>>> BOJ Gov Kuroda: Expanded easing to ensure it will reach price target - post

BOJ Gov Kuroda: Expanded easing to ensure it will reach price target - post rate decision press conference 
- Took needed and sufficient action at today's policy meeting- Still see room for more policy action if needed- Easing aimed at ending the deflationary mindset; saw a risk of delay in changing this mindset
- Will do all we can to achieve the 2% inflation target; will not hesitate to act again
- Japan is at a critical juncture to end deflation- Need to continue QQE until the 2% inflation target is achieved
- Today's decision to ease shows the central bank's unwavering determination
- Decline in demand and falling oil prices are exerting downward pressure on prices
- Reiterates that easing is having the intended effects
- Japan economy is on a moderate recovery path- Lower energy prices to support the economy in the long term
- Impact of the April sales tax increase has been somewhat prolonged
- Board shared that it sees downside risks but were divided whether action was needed at this time (**Reminder: Vote for furtehr easing was 5 to 4 earlier today)

FT : Those betting on an Anglo American break-up may soon be disappointed.

Those betting on an Anglo American break-up may soon be disappointed.
Speculators have been buying Anglo ahead of a seminar on its De Beers business scheduled for Monday, with some reckoning the diamond division may be spun off as part of new chief executive Mark Cutifani’s strategic review due in December.

    Anglo’s ownership of De Beers is seen as a poison pill for Glencore, whose chief executive Ivan Glasenberg stressed last month it does not trade diamonds.
    Barclays put a value on De Beers at $13.4bn, up from an implied value of $12.8bn when Anglo bought full control of the business in 2011. That suggests a spin-off could be value accretive, particularly given Anglo is trading at a 37 per cent discount to its sum of the parts value, the broker said.
    However, analysts still see such a move as unlikely. “With commodity prices suffering elsewhere, Anglo needs all the earnings and cash flow it can get,” said Barclays, while house broker Morgan Stanley reckoned De Beers is “not obviously undervalued” within Anglo. The shares slid 2.4 per cent to £13.21 in a weak mining sector.

    WSJ : Japan Mega-Pension to Shift to Stocks

    Japan Mega-Pension to Shift to Stocks Announcement for New Portfolio for Fund Expected Friday Afternoon

    TOKYO—Japan’s welfare minister is likely to approve a new portfolio for the country’s ¥127 trillion ($1.2 trillion) pension on Friday, in a move that will have a significant impact on financial markets, according to people familiar with the matter.

    The new portfolio will cut the fund’s 60% target allocation to Japanese bonds by roughly half and sharply increase weightings to Japanese stocks and foreign assets, the people said. The new allocation is expected to be announced at a news conference Friday afternoon.

    The people say the shift to the new allocation will take place gradually as the fund watches market conditions closely. The Government Pension Investment Fund has already been slowly unloading its hefty domestic bondholdings in recent months.

    Market participants are paying close attention to signs of an allocation shift by the giant fund, as changes in its investment stance could mean a move of trillions of yen in global financial markets. Reports of the new allocation helped push up Japan’s benchmark Nikkei Stock Average by 1.7% during the morning session Friday.

    >>> After Hours Summary: GPRO +15.3%, MELI +15%, GRPN +4.3%, LNKD +

    After Hours Summary: GPRO +15.3%, MELI +15%, GRPN +4.3%, LNKD +3%, AEGR -30.4%, TPX -13.1%, SBUX -4.4% following earnings/guidance

    After Hours Gainers:

    Companies trading higher in after hours in reaction to earnings:     GPRO +15.3%, MELI +15%, SYNC +12.5%, OPLK +11.2%, BCOV +10.4%, TUES +10.3%, AXTI +9.6%, BYD +9.3%, SAM +8.9%, SGMS +8%, EHTH +6.6%, ZEN +5.9%, IMPV +5.3%, SREV +4.8%, SIMG +4.6%, CTRL +4.5%, MCHP +4.4%, GRPN +4.3%, PGH +4.1%, VCRA +3.6%, ATEN +3.1%, LNKD +3%, UVE +2.9%, CODE +2.8%, WU +2.7%, SGEN +2.6%, POWI +2.5%, EXPE +2.3%, ONNN +2.1%, NEM +2.1%

