Sunday, 27 October 2019

Week to Oct 25th


ECB Draghi leaves, Brexit quick exit frustrated, Trade war green shoots

Mon Oct 21
Hopes of US-China trade talk success pushed SPX up today, adding 0.7% to close above 3,000 for the first time in more than a month. Other indices were also green, although DJIA gains were lower due to weak BA shares, and FTSE was hampered by the rising pound. In general currencies were up, but a fading EUR meant that DXY was flat overall. Haven assets Gold, JPY and bonds all fell. Oil was more or less flat.


Tuesday October 22
The failure of the UK parliament to confirm an accelerated Brexit deal timetable late in the day had a negative effect not only on GBP but on equity markets worldwide, which fell sharply after what until then had been a good day, although a sharp fall in TRV did not help DJIA. The only exception was FTSE which was up on the weaker pound.

It was a Turnaround Tuesday in currency markets as well, with the haven trio up, but other currencies down, so DXY showed a small gain. Oil was up on concerns about Turkey and Syria. CAD spiked down on the Canadian Retail Sales miss and partly recovered by the close.


Wednesday October 23
Stocks recovered again today, although poor earnings reports from BA and CAT capped gains and SPX closed lower than Tuesday’s high. Also TXN fell 7.5% on earnings, and pushed other chipmakers lower. DXY was down again, as the market flipped around for a second day, with all currencies except JPY (and curiously AUD) up. The JPY move was quite strong, and yet Gold was up and bonds were flat. NDX giant MSFT beat on earnings, but the reaction was surprisingly muted, both after hours and the next day. Oil was up after the EIA beat at 1530.


Thursday October 24
Mario Draghi’s final ECB meeting did not tell us anything new, as expected and after a couple of brief spikes, the single currency continued on the downward path it has taken all week. Equity markets were quiet, with SPX and NKY more or less flat, but slight gains in DAX after the ECB presser. FTSE was more sharply up in response to a strong move down in GBP following the failure of PM Johnson to get his Withdrawal bill through. The dollar was up against all currencies except Gold and JPY, reflecting the muted mood. Bonds were flat on the day. Oil carried on rising.


Friday October 25
News that the US and China are close to finalising some parts of the trade deal gave stocks a further boost on Friday, with NDX touching its July record high. Currencies were mixed, with the commodity pair CAD and AUD, and unusually Gold, also up, but others down leading to a stronger DXY. Bonds and JPY were of course down, and Oil rose in line with stocks.


WEEKLY PRICE MOVEMENT
DAX just pipped NDX to take the top spot in indices this week. GBPJPY after several solid weeks up was the weakest pair this week. Cryptos rallied after weeks of falling. Other than AAPL, the FANGs were relatively quiet.





Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.


NEXT WEEK (all times are GMT)
(Calendar High volatility items are in bold)

  • Fed Rate Cut expected
  • AAPL and FB report
  • Plenty of GDP and inflation data
  • Non-farm payrolls

Monday October 28
The Draghi speech is at a farewell event for the departing ECB President. Markets in New Zealand are closed for Labour Day. GOOGL earnings are released after hours. Note this is the week every fall/autumn where the US and Europe DST change is a week apart, so the US appears to open and close 'early' to European traders.

12:30 USD Chicago Fed National Activity Index 
15:00 EUR ECB President Draghi speech
17:00 GBP BoE Tenreyro speech
23:30 JPY Tokyo CPI (Core YoY e0.7% p0.5%)


Tuesday October 29
Today is the calm before the storm as a low-level set of US data will be overshadowed by rate cut expectations.

06:45 AUD RBA Governor Lowe speech
13:00 USD US S&P/Case-Shiller Home Price Indices
14:00 USD US Consumer Confidence
14:00 USD US Pending Home Sales
23:50 JPY Japan Retail Sales


Wednesday October 30
Easily the most important day of the week, with the long-awaited third rate cut of the year, and before that a CAD rate decision and numerous high-importance economic releases. Also AAPL and FB report earnings after the bell. There is also a rate decision on BRL today.

