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Asian markets plunge ignited by weak Chinese data





Asian markets plummeted Monday as China reported weak factory activities in October, fueling global growth concerns. Official figures showed the Caixin purchasing manager's index ended at 48.3 from 47.2 in September. The MSCI Asia Pacific Index tumbled 0.6%, while Japan's Nikkei retreated 1.7%. Hong Kong's Hang Seng China Enterprises Index slipped 0.4%. The Shanghai Composite Index lost as much as 1.6% to trade 0.1% higher. Global market woes ignited selling while the market became vulnerable to “profit-taking from last week's gains,” said Hikaru Sato, Senior Technical Analyst at Daiwa Securities.


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Australia Keeps Rates Unchanged





Australia's central bank maintained its record low interest rate for the sixth straight meeting on Tuesday as widely expected by economists. The policy board of the Reserve Bank of Australia left its cash rate unchanged at 2.00 percent. The bank had lowered the rates by 25 basis points each in February and May. Policymakers judged that the prospects for an improvement in economic conditions had firmed a little over recent months and that leaving the cash rate unchanged was appropriate at this meeting. Members noted that the outlook for inflation may afford scope for further easing of policy, should that be appropriate to lend support to demand. "The Board will continue to assess the outlook, and hence whether the current stance of policy will most effectively foster sustainable growth and inflation consistent with the target," the bank said in a statement.


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Nasdaq 100 hits 15-year peak as US shares soar





A broad advance in US shares jolted the Nasdaq 100 index above its July peak, another trace of recovery from the equity meltdown in summer. The index rose 1.2%, extending its advance from the August 25 low to 17%, making it the first major index of US stocks to regain a multiyear high reached earlier this year. Also, the Standard & Poor's 500 Index remains more than 1% from its May 21 high of 2,130.82. The Dow Jones Industrial Average climbed 2.6%. Increases in the index have come from the largest computer and software firms. Amazon surged 35%, Microsoft leaped 32%, and Facebook added 24%. Apple Inc. has rallied 17% after it dropped 21% in the summer rout. US shares joined a global rally in stocks as manufacturing activity in China slowed, which subdued demand from equity investors looking for signs of strength elsewhere.


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China Services PMI Rebounds In October - Caixin





The services sector in China expanded again in October and at a faster pace, the latest survey from Caixin revealed on Wednesday with a PMI score of 52.0. That's up from 50.5 in September, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Individually, new orders and employment were stronger, although business sentiment tumbled to a 10-year low. The composite index moved to 49.9, up from 48.0 in September.


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Apple, Google, Microsoft uphold efforts to ease climate change





Apple Inc., Google parent Alphabet Inc., and Microsoft Corp. are among the best companies doing their best to fight climate change. UK nonprofit CDP's 2015 Climate A List indicated the three US technology giants are among the 113 firms awarded an 'A' grade for their actions to ease heat-trapping emissions. The list was narrowed down to 1,997 companies worldwide that submitted data to the institution. The endeavors by Asahi Group Holdings Ltd. and Nedbank Group Ltd. reflected a growing trend by firms around the globe to bolster efforts to protect the environment. The CDP report added nine in 10 companies implement measures to cut greenhouse gases, up from less than half in 2010. We must act swiftly and boldly to contend with climate change, meaning change the way we manage business, holding ourselves responsible, and creating innovative solutions that drive a low-carbon economy,” said Hewlett Packard Enterprise Co. Chief Executive Meg Whitman. The United Nations has pressed companies to come up with a global deal to counter the effects of climate change at a meeting in Paris next month.


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BOJ warns prolonged China slowdown could affect exports





Many Bank of Japan policymakers cautioned a prolonged slowdown among emerging economies could dent export, even if they voted not to bolster its monetary stimulus on October 6 and 7. Released Tuesday, the minutes of the rate review did not indicate the nine-member board actively deliberated on monetary easing. Many board members echoed Governor Haruhiko Kuroda's stance inflation is steadily accelerating, excluding the effect of lower energy costs. But the minutes showed the central bank must be wary of plunging currencies and stock prices of emerging economies, as well as plummeting commodity prices. The BOJ decided to withhold easing at both meetings, on October 6-7 and Oct. 30, hoping the Japanese economy will sustain a moderate recuperation and help push inflation to their 2% target.


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RBA: Rate cuts, Aussie weakness spur economic growth





The Reserve Bank of Australia, in its quarterly monetary policy statement, said interest rate cuts and the Australian dollar's depreciation ignite economic growth, with Governor Glenn Stevens expecting rates to stay on hold. Australia's central bank lowered the inflation projection for the year to June 2016, as well as growth reduced by a quarter point at the beginning and end of the forecast period. The RBA emphasized its outlook from three years ago, when it retained rates at 2%, unchanged for a sixth month, saying prospects for better economic conditions had slightly firmed in recent months. Also, the central bank projected unemployment to remain within the 6% to 6.25% range over the next year and plummet gradually toward the end of the forecast period.


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UK Permanent Job Placement Growth At 4-Month High





Permanent job placements in the U.K. increased at the fastest pace in four months in October, the Report on Jobs compiled by the Recruitment and Employment Confederation and KPMG showed Friday. The number of people placed in permanent jobs climbed further in October and the growth was solid and sharpest in four months. Similarly, temporary and contract staff billings rose at a faster pace, marking the strongest growth in three months. At the same time, the availability of staff for permanent jobs continued to decline in October, although easing to the lowest since January. Overall vacancies continued to rise at a marked pace in October. Considering the regional and sector variation, the strongest rise in permanent placements was recorded by Midlands-based consultancies, followed by the North. Rates of expansion in the South and London were modest.


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IMF's Lagarde push Gulf nations to unveil tax, spending reforms





International Monetary Fund Managing Director Christine Lagarde urged Gulf Arab oil nations to implement tax and spending reforms to control budget deficits. Low oil prices have cut state revenues in the Gulf Cooperation Council. All of the countries have started to limit spending, but so far, most have inhibitions in taking measures to reduce consumers' disposable income. Lagarde pressed governments to slow growth of their current spending, referring to their practice of giving high-paying jobs to their citizens to secure political support. As of present, most GCC citizens work for the public sector. The IMF head also urged them, including Saudi Arabia and the United Arab Emirates, to unveil a regional value-added tax the soonest possible.


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European Economics Preview: German Foreign Trade Data Due





Foreign trade figures from Germany and investor sentiment from euro area are due on Monday, headlining a light day for the European economic news. At 2.00 am ET, Destatis is set to publish external trade figures for September. German exports are forecast to rise 2 percent on a monthly basis in September and imports to grow 1 percent. Economists forecast the trade surplus to rise to EUR 21 billion from EUR 15.3 billion in August. At 3.00 am ET, consumer prices and unemployment from the Czech Republic are due. Inflation is expected to remain unchanged at 0.4 percent in October. The jobless rate is forecast to ease marginally to 5.9 percent in October from 6 percent in September. In the meantime, the Turkish Statistical Office is slated to issue industrial production for September. At 4.30 am ET, Eurozone Sentix investor sentiment data is due. The investor confidence index is expected to rise to 12.7 in November from 11.7 in October. At 5.30 am ET, the Organisation for Economic Co-operation and Development is set to publish Economic Outlook. Eurozone finance ministers are set to meet in Brussels today. The Eurogroup will be updated on the state of play regarding the implementation of Greece's economic adjustment programme, including the disbursement of EUR 3 billion.


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