 Rwy'n gweithio i ddim yn ffordd i gweithio. Mae'n gweithio 28 o Ewch, ac rwy'n fawr yn bwysig. Rhywbeth y gallwch chi i gael eu cyfnod sy'n ffordd o ddiddor i'r cyflwydoedd o'r cwrs COVID-19 a'r dweud y ffordd i gweithio ar gyfer gweld y gynhygrif, a'r sefydlu a'r gweld o'r ysgolwyr yma yn gweithio i gyrraedd Coby bydd yn gweithio i ffraith o'r hospitalau .. ac felly yn ymgyrchol ar y cyflawn. A ydych chi'n meddiad o'r ffordd yn ymgyrchol.. .. y pethau yn gweithio ymgyrchol yn ysgol.. .. ymgyrchol ymgyrchol yn ysgol.. .. mae'r digwydd i heario ymgyrchol efallai.. .. ac mae'n ei wneud ei wneud o'r ffordd. Ond mae'n rhaid i gael'r theoedd sy'n oedd o'r theme. Felly ydych yn ysgol ymgyrchol ymgyrchol wedi ysgol.. .. mae'n rhaid i'r ffordd yn ysgol yma yng nghymru. Ff entr sy'n gyrd gweithio gwahaniaeth gwybod yn dweud y cyfyrdd gyrd hyn yn bach ddigwydd. Mae'r bach gyda'n dweud a eich angen yn gweithio ein maslyg yma'r gweithio'r ddisgrifedig. Felly mae'n rhai cynllun y Cyflwr S1 hynny. Felly mae'r bobl sy'n gweithio'r bobl sy'n gweithio'r gobeithio hwnny. Rwyf yn gweithio'r bobl sy'n gweithio'r gobeithio'r bobl sydd y skygwch cyffredigol. On ydyn ni'n cefnidio'r yng nghyryd i yw yma. Ond would the same Covid headlines but obviously exacerbated by one of the largest companies in Germany, SAP coming out and basically cutting or eliminating their outlook given all the Uncertainties and that really did way and kind of compounded the downside and we've reacted quite nicely to some of these technicals. daily chart going back on the monthly perspective first off around that load that we had light July you can see the market broke down there came back up on Islam the bydd ydyn nhw'n amlygaeth yn cael llawer i ymddirwydd ac yn gyntaf. Oeddwn dyma, mae'n tyw'r hyffordd o'r ffordd ymladdd обязательноu a da golf yn ymwydein arall o'r ffordd. Ond yn ddaf i'n meddwl o'r ddags wedi wneud, mae'n ddaf yn digwydd am yr ysgol. Rydym yn gallu bod bod'n ddigwydd, mae yma'n gwell yn meddwl bros ymlaen o'r dags, mor ien i gyd yn gofyn clywed ar phorol o'r brosbyd yma. o daeth efallai addysg yw oedden nhw eu syedaeth i ddweud o eich kön ddefnyddio y maes quemol mae'r ddefnyddio am syfyrdd yna yn 2020. Dweud o gael y pwynt yna, y dyn ni'n radd y ddweud o fe wnau ym lipau, iedd y cyntaf yn y 11.08-1.5-1.5-1.5-1.5-1.5 yn y oeddaf. Dwych chi'n cookwch gweithgol ychydig, ac mae ddesnig y dyne a'r gweithgleisio yma yn dweud, mae Dwych chi'n cookwch gweithgleisio'r cynyddiad yn y schymru yn cydwch gwaith. ac mae'r ddweud o'r gweithio'r gweithio'r gweithio'r gweithio ar y ddechrau yn ystod i'r hynny yn ymweld. Mae'r ddweud yn gweithio'r gweithio'r gweithio'r gweithio'r gweithio'r gwahanol, a'r cyffredinol, mae'r ddweud ei wneud hynny yn gwybod, a'r hwn sy'n gweithio'r rhan o'r cyffredinol. Mae'n gweithio'r rhan o'r 1 yn ym 5 tixt, ddwy'r ddolaeth y ddodol yn ddweud, yn 2.1%. ac mae'r ddwein o'r fuddiol yma ar y peirio mewn cyfran. Mae'r ddodolol yn cael ei ddweinio. Mae'r negatif yn y sefyll. Mae'r ddodolol. Mae'r ddodolol yn cael ei ddodolol yn ystod o ddodolol. Mae'n gwybod yn ystod o'r ddodolol, ond o'r ddodolol yn y ddodolol. Mae'r ddodolol o'r 1.5% yn y Dixie. Mae'n ddodolol o'r ddodol o 4.5%. Ond oed yn ystod o'r ddodolol, y解ch yn ystod o oed yn oed, mae'n gofio'n dod siw sprint yn y sefyll. Mae'r ddodolol o'r ddodolol o'r ddodolol, yn ddodolol o'r ddodol, mae'n ddodol o ddodol o'r ddodol o'r ddodol. Mae'n ddodol o'r ddodol o'r ddodol o'r ddodol, sy'n fan hwn yn gweithio a ddodol o'r ddodol. Diolch gyflaen, mae'n ddodol o'r ddodol o'r ddodol, mae'n sayf mwy o dechnau. Felly byddwn i'n amlwg, rwy'n iawn i gael bod yn cael ei ddim yn dweud ar gyfer. Felly ond yw ei wneud yw'r ysgol, rwy'n i'n dweud i gael yndyn nhw, rwy'n i'n dweud i'r ysgol, a dyna chi'n ddatblygu i'r ysgol, a'r ysgol yn ffordd mwy o'r ymddangos a ddim yn ei ddweud i gael ymddangos. Yn hyn, rwy'n i'n dweud i ddim yn dweud i'n dweud i'n dweud i'n dweud i'r ysgol, ymddangos, oedd y maen nhw'n eich tyn iawn, mae'n gweithio ar gyfer o'r gweithio'r ar gyfer o'r maen nhw'n gweithio'r chlas o marwyddoch yn ei wneud, sydd oedd mynd i'w shefyd yn eich ddod yn eich cyflau o'r brwyfyr agor. Felly mae'n gweithio'r pryd, a yna hyd yn acnod yn y autyn nhw'n deilio'r cyflwy fyddiol yn y sefyllfa. Rym ni'n dweud un oes i'r gofynnol weithio fynd, the apis, if there is a meaningful number I could build a four and a half million against expectations of around 1.2 million. And as I said a multi-month largest build that we've had. You get the initial knee-jerk reaction immediately after and then you sometimes get some carry through as Europe comes in and react to the same data point, but again don't forget with oil is being impeded by the drop in demand expectations given the fact that more restrictions yw amsbrog wedi gweithio ymddangos, ond mae daeth yn yr hyn o gweithio. So mae hynny'n gofynion llyfr semi yn ychydig yn hwnnw. A wnaeth hynny yn ei ddweud i gyd yn y ddelig. Felly yma'n gweithio ddaeth yng ngharom COVID. Rwy'n gweithio wir yw'r sianol a gweithio am y bwysig mor cyfwyr ar gyfer ond. Yn ymgyrch ynghylch i Blwyddyn, yn cyfdaf yn cyflu gyffredig ar gyfer Roedd Crofiadau, sydd mei yn April, Italy a Greece posted record numbers for new cases. Deaths in the UK now 367 France just over 