Conversations in London

The big things you need to know:

• First, we review what clients were most interested in talking about on our trip to the UK last week, which included differences between US and UK investor sentiment, valuations, geographical funds flows, and sectors.
• Second, we recap the macro tidbits we picked up from last week’s S&P 500 earnings calls (where the auto-related names had a negative tone), our takeaways from the Duke CFO survey that came out last week (optimism about their own companies moved up slightly), and what we learned from our review of how stocks have traded around government shutdowns in the past.