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British aerospace company Rolls-Royce warned of a £2bn ($2.75bn) cash burn/free cash outflow in 2021, a number worse than market expectations of ~£1-£1.5bn ($1.4-$2bn), as per a <a href="https://blogs.bondevalue.com/e2t/tc/VWGPM57dl-ZKW2rdJ-h7scrn3W4dVnpw4mjC9GN3_3-JL3p_b1V1-WJV7Cg-F1W1f22Jc39GFYvW14_HY47hxX92W41f98f8fyhQjW2d3ZhJ5z-zchW2rZvP17xBnxFW1XB7jJ1R-XsbW6MJYnc7MWnf9Vtq1fZ54lF1xW6L2RjG2G1jL9W1G63Kr4SGld_W3Q5NKP3tLsNSW6dGdWs5KT-j1W4bfCNG4ZV0KyVzmbLK1ZJCVcVhN5hC9ftGcRW51xPLC3ybdk5W2H1JBc5TBJ89W4zx3BW6QYv59VRvvhm43gNp7W6p-pYQ5WwMp7W5CX-jN4wCgQWW4RJBk873_ZZrW3DbyW14NjjX_V3yxb958Bnb6W4pw25b1Yc_C1W6gHw_t7mP12NW8qGpGx5hgvB6W7nkNZ32gPzwRW3c_BQK1lxLW7W1S110T5FhZ3W33sB1" target="_blank" rel="nofollow noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://blogs.bondevalue.com/e2t/tc/VWGPM57dl-ZKW2rdJ-h7scrn3W4dVnpw4mjC9GN3_3-JL3p_b1V1-WJV7Cg-F1W1f22Jc39GFYvW14_HY47hxX92W41f98f8fyhQjW2d3ZhJ5z-zchW2rZvP17xBnxFW1XB7jJ1R-XsbW6MJYnc7MWnf9Vtq1fZ54lF1xW6L2RjG2G1jL9W1G63Kr4SGld_W3Q5NKP3tLsNSW6dGdWs5KT-j1W4bfCNG4ZV0KyVzmbLK1ZJCVcVhN5hC9ftGcRW51xPLC3ybdk5W2H1JBc5TBJ89W4zx3BW6QYv59VRvvhm43gNp7W6p-pYQ5WwMp7W5CX-jN4wCgQWW4RJBk873_ZZrW3DbyW14NjjX_V3yxb958Bnb6W4pw25b1Yc_C1W6gHw_t7mP12NW8qGpGx5hgvB6W7nkNZ32gPzwRW3c_BQK1lxLW7W1S110T5FhZ3W33sB1&amp;source=gmail&amp;ust=1611810878544000&amp;usg=AFQjCNHuH3cTfKURfLbSK7Z6vocn80eFEg">company statement</a>. The cash outflows are weighted towards the first half of the year, expecting it to turn positive in the second half and at least £750mn ($1.03bn) of free cash flow ex-disposals as early as 2022. The company expects flying hours this year to be only around 55% of pre-Covid levels as against expectations…

<img class="aligncenter" src="https://cdn2.hubspot.net/hub/2749033/hubfs/US%20Benchmark%20%26%20Global%20Indices%2015%20Oct.png?upscale=true&amp;width=1400&amp;upscale=true&amp;name=US%20Benchmark%20%26%20Global%20Indices%2015%20Oct.png" alt="US Benchmark &amp; Global Indices 15 Oct" width="802" height="424" align="center">
S&amp;P ended 0.7% lower with consumer discretionary, real estate and financials dragging the index, all down over 1%. Nasdaq was down 0.9% with Amazon falling 2.3% and Facebook 1.6% lower. Goldman Sach’s Q3 earnings beat estimates while Wells Fargo disappointed with the stock down 6%. US 10Y Treasury yields edged 2bp lower and the sentiment was weaker as Treasury Secretary Mnuchin called the chances of a pre-election stimulus “difficult”. Elsewhere, <a href="https://www.bloomberg.com/news/articles/2020-10-14/g-20-extends-debt-relief-program-amid-warnings-it-s-not-enough?srnd=fixed-income&amp;sref=WmFYH73g&amp;utm_campaign=BEV%20Newsletter&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-_mKnY4jIvR6X-VJZ86iOJHRcRA7ssa8LqX-ndQHEQjWxfkUypxQXZenYT9OPrkaoV5eMRm" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://www.bloomberg.com/news/articles/2020-10-14/g-20-extends-debt-relief-program-amid-warnings-it-s-not-enough?srnd%3Dfixed-income%26sref%3DWmFYH73g&amp;source=gmail&amp;ust=1602820064238000&amp;usg=AFQjCNEhiOAHLx9SIHd4pr23l--KWQtS2g" data-hs-link-id="0">G20 extended</a> its debt relief plan to poor…

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US equities ended slightly higher by 0.5% even as tech led the way with NASDAQ up 1.4%.The Institute of Supply Management (ISM) Manufacturing number printed at 55.4 indicating pick-up in manufacturing activity in the US. Jobless claims for the week ending September 26 was also a positive, coming at 837,000 after the previous two numbers showed a pick-up. Today’s NFP (Nonfarm Payrolls) data is expected to print at ~850,000. Meanwhile, the US House passed a $2.2tn fresh relief plan while it is…

United Kingdom

Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines for civil and military aircraft. The Group designs, constructs and installs power generation systems, transmission and distribution systems, and equipment for the marine propulsion, oil and gas pumping, and defense markets.

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