Trump may leave hospital today: WSJ
Trump still in ‘dangerous position’ even though he looks well, says doctor: CNBC
Nine US states report record increases in coronavirus infections: Reuters
Considering the line of presidential succession: Politico
Risk of permanent job losses is rising for US economy: NYT
Invesco: China’s economic recovery from coronavirus will support region: CNBC
Eurozone growth slowed in Sep, edging closer to stagnation: IHSM
UK growth eased in Sep but remained ‘strong’: IHSM
US payrolls growth rose by lower than expected 661,000 in Sep: CNBC

● When More Is Not Better: Overcoming America’s Obsession with Economic Efficiency
Roger L. Martin
Summary via publisher (Harvard U. Press)
Growth in the economic prosperity of the average American family has slowed to a crawl, while the wealth of the richest Americans has skyrocketed. This imbalance threatens the American democratic capitalist system and our way of life. In this bracing yet constructive book, world-renowned business thinker Roger Martin starkly outlines the fundamental problem: We have treated the economy as a machine, pursuing ever-greater efficiency as an inherent good. But efficiency has become too much of a good thing.

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Pricing In Election Risk: A contentious debate between President Donald Trump and his opponent, Joe Biden, on Tuesday night unleashed a sea of commentary and concern that an already unusual election year was running off the rails. Just to keep things interesting, late on Thursday news broke that President Trump had tested positive for coronavirus, followed by this afternoon’s announcement from the White House that the commander in chief was being moved to Walter Reed Military Medical Center as a ‘precautionary measure.’

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The expected risk premium for the Global Market Index (GMI) ticked down to an annualized 4.9% in September, slightly below the previous month’s estimate. This estimate is a long-run forecast for performance over the “risk-free” rate, according to a risk-based model (details below).

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President Trump tests positive for coronavirus: Reuters
Trump’s Covid-19 diagnosis resets US presidential campaign: BBG
EU may impose sanctions on Turkey over “provocations” with Greece: BBC
Amazon: nearly 20,000 of its workers infected with coronavirus: CNN
US job growth expected to slow in today’s employment report for Sep: WSJ
US consumer spending rose in Aug; income fell sharply: CNBC
Eurozone unemployment rate up for fifth straight month in Aug: MW
Global manufacturing recovery continued in September: IHSM
US manufacturing activity eased in Sep but continues to post solid rise: ISM
US construction spending rose more than expected in Aug: Reuters
US jobless claims drop to pandemic low but remain unusually high: CNBC

September was a rough month for the major asset classes: Every slice of global markets fell. The only exception: cash. Otherwise, the primary market betas lost ground across the board, marking the first full sweep of declines since March.

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Trump signs bill to avoid gov’t shutdown through early December: NYT
Treasury Sec: Dems and GOP agree on more stimulus: NW
Federal spending to exceed $6 trillion for first time: NG
Wisconsin sets record for Covid-19 deaths: CT
Moderna’s coronavirus vaccine will not be available ahead of election: DM
American Airlines and United Airlines will start laying off thousands: BBG
ECB accelerates corporate-bond purchases to support economy: WSJ
Eurozone manufacturing activity rose in Sep–strongest pace in 2 years: IHSM
UK manufacturing rebound continued in September: IHSM
US private payrolls increased at strongest pace in 3 months in Sep: MW