Financial Markets and Economy
Dollar Near Seven-Month High as Stocks, Bonds Fluctuate on GDP (Bloomberg)
The dollar held near a seven-month high while stocks and bonds fluctuated after data showing a pickup in the world’s largest economy bolstered the case for higher interest rates this year. Oil fell.
Brexit Pains: The Pound Takes a Serious Pounding (Bloomberg)
The U.K. currency has become the most prominent victim of the Brexit debate, falling 18 percent against the dollar since the British voted in June to withdraw from the European Union. The pound is the worst performer among major currencies this year.
LGT Capital's Kumada: Don't Be Too Negative on Japan (Bloomberg)
Mikio Kumada, global strategist and executive director at LGT Capital Partners, discusses Japan's inflation data, the economy and the volatility of the yen.
S&P Global's Gruenwald: Japan Is Going Sideways (Bloomberg)
Paul Gruenwald, chief Asia-Pacific economist at S&P Global Ratings, discusses Japan's jobs and CPI data, the BOJ's monetary policy and the credibility of the central bank.
U.S. Could Follow Australia in Singing Export Blues on Gas (Bloomberg)
Americans wondering what life with liquefied natural gas exports will bring can look to eastern Australia for a worst-case scenario.
As Australia is set to overtake Qatar as the world’s largest exporter of LNG, its domestic market is showing growing vulnerability to price spikes.
Taiwan Posts Second-Straight Expansion on Electronics Demand (Bloomberg)
Taiwan’s economy picked up in the three months through September as domestic consumption firmed and global demand for its electronics and machinery exports rebounded.
What Corporate Earnings Say About Health of U.S. Economy (Bloomberg)
Kevin Nicholson, RiverFront Investment Group's chief market strategist, discusses corporate earnings and what they suggest about the state of the U.S. economy. He speaks with Bloomberg's Matt Miller and Yvonne Man on "Bloomberg Daybreak: Asia."
Exports boost U.S. growth in third quarter; consumer spending slows (Reuters)
The U.S. economy grew at its fastest pace in two years in the third quarter as a surge in exports and a rebound in inventory investment offset a slowdown in consumer spending.
El-Erian’s Cash-Stash Strategy Catches on as Bond Rout Deepens (Bloomberg)
Mohamed El-Erian said he’s favoring cash when managing his own money. The idea is catching on in the bond market as benchmark 10-year U.S. yields rise to the highest level since May.
French Stop-Start Recovery Can’t Compete With Spanish Growth (Bloomberg)
French growth rebounded in the third quarter as part of a start-stop expansion that leaves Europe’s second-largest economy lagging its neighbors such as Spain.
Gross domestic product in France expanded 0.2 percent in the three months through September after shrinking 0.1 percent in the previous period, national statistics office Insee said Friday.
Bitcoin's Set for Best Week Since June (Bloomberg)
Bitcoin headed for its biggest weekly jump since June as declines in the yuan boosted demand for the cryptocurrency.
Japan's Inflation Gauge Falls Again (Bloomberg)
It may be time for a rethink at the BOJ after Japan's consumer prices fell for a seventh straight month, dropping half a percent in September. The jobless rate came in at 3%, the lowest we've seen since 1995.
Japan Consumer Prices Keep Falling, Household Spending Slips (Bloomberg)
Japan’s consumer prices fell for a seventh straight month and household spending slumped again in September, underscoring the challenges Prime Minister Shinzo Abe and Bank of Japan Governor Haruhiko Kuroda face in trying to revive the world’s third-largest economy.
Tan: BOJ's Stimulus Didn't Do Much for Economy (Bloomberg)
Cliff Tan, East Asia head of global markets research at Bank of Tokyo-Mitsubishi UFJ, discusses Japan's inflation and jobless data, BOJ policies and the low volatility in the markets.
Are We Seeing the End of an Earnings Recession? (Bloomberg)
Michael Kelly, PineBridge Investments' global head of multi-asset, discusses corporate earnings, the outlook for financial markets and his investment strategy with Bloomberg's Oliver Renick, Matt Miller and Scarlet Fu on "What'd You Miss?"
