Daily Market Commentary
- The Chicago Fed National Activity Index for October was reported at 0.14.
- A survey of the Business Climate in Germany was reported at 104.7, above expectations of 103.
- Brent crude traded near the highest closing price in seven sessions amid signs that Iran will seek an output cut at OPEC’s meeting this week. West Texas Intermediate was steady in New York.
- Gold fell from a three-week high in London as a stronger dollar and expectations that U.S. policy makers will raise borrowing costs cut demand for the metal.
- Iran may propose that OPEC cut its output target by as much as 1 million barrels a day to halt the slide in crude prices when the country’s oil minister consults with his Saudi counterpart before the group gathers this week.
- Onex Corp. agreed to buy Swiss juice-box maker SIG Combibloc Group AG for as much as 3.75 billion euros ($4.7 billion) as Canada’s largest buyout firm expands in Europe. Onex will pay an initial 3.58 billion euros to Reynolds Group Holdings Ltd.
- A federally owned coal-shipping operation in northern British Columbia is placing its expansion on hold for up to five years, getting only halfway toward its goal to double the terminal’s capacity. Ridley Terminals Inc., has been ramping up its capacity in anticipation of increased coal exports to energy-hungry customers in Asia. But as coal prices spiralled downward over the past couple of years, producers vastly scaled back or cancelled exports. (Globe)
- Ivanhoe Cambridge Inc. and joint venture partner Callahan Capital Properties bought two adjoining office properties in Seattle for $280 million.
- U.S. stock-index futures rose, indicating equities may extend all-time highs after a fifth week of gains, as confidence in the global economy grew amid support from central banks.
- A European Parliament bid for legislation splitting up Google Inc. may send a message that’s too loud to ignore as European Union antitrust regulators review a possible settlement with the owner of the world’s largest search engine.
- European stocks extended a two-month high as lenders rallied on speculation the European Central Bank will step up stimulus.
- Carlyle Group LP is gathering as much as $5 billion for a fund that can hold stakes in companies for as long as 20 years, joining private equity firms such as Blackstone Group LP and CVC Capital Partners Ltd. in seeking more permanent capital from investors.
- BHP Billiton Ltd. reassured investors that billions of dollars of planned capital spending and cost cuts will help allow the world’s biggest miner to maintain dividends as iron ore and crude oil prices plunge.
- Chinese stocks trading in Hong Kong rallied the most in a year after the central bank lowered benchmark interest rates for the first time since July 2012.
- Leaders of Samsung Electronics Co.’s mobile-phone unit may be replaced as the controlling Lee family tries to revive a business where profits slumped by $4.5 billion as upstart Chinese vendors won market share.
*All information is taken from Bloomberg, unless otherwise noted.