Asian indices are trading mixed after a much stronger non-farm payrolls report in the US on Friday lifted the Fed Funds futures market expectations of a Fed liftoff in December above 70%. USD was sharply higher across the board but particularly against JPY, helping Nikkei225 to a near 2% rally. USD/JPY hit a fresh 3-month highs near 123.50 in today's Asia session. Over the weekend, China saw soft trade data, but Shanghai Composite also rallied on reports of resumption of mainland IPOs. China October trade balance saw the highest surplus on record since 1995, but components remained disconcerting. Both exports and imports saw larger than expected declines: Exports fell for the 4th straight month at -6.9% v -3.8%e, while imports were down -18.8% v -15.0%e. Regionally, shipments to US fell -0.9%, EU by -2.9%, and Japan by 7.7%. govt researcher in China noted that GDP of 6.5% for 2016-2020 is a "bottom line" rather than a target amid reports that the official targets for next 5-year planning period will be released in March. Voting FOMC member Williams spoke over the weekend, stating that the decision not to raise rates in October was already a close call. Williams added that waiting too long on a hike introduces a range of risks, and talked up employment market after the strong NFP, noting US is very close to full employment. In the US, Weyerhaeuser and Plum Creek to merge, creating the world's premier timber, land and forest products company; Weyerhaeuser to repurchase $2.5B (16% of market cap) after transaction. Apache Said to have rejected unsolicited takeover approach of $18bil; working on defense with GS.
Nikkei +1.96% Hang Seng -0.08% Shanghai +2.07%
Eur$ 1.0766 JPY 123.33 CNY 6.3605 CHF 1.0041 GBP 1.5077 RUB$ 64.4846 WTI $44.73 (+0.99%)
S&P +0.02% Eurostoxx+0.2% Dax +0.10% SMI+0.05%
Macro :
- Elon Musk: In less than 20 years, owning a car will be like owning a horse http://bit.ly/1WFkvBN
- Swiss Support for EU Bilateral Agreements Drops to 43%: NZZ
- Lagarde Says Better for Fed to Be Certain on Data Before Moving
- Microsoft to Pledge EU83m Investments in France: Le Figaro
Keep an eye on :
- ABBN VX : ABB Would Consider Offer for Power Grid Unit, CEO Tells Aargauer
- ABG/P SM : Abengoa Signs Agreement For Gonvarri to Become Main Shareholder
- ABI BB : SABMiller May Confirm Miller Coors Sale Wednesday.: S. Times
- AOI SS : Africa Oil attractive to larger companies, could attract JV partner in 12-18 months
- AIR FP : Boeing Is Confident 2015 Plane Orders Will Match 755 Deliveries
- AF FP : Air France-Klm October Passengers Increased 2.8% to 8.1m
- ATL IM : Atlantia drops plans to sell 30% stake in AdR
- BBVA SM : BBVA Holds Most Catalan Govt Debt Among Spanish Banks: El Mundo
- BMPS IM : Monte Paschi Plans EU1.7b Bad Loan Sale by 4Q, Viola Says
- BNP FP : BNP Paribas to Charge for French Retail Bank Accounts: Parisien
- CON GY : Continental Raises FY Margin, Cash Flow Targets
- CSGN VX : Credit Suisse May Cut Bonuses by as Much as 60%, SaS Reports
- ERF FP : Eurofins Scientific Said to Consider Bidding for $1 Billion LGC
- ZIL2 GY : ElringKlinger 3Q Rev. In Line With Est.; Confirms FY Guidance
- FCA IM : Fiat’s Marchionne Says All Options on Table for GM Tie Up
- GSK LN : Glaxo Says Subcutaneous Benlysta Use Worked Better Than Placebo
- HGG LN : Jupiter and Henderson Fund management eyed for takeover by Wells Fargo
- ITV LN : ITV rumoured to be eyed by Liberty Global - The Times
- IHG LN : InterContinental Hotels Says It Isn’t Considering Sale, Merger
- JUP LN : Jupiter and Henderson Fund management eyed for takeover by Wells Fargo
- NOK1V FH : Nokia would buy Comptel once Alcatel-Lucent deal is completed - Arvopaperi
- PFV GY : Busch would not rule out controlling majority in Pfeiffer Vacuum
- PUM GY : Puma dampens speculation of Kering sale plans
- RNO FP : Renault-Nissan Refuse French Government Push for Merger: Nikkei
- RNO FP : France Could Reduce Its Stake in Renault, PM Valls Says
- RR/ LN : Rolls-Royce resists pressure to give board seat to activist ValueAct
- RDSA NA : Shell Scrapped Project Over Pipeline Uncertainty: Globe & Mail
- SAN FP : Sanofi CEO Sees No Production Site Closings in France: Le Figaro
- SAN FP : Sanofi Says ‘Significant Improvement’ in Sarilumab Patients
- SPM IM : Saipem Chrmn Says FSI Role Makes Finances Stronger: Corriere
- SREN VX : Bradesco May Sell High-Risk Insurance Unit to Swiss Re: Globo
- SRCG SW : Sunrise Communications 3Q Rev. Declines; Keeps Outlook Unchanged
- JDW LN : Wetherspoon mandates CBRE to sell 34 more pubs - The Times
- VIV FP : Vivendi Doesn’t Own Telecom Italia Savings Shares: Spokesman
- VIV FP : Vivendi May Call for Expanded Board at Telecom Italia: Corriere
- VOW3 GY : VW to Pay for Any Swiss Road Tax Shortfall Over Emissions: NZZaS
- VOW3 GY : VW Says Employees Flagged ‘Irregularities’ in Internal Probes
- VOW3 GY : Volkswagen May Offer Cash to Diesel Customers, NYT Says
- VOW3 GY : Volkswagen Plans New U.S. Sales Initiative, WSJ Says
- YPSN SW : Strong Franc to Cut Ypsomed FY Oper. Profit by CHF4.5M: SoZ