Oil tumbled for a third straight week as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth.

In a market wrap, analysts at ANZ Bank New Zealand Limited explained that US equities were in the green at the time of writing, but gains have eroded throughout the trading day.

US futures set to open higher after inflation data. Asian markets closed mostly lower on trade fears. In Germany, Angela Merkel’s coalition government saw heavy losses in a recent election.

• EUR/JPY has recovered from the lowest levels since late August as benchmark indexes on Wall Street battle their way back from out of oversold conditions.
• USD/JPY takes back the 112 handle and trades within familiar ranges.
• Yen shorts drop back dropped back for a second consecutive week.

EUR/JPY has been strong at the start of the week despite German Chancellor Merkel’s governing coalition party has losing significant support in the wealthy state of Hesse, home to the financial centre of Frankfurt. Both the CDU party and SPD were -10% on the previous election in the Hesse state. “Germans are calling this a ‘schicksalswahl’, or vote of destiny. It may yet seal the fate of this country’s government – and perhaps even its leader,” The BBC reported – (The CDU polled just 28% of the vote. That was down from 38.3% in 2013. The SPD won 20% down from 30.7% in 2013. The Greens came in a close third at 19.5%).

In a market wrap, analysts at ANZ Bank New Zealand Limited noted that even with the above-expectations US GDP figures, equities got another hammering to close out the week.

Kia Motors’ third-quarter operating profit has been low but its earnings are likely to rebound, said Korea Investment and Securities on Oct. 29 maintaining a “buy” recommendation and 46,000 won (US$40.35) target price.

Yuan likely watched after sharpest fall in 22 months

Hotel Shilla’s stock will be able to rebound when concerns over sustainability of revenue from private shuttle traders ease, said KB Investment and Securities on Oct. 29 lowering the target price to 117,000 won (US$102.85) from 144,000 won.

Ameris Bancorp (NASDAQ:ABCB) – FIG Partners reduced their FY2018 earnings estimates for shares of Ameris Bancorp in a note issued to investors on Tuesday, October 23rd. FIG Partners analyst C. Marinac now forecasts that the bank will earn $3.30 per share for the year, down from their prior forecast of $3.32. FIG Partners also issued estimates for Ameris Bancorp’s Q4 2018 earnings at $0.93 EPS, Q1 2019 earnings at $0.94 EPS, Q1 2020 earnings at $1.12 EPS, Q2 2020 earnings at $1.16 EPS, Q3 2020 earnings at $1.20 EPS and FY2020 earnings at $4.70 EPS.

Lockheed Martin Co. (NYSE:LMT) – Analysts at Jefferies Financial Group dropped their Q4 2018 EPS estimates for shares of Lockheed Martin in a report released on Tuesday, October 23rd. Jefferies Financial Group analyst S. Kahyaoglu now expects that the aerospace company will post earnings per share of $4.29 for the quarter, down from their prior estimate of $4.58. Jefferies Financial Group also issued estimates for Lockheed Martin’s FY2020 earnings at $24.00 EPS.