    Companies trading higher in after hours in reaction to news: AXTI +9.6% (announced $5 mln stock repurchase program), SRPT +7.1% (FDA issued a statement on Duchenne muscular dystrophy; FDA reiterated its willingness to conduct a 'rolling review' of Sarepta's future NDA for eteplirsen and said it understands the 'dire urgency of the situation'), NVDQ +5.4% (announced that it and LifeCell Corporation have agreed to transfer all marketing and distribution rights to the SPY Elite System from LifeCell to NOVADAQ), CPE +5.4% (Lone Star Value disclosed a 5.1% active stake), ALSN +2.1% (announced a $500 mln stock repurchase program; increased quarterly dividend to $0.15 from $0.12 per share), BPZ +1.5% (announced a gas discovery at Onshore Block XXIII and discussions for gas sales pilot project)

    After Hours Losers:

    Companies trading lower in after hours in reaction to earnings: AEGR -30.4%, TRMB -15.2%, TPX -13.1%, PXLW -9.3%, DGI -4.5%, SBUX -4.4%, GMED -4.3%, TEP -3.9%, GEVA -3.7%, EPAY -2.9%, NBS -2.9%, THRX -2.8%, OFC -2.6%, FLDM -2.3%, OMCL -2.2%, LNG -2.2%, C -2.1%, NUVA -1.8%, STAA -1.7%, TRUP -1.6%, CCI -1.6%, CSLT -1.5%, CPSI -1.4%, SCSC -1.3%, GB -1.3%, ATR -1.1%, SEM -1%

    Companies trading lower in after hours in reaction to news: OFC -2.6% (commenced a public offering of 4.8 mln of its common shares of beneficial interest), LQ -1.9% (filed for a 20 mln share common stock offering by selling stockholders), SYRG -1.3% (announced a $125 mln purchase agreement for Wattenberg Field assets and $230 mln in committed financing) 

    >>> Asian Update

    Asian Market Update: Japan CPI slows further ahead of BOJ growth projections and GPIF allocation update

    ***Economic Data***
    - (AU) AUSTRALIA Q3 PPI Q/Q: 0.2% V -0.1% PRIOR; Y/Y: 1.2% V 2.3% PRIOR
    - (AU) AUSTRALIA SEPT PRIVATE SECTOR CREDIT M/M: 0.5% (3-month high) V 0.4%E; Y/Y: 5.4% V 5.3%E
    - (JP) JAPAN SEPT OVERALL HOUSEHOLD SPENDING Y/Y: -5.6% (6th consecutive y/y decline) V -4.3%E
    - (JP) JAPAN SEPT NATIONAL CPI Y/Y: 3.2% V 3.3%E; CPI EX FRESH FOOD Y/Y: 3.0% (6-month low) V 3.0%E
    - (JP) JAPAN OCT TOKYO CPI Y/Y: 2.5% V 2.7%E; CPI EX FRESH FOOD Y/Y: 2.5% (7-month low) V 2.5%E
    - (JP) JAPAN SEPT JOBLESS RATE: 3.6% V 3.6%E
    - (NZ) NEW ZEALAND SEPT M3 MONEY SUPPLY Y/Y: 5.3% V 5.2% PRIOR
    - (NZ) NEW ZEALAND SEPT BUILDING PERMITS M/M: -12.2% (largest decline in 3 years) V 1.0%E
    - (SG) SINGAPORE Q3 PRELIMINARY UNEMPLOYMENT: 1.9% V 2.0%E
    - (TW) TAIWAN Q3 PRELIM GDP Y/Y: 3.8% V 3.9%E
    - (UK) OCT GFK CONSUMER CONFIDENCE: -2 V -1E (3-month low)

    ***Index Snapshot (as of 02:30 GMT)***
    - Nikkei225 +1.7%, S&P/ASX +0.5%, Kospi +0.3%, Shanghai Composite flat%, Hang Seng +0.7%, Dec S&P500 +0.1% at 1,990

