Daily Market Update

Daily Market Update

Daily Market Update
European markets improve on better German data; Asia ends lower
After a poor start markets in Europe were boosted by some better than expected data from the largest Eurozone economy. Germany’s manufacturing and service sectors both showed improving sentiment and the ECB’s latest round of stimulus measures, which began on Monday, is injecting some optimism into the flagging bloc of nations. In Asian markets ended Thursday weaker after data from China showed better results than forecast but still indicted a slowdown in the economy at the start of Q4. US stock futures are trending higher while oil is largely unchanged and gold is down slightly.
 
Today’s data
US jobless claims report at 8.30am ET
FHFA House price Index at 9am ET
PMI Manufacturing Index Flash at 9.45am ET
Bloomberg Consumer Comfort Index at 9.45am ET
Lending Indicators at 10am ET
Kansas City Fed Manufacturing Index at 11am ET
Amazon, GM and Microsoft all report today.
 
Bank of America apologizes after Apple Pay glitch
Around 1000 transactions were affected by a glitch that meant some Bank of America customers were charged twice for payments using the newly launched Apple Pay system. It seems the issue is with the bank’s systems rather than Apple or MasterCard. Bank of America has said any customer that was double-charged will be refunded but it’s an issue that Apple would prefer not to have occurred during its first week of operation. Read the full story.
 
Visa boosts quarterly dividend by 20 per cent
Visa has announced that it is boosting its payments to investors by 20 per cent this quarter. That means a dividend of 48 cents per share to all shareholders of record on 14th November.
 
Airbag manufacturer faces US prosecutors’ investigation
The manufacturer of car airbags at the center of a safety warning is facing an investigation from US prosecutors. Takata was originally believed to have sold 4.74 million defective airbags to auto manufacturers but that figure was revised to 7.1 million. Prosecutors want to determine whether the firm deliberately misled the National Highway Traffic Safety Administration about the scale of the issue.
 
World’s fastest-growing consumers?
The world’s fastest-growing consumers must be China? India? Brazil? In fact they are Malawi. If you’re not familiar with the country; it’s in Southeast Africa and has a population of around 16 million and is smaller than Pennsylvania. However, despite its relatively small size and low-profile on the world stage, a report by Euromonitor predicts that consumer spending there will increase by 18.2 per cent. Although growth is fast, spending per capita is just $335 making it of low interest to businesses despite its growing economy.