US Market cimbs while debt ceiling battle continues...no agreement during the week end and no real willingness of finding one... The focus moved the Senate, where a test vote for a $1T extension beyond the 2014 mid-term election did not receive the necessary 60 votes to move forward on the debating the legislation. Despite the setbacks in both houses over the weekend, Congressional leaders on both sides remained optimistic that a deal would be struck in the coming days, even though US equity markets are likely to be skeptical - S&P500 futures opened down 0.7%...Nikkei & Hang Send closed today...China trade data released over the weekend surprisingly disappointing (6 month lows and exports registering first decline in 3 months) Susequent comments from Customs official noting the data suggests "trend of low yet stable growth", but also looking to ease concerns indicating exports are expected to stabilise in the next 2-3 months. - China September CPI inflation was hotter than expected, rising above 3% for a 7-month high. Food component especially high, up 6.1% v 4.7% prior, while non- food is comparable to prior month at 1.6%. Sept PPI is in deflation territory for 19th consecutive month.
Eur$ : 1.3563 European Fut. Indicated lower by 30bps
Keep an eye on : - BMW GY : BMW sees China sales up 20.8% in Sep - BNP FP : BNP Paribas does not rule out acquisitions but is not interested in Commerzbank - CBK GY : Commerzbank Board Disagrees on Manager Dismissal: Handelsblatt - DSY FP : Dassault Systemes Apologizes as 3Q Falls Short of Targets - EAD FP : EADS CEO Tom Enders Says A380 Demand Will Recover, EADS Says Cannot Be Satisfied With A380 Sales Numbers - FCC SM : Santander, BBVA, Bankia, Popular, Sabadell, Caixabank have agreed to restructuring of FCC debt, El Confidencial - GALP PL : Galp Raised Net Entitlement Output, Processed More Crude in 3Q - INVP LN : Investec to Sell Offshore Unit to Salamanca for les than £10b Sunday Telegraph - KPN NA : KPN, America Movil Continue to Disagree on Valuation: Telegraaf - MT NA : Buy ArcelorMittal, See 75% Upside in Next 12-Mo., SocGen Says - UG FP : Peugeot Family Split on Capital Increase Participation: Tribune - SAND SS : Sandvik CEO Sees ‘More Positive Development’ in Europe, DI Says - SHP LN : Buy Shire, UBS Says; Expects a 3Q 10% Beat - VPOS NO : Hexagon Bids NOK28/Shr for Veripos; 22% Premium to Last Trade