Bloomberg:
- EU Dream Ebbs Amid Weak Growth, Putin's Jets, 25 Years After Wall Came Down. Europe’s post-Cold War order is fraying and there’s no consensus over how to stitch it back together. Some blame the European debt crisis for exposing the folly of the drive for economic unification. Some point to Vladimir Putin for redrawing the map by force and sending his warplanes to buzz NATO borders. For others, the vision of a peaceful, post-national Europe died off with the World War II generation. The makers of European memory will ponder those questions this weekend, marking on Sunday the anniversary of the fall of the Berlin Wall in 1989 and the ensuing euro-euphoria. The lessons of the intervening quarter-century are more sobering.
- China’s Trust Assets Expand Least Since 2010. China’s trust assets grew the least since 2010 in the third quarter as regulators tried to limit shadow banking risks and investors grew more wary of defaults. Trust companies’ assets under management climbed 3.8 percent to 12.9 trillion yuan ($2.1 trillion) as of Sept. 30 from three months earlier, the China Trustee Association said in a statement today. Government efforts to control shadow banking are sapping momentum from an economy that expanded in the third quarter at the slowest pace since 2009. China had 397 “risky” trust products valued at 82.4 billion yuan as of September, today’s report said, down from 91.7 billion yuan three months earlier.
- Most Asian Stocks Advance, Paring Weekly Loss, Before U.S. Jobs. Most Asian stocks rose, paring a weekly decline on the regional index, after a drop in American jobless claims bolstered optimism in the world’s largest economy before a government report on employment. More than three shares climbed for each that retreated on the MSCI Asia Pacific Index (MXAP), which gained 0.1 percent to 140.18 as of 9:03 a.m. in Tokyo, before markets opened in Hong Kong and China. The measure is headed for a 1.2 percent decline this week.
- Brent Crude Poised for Seventh Weekly Drop as OPEC Cuts Outlook. Brent headed for a seventh weekly drop as the Organization of Petroleum Exporting Countries predicted it will need to supply less crude amid the U.S. shale boom. West Texas Intermediate fell in New York. Futures slid as much as 0.7 percent in London and are down 4 percent this week. OPEC reduced every forecast for its crude through 2035 except next year, according to the group’s annual World Oil Outlook. Libya plans to resume production from its biggest field that was halted after an attack, an official said.
- Nickel, Copper Head for Weekly Declines Before China Export Data. Nickel and copper headed for weekly losses before China, the world’s biggest consumer of industrial metals, may report a slowdown in export growth. China’s overseas shipments in October grew 10.7 percent from a year earlier, down from 15.3 percent in September, according to Bloomberg survey before data tomorrow. Imports probably rose 5 percent after gaining 7 percent the previous month. The U.S., the second-biggest metals user, added 235,000 jobs in October, falling from the previous month, according to a separate survey before data today.
- U.S. Commercial-Property Prices Pass Peak, Moody’s Says. U.S. commercial-property prices have surpassed the peak reached seven years ago, before the financial crisis sent real estate values plunging, Moody’s Investors Service Inc. said today. The Moody’s/RCA Commercial Property Price Indices national all-property composite index rose in September to 0.2 percent higher than its November 2007 level, Moody’s said. The gauge has recovered a loss of more than 40 percent since its January 2010 trough, according to the New York-based company.
- Obama Wrote Secret Letter to Iran’s Khamenei About Fighting Islamic State. Presidential Correspondence With Ayatollah Stresses Shared U.S.-Iranian Interests in Combating Insurgents, Urges Progress on Nuclear Talks.
- New SEC Chief Accountant Weighing Switch to Global Accounting Rules. Schnurr Hopes to Make Recommendation on Whether U.S. Companies Should Adopt International Financial Reporting Standards.
- Boehner warns Obama will ‘burn himself’ with exec action on immigration. House Speaker John Boehner issued a stern warning to President Obama not to use executive action to bypass Congress on immigration, telling the president on Thursday "he's going to burn himself" and "poison the well" if he goes down that path.
- Buyer beware? Investor sentiment at highest level of 2014. (graph) Eyeballing the most recent investor-sentiment survey from The American Association of Individual Investors indicates that optimism is at its highest level since Dec. 26, 2013, while pessimism fell to a nine-year low. More than half of people surveyed are optimistic that markets will rise over the next six months, while only 15% expect markets to fall, as the chart included shows. It’s important to note that many market watchers use the AAII survey as a contrarian indicator.
- Gap(GPS) reports lower-than-expected October sales. Gap Inc. reported disappointing October sales results, hurt particularly by sales at its namesake stores. The October figures bring the company's third-quarter sales down to $3.97 billion, below the Wall Street consensus of $4.05 billion.
- While Brussels Burns In "Anti-Austerity" Riots, Here Is The Real Reason For Europe's Depression. (pics)
- One Of Latin America's Bright Spots Is Dimming. Mexico's economy is one of the bright spots in Latin America right now, but recent forecasts continue to revise down just how much it is growing.
Reuters:
- Fed's Mester sees 2015 rate rise, confident on inflation. The U.S. Federal Reserve will likely raise interest rates next year since inflation, while a bit low now, remains stable and should rise to target by the end of 2016, a top Fed official said on Thursday. Loretta Mester, head of the Cleveland Fed, told reporters the central bank needs to be "forward looking" in deciding when to tighten policy based on inflation. She added that market volatility is to be expected as a rate-rise approaches.
- Salix(SLXP) Pharmaceuticals profit, revenue miss estimates. Salix Pharmaceuticals Ltd. reported a lower-than-expected quarterly profit and revenue. Salix shares were down 35 percent in after-market trading.
- Nvidia(NVDA) quarterly revenue tops Wall Street expectations. Nvidia on Thursday posted higher fiscal third-quarter revenue that was above Wall Street's expectations, fueled by the company's latest graphics chips for personal computers as well as processors for data centers and cars.
- First Solar(FSLR) third-quarter earnings, sales fall. U.S. solar panel maker First Solar Inc on Thursday posted third-quarter earnings and sales that were lower than the same quarter a year ago when it benefited from the sale of three projects and began recognizing revenue from a major project in California.
- Apparently, Europe's economic malaise has got nothing to do with the euro. A 'structural compact' is not enough to save the euro.
- None of note
- Asian equity indices are unch. to +.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 107.0 unch.
- Asia Pacific Sovereign CDS Index 63.5 -. basis point.
- FTSE-100 futures +.23%.
- S&P 500 futures +.14%.
- NASDAQ 100 futures +.22%.
Earnings of Note
Company/Estimate
- (MT)/.18
- (CTB)/.72
- (EBIX)/.38
- (HUM)/2.00
- (WLH)/.32
- (BRK/B)/2593.85
- (DRC)/.64
8:30 am EST
- The Change in Non-Farm Payrolls for October is estimated to fall to 235K versus 248K in September.
- The Unemployment Rate for October is estimated at 5.9% versus 5.9% in September.
- Average Hourly Earnings for October are estimated to rise +.2% versus unch. in September.
- Consumer Credit for September is estimated to rise to $16.0B versus $13.525B in August.
- None of note
- The Fed's Yellen speaking, Fed's Evans speaking, Fed's Tarullo speaking and the German trade balance report could also impact trading today.
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