    ***Commodities/Fixed Income***
    - Dec gold flat at $1,198, Dec crude oil -0.2% at $80.99/brl, Dec copper flat $3.06
    - FCG.NZ: China lifts suspension on its whey powder exports
    - GLD: SPDR Gold Trust ETF daily holdings fall 1.2 tonnes to 741.2 tonnes; Lowest level since Oct 2008
    - (US) Weekly Fed Balance Sheet Total Assets for week ending Oct 29th: $4.49T v $4.48T prior; M1 y/y change: 10.2% (6-month low) v 10.4% w/w; M2 y/y change: 6.2% (6-month low) v 6.3% w/w
    - (AU) Australia MoF (AOFM) sells A$600M in 2019 Bonds; Avg yield: 2.8185%; Bid-to-cover: 6.12x

    ***Market Focal Points/Key Themes/FX***
    - Starbucks and LinkedIn were among the high-profile cult stocks reporting after US market close. SBUX was down nearly 5% after missing lofty estimates on both the top and bottom line, even though the company increased its projections for store count in FY15. EPS guidance was slightly below ests as well. LNKD beat on profit and sales, and also guided higher for the balance of FY14, sending shares up over 3%.

    - Australia's Macquarie was up over 2% and ANZ up slightly after reporting H1 and FY results respectively. MQG posted H1 Net A$678M v A$645Me and ROE rose nearly 400bps to 12.5%, with interim dividend up 30% y/y. ANZ FY14 was Net A$7.1B v A$6.9Be, though NIMs fell 9bps to 2.13 while CET1 rose 30bps to 8.8%.

    - USD/JPY got up within 50pips of its 6-year highs of around ¥110 late in the US session and maintained much of those gains on another Nikkei report anticipating a formal announcement of GPIF pension fund rebalancing that will feature a 25% domestic stock allocation and lower JGB holdings. Separately, Japan core CPI for the country and Tokyo regions saw 6- and 7-month lows respectively, as price pressures continue to ease due to lower energy prices and adverse weather at the end of summer. BOJ will also announce results shortly featuring updated projections for GDP and inflation, with recent speculation growth outlook may be reduced.

    - In China, PBoC Dep Gov Yi warned that bad debt at China major banks is mounting after several top-tier financials revealed a troubling rise in NPLs earlier this week. CSRC dep chief Yao eased investor concerns however, indicating the recently delayed Hong Kong-Shanghai interconnect trading link is now in the final stages of preparation.

    ***Equities***
    US markets:
    - GPRO: Reports Q3 $0.10 v $0.08e, R$280M v $263Me; +15.5% afterhours
    - SAM: Reports Q3 $2.79 v $2.35e, R$269.7M v $259Me; +9.1% afterhours
    - BYD: Reports Q3 $0.00 v $0.00e, R$738.8M v $733Me; +8.3% afterhours
    - EHTH: Reports Q3 $0.17 v $0.06e, R$41.2M v $41.8Me; +6.6% afterhours
    - GRPN: Reports Q3 $0.03 v $0.01e, R$757.1M v $747Me; +4.5% afterhours
    - SRPT: FDA statement on Duchenne Muscular Dystrophy; +3.9% afterhours
    - LNKD: Reports Q3 $0.52 v $0.47e, R$568.3M v $558Me; +3.5% afterhours
    - WU: Reports Q3 $0.44 v $0.39e, R$1.44B v $1.43Be; +2.7% afterhours
    - EXPE: Reports Q3 $1.93 adj v $1.75e, R$1.71B v $1.69Be; +2.4% afterhours
    - MYL: Reports Q3 $1.16 v $1.14e, R$2.08B v $2.06Be; +2.1% afterhours
    - NEM: Reports Q3 $0.50 v $0.18e, R$1.75B v $1.74Be; +2.1% afterhours
    - TSO: Reports Q3 $3.06 v $2.15e, R$11.15B v $11.3Be; +1.7% afterhours
    - OUTR: Reports Q3 $1.44 v $1.14e, R$552.9M v $555Me; +1.6% afterhours
    - EMN: Reports Q3 $1.89 v $1.80e, R$2.41B v $2.41Be; +1.6% afterhours
    - FLR: Reports Q3 $1.15 v $1.10e, R$5.44B v $6.16Be; +1.4% afterhours

