Autos, Chips, and Index Radar Dominate Thursday's Tape

Auto Earnings in Focus

Thursday is a big day for car makers. Polestar and Renault both report today. The ORTEX Dutch car registration dataset, which leads Polestar revenue by 60 days with a strong fit, is running 68% below the same quarter last year. German car data tells the opposite story, running 32% ahead year-on-year across all three months. Renault's Austrian registration dataset shows a 6% gain year-on-year, though Dutch numbers point the other way at minus 21%. On Wall Street, Allstate, Albemarle, and Advance Auto Parts also report before the open.

Chips Under Pressure

Semiconductor names are taking the worst of the options pain. Micron Technology leads the bearish flow leaderboard, with an RSI of 37 signalling already-weak momentum. AMD and Intel follow close behind. Intel's RSI sits at just 23. Analysts, however, remain constructive on AMD: Truist lifted its Buy target to $605 today. Three separate firms also raised price targets on Amgen on Thursday, moving targets up to between $398 and $470.

Europe: Diesel Falls to Record Low

European diesel car registrations hit their lowest October count since 2016, dropping to 1,383 vehicles from 2,209 a year earlier. Spain's inflation rate reached 4.9% in October, the highest for that month in three years. The euro area rate hit 4.0%. Squeezed households are holding back new car purchases. Meanwhile, Japan domestic machine tool orders rose 46% year-on-year in September, pointing to stronger industrial capital spending in Asia.

Index Radar

Iveco Group is effectively out of the STOXX Europe 600 and FTSE Global Small Cap from 9 November, with Tata Motors' tender offer now effective. Forced selling totals $404M. The MSCI World November review lands on 11 November. Flutter Entertainment and Charter Communications sit 11.5% and 20.5% below their MSCI World exit lines respectively. SharkNinja saw its S&P 500 addition probability jump from 7% to 39% overnight, with $3.9B of potential tracker buying on the table if confirmed by December.