00:30 AUD Australia CPI (QoQ e0.5% p0.6%)
08:55 EUR Germany Unemployment Rate/Change
10:00 EUR Eurozone Business Climate
11:00 EUR Germany CPI (e0.9% p0.9%)
12:15 USD ADP Employment Change
12:30 USD US 19Q3 Prelim GDP (e1.6% p2.0%)
12:30 USD US PCE
14:00 CAD BoC Rate Decision/Statement (e1.75% hold) 
15:15 CAD BoC Press Conference
17:30 EUR ECB's Lautenschläger speech
18:00 USD Fed Rate Decision/Statement (e1.75% p2.00%)
19:30 USD FOMC Press Conference


Thursday October 31
Today is the Brexit deadline, unless the UK has passed the Withdrawal Act (unlikely) or the EU grants a further extension (likely, France is currently holding out). The last day of the month is also data-rich again.

02:00 CNY China PMIs
02:30 JPY BoJ Rate Decision/Statement (e-0.1% hold)
06:00 JPY BoJ Press Conference
07:00 EUR Germany Retail Sales
08:00 EUR ECB De Guindos speech
10:00 EUR Eurozone 19Q3 Preliminary GDP (YoY e1.1% p1.2%)
10:00 EUR Eurozone Unemployment Rate
10:00 EUR Eurozone CPI (Core YoY e1.0% p1.0%)
12:30 USD US PCE
12:30 USD US Jobless Claims
12:30 CAD Canada GDP (MoM, Aug)
13:45 USD Chicago PMI
23:30 JPY Japan Jobs/Unemployment


Friday November 01
NFP is of course the big event, along with the ISM PMI which is expected to recover from last month’s low. FOMC vice-chair Clarida (centrist, voter) speaks today. Markets in France, Italy and Spain are closed for All Saints’ Day.

01:45 CNY China Caixin Manuf PMI (e51.0 p 51.4)
09:30 GBP UK Markit Manuf PMI
12:30 USD US NFP/AHE/Unemp (NFP e105k p136k, AHE e3.0% p2.9%)
13:30 CAD Canada Markit Manuf PMI
13:45 USD US Markit Manuf PMI
14:00 USD US ISM Manuf PMI (e48.4 p47.8)




This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on TwitterFacebookStocktwitsTradingView or Linkedin (all open in separate windows). Details of how I compile the report are here.

Sunday, 20 October 2019

Week to Oct 18th


Sterling and Euro up on Brexit hopes, Fairly strong open to earnings season


Mon Oct 14
Trading was quiet on Columbus Day, with bond markets closed. Overall equities were slightly down, retreating from Friday’s euphoria.

USD advanced very slightly against most currencies but not haven assets Gold and JPY which were up.


Tue Oct 15
Earnings season opened with a raft of beats on EPS and revenue, with only GS spoiling the party. SPX added 1% and other indices were also green. A beat on the ZEW Sentiment reports at 0830 had already helped DAX earlier. A risk-on mood was clear, JPY, Gold and bonds fell sharply on the earnings reports (which come in around 1100-1200). Otherwise, currencies were mixed, with EUR and GBP rallying on reports of a new Brexit deal agreed with the EU. CAD was also up but the antipodean pair were down, as was Oil.


Wednesday October 16
With only BAC (of note) before the bell today, the Retail Sales miss at 1230 meant that the US rally did not continue, and after a pullback in early futures, SPX was flat all day, as were NKY futures. DAX did a little better, but FTSE had a second down day on GBP strength. In fact, with the exception of beleaguered NZD, all currencies, Gold and bonds were up. Oil had a brief spike up but settled flat on the day. Surprisingly, CAD was up despite the CPI miss at 1230.


Thursday October 17
Wednesday’s after hours earnings from IBM and NFLX were similar, both managed a beat on EPS, but missed on revenue, and subsidiary metrics were poor. Oddly, NFLX rallied after hours opened 6.3% up (unlike IBM which gapped down 5.5%). Such is the sentiment on growth companies versus long-established ones. However by the end of the day, both were red. Nevertheless a definite Brexit agreement announced by UK PM Johnson and the EU lifted all markets for a while, although some of this came off into the close.