A “New Normal” for the Oil Market (iMFdirect)
While oil prices have stabilized somewhat in recent months, there are good reasons to believe they won’t return to the high levels that preceded their historic collapse two years ago. For one thing, shale oil production has permanently added to supply at lower prices. For another, demand will be curtailed by slower growth in emerging markets and global efforts to cut down on carbon emissions. It all adds up to a “new normal” for oil.
Singapore’s Mall Vacancies Jump to Highest Level in a Decade (Bloomberg)
Singapore mall vacancies rose to the highest level in a decade in the third quarter as an oversupply of shop spaces added to muted spending by shoppers.
A gauge of mall vacancies rose 0.6 percent to 8.4 percent in the three months ended Sept. 30, even as rents declined 1.5 percent in the quarter, data from the Urban Redevelopment Authority showed Friday.
How to Deal With the Financially Irresponsible People in Your Life (Life Hacker)
One of the greatest challenges for people attempting to adopt or maintain a life of financial responsibility is the presence of financially irresponsible people in their lives.
My friend Todd is losing sleep. Why? Because the shares he purchased in a certain company are dropping in value. “What’s wrong with the company?” I asked. “I dunno,” he replied.
Why Cash Has Become King Again (Russ Koesterich, Seeking Alpha)
Judging by recent headlines, cash is once again king. The Wall Street Journal recently reported that investor cash levels currently represent 5.8% of portfolios, the highest in 15 years.
Companies
China Resources Pharma Declines After $1.8 Billion IPO (Bloomberg)
The stock dropped as much as 3.9 percent before closing almost 1 percent lower at HK$9.01. The Beijing-based company priced its IPO at HK$9.10 a share, below the midpoint of the HK$8.45 to HK$10.15 marketed range.
Don’t be fooled: Barclays and Deutsche are still screwed (The Telegraph)
Barclays and Deutsche Bank tried their damnedest not to be party poopers on the 30th anniversary of the biggest regulatory shake-up in the history of the City. But in the end it was less of a Big Bang and more of a damp squib really.
J&J Loses Third Trial Over Cancer Link to Talcum Powder (Bloomberg)
Johnson & Johnson lost a third straight trial over claims its talcum powder can cause ovarian cancer with a St. Louis jury awarding a California woman more than $70 million.
Nomura Shares Surge Most in Month on Overseas Profit Recovery (Bloomberg)
Nomura Holdings Inc. rose the most in more than a month in Tokyo, after second-quarter earnings beat analysts’ estimates thanks to a surge in fixed-income trading that fueled a rebound in profit from overseas operations.
Baidu's 3rd-Qtr Profit Beats Estimates (Bloomberg)
Baidu's efforts to cut costs and counter restrictions on online advertisers helped the Chinese search giant beat quarterly profit expectations.
More Wretched News for Newspapers as Advertising Woes Drive Anxiety (NY Times)
The gloom began earlier this month, when Gerard Baker, the editor in chief of The Wall Street Journal, sent a memo to employees that said, in part, “every story should be as short as it needs to be.”
Toronto’s Trump Tower nears auction as developer defaults (Bloomberg, TheStar.com)
Investors who want a piece of the Trump name may now have their chance. The Trump International Hotel & Tower in Toronto is likely to hit the market as the owner of debt on the property seeks a sale.
Technology
Amazon's $99 Prime problem (CNet)
It would probably like to raise the fee on its popular Prime membership to offset its skyrocketing shipping costs. That fee, though, already stands at $99 a year, meaning an increase of just a buck would push membership to the psychologically important $100 barrier.
Everything You Need to Know About Apple's MacBook Event (Bloomberg)
Apple announced its new slate of MacBooks, including the MacBook Air and MacBook Pro at an event in California on October 27, 2016. Here's everything you need to know from the event.
Apple and Microsoft Go Head-to-Head With New Products (Bloomberg)
Ben Bajarin, Creative Strategies principal analyst, and Bloomberg's Mark Gurman discuss Apple's overhaul of its MacBook Pro laptop and Microsoft's revamped Surface lineup.
Stop Worrying and Love Amazon's Meager Profits (Bloomberg)
Just when everyone thought Amazon.com Inc. was steering into a lush forest of profits, it veered back to its desert of barren earnings. It has been smart to let Amazon drive wherever it wants to go, so investors should stop expecting the profit bounty.
