Trump and Biden clash at kinder, gentler presidential debate: WSJ
Biden calls for economic ‘transition’ from oil to renewable energy: AP
Coronavirus forcing a sweeping changes for US workforce: Politico
US approves antiviral drug remdesivir to treat Covid-19 patients: BBC
US 10-year Treasury yield rises to 4-month high: CNBC
Eurozone Composite PMI in Oct shows rising double-dip recession risk: IHSM
UK economic growth ‘slowed considerably’ in Oct via PMI survey data: IHSM
Japan’s economic downturn persists in Oct, PMI survey data shows: IHSM
Coronavirus, election uncertainty are main influences on firms’ outlook: AF
Avoiding virus lockdown may not be be cure for sidestepping economic pain: NYT
US jobless claims fell to pandemic low of 787,000 last week: CNBC

Betting against long-term bonds has been a losing strategy for several decades and this form of contrarian pain has been especially deep in the past two years. It’s debatable if it’s different this time, but bond bears have a new reason to hope as rising yields weigh on long Treasury prices, which have fallen below a key technical support level.

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US nat’l security officials: Russia and Iran meddling in US election: CNBC
Supreme Court nomination set to advance as Dems plan to boycott vote: NYT
Trump and Biden to meet in tonight’s final debate: AP
Record investor demand for European Union’s debut of ‘social bonds’: CNBC
German consumer sentiment “is fading noticeably in October”: GfK
OxyContin maker Purdue Pharma to plead guilty to federal charges: CNN
Fed’s Beige Book: US economic activity was generally “slight to modest”: MW
Debt-to-GDP ratios surge across Eurozone countries: BBG

Large cap and growth shares have dominated the factor horse race during the US stock market’s rebound from the coronavirus crash in May – a trend that carried over from the pre-pandemic period. But the recent strength in small-cap equities hints at the possibility that a leadership change may be unfolding, based on a set of factor ETFs.

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Senate majority leader throws cold water on stimulus deal: NYT
US Department of Justice files antitrust lawsuit against Google: CNET
Pandemic forging a new reality for globalization: Politico
US health care system faces disruption from pandemic’s after shocks: AXIOS
Will last remaining US-Russia nuclear arms treaty survive? BBC
Cathay Pacific Airway to cut 5900 jobs due to pandemic: Reuters
10yr Treasury yield rises to highest level since June: BBG
Next week’s US Q3 GDP report expected to report record gain: CNBC
US single-family housing starts rose to 13-year high in September: CNBC

More than a year ago I reviewed Mr. Market’s offerings for yield-hungry investors and the results were meager, at least in comparison with historical payouts. How does the search-and-explore exercise compare today? Yields on government bonds have fallen, sharply, and so one would expect that slim pickings have become more so. Actually, the average trailing yield has ticked up for an equal-weighted mix of the major asset classes.

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Stimulus talks reach endgame today: BBG
Supreme Court allows mail-in vote counts after election day in Pennsylvania: CNN
Final presidential debate on Thursday will feature muted mikes: CNBC
TSA screens 1 million air travel passengers–highest since March: NPR
Calif. will review FDA-approved coronavirus vaccines before distributing: AXIOS
Are UK-EU Brexit talks finally at an end? BBC
Oil industry focuses on mergers and acquisitions to survive pandemic: NYT
US homebuilder confidence rises to new record high in October: HM

Most slices of the major asset classes declined last week but US stocks and bonds managed to post small gains for the trading week through Friday, Oct. 16, based on a set of exchange-traded funds.

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China says it may detain Americans in retaliation for US prosecutions: WSJ
Fate of additional US stimulus legislation to be decided by Tuesday: BBG
Arms embargo on Iran expired on Sunday: Politico
Pfizer begins manufacturing vaccine ahead of its expected approval: TOI
Growing reluctance of Americans to get vaccine early once it’s available: STAT
Foreign inflows into Asian bonds accelerated in September: Reuters
China reports 4.9% year-over-year growth in GDP for Q3: CNBC
US consumer sentiment edges up but still far below pre-pandemic levels: MW
Industrial output in US fell in September–first decline since April: CNBC
US retail spending growth accelerated in September: MW

● The Price of Panic: How the Tyranny of Experts Turned a Pandemic into a Catastrophe
Jay W. Richards, et al.
Summary via publisher (Regnery)
For the first time in history, the world shut itself down—by choice—all for fear of a virus, COVID-19, that wasn’t well understood. The government, with the support of most Americans, ordered the closure of tens of thousands of small businesses—many never to return. Almost every school and college in the country sent its students home to finish the school year in front of a computer. Churches cancelled worship services. “Social distancing” went from a non-word to a moral obligation overnight. Moral preening on social media achieved ever new heights. The world will reopen and life will go on, but what kind of world will it be when it does? It can’t be what it was, because of what’s just happened.

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