Bloomberg:
- Ukraine Says Rebels Massing Forces Amid Germany’s Warning. Ukraine’s military said the separatists battling government troops are regrouping and mobilizing forces across the country’s war-torn east. Pro-Russian insurgents are reinforcing their positions on the outskirts of the port city of Mariupol and massing armored vehicles in other parts of the Donetsk region, Andriy Lysenko, a spokesman for the Ukrainian National Security and Defense Council, said at a briefing in Kiev yesterday, adding that a full mobilization was announced in four rebel-held towns. The cease-fire negotiated two months ago is coming undone as Ukraine and its allies in the U.S. and Europe accuse Russia of continuing to arm rebels in eastern Ukraine. Russian President Vladimir Putin has denied military involvement. More than 4,000 people have been killed and about 9,000 wounded in the conflict, according to the United Nations.
- Russia GDP Growth Seen at Slowest Since 2009 as Oil Adds to Pain. Russia’s third-quarter economic growth was the slowest since a 2009 contraction as the slumping price of crude oil and the ruble’s plunge added to the effect of sanctions over Ukraine, a survey of economists showed. Gross domestic product grew 0.3 percent from a year earlier after expanding 0.8 percent in the previous three months, according to the median estimate of 20 economists in a Bloomberg survey. The statistics office in Moscow will release the data tomorrow or Nov. 14. The economy is buckling under the weight of sanctions, while the plummeting ruble stokes inflation and the sinking price of oil erodes export revenue.
- Kuroda Ally Flags Warning on Delaying Sales-Tax Increase. An adviser to the Bank of Japan and longtime colleague of its governor flagged a warning on the implications for monetary policy of any move by Prime Minister Shinzo Abe to delay next year’s sales-tax increase. “The BOJ is buying a massive amount of bonds to lower yields and create inflation,” said Masahiro Kawai, who co-wrote an article with Haruhiko Kuroda calling for the BOJ to adopt an inflation target years before Kuroda took over the central bank. “By postponing the tax hike, Abe would lose fiscal trust, raise risk premiums and make the BOJ’s job much harder.”
- Record Exports of Cheap Chinese Steel May Spark Trade War. Record steel exports from China are undercutting foreign rivals on price, triggering complaints from Seoul to South Africa that may signal the start of a trade conflict. China produces about half the world’s steel and exports are on pace to exceed 80 million tons this year, the most ever, according to the China Iron & Steel Association.
- Asian Stocks Advance as Topix Jumps on Tax Delay Bets. Asian stocks rose for a fourth day as Japanese shares climbed after the yen depreciated to a seven-year low amid speculation the nation will delay raising its sales tax again. The MSCI Asia Pacific Index (MXAP) added 0.3 percent to 141.38 as of 9:02 a.m. in Tokyo. The Topix index advanced yesterday to its highest close in six years amid reports Prime Minister Shinzo Abe is considering postponing a second increase to the levy and preparing to call snap elections next month.
- Lead Leads Metals Lower as Strengthening Dollar Erodes Appeal. Lead fell for the first time in five days, leading most base metals lower, as a stronger dollar lowered the attractiveness of commodities priced in the greenback as an alternative investment. Lead in London slipped as much as 0.4 percent and has lost 8.2 percent since the start of the year. The Bloomberg Commodity Index (BCOM) has dropped 6.5 percent in 2014, while the dollar traded near the highest level since 2009 against a 10-currency basket.
- Brent Falls for Third Day on Signs OPEC Will Resist Output Cuts. Brent crude fell for a third day amid signs that OPEC members are reluctant to reduce supply even as prices slumped deeper into a bear market. West Texas Intermediate dropped in New York. Futures slid as much as 0.7 percent in London. The oversupply in global markets “didn’t come from us,” Energy Minister Suhail Al Mazrouei said yesterday of the United Arab Emirates and the Organization of Petroleum Exporting Countries. Crude stockpiles in the U.S., the world’s biggest oil consumer, probably increased by 1.1 million barrels through Nov. 7 for a sixth weekly gain, a Bloomberg News survey shows before government data tomorrow.
- U.S., China Ready Deals to Avert Military Confrontations. Agreements Would Cover Alerts for Exercises, Set Rules of Behavior for Military Encounters. China and the U.S. prepared to unveil a raft of agreements designed to avert military confrontations and tackle climate change, in a surprise display of cooperation between two nations whose relationship has been strained on multiple fronts.
CNBC:
Zero Hedge:
- Just 15 Charts. (graph)
- "It's The Dollar, Stupid". (graph)
- White House and China set historic greenhouse emissions levels. At the end of a trade summit in China, U.S. President Barack Obama announced a climate change agreement with Chinese President Xi Jinping that would cut both countries' greenhouse gas emissions by close to a third over the next two decades. Under the agreement, the United States would cut between 26-28% of the level of its carbon emissions set in 2005 by 2025, and China would do the same by 2030. The administration hopes the announcement by the two superpowers will spur other nations to do the same. The White House said the ultimate target is to "achieve deep economy-wide reductions on the order of 80% by 2050."
- Yahoo(YHOO) buys video ad service BrightRoll for $640 mln. Yahoo Inc. will pay about $640 million for automated advertising service BrightRoll, beefing up its ability to sell video ads in real-time to marketers.
- NYSE says short interest down 2.15 pct in late October. As of Oct. 31, short interest fell to about 15.448 billion shares, compared with 15.787 billion shares as of Oct. 15.
- Some Chinese Provinces May Lower 2015 GDP Targets Vs 2014. It is "almost imossible" for the provinces to meet their 2014 GDP targets if Jan. - Sept. GDP growth is 1 percentage point lower than annual target, citing Xu Fengxian, a researcher with Chinese Academy of Social Sciences.
- None of note
- Asian equity indices are -.5% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 106.0 unch.
- Asia Pacific Sovereign CDS Index 64.25 unch.
- FTSE-100 futures +.02%.
- S&P 500 futures -.06%.
- NASDAQ 100 futures -.03%.
Earnings of Note
Company/Estimate
- (FLO)/.20
- (M)/.50
- (ADT)/.48
- (ROK)/1.82
- (ENR)/1.61
- (BZH)/.63
- (JCP)/-.80
- (CSCO)/.53
- (NTAP)/.69
- (XONE)/-.12
10:00 am EST
- Wholesale Inventories for September are estimated to rise +.2% versus a +.7% gain in August.
- Wholesale Trade Sales for September are estimated to fall -.1% versus a -.7% decline in August.
- None of note
- The Fed's Plosser speaking, BoE inflation report, Japan industrial production, $24B T-Note auction, weekly MBA mortgage applications report, (TWTR) analyst day, (GWW) analyst meeting and the (SWI) analyst day could also impact trading today.
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