    - SCSC: Reports Q1 $0.75 v $0.61e, R$791.7M v $753Mel guides Q2 $0.64-0.66 v $0.67e; -1.3% afterhours
    - C: Restates Q3 results lower citing $600M in legal accruals; lowers net income from $3.4B to $2.8B; -1.9% afterhours
    - DGI: Reports Q3 $0.00 v $0.01e, R$154.6M v $155Me; -4.5% afterhours
    - SBUX: Reports Q4 $0.74 v $0.75e, R$4.18B v $4.23Be; -4.6% afterhours
    - TPX: Reports Q3 $0.88 v $0.89e, R$827.4M v $796Me; -12.8% afterhours
    - TRMB: Reports Q3 $0.33 v $0.38e, R$584.8M v $604Me; -15.2% afterhours
    - AEGR: Reports Q3 $0.12 v -$0.18e, R$43.6M v $49.1Me, lowers FY14 JUXTAPID net product sales $150-160M (prior lower end of $180-200M); -30.3% afterhours

    Notable movers by sector:
    - Technology: Nikon 7731.JP +3.1% (raises H1 guidance); Fujitsu 6702.JP -5.8% (H1 results); Otsuka 4768.JP -7.1% (9M results); Kyocera 6971.JP +4.7% (H1 results, FY14/15 guidance)
    - Consumer discretionary: CyberAgent 4751.JP +8.7% (FY14 results); Suning Appliance 002024.CN +2.1% (Q3 results)
    - Industrials: Yamato Holdings 9064.JP +8.0% (H1 results); Sumitomo Heavy 6302.JP +3.1% (H1 results, raises FY14/15 Net, op profit guidance); Enplas Corp 6961.JP -17.7% (h1 results, lowers FY14/15 guidance); NGK Insulators 5333.JP -3.6% (H1 results)
    - Energy: Tohoku Electric 9506.JP +4.7% (H1 results)
    - Financials: ORIX 8591.JP +4.2% (H1 results); Guoyuan Securities 000728.CN +2.5%, Sinolink Securities +3.6% (CSRC official comments on Shanghai-Hong Kong trading link); Macquarie Group MQG.AU +2.4% (H1 results); ANZ Bank ANZ.AU +0.5% (FY14 results); Shanghai Pudong Development Bank 600000.CN +1.2% (Q3 results); Bank of China 3988.HK +0.8% (Q3 results)

    >>> US Close Dow+1,30% S&P+0,62% Nasdaq+0,37%

    Closing Market Summary: Dow Jones Leads Stocks Higher

    The major averages ended the Thursday session on a higher note with the Dow Jones Industrial Average (+1.3%) spending the entire day in the lead. However, the strength among blue chips masked the underperformance of high-beta chipmaker and transport stocks. Furthermore, defensively-oriented health care (+1.8%) and utilities (+2.1%) finished in the lead, suggesting a lack of strong conviction.

    Shortly before the open, the advance reading of Q3 GDP revealed growth of 3.5% while the Briefing.com consensus expected an increase of 3.0%. The news contributed to a rebound in the futures market, which had been pressured by early weakness in European equities. However, markets across Europe were able to erase their losses before ending for the day.

    The Dow held the lead from the start thanks to a surge in its top-weighted component. Shares of Visa (V 236.65, +21.99) soared 10.2% in reaction to a bottom-line beat and news of a $5 billion buyback.

    Visa's peer, MasterCard (MA 83.13, +7.14), also had a strong showing, spiking 9.4%, after it too surpassed earnings estimates. However, the two names were unable to push the technology sector (+0.2%) ahead of the broader market as other influential components like Apple (AAPL 106.98, -0.36), Facebook (FB 74.11, -1.75), and Microsoft (MSFT 46.05, -0.57) underperformed. Chipmakers also lagged with the PHLX Semiconductor Index falling 1.2%.

    The high-beta group slumped after ending yesterday's session on its 50-day average (623.74). The complex widened its October loss to 3.4% with its largest component—Intel (INTC 32.58, -1.34)—plunging 4.0%.

    Elsewhere among cyclical sectors, the materials space (+0.7%) had the strongest showing while energy (-0.3%) spent the day in the red. Crude oil, which fell 1.4% to $81.10/bbl, contributed to the weakness, while Chevron (CVX 117.20, +0.06) and ExxonMobil (XOM 94.45, -0.14) ended little changed ahead of their quarterly reports.

