Global shares higher on stimulus anticipation
Asia’s main markets have closed higher Monday after last week’s surprise cut in interest rates in China and optimism that there will be further stimulus to come. Alongside China’s measures Japan and Europe are ramping up measures designed to lift their flagging economies, adding to the positive tone. In Europe so far this morning the markets are all trending higher, boosted by Friday’s speech by the ECB president. US stock futures are higher so far while gold and oil are both edging lower.
Chicago Fed National Activity Index 8.30am ET
PMI Services Flash at 9.45am ET
Dallas Fed Manufacturing 10.30am ET
Destiny Media and Palo Alto Networks are among those reporting today.
Business confidence falls in Q3
Confidence in business in the US and globally fell in the third quarter of this year according to a new report by Markit. Figures show that globally executives were less confident in growth now than at any time since 2009. In the US in October just 31.2 per cent believed the next 12 months would see growing business activity; in June the figure was 51.4 per cent. Hiring and investment growth was also not expected to be as high as previously predicted. Globally optimism fell from 39 per cent in June to 28 per cent in October; a five year low.
World Bank warns of climate change risks to business
The World Bank has published a new report on the effects of climate change, calling for faster action to be taken. The new report “Turn down the Heat, Confronting the New Climate Normal
” highlights the many impacts of climate change and how it will affect business. World Bank President Jim Yong Kim says the six feet of snow that fell on Buffalo last week is just one example of how global warming is having a dramatic effect on weather systems. Writing in the report he also warns of the dangers to crops and water security and says that businesses must act to cut greenhouse gas emissions whatever governments decide.
Detroit bankruptcy end date may be set today
Detroit may have an end-date for its bankruptcy by the end of today. Judge Steven Rhodes is expected to hear the city’s plans for restructuring at 10am today and bankruptcy is expected to end by mid-December.
Europe to vote on how to break the Google ‘monopoly’
The European Parliament could vote to curb the dominance of Google in the continent this Thursday. Google is used for 90 per cent of all internet searches in Europe, compared to around 67 per cent in the US. Its dominant position in Europe is almost a monopoly and critics say it is bad for business and accuse the company of doing what’s best for their business not for users. The vote will not be legally binding, as the European Commission would have to implement any recommendation, which may include a break-up of Google’s European operations.