Auto Week: Ferrari, Honda and Renault Face a Tough Quarter

The week's most closely watched earnings come from the auto sector. RACE (Ferrari) reports today, 3 November. Austrian car registration data, which leads Ferrari's revenue by 22 days, is running 75% below the same quarter last year. The fit is weak, but the direction is hard to ignore.

Wednesday brings a bigger cluster. HMC (Honda Motor) reports on 6 November. Japanese car registrations, a strong-fit leading indicator for Honda's revenue with a 65-day lead, are running 10% below the same quarter last year across all three months.

RNO (Renault) also reports on 5 November. Austrian car data, a moderate-fit lead, is running 6% above last year. Dutch registrations, however, point the other way at minus 21%.

PSNY (Polestar) reports the same day. German car registrations, a strong-fit leading indicator, are up 32% on the year. Dutch data, also a strong fit, is down 68%.

No IPOs are scheduled in the next seven days.

Away from earnings, ORTEX Index Rebalance Radar puts CTVA (Corteva) at 77% odds of MSCI World deletion on 11 November. That would force $555 million of selling. MRNA (Moderna) carries an 88% addition forecast with $5.9 billion of forced buying attached.