Weekly Performance
Dow +0.04%S&P +0.38% Nasdaq +0.83% Russell +0.47% Nikkei +1.95% Hang Seng +1.49% CSI +0.66% Shanghai +0.89% Brazil +3.79% Euroyoxx +1.73% CAC +1.46% Dax +1.23% Ibex +3.79% MIB +3.47% FTSE +0.10% SMI -0.68% WTI +0.20%
With Q3 earnings releases ratcheting up and a plethora of M&A stories hitting the tape, investors poured over a steady flow of corporate news throughout the week. Banks and financial companies continued to report generally strong quarterly results, highlighted by Bank of America and American Express. Generally, managements struck a cautiously-optimistic tone on their conference calls pointing to a December rate hike as a likely catalyst. Major industrial names were much more subdued in their commentary as sluggish global growth and a resurgent US dollar remain impediments. General Electric and Illinois Tool Works saw share price declines as investors were underwhelmed with their guidance. Early season technology reports painted a divergent picture for several industry bellwethers. Netflix, PayPal, and Microsoft surged on growth prospects for the cloud and digital media consumption, while old line names like IBM and Intel continued to see their share prices lag behind. Finally, by Friday talk of major industry consolidation was rampant as reports circulated that AT&T was closing in on a deal to acquire Time Warner. The news came amidst a flurry of M&A announcements and speculation across a variety of industries including consumer staples, retail, pharmaceuticals, and of course technology.
Macro :
- London Can’t Be EU Finance Center Post-Brexit, Euronext CEO Says
- France, Japan May Split Nuclear-Reactor Research Cost: Mainichi
- SocGen Picks This VIX Trade to Hedge Heavy Dec. Macro Calendar
- S&P 500 Skew Unwind Shows Complacency Over Clinton Win: Analysis
Keep an eye on :
- ARL GY : Aareal Bank Seeks to Expand U.S. Business: Euro am Sonntag
- ABI BB : Altria Announces Increased Ownership of Anheuser-Busch InBev
- ABN NA : Nordea Chairman Says ABN Merger Would Have Led to a ‘Great Bank’
- AF FP : Air France to Present Plan, Detail Cuts Next Month: Figaro
- AF FP : KLM Cabin Crew to Strike 10 Minutes Ahead of Flights on Oct. 24
- CS FP : Axa in Talks to Sell Insurance Broker Bluefin to Marsh: Sky News
- BEAV US : Rockwell Collins to Buy B/E Aerospace for $62/shr Stock, Cash
- BMPS IM : Soros, Paulson May Weigh Paschi Investment: Sole
- BMPS IM : Unipol may take stake in BMPS - Italian Press
- BMPS IM : Paschi Plan May Call for 10-11% ROE by 2019: Messaggero
- BMPS IM : Kuwait Soverign Fund May Weigh Investment in Paschi: Corriere
- BN FP : Turnaround at Danone Could Boost Stock 25%, shift toward profitable, sustained growth and its acquisition of WhiteWave Foods could drive double-digit profit gains through 2019. Barron's
- ENGI FP : Engie Says no Decision Made Yet on Australia Charcoal Plant
- FCCN LN : French Connection Advised by Moelis on Approaches: Telegraph
- IFX GY : Infineon Not Planning Large Acquisitions, CFO Tells Boersen Z.
- MC FP : LVMH CEO Says Russia Is Important Country for His Company
- MAERSKB DC : Iran in Talks With Maersk to Develop South Pars Oil: Zamaninia
- MRL SM : Merlin Aims to Issue Bonds for Metrovacesa Debt: Economista
- NOVN VX : Novartis Postpones Roche Shr Sale Until It Finds M&A Target: SZ
- ROG VX : Roche Gets FDA Approval for Fully Automated Blood-Screening Test
- ROG VX : Novartis Postpones Roche Shr Sale Until It Finds M&A Target: SZ
- SAMPO FH : Sampo Will Likely Sell Insurance Portfolio to Danske: Wahlroos
- SUBC NO : Subsea 7 Drops Plan to Sell Seaway Heavy Lifting Shrs: Telegraaf
- TIT IM : Reuters - Egyptian investor, bondholders mull bid for Brazil's Oi -sources
- UNI IM : Unipol may take stake in BMPS - ITalian Press
- VOW3 GY : VW Owners Depart From Ferdinand Piech Management Style: Spiegel