China’s State Council to implement a new property tax

The new tax will be levied on residential and non-residential property, but not to rural residences.

An earlier pilot scheme was implemented in 2011 in two cities at rates from 0.4% to 1.2% on higher-end housing and second homes, and has not as yet been applied in more cities.
There are few details of the newly proposed property tax, Xinhua reported the plan was announced on Saturday. China’s property sector is under some pressure right now, with liquidity strains at developers (Evergrande the focus but there are many others) and the latest data showing overall price falls for homes in China (albeit small).
  • a trial property tax could be tested by the end of this year in selected first- and second-tier cities that have hot real estate markets, most likely in Guangdong’s Shenzhen, Zhejiang’s Hangzhou, and the southern island province of Hainan. 
Reuters have a little more here.
The new tax will be levied on residential and non-residential property, but not to rural residences. 

Truly Successful Traders Are Insanely Focused on the Game

  • If a trader is motivated by the money, then it is the wrong reason. A truly successful trader has got to be involved and into the trading, the money is the side issue… The principal motivation is not the trappings of success. It’s usually the by-product – simply stated ‘the game’s the thing’.
  • Most of the top traders have a child-like fascination with the game. Whether it’s the psychological elements of the game, the technical elements of the game, whether it’s the nameless, faceless aspect of a market, or them as single individuals against the market, or beating their brains against everyone else’s.
  • There’s a kind of almost insane focus you must have to achieve trading excellence… I think people in our own industry do not understand the importance of this type of focus. You will always get people who will look at a trader and think, “God, he’s up at 5.30am every morning, always working at the weekends. He has no life. I’m outta here. I’m taking my vacation. I’m going to Switzerland for three weeks.” Now I am not saying people should not take vacations, but the thing is, the very best traders don’t take a lot of time off. They don’t want to.
  • The price of phenomenal success is not one many are prepared to pay. For others, a lack of talent means they do not have the currency with which to pay the price in any event. For those with insane focus, there is virtually no price to pay – they love what they are doingLeadership Thought #431 - FOCUS, Focus, focus - Capacity Building Solutions

Key week for earnings with many of the top companies reporting

Facebook, Apple, Alphabet (Google), Amazon, Microsoft, Boeing, McDonald’s, Starbucks, Exxon Mobil all scheduled to report

The new week will have a number of key earnings releases with some of the top companies reporting. Below is a look at the major names on the calendar:

Monday, October 25:
  • Kimberly-Clark
  • Facebook
Tuesday, October 26:
  • 3M
  • Alphabet
  • GE
  • Lockheed Martin
  • Raytheon technologies
  • Microsoft
  • Corning
  • Pinterest
  • Twitter
Wednesday, October 27
  • Aflac
  • Apple
  • Bristol-Myers Squibb
  • Boston Scientific
  • Boeing
  • Coca-Cola
  • Ford
  • McDonald’s
  • General Dynamics
  • Hess corporation
  • eBay
  • ServiceNow
  • Spotify
THursday., October 28
  • Amazon
  • Merck
  • Stryker
  • US Steel Corporation
  • Starbucks
  • Caterpillar
  • Comcast
  • Gilead Sciences
  • Sirius XM
  • MasterCard
  • VeriSign
  • Shopify
Friday, October 29
  • Phillips 66
  • Exxon Mobil
  • Colgate-Palmolive

S&P index snaps a seven day winning streak

NASDAQ index lower for the second time in three trading days

The S&P index snapped a seven day winning streak with a modest decline of around five points or -0.11%.

  • The Dow industrial average posts a record close and is up for the third day in a row. The Dow’s record close was the first since August 16
  • The NASDAQ index was the big loser with a decline of -0.82%
  • The major indices close higher for the third week in a row
Next week is the granddaddy of all the earnings release weeks with Facebook, Amazon, Apple, Alphabet, Starbucks, Boeing, Caterpillar, etc. all on the schedule.
Ahead of those earnings Facebook fell 5.05%. Amazon fell -2.9%, Alphabet fell -3.04%, Boeing fell -0.64%, Microsoft fell -0.51%.
A look at the closes shows:
  • Dow industrial average up 73.94 points or 0.21% at 35677.02
  • S&P index down 4.84 points or -0.11% at 4544.95
  • NASDAQ index -125.50 points or -0.82% at 15090.20
For the week:
  • Dow industrial average rose by 1.08%
  • S&P index rose by 1.64%
  • NASDAQ index rose by 1.29%
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