GE in Talks With Baker Hughes on Partnerships (Bloomberg)
General Electric says it is not discussing the outright purchase of Baker Hughes, but it is in talks about a possible partnership. The comment comes after Baker Hughes shares jumped in extended trading on reports GE was keen to buy the world's third-largest oil services provider.
Why Qualcomm's Purchase of NXP Semiconductors Makes Sense (Bloomberg)
Ben Bajarin, Creative Strategies principal analyst, and Bloomberg's Mark Gurman discuss Qualcomm's agreement to acquire NXP Semiconductors in a transaction valued at $47 billion.
China Embraces Hybrid Cars in Pivot From Plug-in Only (Bloomberg)
China’s government is pivoting after years of promoting plug-in vehicles, elevating the importance of conventional hybrids and setting its first sales targets for the segment in a move that could benefit Toyota Motor Corp. and suppliers like Hunan Corun New Energy Co.
Politics
U.S. ELECTION WRAP: Trump Needs More Than ‘Angry Vote’: Pollster (Bloomberg)
Donald Trump is narrowing the gap with Clinton in some polls, but are there enough "angry" undecided voters put him over the top on Election Day? One pollster says no.
Trump Gives $33,000 In October, Falling Short Of $100M Boast (Associated Press)
WASHINGTON (AP) — Donald Trump has repeated it so much it's almost part of his stump speech: He's going to put $100 million of his own money into his campaign before Election Day. But new filings show he's got a long way to go if he's going to hit that mark.
Park’s Rating Hits New Low as Korean Anger Swells Over Scandal (Bloomberg)
South Korean President Park Geun-hye’s approval rating dipped to a new low Friday, showing the swelling public anger over an influence-peddling scandal and raising the odds that she’ll fire some of her staff.
With Michelle Obama on Stage, Clinton Plays Role of Warm-Up Act (Bloomberg)
In North Carolina on Thursday, Hillary Clinton was just the warm-up act.
Clinton for the first time in her campaign shared the stage with Michelle Obama, who's turned into one of the Democratic presidential nominee's most effective advocates.
Health and Biotech
There's No Need To Fear Gene-Edited Food (Popular Science)
Not since Alice in Wonderland’s hookah-smoking caterpillar doled out his weird wisdom atop a psychedelic-looking mushroom has the lowly fungus so upstaged the action.
Scientists Tackle Lethal Childhood Brain Cancer (Scientific American)
Nine years ago on a Monday afternoon, Sandra Smith, a pastor’s wife and mother of three in DeWitt, Mich., learned she had an aggressive form of breast cancer. The real bad news, however, would hit the family later that week.
Bump hiding in 20-year-old data could be undiscovered particle (New Scientist)
The ALEPH particle detector at CERN near Geneva, Switzerland, switched on in July 1989. For the next 15 years, it analysed the decays of millions of Z particles created in the Large Electron-Positron (LEP) collider – located in the same tunnel that now houses the Large Hadron Collider.
Life on the Home Planet
Syrian rebels launch Aleppo counter-attack to break siege (Reuters)
Syrian rebels including jihadists counter-attacked the army and its allies on Friday aiming to break a weeks-long siege on eastern Aleppo, insurgents said.
The assault, employing heavy shelling and suicide car bombs, was mainly focused on the city's western edge by rebels based in the countryside outside Aleppo.
10 Frightening Food Facts That Will Make Your Stomach Turn (Forbes)
The realm of food can be scary place. What you eat could kill you quickly, or slowly, over time, if you’re not in the know. Here you’ll find food fears ranging from debunked to deathly, startling facts about our food consumption and unnerving statistics that’ll make you think twice when you hit the grocery store.
This Week in Unnecessary Censorship – 500th Edition (Jimmy Kimmel Live)
We give you our favorite bleeps and blurs of all-time in our 500th
edition of This Week In Unnecessary Censorship featuring President Obama, President Bush, Vice President Biden, Barbara Walters, Kelly Ripa and more.
France and Britain feud over young Jungle camp migrants (Reuters)
Dozens of youngsters woke under the watchful eyes of French riot police on Friday after a chilly night outdoors near the "Jungle" migrant camp in Calais, as Paris and London squabbled over their fate and that of hundreds more bent on getting to Britain.