The Brexit deal caused a sharp move up in all currencies (and Gold), obviously GBP, but also a sudden and sustained move in all others, even JPY. This may also have been helped by traders exiting USD on the poor Philly Fed (1230) and Industrial Production (1315) prints, the latter reporting -0.4% vs -0.1% estimated. Unusually Oil spiked up at the end of the day despite the Columbus Day-delayed EIA stock print at 1430. Yields were flat after a brief spike in line with the dollar move.


Friday October 18
The Chinese GDP miss at 0200, and start of some EU tariffs set the tone today, and lacklustre earnings from defensive stalwart KO before the bell didn’t help, and markets slid, with SPX down 0.4%. Some of this may have been OpEx related. DXY which had been failing all week, accelerated, and all currencies, although not Gold, were up. After a further rally, oil pared some on its gains, and yields were flat again.



WEEKLY PRICE MOVEMENT
NKY was this week’s best performing index, closely followed by NIFTY. GBPJPY was the top performing forex pair for a second week, adding another 2.56% to last week’s 3.24% gain. Cryptos were quiet again, and FANGS were relatively muted with only NFLX reporting.




Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.


NEXT WEEK (all times are GMT)
(Calendar High volatility items are in bold)

  • ECB Draghi’s swansong
  • Earnings season continues
  • Brexit saga rolls on
  • Trade war still at the fore


Monday October 21
Further talks between US TreasSec Mnuchin and USTR Lighthizer and Chinese Vice-Premier Liu He are planned this week. Also after Saturday’s defeat, further Brexit fireworks are expected in the UK parliament.

23:50 JPY Japan Trade Balance
01:30 CNY PBoC Interest Rate Decision (e4.2% hold)
06:00 EUR Germany PPI
15:00 GBP BoE Haldane speech


Tuesday October 22
Major earnings reports today are PG, TRV and UTX (together making 10% of DJIA). There is a general election in Canada. The Turkish-Kurd ceasefire agreed with the US ends. Markets are closed in Japan for a Bank Holiday. There is a rate decision on HUF, hold expected.

08:00 EUR ECB Bank Lending Survey
08:30 GBP UK PSBR
12:30 CAD Canada Retail Sales (p0.4%)
14:00 USD US Existing Home Sales (MoM)
14:30 CAD BoC Business Outlook Survey
21:45 NZD NZ Trade Balance
22:20 AUD RBA Kent speech


Wednesday October 23
Earnings are the main focus today with BA and CAT (12% of DJIA combined reporting before the bell, and MSFT and PYPL after hours. MSFT alone is is 11.26% of NDX. Markets are closed in Hungary for Republic Day

09:40 EUR DE10Y Bond Auction
13:00 USD US Housing Price Index (MoM)
22:00 AUD Aus Commonwealth Bank Manuf PMI


Thursday October 24
The main event today is Mario Draghi’s final session as ECB President, he is replaced by Christine Lagarde on Nov 1st. Another important earnings day with MCD and TWTR before the bell, and AMZN, INTC and GILD (together 13% of NDX) and V after hours. VP Mike Pence is due to speak today on US-China relations. There are also rate decisions on SEK, NOK and TRY. Turkey is expected to hike from 16.5% to 17.25%.

08:30 EUR Germany Markit PMIs
09:00 EUR Eurozone Markit PMIs
11:45 EUR ECB Rate Decision/Statement
12:30 EUR ECB Draghi Final Presser
12:30 USD US Jobless Claims
12:30 USD Capital/Durable Goods
13:45 USD US Markit PMIs
14:00 USD New Home Sales (MoM)


Friday October 25
Today sees only sentiment indicators from both Germany and the US. DJIA defensive MMM reports before the bell.

06:00 EUR Germany Gfk Consumer Confidence
08:00 EUR Germany IFO Business Expectations
14:00 USD US Michigan Consumer Sentiment Index



This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on TwitterFacebookStocktwitsTradingView or Linkedin (all open in separate windows). Details of how I compile the report are here.


