Automakers and Index Calls Set the Week's Tone

Japanese carmakers dominate the earnings calendar this week. Honda Motor and Nissan both report on Monday, 9 November. ORTEX alt data shows Japanese car registrations running +6% year on year for Honda and +12% for Nissan, with both datasets carrying a strong lead on revenue. That points in the right direction, though it covers only one of three months in the quarter.

Polestar Automotive reports Thursday. Dutch car registrations, a strong-fit leading indicator for Polestar revenue, are running -68% on the same quarter last year. German registrations are running +32%, pulling in the other direction. The net read is mixed, but the Dutch signal carries more weight given its 60-day lead.

No IPOs are scheduled for the coming seven days.

Away from earnings, the MSCI World November Quarterly Review announces Wednesday, 11 November. ORTEX Index Rebalance Radar forecasts around eight deletions. Moderna carries an 88% addition probability and an estimated $6.4 billion of forced buying, equal to 1.2 days of normal volume.

On the jobs front, US nonfarm payrolls hit 159,293 thousand in October, the largest October reading since 1997. Average hourly earnings rose to $38.00, also a record for the month. That backdrop gives the Federal Reserve little reason to rush rate cuts.