Kremlin Welcomes Trump Call For Ukraine To Halt Attacks On Diesel Infrastructure, Praises 'Flexibility' 

US Pending Home Sales Collapse To Record Lows In September And the housing market's annus horribilis continues (existing home sales near COVID lows, mortgage rates at three year highs, homebuilder confidence at GFC lows, homebuyer confidence at record lows, housing starts near COVID lows)... After a very small rebound (+0.3% MoM) in August, US Pending Home Sales collapsed (-7.3% MoM vs -3.9% MoM exp) in September. That dragged  “Market conditions weakened in September due to fast-rising mortgage rates,” says Lawrence Yun, NAR’s chief economist. “Although job growth and income gains can support home purchases,...

Israeli fighter jets bombed a military base in northern Syria. Turkish troops near the base were alarmed by the Israeli attack.  “Turkish forces were not aware that the Israeli aircraft were en route to that specific Syrian base, nor of their intended purpose, and therefore could potentially have been inclined to scramble their own jets […]

HSBC Sees "Upside Risks" From "Super Squeeze" In Commodities London copper futures are trading north of $14,700 a ton, Brent crude futures have climbed above $101 a barrel, US diesel crack spreads are back in triple-digit territory, and the Bloomberg Commodity Index is at a 14-year high. The energy shock has broadened into a rally across the commodity complex, from energy to agricultural products to metals and other critical materials, with a growing number of Wall Street research desks identifying tightening physical supplies as a key driver. HSBC chief economist for...