Sunday, 13 October 2019

Week to Oct 11th


Trade war hopes at end of week, GBP soars on UK/Ireland progress


Mon Oct 07
Trade tensions continued to keep equity markets flat, or slightly down today. DAX suffered from yet another poor German Factory Orders print, although it did beat estimates.

The dollar was slightly up, but it was not even, with a flat EUR, and a slight advance on CAD. Other currencies and Gold were down. Oil and yields were slightly up.


Tuesday October 08
A US move to restrict visas for Chinese officials connected to the Muslim Uighur detentions in Western China, although not a trade move itself, was seen as a bad sign in US-China relations, and markets fell This was despite an announcement from Fed Char Powell that the Fed would recommence some QE operations. SPX was down 1.6% and other markets were similarly red. Risk assets Gold, JPY and bonds rose, and Oil fell in line with equities. DXY also ignored Powell, and was up across the board, with only NZD joining JPY in going green.



Wednesday October 09
Today’s trade war news was China’s offer to increase purchases of US agricultural goods and equity markets (and Oil) rose during the day, only to collapse over 1% suddenly after hours on a report that the US has added 28 Chinese entities to a trade blacklist. The FOMC minutes gave us nothing new, but mixed trade messages produce choppy markets, also seen in a flat DXY. All currencies (and Gold) were down except EUR, but the single currency is nearly 60% of the basket. Yields did not whipsaw, and rose gently all day.


Thursday October 10
The scheduled resumption of China trade talks, and a tweet from Trump saying he would meet Chinese VP Liu He on Friday was seen as positive, and equity markets (and Oil) were up again, and Gold, Bonds and JPY were down. Otherwise DXY was firmly down, especially after sterling rose nearly 2%, its best day for seven months, as progress appeared to be happening on the Irish border question, which is the sticking point for a Brexit deal. FTSE was therefore the only red index. US CPI printed in line with estimates and had little market effect. 


Friday October 11
All positive today on both sides of the Atlantic today. The US agreed to defer some tariffs which start next week, and described it as a ‘limited deal’. Optimism was high, and SPX ended 1.1% up after being 1.9% higher earlier in the day (ie some traders took profits).

After the British and Irish Prime Ministers said there is a “pathway to a possible deal”, the UK was even better. GBP added another 1.75% and FTSE was up 1.84%. FTSE expressed in USD (ie FTSE x GBPUSD) rose 4.76% in two days, the best two-day performance since the recovery immediately after the Brexit referendum. DOil was up in line. XY was down 0.38%, following the GBP ramp (which EUR the other player in Brexit joined). Only Gold, JPY and bonds (inverse to yields) were red against the dollar, as you would expect. CAD was particularly strong on a blowout (53.7k vs 10.0k) jobs report.



WEEKLY PRICE MOVEMENT
DAX outperformed this week adding 500 points, double the gains on other indices. We rarely see 2% weekly moves, never mind 3.24%, which was GBPJPY’s gain. Cryptos were fairly flat, and FANGs were variable, with AAPL outperforming.






Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.


NEXT WEEK (all times are GMT)
(Calendar High volatility items are in bold)

  • Earnings season opens
  • Trade war still in focus
  • Last chance for Brexit deal
  • China, UK, EU, Canada and NZ inflation

Monday October 14
US Bond markets are closed for Columbus Day (although the ZN future continues to trade). At some point this week, the US Treasury may release their ‘currency manipulation’ report. Canada is closed for Canadian Thanksgiving. There were local elections in New Zealand this weekend.

07:00 CNY Imports/Exports/Trade Balance
09:00 EUR Eurozone Industrial Production
12:10 GBP BoE Cunliffe speech


Tuesday October 15
Earnings season kicks off properly today, with a raft of reports from major players between 1040 and 1315, before the opening bell. The expected order is JNJ first, then UNH, JPM, GS, WFC and C. JNJ, UNH, JPM and GS together make up 17% of DJIA. As well as Bullard, we have Fed Bostic, George and Daly speaking today. Some US tariffs on China increase today.

