Weak Demand Bites Autos as Earnings Week Begins

Auto Sector Faces a Grim Data Backdrop

The week opens with a sharp demand warning across the global auto sector. India registered just 85,038 new cars in October 2026, according to ORTEX vehicle registration data. That is the lowest October figure since the series began in 2017 and less than half the previous October low of 203,427, set in 2021. Italian car registrations fell to 100,503 in October, the weakest in four years. Euro-area unemployment hit 6.5% in September, the highest September reading in two years. France's jobless rate reached 8.5%, a five-year high for that month.

These readings land directly ahead of several auto earnings. RACE reports Monday, with ORTEX alt data showing Austrian car registrations running 75% below the same quarter last year. RNO follows Wednesday, with Dutch registrations down 19% year-on-year, a moderate-fit leading indicator for Renault revenue. PSNY reports Wednesday too, with Dutch data, a strong-fit lead, running minus 37%.

Short sellers are already positioned. Hertz carries 73.5% SI % FF. Wolfspeed sits at 88.6% with a days-to-cover of 9.6. Carvana has shed 84% year-to-date and options flow remains heavily negative.

Earnings Season Heats Up

AAPL reports after the close Monday. AMGN, worth $252bn, posts Tuesday. CHTR reports Wednesday morning, while SONY drops numbers Tuesday in Tokyo.

CHTR carries added index risk. ORTEX Index Rebalance Radar puts its MSCI World deletion probability at 69%, with up to $870M in potential forced selling. The MSCI World announcement is due on November 11.

JP Morgan Lifts Bank Targets

JP Morgan raised price targets on six US bank stocks Sunday. WFC went to $92, USB to $65.50, and PNC to $259. All retain Hold or Sell ratings. The moves reflect improved estimates, not a change in view. UBER President Andrew MacDonald filed a $4.1M open-market share purchase, one of the more notable discretionary C-suite buys in recent filings.