    Also of note, industrials (+0.4%) could not catch up to the broader market due to the weakness among transports. The Dow Jones Transportation Average slid 1.2% with Con-way (CNW 42.35, -2.81) diving 6.2% despite beating bottom-line estimates. Meanwhile, peer C.H. Robinson (CHRW 69.22, -2.88) tumbled 4.0% in reaction to a Credit Suisse downgrade to ‘Underperform' from ‘Neutral.'

    Meanwhile on the countercyclical side, consumer staples (+0.55%) and telecom services (+0.3%) slipped behind the market in the afternoon while health care (+1.8%) and utilities (+2.1%) finished in the lead.

    The health care sector was boosted by strong results from AmerisourceBergen (ABC 84.84, +5.10) and Cigna (CI 97.10, +3.10). As for biotechnology, the iShares Nasdaq Biotechnology ETF (IBB 296.70, +6.07) settled higher by 2.1%.

    Treasuries notched their highs right after the GDP report before spending the session in a steady retreat. The 10-yr yield slipped one basis point to 2.31%.

    Today's participation was ahead of average with 730 million shares changing hands at the NYSE.

    Economic data was limited to GDP and Initial Claims:

    * According to the advance estimate, GDP grew at an annualized rate of 3.5% during the third quarter while the Briefing.com consensus expected the reading to come in at 3.0%

    * Real final sales jumped 4.2%, which was the largest spike since Q4 2010  * The export deficit narrowed to $409.90 billion from $460.40 billion, boosting GDP growth by 1.32 percentage points  * Government spending surged 4.6%, representing the sharpest increase since Q2 2009 

    * Weekly Initial Claims increased to 287,000 from a revised rate of 284,000 (from 283,000) while the consensus called for a reading of 284,000 

    * Claims have held below the 300,000 mark for the past several weeks, suggesting payroll gains should surpass 200,000  * Continuing claims increased to 2.384 million from an upwardly revised 2.355 million (from 2.351 million) 

    Tomorrow, September Personal Income (consensus 0.3%), Personal Spending (consensus 0.1%), Core PCE Prices (expected 0.1%), and the Q3 Employment Cost Index (expected 0.5%) will all be released at 8:30 ET while the Chicago PMI report for October (consensus 60.0) will cross the wires at 9:45 ET. The day's data will be topped off with the final release of the Michigan Sentiment survey for October (expected 86.4).

    * Nasdaq Composite +9.3% YTD  * S&P 500 +7.9% YTD  * Dow Jones Industrial Average +3.7% YTD  * Russell 2000 -0.7% YTD

    >>> US Gapping down

    Gapping down In reaction to disappointing earnings/guidance: AFOP -18.1%, GLUU -17%, PRXL -14.3%, WTW -10.6%, ISIL -10.3%, ATML -10.1%, RGR -9.9%, ARAY -9.7%, HGG -9.4%, PEIX -9.2%, TGB -8.5%, BGC -7%, AUDC -7%, TRLA -6.5%, ASGN -6.4%, GTLS -5.5%, OXF -5.3%, NKA -4.5%, SFLY -4.1%, OCN -3.9%, TEX -3.5%, AKAM -3.5%, AUY -3.3%, SIMO -3.1%, OII -3%, RRC -2.8%, KRFT -2.8%, GNC -2.7%, PCRX -2.7%, FMC -2.6%, MDC -2.5%, K -2.4%, RRTS -2.3%, QGEN -2.1%, WLL -2%, MZOR -1.9%, ANR -1.9%, RFP -1.8%, AHL -1.7%, GG -1.4%, RDS.A -1.4%, BIDU -1.2%, WSTL -1.2%, RJF -1.1%, HBI -1%, ABX -1%, MDAS -1%, CGI -1%

    Select EU related names showing weakness: NBG -8.2%, DB -3.5%, IRE -3.4%, SAN -3.2%, UBS -2.3%, SAP -2.2%

    Select metals/mining stocks trading lower: MT -3.4%, AUY -3.3%, CLF -2.7%, RIO -2.2%, GOLD -1.8%, GG -1.4%, IAG -1.3%, ABX -1%, SA -0.8%, GFI -0.6%, NEM -0.6%

