Week 43 2017

Week 43 2017

23 October – 27 October


23 October


Tencent-owned China Literature is seeking to raise more than $1bn from its initial public offering in Hong Kong.


In a recent presentation at the New York Stock Exchange, Doug Suttles, chief executive of Encana, spelt out the new reality for North American oil and gas producers. The industry had gone, he said, from “resource capture” to “value maximisation”.


President Donald Trump has voiced support for a higher tax bracket for the wealthy after criticism that the Republicans’ long-planned tax overhaul would mostly benefit rich Americans.


The Bank of England must wait a little longer in the wings. The spotlight will be on the European Central Bank this week when it is expected to outline plans to reduce stimulus spending.


24 October


French business executives in the the services and factory sectors reported stronger conditions in October from the month prior as President Emmanuel Macron’s reform agenda has boosted confidence in the eurozone’s second biggest economy.


Asian equities markets saw mostly mild gains on Tuesday with the lingering post-election glow in Japan from prime minister Shinzo Abe’s emphatic win on the weekend helping to offset a weaker day in New York and a stronger US dollar overnight.


Whirlpool shares took a tumble on Monday evening after the appliance maker cut its full-year earnings guidance, blaming the rising cost of raw materials and an unfavourable pricing dynamic.

Bloomsbury Publishing said sales climbed in the first half of its fiscal year, helped by the continued success of Harry Potter, as well as new titles and growth in its professional and academic sector.


25 October


Intercontinental Exchange, the US exchanges operator, has strengthened its hand in the plumbing of European markets, snapping up a 4.7 per cent stake in Euroclear, one of the world’s largest settlement houses, for €275m.


It is known as the “vending machine problem” — where the appearance of a world-beating technological nation masks a country that retains some surprisingly low-tech ways.


The Mexican peso came off a 7-month low to rally sharply on Wednesday after the country’s central bank stepped in to prop up the currency.


The shift by investors into exchange traded funds is poised to pick up pace next year, with flows into US stock ETFs forecast by Goldman Sachs to jump by a third to $400bn.


26 October


The Turkish Central Bank has kept rates unchanged as expected, resisting political pressure from president Recep Tayyip Erdogan to loosen monetary policy.


Yields on shorter dated UK government bonds jumped to their highest level since the Brexit vote, after better than expected growth figures cemented investors’ expectations that the Bank of England will next week raise interest rates for the first time in a decade.


The head of the world’s leading insulin maker has called for action to cut the inexorable global rise in diabetes, arguing that health systems will otherwise be overwhelmed and unable to afford innovative drugs.


Buried in the settings of an iPhone are a range of functions that go unnoticed by many users. These powerful features are designed for partially sighted people but are of value to a much wider group.


27 October


The two largest oil companies to report third-quarter earnings so far this year, Statoil of Norway and ConocoPhillips of the US, have reported cuts to their capital spending budgets for 2017, as investors put pressure on the oil industry to improve returns for shareholders.


Shares in Japanese carmaker Subaru fell as much as 3.3 per cent on Friday on reports it allowed uncertified workers to inspect its vehicles.


President Emmanuel Macron’s economic reforms may be boosting French business confidence, but the nation’s consumers are more uncertain. French households’ confidence in the economic situation declined for the fourth consecutive month in October, according to France’s National Institute of Statistics and Economic Studies (Insee).


Hong Kong-listed Chinese blue chip stocks were on track for their best close in more than two years on Friday, buoyed by earnings at major banks.