Reporting news-flow today includes French, German and EU mfg and Services PMI, IS Manufacturing PMI, Existing Home Sales, ECB’s Weidmann, Constancio, Coeure and Lautenschlager all speak today.
Asian equity markets traded higher following US gains which saw the S&P500 post its best week YTD. Shanghai Comp. traded higher initially after margin debut approached 3-month highs.
Markets in Japan are closed due to Labour Thanksgiving holiday.
FTSE 100 Equity news:
Glencore (L:GLEN) secured a deal to buy as much as 50% of current oil exports from Libya. (Reuters)
British American Tobacco (L:BATS) has announced they are to launch a new type of cigarette which will combine e-cigarette technology with tobacco. (FT) They will start testing it’s product first in Europe by the end of the month. If it is a success, sources say a launch in Britain will follow shortly after. (Sunday Times)
US hedge fund Third Point places a £20mn bet in Morrisons. (Telegraph)
Rolls Royce (L:RR) is said to be planning a reduction of around 2,000 senior manager jobs and could indicate the sale of some marine operations. (Telegraph) Elsewhere, the CEO will reject investor plans to divest its aero-engines business. (Times)
A bolster to the defence sector with Britain is believed to buy 138 stealth fighter jets which will triple its deliveries from Lockhead Martin’s F-35 fighter jet in a deal valued at £29bn to the UK with BAE Systems (L:BAES) and Rolls Royce benefiting. (Sunday Times)
Private equity firms are considering a £1bn takeover bid for Home Retail Group. (Sunday Times)
DAX Equity News:
US regulators stated that increased emissions in Volkswagen (DE:VOWG_p) larger vehicles date back to 2009, while the EPA stated that they are to expand their probe in to their diesel vehicles too. (Bloomberg) Elsewhere, Volkswagen denied reports that the company is dead and that sales have declined significantly and is also said to reduce its capex plans for 2016 from €13 bln to €12bn. (Reuters)
In the US, equity markets closed positively as the S&P500 had its largest weekly gain in 2015. Consumer Discretionary finished as the outperforming sector after Nike (N:NKE) announced a new $12bn stock buyback program as well as boosting their quarterly dividend and a 2-for-1 stock split. The sector was further boosted after strong earnings from Ross Stores, GAP and Abercrombie & Fitch.
Pfizer is set to acquire Allergan in a deal valued over $150bn. (Reuters)