520 as of last night when I was looking at the numbers. COVID-19 patients now occupy 57.5% of France's intensive care beds, almost 3 percentage points more than on Monday and up from 43% that was seen just a week ago. So it is increasing quite rapidly. In the UK Prime Minister Johnson is said to be pressured for a new lockdown as the government assumes a deadlier second wave with a lower but longer peak expected for COVID-19 deaths. That was in the telegraph this morning. While going back to mainland Europe in Germany they're also heading for harsher restrictions. Merkel today will propose measures such as closing restaurants and banning major events and as per what we heard on Monday we're looking out for further announcements to come out of France today to be adopted by the end of the week. So definitely this idea on notion of kind of a double dip recession. We definitely are in that phase of perception about the near term economic future deteriorating at the moment given out of necessity of course for the cost of human life. Governments are having to act despite their political will. They might have to keep the economy open. Obviously once the virus gets to a certain status they have no other choice at this point. At the moment countries like mainland Europe have been and particularly France fairly aggressive. France being right from the off one of the first to adopt quite strict measures. The UK would be one to watch given how generally slow the government here has been to act on a number of occasions. Elsewhere looking in the US side of things nationally in the US current hospitalisations with COVID-19 have climbed 37% in the last three weeks. But it's still almost 28% lower than where they were during the summer sun belt surge that we saw in southern western part of America. That's irrespective of the fact that cases have risen to a new record. The seven day average of newly reported deaths in America's of Monday was up around 800 marker which is the highest in about five weeks though. Overall I think we were talking about this in the briefing quite a lot. It seemed like the market was so obsessive over some other subject matters like the election. They kind of really missed the beat a little bit and now we're going to catch up towards what has been a developing COVID situation for the worse. And so that's what markets are moving on right at this present point in time. It obviously does come as well in context of things like US stimulus. That's kind of gone completely quiet now comparative to even just a few days ago because now we're right into the countdown really for the election. And that's really it now. Otherwise let's have a quick look at some of the other things that are going on and what's happening. Starting off with the US election. It's a really interesting stuff here actually because from an election point of view the thing I've been keeping a particularly close eye on are the battleground states. The reason why that is important is because on a national level some of the largest areas like California, the state of New York, Texas not really so interested in what is a deep blue or deep red state. What I'm more interested in is what are the general battlegrounds. What's going to define then the success or not of a US election. And on this point it's been super interesting to monitor then the battleground states. In particular we've seen those narrow quite considerably. And as you can see here, Biden really hasn't fluctuated at all over the last two weeks. It's Trump which has really over the last week or so made some decent headway on the upside. And in particular as you can see here, Florida is now at a plus 0.4 leaning to Trump. So this is one of the first times I've seen tracking this stuff every day. Since I can remember really that Trump has actually taken a lead in one of these key areas. North Carolina as well has continued to narrow and Biden only ahead now by just 0.7. So perhaps that's adding to a little bit of the apprehension in markets as well. Because overall the more contested, the more close run the election is. The more messy and protracted the end result is probably likely to be. So that could well as well be playing into this. But again I definitely think the Coke situation is the dominant theme here. The other thing I thought was interesting last night was a Wall Street Journal article. And this was talking about Trump weighing in executive order to show support for fracking. Order is still under discussion and aimed at the energy industry in battlegrounds like Pennsylvania. Now you might have seen Pennsylvania being named a lot in the press. It's one of those ones that's really seen as a bellwether that if you win Pennsylvania it could open and unlock the door to then really tipping the balance in the election. Now a bit of context here. Fracking supports from 20,000 to 50,000 jobs in the state alone according to the Pennsylvania Department of Labor and Industry. Since 2018 though low gas prices which trumped house as a positive for consumers have hurt the fracking industry with large companies divesting from the region. So definitely this is kind of politics at its finest really. Making quite strategic kind of policy pledges depended for certain state regions and fracking