    Select oil/gas related names showing early weakness: STO -2.6%, RIG -2.6%, SDRL -2.4%, BP -1.7%, PBR 3%

    Other news: Z -5.9% (following TRLA earnings/update), WES -4.6% (announces public offering of 7.5 mln common units ), INGN -3.4% (prices 2,100,775 shares of its common stock at $21.50 per share in a secondary offering), OII -3% (filed for offering of senior debt securities), CMRX -2.7% ( files for $150 mln offering of common stock; announces commencement of public offering of ~$105 mln of its common stock ), SWHC -2.7% (following RGR results), AKR -2.1% (announces sale of 3.4 mln common shares), TWTR -1.5% (CNBC reports two key engineers plan to resign), SHLD -1.5% (announces filing of prospectus supplement for rights offering of units consisting of senior unsecured notes and warrants)

    Analyst comments: CGG -5.8% (initiated with a Underweight at JP Morgan), ACCO -3.3% (downgraded to Hold from Buy at KeyBanc Capital Mkts), ALK -1.6% (downgraded to Underweight from Neutral at JP Morgan), EVOL -1.5% (downgraded to Neutral from Buy at B. Riley & Co), BWS -1% (initiated with a Underweight at Morgan Stanley), CEO -1% (downgraded to Hold from Buy at Jefferies).

    >>> US Gapping up

    Gapping up In reaction to strong earnings/guidance: MOBL +11.7%, QTM +11.5%, ALU +10.2%, LOPE +9.9%, FLTX +9.2%, FORM +8.2%, CALX +7.5%, HOS +7.5%, TTWO +7.5%, CJES +6.3%, TASR +6.3%, RNG +5.1%, PPC +4.5%, AMAG +4.4%, ACHC +3.8%, CAVM +3.8%, V +3.5%, JDSU +3.3%, ARRS +3%, LLL +3%, FFIV +2.9%, NCIT +2.9%, CAR +2.9%, INCY +2.8%, DWA +2.7%, CRUS +2.6%, CLD +2.6%, VPRT +2.6%, ESV +2.4%, CEMP +2.2%, IQNT +2.1%, HST +2%, MET +1.8%, NEWP +1.8%, VECO +1.8%, ORN +1.8%, MA +1.7%, SLCA +1.6%, MMYT +1.6%, DRIV +1.4%, SPRT +1.4%, ALLE +1.4%, CRR +1.4%, EQIX +1.3%, LNC +1.3%, LOCK +1.2%, GBX +1.2%, MDXG +1.2%, COP +1.2%, NGD +1.2%, ARII +1.1%, ALDW +1.1%, NEO +1.1%, EPD +1.1%, QUIK +1%, .

    M&A news: PDII +92% (Digirad delivers letter to PDI expressing willingness to acquire the company at a premium to current market price in combination of cash and stock )

    Other news: LAKE +42.5% (provides update on business activity relating to Ebola crisis; The co has been experiencing significant interest globally for its ChemMAX and MicroMAX protective suit lines), APT +16.6% (following LAKE Ebola update), IBIO +14.7% (in symp with LAKE announcement), LOPE +9.9% (Board formed an independent committee to explore options aimed at enhancing stockholder value), FORM +8.2% (announced Mike Slessor will become CEO starting fiscal 2015), HOS +7.5% (Board authorized $150 mln share repurchase program), NVAX +7.2% (U.S. FDA Grants Fast Track Designation to Novavax' H7N9 Influenza Virus-Like Particle Vaccine Candidate Adjuvanted With Matrix-M), NAVB +5.1% (announces scientific presentations of results from Lymphoseek studies at the European Association of Nuclear Medicine), BBSI +5% (following 50%+ decline yesterday on earnings), LVLT +3.8% (Level 3 to join S&P 500 11/4 ), CBSO +3.2% (co's Board has approved a special dividend on the company's common stock of ~$547.7 million, or $4.56 per share), TBIO +2.9% (co and University of Melbourne collaborate to further validate ability of multiplexed ICE COLD-PCRTM)

    Analyst comments: NFX +0.8% (upgraded to Buy from Hold at Societe Generale)