Bloomberg:
- NATO Jets Intercept Russia Military Plane Over Baltics. Two Dutch F-16 fighter jets on a NATO mission intercepted a Russian aircraft in the Baltics after it approached Estonian and Lithuanian airspace. The F-16s intercepted an Ilyushin transport plane that hadn’t announced a flight plan yesterday near the two countries and escorted it out of the area, the Dutch Defense Ministry said on its website. The plane flew in the direction of the Russian Baltic Sea exclave of Kaliningrad, the ministry said. Increased Russian aerial activity coincides with rising tension pitting Russia against the U.S. and the European Union over Ukraine. The North Atlantic Treaty Organization detected and tracked Russian military aircraft including fighter jets, long-range bombers and tankers over the Baltic region, the North Sea and the Atlantic Ocean for three days in late October.
- World Outlook Darkening as 89% in Poll See Europe Deflation Risk. The world economy is in its worst shape in two years, with the euro area and emerging markets deteriorating and the danger of deflation rising, according to a Bloomberg Global Poll of international investors. A plurality of 38 percent of those surveyed this week described the global economy as worsening, more than double the number who said that in the last poll in July and the most since September 2012, when Europe was mired in a recession. Much of the concern is again focused on the euro area: Almost two-thirds of those polled said its economy was weakening while 89 percent saw disinflation or deflation as a greater threat there than inflation over the next year.
- Eastern European Recovery Falters as Euro Area Woes Sap Demand. A recovery in the European Union’s eastern nations faltered in the third quarter, derailed by the euro region’s slowdown and deadly fighting in Ukraine. Poland’s $518 billion economy, the largest in the EU’s east, grew 2.7 percent from a year earlier, down from 3.3 percent in the previous three months, according to the median estimate of 29 economists in a Bloomberg survey. Hungary’s expansion slowed to 2.9 percent from 3.9 percent, a separate survey showed. The two countries, along with the Czech Republic, Slovakia, Romania and Bulgaria report growth figures today.
- Beef Bowl Costs Rise as Japan Imports Priciest Since Mad Cow. The cost of U.S. beef for Japanese meat eaters doubled in the past year to the highest in a decade, eroding earnings as the yen weakened and global prices soared. The wholesale price of frozen short-plate, the meat used for beef bowls in Japanese fast-food restaurants such as Yoshinoya Holdings Co. (9861), rose to 1,081 yen ($9.36) a kilogram last month from 555 yen a year ago, according to Tokyo-based Agriculture & Livestock Industries Corp. It’s the highest since 2004, after Japan banned American beef imports because of mad-cow disease.
- Military Chief Weighs Frontline Role for U.S. Troops in Iraq. President Barack Obama’s top military adviser said more U.S. troops may be needed in Iraq for a “long and difficult” fight against Islamic State, as military planners assess the shortcomings of Iraqi forces. Army General Martin Dempsey, chairman of the Joint Chiefs of Staff, told lawmakers today that more complex operations in Iraq, such as efforts to retake Mosul or secure the Syrian border, may require deploying a limited number of additional American military advisers in action with Iraqi soldiers.
- Most Asian Stocks Advance as Japan’s Topix Extends Six-Year High. Most Asian stocks rose for a sixth day as Japanese shares extended a six-year high in Tokyo after the Dow Jones Industrial Average climbed to a record. The MSCI Asia Pacific Index (MXAP) added less than 0.1 percent to 141.72 as of 9:12 a.m. in Tokyo, with two shares rising for each that fell.
- Copper Set for Weekly Drop on Slowing Global Demand. Copper fell for a third day and was set for the first weekly drop in almost a month after weaker-than-expected Chinese manufacturing stoked speculation that slowing global growth will temper demand. The world economy is in its worst shape in two years, with the euro area and emerging markets deteriorating and the danger of deflation rising, according to a Bloomberg Global Poll of international investors. China’s industrial output in October increased 7.7 percent from a year earlier, trailing the 8 percent median estimate in a survey, government data showed yesterday. The dollar rose for a fourth day against a basket of 10 currencies, eroding the investment appeal of commodities.
- Halliburton(HAL) Enters Talks to Buy Baker Hughes(BHI). Deal Would Help Big Oil-Field Services Firms Weather Falling Prices.
- The Loneliest President Since Nixon. Facing adversity, Obama has no idea how to respond.
- Mary Landrieu’s Keystone Lifeline. Harry Reid’s gambit to deny Republicans a 54th Senate seat.
- U.S. pumped most oil since the 1980s. (graph)
- Hedge fund Lonestar shutting down. Lonestar Capital Management, a $1 billion hedge fund based in San Francisco, is shutting down, according to The Wall Street Journal.
- 3 Things Worth Thinking About. (graph)
Reuters:
- Applied Materials(AMAT) posts higher results but outlook disappoints. Applied Materials posted higher fiscal fourth-quarter results but the top chip gear-maker's outlook for the first quarter was shy of Wall Street's expectations and its stock fell.
- None of note
- Asian equity indices are -.50% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 105.50 -.5 basis point.
- Asia Pacific Sovereign CDS Index 63.75 -.75 basis point.
- FTSE-100 futures -.01%.
- S&P 500 futures +.03%.
- NASDAQ 100 futures +.07%.
Earnings of Note
Company/Estimate
- None of note
8:30 am EST
- Retail Sales Advance for October are estimated to rise +.2% versus a -.3% decline in September.
- Retail Sales Ex Autos for October are estimated to rise +.2% versus a -.2% decline in September.
- Retail Sales Ex Autos and Gas for October are estimated to rise +.4% versus a -.1% decline in September.
- The Import Price Index for October is estimated to fall -1.5% versus a -.5% decline in September.
- Preliminary Univ. of Mich. Consumer Confidence for November is estimated to rise to 87.5 versus 86.9 in October.
- Business Inventories for September are estimated to rise +.2% versus a +.2% gain in August.
- (STN) 2-for-1
- (CARO) 2-for-1
- The Fed's Powell speaking, Fed's Bullard speaking, 3Q US Mortgage Delinquencies/Mortgage Foreclosures reports and the German gdp report could also impact trading today.
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