Reporting news-flow today includes UK, US and EUZone manufacturing PMIs, German Jobs, US Construction Spending and ISM Mfg data, API Inventories and comments from BoE’s Carney, ECB’s Visco, Fed’s Evans and Brainard.
Asian equity trading was mainly higher after a tame close from Wall Street. Although, the Shanghai Composite lagged as traders analysed the latest PMI release which the official manufacturing PMI was it’s lowest since August 2012 and Caixin manufacturing PMI was at a 9 month contractionary territory, despite beating estimates.
Chinese Manufacturing PMI M/M 49.6 vs. Exp. 49.8 (Prev. 49.8). Non-manufacturing PMI M/M 53.6 (Prev. 53.1) (Bloomberg)
Chinese Caixin Manufacturing PMI M/M 48.6 vs. Exp. 48.3 (Prev. 48.3) (Bloomberg).
IMF have approved the inclusion of the CNY in the SDR basket which will be effective from 1st October 2016. (Bloomberg)
FTSE 100 Equity News:
SABMiller (L:SAB) – US Senate antitrust panel has set the hearing regarding the SABMiller / AB InBev merger on December 8th. (Bloomberg)
Aberdeen Asset Management – Shares fell 4.6% yesterday as it revealed the 10th consecutive quarter of decline in funds. (The Times)
British American Tobacco (L:BATS) – Anti-smoking campaigners have called for a government inquiry into the company claiming that some of its employees bribed civil servants in eastern Africa. (Bloomberg)
UK banking names will be told they have done good work bolstering themselves in the wake of 2008 financial crisis when the BoE reports its stress test results today. However, BoE will say they need to go further in order to prove they can survive another economic downturn. (Telegraph).
DAX Equity News:
Linde – states that they will not hit ROC goal of 11-12% for 2017, adding that 2017 operating profit of €4.5bn-4.7bn is not achievable. (Bloomberg)
BMW – CEO said he does not currently expect the VW emissions scandal to affect client demand. (Bloomberg)
Volkswagen (DE:VOWG_p) – The department of justice wants a judicial panel to take on the hundreds of civil lawsuits against the company in Detroit. (Reuters)
Adidas (DE:ADSGN) – says that their online retail business is growing faster than ever. (FAZ)
ThyssenKrupp – promised to create 2-3000 new jobs should it be awarded the $36bn Australian submarine contract. (Reuters)
CAC Equity News:
Renault (PA:RENA) – Nissan are looking to increase their stake in the company ti at least 25% or even more, in attempt to block management interference by the French government, however Nissan have officially announced that nothing has been decided on Renault following its board meeting. (Reuters)
Over in the US, equities traded in weaker thanks to consumer and health care names as participants await further details in regards to shopping trends over the holiday period. The main reports that retail stores sales declined 10% Y/Y while online sales increased 21.5% on Black Friday.