• While you were sleeping: the risk-on trade is on again; the catalyst, news that China’s manufacturing sentiment index rose in October

• A big week ahead in the U.S.: we have the mid-term election results on Tuesday, the Fed press release on Wednesday and October nonfarm payrolls on Friday

• Big money! Barron’s Big Money Poll shows that 62% of PMs in the U.S. see equities as the top performing asset class in the next 6-12 months, not only that, 70% see little chance of another economic expansion — this is otherwise known as the herd mentality

• Deflation, not inflation, is the primary risk in the U.S.

• Notice the NYT’s conclusion about 3M’s results and also the word “price cuts”?

• The retail investor shuns the new Fed-led bubble: despite the rally in the equity market in October, retail investors continue to pull money out of their equity mutual funds

• Problems re-emerging in France

• Canadian GDP a treat; however, we continue to believe that the economy faces many headwinds ahead