Global equity markets moderated their charge higher this week, flattening out a bit even as the DJIA and S&P500 marked fresh all-time highs. US equities have more than filled the gap left after October's slide, while Europe is just over halfway back. The Shanghai index marked 20-month highs despite some concerning Chinese data. The Chinese manufacturing and services PMIs for October suggested the economic pullback is not over in the middle kingdom, with the services index at a nine-month low and the manufacturing series at a five-month low, although both remain in expansion territory. In the US, elections and the October jobs report were the big themes, while crude prices may have found a short-term floor. In Europe, conflict at the ECB provided entertaining headlines, but Draghi's post-policy meeting press conference offered nothing new. For the week, the DJIA gained 1.1%, the S&P500 rose 0.7% and the Nasdaq added less than 0.1%.
Macro :
- China Exports Bolster Economy as External Demand Strengthens
- China announces $40B fund for infrastructure in 'Silk Road' economic belt nations
- Japan and China reach "agreement" related to disputed Senkaku islands; To set up a "crisis management" mechanism to prevent escalation of tensions
Keep an Eye on :
- AFR LN : Afren shares gain on heightened speculation of takeover interest from SAPetro following non-executive director’s resignation - FT
- BNP FP : BNP Paribas could acquire more German Depotbank businesses
- BP/ LN : BP coild be a take over target - FT
- CU FP : Bonomi to Raise Club Med Bid, Ally With KKR for Control: Lettre
- ELEB BB : Electrabel CEO Says Belgium Power Prices May Double: L’Echo Link
- MAB LN : C&C May Opt for Deal With Mitchells & Butlers: Sunday Times
- PTC PL : PT Portugal: Miguel Pais do Amaral mulling bid with investment funds - Diario de Noticias, Expresso
- PTC PL : Terra Peregrin Makes Offer to Buy Portugal Telecom SGPS
- SBD LN : QIA and Brookfield working on improved bid for Songbird Estates; Citi advising QIA, Brookfield advised by HSBC
- SPRT LN : C&C May Opt for Deal With Mitchells & Butlers: Sunday Times
- SCMN VX : Swisscom planning buys in Switzerland - Tagesanzeiger
- TIT IM : Telecom Italia CEO Sees Higher Network Investment: Repubblica
- TIT IM : Telecom Italia CEO says merger with Oi should be explored - Il Sole 24 Ore
- UBSN VX : UBS Said to Settle Allegations of Gold-Trading Misconduct: FT
- UL FP : Unibail-Rodamco in Pact W/Allianz For EU312.5m Mall Stake Sale
- FR FP : Valeo Plans to Expand German Production Sites: Wirtschaftswoche
- VOD LN : Elliott says Vodafone may face €8bn fee over Kabel Deutschland - FT