Record Payrolls, Index Deadline, and a Chip Short With No Shares Left to Borrow

US Labour Market

The US economy added 159,293 thousand nonfarm payroll jobs in October 2026. That is the largest October reading since 1997. Average hourly earnings reached $38.00, the highest October figure since 2006. Canada moves in the opposite direction. Canadian employment has fallen for three consecutive months, now sitting at 21.1 million.

Squeeze Risk in Semiconductors

Wolfspeed remains the most extreme short in the US market. Short interest sits at 88.9% of free float. Available shares to borrow: zero. Cost to borrow is 3.1% annualised, low for a name with zero availability. With a November 13 options expiry approaching and no room to source stock, any forced covering could move fast.

MSCI World Decision Day on Wednesday

The MSCI World November Quarterly Review announces on Wednesday, 11 November. ORTEX Index Rebalance Radar forecasts around eight deletions. Flutter Entertainment carries a 78% deletion probability and Textron 79%. On the other side, Moderna has an 88% forecast probability of addition, with $6.4 billion of forced buying expected across just 1.2 days of normal volume.

Europe: Petrol Cars and Shell

New petrol car registrations across Europe fell to 4,548 vehicles in October 2026. That is the lowest October total on record since 2016. Polestar reports Thursday. Dutch car registrations, a strong-fit leading indicator for Polestar revenue with a 60-day lead, are running -68% on the same quarter last year. Shell also drew attention after a week of selling pressure, with reports the company is rebuilding its deal pipeline.

Automakers Into Earnings

Honda Motor and Nissan both report Monday. ORTEX alt data shows Japanese car registrations running +6% year on year for Honda and +12% for Nissan. Both datasets carry a strong lead on revenue and cover one of three months in the quarter.