being a key one. You know what Trump's like, it's that kind of age old psychology that if you repeat something enough then generally people desensitise to it and it becomes the truth. And you know he's been there in Pennsylvania I think three campaigns he's done in a short period of time and he has that mantra of fracking, fracking, fracking, ringback jobs and all these sorts of things. So this would be a definite move to try and control that specific type of base that could tip the balance in a very important area when it comes down to the US election. So it's worth keeping an eye on that. Otherwise from an earnings point of view, Microsoft they came out last night. They had their earnings report just having a look what they look like after market. They actually finished down in the end around 1.7%. They were down as much as 2%. You might be thinking well hang about Microsoft sales top estimates on booming cloud demand and Azure revenue climbs 48%. What's the problem? The software make even clocking 13th straight double digit gain in sales. But herein lies a bit of a problem when it comes to corporate earnings particularly in these kind of tech names is that the market's just hungry for just spectacular after spectacular performance and it's a very difficult thing to cultivate and continue to do on a consistent basis. And I think overall if you look at the broader nature of their Q2 forecasts because these were Q1 numbers that were coming out from Microsoft given that some of the tech names report they're accounting slightly different but their Q2 forecasts in some of the other divisions on a revenue basis were a little bit shy on expectations and hence the reason why the market then generally moved lower. Deutsche Bank I mentioned they swung to a profit in the third quarter. 182 million euros of net profit in Q3. That was actually better than expected and so as such looking at the pre-market activity Deutsche are up around 1.5%. But overall most of the DAX in the red given the fact that the index features already down over 250 points this morning on just the general. I think it exacerbated somewhat by technical breaches to the downside in the DAX and you get some of that momentum forcing the price. So it looks more exaggerated but the overall kind of negative vibe to proceedings on the back of the COVID developments. Talking about earnings what else have we got coming up and what's in store? Well on Wednesday pre-market you've got today Boeing GE UPS that come to some of the main names to look out for. Aftermarket Gillad Sciences Visa probably some of the other more notable names that will draw some press attention. Remember Thursday aftermarket is where it's at as far as US earnings are concerned. You get the big guns like Amazon, Apple, Facebook and so on and they'll all be coming out on the same evening. For oil traders this was another thing. Despite then the Hurricane Zeta moving in towards the Gulf of Mexico at some point later today it's being outweathed just by a more existential threat to demand coming far away of another looming global lockdown it seems. Compounding that with the fact that crude oil inventories last night in the API saw a build of four and a half million the biggest build since May and as we looked at early on the chart the price of oils come down roughly a dollar and twenty cents or so from where we were prior to these numbers coming out. This of course will be the prelude for the DOE all infertories we'll get later on this afternoon. Remember there's still a short in time differential between us and the US in terms of London and so those all infertory numbers will be coming out at two thirty so just be aware of that don't get caught out. Bank of Canada rate decision that's probably one of the other major things that are happening today but overall the CAD currency is quite sensitive of course to this type of major announcement but we're not expecting any real policy changes but a general cautious tone is probably likely to come to the forefront there in their policy statement otherwise from a data point of view it's very quiet and so when it is quiet that for me tends to draw investors' attentions some of the bigger top level macro themes and certainly that will draw more focus on the Covid side of things from a speaker's point of view you get the post rate decision at Governor for the Bank of Canada Maclam speaking at 315 London Feth Kaplan speaking aftermarket and then there's a couple of bond auctions for those fixed income traders notably a gilt auction twenty thirty a bund auction two billion euros worth and then a five year fifty five billion dollar US five year no auction as well but look that is it it's going to keep it nice and short and to the point the overall take as I said looking at the charts this morning a little bit of a negative start to Europe very reminiscent of what we had on Monday being that continuation of just pricing in the impact of what increased Covid measures are going to have on just economic activity it's just getting priced in at this point in time so stock futures a little lower dollar a touch firmer tea notes higher an oil lower at this present point in time okay guys I'm going to leave it at that I wish you a very good day ahead thanks very much