Asian markets are mixed, with China markets broadly outperforming and Australia trading softer despite the strength in basic materials. Energy markets are more volatile than typical in early electronic trade - Nov WTI crude is up about 1% on bullish remarks by OPEC chief and also Qatar Oil Min. Markets in China are helped by upbeat comments from PBoC Dep Gov Yi Gang, who said the equity correction is almost over and the stock turbulence would have limited impact on economy. NDRC State planning agency official offered similar remarks, noting the economy is basically stable. Finally, there were local press reports that PBoC has expanded a relending credit program to 9 provinces and cities, resulting in more credit capacity for local banks. BOJ Gov Kuroda spoke at the IMF meeting in Lima, downplaying expectations for further BOJ easing. Furusawa recommended that Japan govt proceeds with the 2nd sales tax hike to maintain its credibility, while a separate Nikkei report stated Tokyo is preparing to cut effective corporate tax rate to less than 30% in FY17/18 from 32.1% current average. There was more notable Fed speak over the weekend, with high profile comments coming out of Fed vice chair Fischer diminishing the perceived by traders link between rate liftoff and global economic weakness. Fischer said the Fed will be "cognizant" of overseas risks, but does not "anticipate" the global economic weakness to delay interest rate liftoff. ECB's Coeure also spoke, stating Eurozone inflation will move back to 2% "very slowly". EMC: Said to look for other potential suitor after an offer from Dell; Asked for a "go-shop" provision as part of Dell agreement
Nikkei +1.64% Hang Seng +1.03% Shanghai +3.05%
Eur$1.1371 CNY 6.3275 JPY 120.16 GBP 1.5333 EURCHF 1.0932 RUB$61.3860 WTI $49.94 (+0.60%)
S&P -0.06% EuroStoxx+0.12% Dax+0.18% SMI+0.01%
Macro :
- Russia May Cut Oil Export Tax to 36% From Sept Next Year: Tass
- China Stock Rally-to-Rout About to Repeat for Chartist Schroeder
- China’s Lou Says U.S. Not Ready for Interest Rate Hike: Xinhua
- Spain Fin Min de Guindos: Reiterates view to meet 2015 budget deficit to GDP target of 4.2% and confident it will be below 3.0% in 2016
- ECB chief Draghi: Concerned about Greece debt sustainability; country needs element of debt relief, Debt relief would not be credible if not accompanied by strong ownership of bailout program by the Greek govt
- Fed's Fischer says 2015 U.S. rate rise 'an expectation, not a commitment' http://reut.rs/1Po5QFI
- Fischer voices caution on global risks to US outlook - http://on.ft.com/1Nzo4EU
- Renzi revives Italy’s €410bn wealth fund - http://on.ft.com/1ZrGYkX
- The Number Biotech Bargain Hunters Have to Watch - http://on.wsj.com/1jXjd3E
Keep an eye on :
- AXFO SS : Axfood Says 3Q Sales, Profit Stronger Than Co. Expected
- BP/ LN : BP CEO: Will Take Time for Oil Supply, Demand to Rebalance
- CSGN VX : Credit Suisse Plans as Much as CHF2B Cost-Cutting Program: SaS
- CSGN VX : Credit Suisse CHF6b-CHF8b Share Sale ‘Discomforting’: Macquarie
- DBK GY : Deutsche Bank Said to Mull Sale of Abbey Life Insurance Unit
- FCA IM : Fiat Chrysler, UAW Deal Said to Boost Tier 1 Ratification Bonus
- FCA IM : Ferrari Plans to Sell 17.2m Shares for $48-$52 in IPO
- FCA IM : Ferrari see Q3 Rev €720/€730mil, EBITDA €210/215mil
- GALP PL : Galp Says Eni Reduced Holding in Portuguese Oil Co. to 4.997%
- GLEN LN : Glencore Looks to ‘Streaming’ Deals for Quick Cash - http://on.wsj.com/1ZrHJKP
- Hasting IPO : Hastings Group IPO Priced at 170p, Values Co. at GBP1.12b
- HSBA LN : Some HSBC Investors Said to Push for Talks About CEO: Times
- SDF GY : K+S Confirms EU780m-EU860m Profit Goal: Frankfurter Allgemeine
- MEANR NA : Mota-Engil Africa Plans to Request Delisting of Shares, proposed E6,1235/sh vs 3.77 friday 62.43% premium
- UG FP : Peugeot Labor Union to Sue Carmaker Over Job Transfers: AFP
- PFV GY : Busch and Pfeiffer Vacuum speculated to be mid-term merge candidates
- PC IM : Pirelli to Remain Formula One’s Tire Supplier Thru ’19: Reuters
- Poste Italiana IPO : Poste Italiane Valued at Up to EU9.8b, IPO Starting Oct. 12
- RIO LN : Rio Tinto Says It Won’t Cut Copper Output: FT
- ROG VX : Roche, Novartis Dismiss Merger or Big M&A in SRF1 Interview
- RWE GY : Germany’s Atomic Plant Operators Say Nuclear Provisions Suffice
- RDSA NA : Shell Plans 1Q Partial Shutdown at Qatar Gas-to-Liquids Plant
- SAB LN : SABMiller Backer Says Brewer Has Better Prospects Than AB InBev
- SAB LN : AB InBev Said to Make Improved Offer for SABMiller: Sunday Times
- SAB LN : ABInBev Said to Discuss Raising SABMiller Bid to About 43 Pounds
- SAB LN : Light Beer Gets in Touch With Serious Side http://on.wsj.com/1VM94b7
- SN/ LN : Olivier Bohuon insists Smith & Nephew can prosper on its own - http://on.ft.com/1ZrGv21
- SPD LN : Sports Direct CEO Criminally Charged Over USC Collapse: Guardian
- TUIG GY : TUI to Propose ‘Significant’ Dividend Increase: Euro am Sonntag
- UTIW US : UTI Worldwide Competing Bid Possible, Maxim Group Says
- VOW3 GY : Volkswagen to Cut Revamped Phaeton Model to Save Money: Spiegel
- VOW3 GY : Lower Saxony State Gov Seeks VW Corporate Culture Change: DPA