00:30 AUD RBA Meeting Minutes
01:30 CNY China CPI (YoY e2.9% p2.8%)
08:30 GBP UK AHE/Unemployment (UE e3.9% p3.8%)
09:00 EUR Germany ZEW Economic Sentiment (e-33.4 p-22.5)
09:25 USD Fed Bullard speech
12:10 GBP BoE Vlieghe speech
14:30 NZD NZ GDT Milk Index
21:45 NZD NZ CPI (YoY e1.7% p1.7%)


Wednesday October 16
BAC report at 1045, before the bell today. After the bell we have NFLX and IBM. Fed Evans and Brainard speak today. There is a rate decision on KRW (25bp cut expected).

08:30 GBP UK CPI (e1.6% p1.7%)
09:00 EUR Eurozone CPI
12:30 USD US Retail Sales (Control Group MoM e0.4% p0.3%)
12:30 CAD Canada CPI (BoC Core YoY e1.9% p1.9%)
22:10 AUD RBA Debelle speech


Thursday October 17
Today and tomorrow sees the long-awaited EU Summit which is the UK’s last chance to do a Brexit deal, or ask for another extension, which PM Johnson does not want to do. If a deal is made, he then needs to secure a parliamentary majority to confirm it, and the UK parliament has a special session this coming Saturday to confirm or reject it. Earnings today from large but low-volatility players such as HON and PM before the bell. Fed Evans (again), Bowman and Williams speak today.

00:30 AUD Australia Jobs/Unemployment (Jobs e10.0k p34.7k)
08:30 GBP UK Retail Sales
12:30 USD US Jobless Claims
12:30 USD Philly Fed Manufacturing Survey
13:15 USD US Industrial Production
23:30 JPY Japan National CPI


Friday October 18
Today is monthly options expiration date, so expect additional volatility. DJIA components KO and AXP report before the bell, AMD report after the close. Some US tariffs on EU goods kick in today. Fed George (again), Kaplan, and vice-chair Clarida speak today.

02:00 CNY China Retail Sales
02:00 CNY NBS Press Conference
02:00 CNY China GDP
15:00 USD Fed Kaplan speech


This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on TwitterFacebookStocktwitsTradingView or Linkedin (all open in separate windows). Details of how I compile the report are here.




Sunday, 6 October 2019

Week to Oct 4th


Disastrous US PMIs, FTSE largest drop since 2015, AUD falls on rate cut

From this week onwards, I have expanded the popular 12 chart table to 16, to cover DXY, NDX, NZDUSD and the Fed Funds Rate futures contract which is used to predict rate hike/cut likelihood. The scale is inverted, ie when the chart falls, rate cut expectations are increased.

Mon Sep 30
The reports of Chinese stock delisting were denied by the White House (BABA gapped up 2.35%), and indices were up on the last day of the quarter, although mutedly after the Chinese Manufacturing PMI (0145), German inflation (1200) and Chicago PMI (1345) all missed. The dollar was up again all currencies (and Gold), although only very slightly on CAD. Nevertheless Oil and yields were both slightly down. So not really a risk-on day.


Tuesday October 01
Today was the new month, and indices were rising gently until hit hard by the ISM Manufacturing PMI, which came in at 47.8 (contraction) instead of 50.1 (expansion) as estimated. The risk-off effect was strong, SPX fell 1.7% by the end of the day and other indices followed suit. The dollar reaction was instantaneous, DXY fell 0.26% in a minute, and not just with JPY although obviously this fell more (0.45%). All currencies except Brexit-troubled GBP were up, as was Gold. Oil and yields were down in line.


Wednesday October 02
Markets continued to tumble today after the ADP jobs miss at 1230, with SPX posting its second one day 1% drop for the first time this year. Elsewhere was just as bad, and no-deal rhetoric from UK PM Johnson at his party conference added to FTSE problems. The British index fell 3.2%, the worst one-day performance since January 2016. Currencies and commodities were also similar to Tuesday, with USD and Oil down, bond and Gold up. Once again GBP was flat.


