Week 40 2017

Week 40 2017

02 October – 06 October

 

02 October

 

The euro edged down 0.3 per cent to $1.1781 in Asia trading after the weekend’s Catalonia referendum broke decidedly in favour of independence from Spain.

 

Spain’s manufacturers ignored rising tensions over the future of Catalonia to report a better than expected improvement in activity over September, according to a closely-watched survey.

 

Large investment groups including BlackRock and Vanguard have stepped up pressure on US energy companies to address the risks associated with climate change, despite the Trump administration’s lack of action to address the threat.

 

Hennes & Mauritz has pledged to provide greater clarity about operations in response to an investor call for more transparency about its online business ahead of its first ever capital markets day.

 

03 October

 

The Reserve Bank of Australia held interest rates at 1.5 per cent as expected on Tuesday, prompting the Australian dollar to drop as much as half a per cent against its US counterpart.

 

Approvals to build new homes in Australia returned to growth in August, driven by a recovery in the number of apartments green-lit.

 

Nordstrom shares were back in the sales bin on Monday following a report that a deal to take the upmarket department store operator private could be falling apart.

 
 
The two largest Detroit automakers reported much stronger than expected US new car sales in September over the year earlier period as replacement demand after a string of national disasters helped boost sales at a time when the US industry is facing its weakest year since the great recession

 

04 October

 

Iraq says it will block foreign currency transfers and halt sales of dollars to banks in the autonomous Kurdistan region, part of its effort to squeeze the area in retaliation for its controversial independence referendum last week.

 

The Reserve Bank of India held its benchmark rate steady at 6 per cent at its bi-monthly monetary policy committee meeting on Wednesday, defying public calls for a rate cut amid a slowdown in the country’s economy.

 

Ford’s new chief executive Jim Hackett promised to cut $14bn in costs and divert investment from traditional cars and internal combustion engines to develop more trucks and electric cars.

 

The European Commission on Wednesday confirmed plans to take Ireland to court in order to force the country to recover €13bn in what it considers illegal tax benefits from Apple, while also accusing Luxembourg of giving Amazon preferential treatment.

 

05 October

 

Swedish industrial production fell more than economists expected in August, with figures from the previous month also facing a downward revision, according to data released on Thursday.

 

Airline stocks briefly led the Dow Jones Transportation Average higher on Wednesday after Delta Air Lines reported positive September operating results on Tuesday, holding close to earlier forecasts despite a challenging quarter.

 

PepsiCo chief executive Indra Nooyi has said the company has gone too far in promoting low-calorie drinks, neglecting its trademark cola and contributing to the first quarterly sales drop in its largest business unit in two years.* 

 

Wireless headphones, a $49 “smart speaker”, a high-end music speaker… and an automatic camera. Google extended the range of its hardware products on Tuesday as it tries to catch up with Amazon and Apple and push search and AI into more corners of its users lives.

 

06 October

 

Hurricane damage to Texas and Florida ended a multiyear period of uninterrupted US employment growth last month, but the 33,000 job losses in September are likely to be temporary, according to the Bureau of Labor Statistics.

 

The UK pound was poised to clock its worst week in a year after Theresa May’s botched address sparked uncertainty over the prime minister’s future and the path for Brexit.

 

A shortage of homes hitting the market is continuing to prop up record-breaking UK house prices, which were up by 4 per cent in the three months to September, compared to the same period last year, according to lender Halifax.

 

MS&AD Insurance Group has agreed to invest up to £800m ($1bn) in ReAssure Jersey One Limited, a UK unit of Swiss Re. The business unit, part of Swiss Re Life Capital, is a closed book life consolidator, which acquires life insurance companies’ portfolios on the secondary market, avoiding the cost of direct underwriting.