest October figure since data began in 2017. That weighs on HMC, which reports Thursday. Honda's Japanese car registrations lead revenue by 65 days with a strong fit, and are running 10% below year-ago levels.

No IPOs are scheduled in the next seven days. The index calendar is the other watch point: MSCI World announces its quarterly review on November 11, with CHTR carrying a 65% deletion probability.