Thursday October 03
The companion ISM PMI from the non-Manufacturing (ie services, transport etc.) sector at 1400 also missed today, with the worst print for three years. The market dived again, but today, a sharp move in Fed Funds rate futures showed a sharply increased likelihood (the bad is good factor), and indices recovered, with SPX up 0.8%, and worldwide equities also in the green. USD fell again on the news, and only partly recovered. Again all currencies, Gold and yields were up, and Oil was down, so the trend was still risk off.


Friday October 04
Today’s NFP came in at 136k, a little below the 140k estimate, but in line with Wednesday’s ADP print. The equity market was relieved that it wasn’t worse, and behaved like a beat, with SPX adding 1.4% and worldwide indices also rising. DXY had the flattest day of the week, with reversing JPY and Gold balancing slight gains in other currencies. Oil was up in line with equities, but yields continued to fall, although only slightly, a risk-on day of sorts.


WEEKLY PRICE MOVEMENT
Only NDX managed a positive week. The worst index was FTSE, down 3.65%. The biggest forex move was CADJPY, down 1.47%. After a few few of volatility, cryptos were very quiet. FANG stocks did particularly well in a bad week, with AAPL the clear winner.




Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.


NEXT WEEK (all times are GMT)
(Calendar High volatility items are in bold)

  • US and German inflation
  • FOMC and ECB minutes
  • Trade talks restart
  • Large CB speaker roster


Monday October 07
With a quiet week for news, attention will no doubt turn to politics, both in the US and UK. Fed Kashkari (2020 voter, dove) speaks today. The Powell speech is only, of all things, opening remarks at the screening of a movie about the life of Marriner Eccles, 7th Fed Chair in Utah. Markets are still closed in China. There is a rate decision on ILS.

05:00 JPY Japan Leading Economic Index
06:00 EUR Germany Factory Orders
17:00 USD Fed Chair Powell speech
23:01 GBP UK BRC Like-For-Like Retail Sales (YoY)


Tuesday October 08
The Powell speech today in Denver, CO is about the ‘new’ and ‘old’ economies. Fed Evans (voter, dovish) and Kashkari (again) speak today. BoE Governor Carney is at climate-related summit in Tokyo. Markets reopen in China.

01:45 CNY China Caixin Services PMI
04:10 GBP BoE Governor Carney speech
06:00 EUR Germany Industrial Production
12:30 USD US Core PPI
18:30 USD Fed Chair Powell speech


Wednesday October 09
Chair Powell’s tour continues today in Missouri, opening remarks again at a ‘community listening session’. More important is the release of FOMC September minutes relating to the last rate cut, and the reasoning behind it. The JOLTS job opening print is due today.

15:00 USD Fed Chair Powell speech
17:00 USD US 10-Year Note Auction
18:00 USD FOMC Minutes


Thursday October 10
US-China trade negotiations are scheduled to restart today in Washington. Although this is by no means final, any positive noises would probably lift markets. Fed Mester (2020 voter, hawkish) and Bostic (non-voter, centrist) speak today. A rate cut is expected on PEN.

06:00 EUR Germany Trade Balance
08:30 GBP UK Industrial/Manufacturing Production
08:30 GBP UK GDP (MoM Aug )
11:30 EUR ECB MPC Minutes
12:30 USD US Jobless Claims
12:30 USD US CPI (Core YoY e2.4% p2.4%) 
17:30 EUR ECB Lane (voter, dove) speech
21:30 NZD Business NZ PMI

Friday October 11
The week ends with a slightly livelier day. The Canadian jobs estimate of 40.2k is equivalent to 355k in US terms, (last month’s was equivalent to 716k!), as the US has 8.83 times the population. Fed Rosengren (voter, hawk), Kaplan (2020 voter, centrist) and Kashkari (again) speak today.

06:00 EUR Germany CPI (YoY e0.9% p0.9%)
10:30 EUR ECB De Guindos (voter, dove) speech
12:30 CAD Canada NFP/AHE/UnEmp (NFP e 40.2k p81.1k)
14:00 USD Michigan CSI (e92.0 p93.2)


This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on TwitterFacebookStocktwitsTradingView or Linkedin (all open in separate windows). Details of how I compile the report are here.