Asia markets trend lower but Europe’s more optimistic; US futures mixed
Asian markets have ended Tuesday largely down after some initial gains. Some better data from China created some short-lived positivity but underlying concern about the country’s economy soon took precedence. Although China’s GDP grew by more than expected for Q3 growth was lower than in Q2. Factory output was also up but fixed asset investment and retail figures were weaker than predicted. Europe’s major markets opened lower in reaction to the Chinese data but have since rallied with gains being led by Germany. US stock futures are mixed while gold and oil have both seen some small gains.
ICSC-Goldman store sales data at 7.45am ET
Redbook retail sales data at 8.55am ET
Existing home sales index at 10am ET
Coca-Coca, Harley-Davidson and Kimberley-Clark are all reporting today.
Apple beats Wall Street expectations
The willingness of Apple devotees to pay higher prices for the latest tech has led to the firm posting quarterly profit increases of 13 per cent on revenue up 12 per cent on the same period last year. Demand for the bigger iPhone has driven the gains with sales almost 6 million higher than the same time last year and more than a million more than analysts had forecast. The gross margin was also at the top end of the firm’s predictions and should nudge higher in the current quarter. It’s not all about increases for Apple though; the iPad has suffered sales decline of 7 per cent in Q3.
Oil boss in shock death
The CEO of French oil giant Total has been killed after his private jet collided with a snow plough at a Moscow airport. Christophe de Margerie had been at a Russian government meeting and his plane was in the process of taking off when the collision occurred. "France is losing an extraordinary business leader who turned Total into a world giant," French Prime Minister Manuel Valls said in a statement. "France is losing a great industry captain and a patriot." Details of the crash, which occurred just before midnight local time on Monday, are still emerging.
Staples investigates data breach
Office equipment retailer Staples has called in law enforcement agencies as it investigates a possible data breach involving credit card processing systems. More details are expected from the company soon.
Is anyone getting a pay rise?
The economy may be growing, hiring is on the up, but wages aren’t increasing much, if at all. A report from the National Association for Business Economics shows that in the last quarter only 24 per cent of companies gave pay rises, that’s almost half the figure from Q2. Hiring typically increases competition in the jobs market, pushing wages up, but that isn’t the case this time. Of those surveyed two-thirds are not expecting an increase this year.