Friday Morning Pre-Bell News

Friday Morning Pre-Bell News

Morning Market Levels:

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  • S&P futures are down -6 points to 1,276
  • Europe: DJ Euro Stoxx -0.5%, FTSE -0.2%, CAC -0.5%, DAX -0.1%, Spain -0.8%, Italy -1.4%
  • Asia: Japan 1.4%, Hong Kong 1.7%, India 3.0%, Australia 0.1%
  • USD (DXY) down 0.00%
  • Gold down -0.51% to $1,737.8
  • Silver down -0.73% to $35.0
  • Copper down -1.26% to $364.6
  • Crude down -1.54% to $92.5
  • Corn down -0.58% to 647.8
  • Wheat down -0.70% to $639.5
  • 10yr Treasury yields are up, trading at 2.35%
  • S&P current trading at 12.94x current year P/E

Today’s Top Stories:

  • Global Rally Yesterday on EU Vote: in Brussels the Heads of State and Government (HoSG) agreed on a second Greek rescue package, including a 50% haircut to Greek debt, a larger contribution from the public sector totally EU 130bn
  • Govt Supercommittee Failing: After two months of near daily negotiations, the gulf between Democrats and Republicans on the deficit-cutting supercommittee remains deep
  • Goldman Comments on Oct Weakness: “The Goldman Sachs Analyst Index (GSAI) edged down further in October to 42.4 following a big drop in September. Both the headline and the underlying detail—weakness in new orders, relatively rapid inventory accumulation, and a slight contraction in employment—paint a weaker picture than most of the recent economic indicators. The price-related indexes all dropped, reflecting falling commodity prices, subdued wage growth, and limited pricing power” (Goldman Research)
  • MS Buys Fortress Stock: Morgan Stanley (NYSE:MS) announced shortly after today’s market open that it beneficially owns 5% of the outstanding common stock of Fortress Investment Group (NYSE:FIG)
  • Yesterday Lazard Posted Strong IB: M&A looks extremely strong driving much of the beat vs. analyst expectations, M&A advisory posted revenue of $199mn
  • Macquarie Cuts Outlook: Macquarie Group Ltd. took an axe to full-year guidance on the back of a 305 million Australian dollar (US$326 million) net profit, down 24% from a year ago and below analysts’ expectations
  • Third Avenue Reduces Catalyst Paper Position: Third Avenue Management disclosed that it reduced its beneficial ownership in the outstanding common shares of Catalyst Paper Corporation (CTL.TO) from 32.3% to 30.4% due to “instructions from various investment advisory clients”

M&A Watch:

Fund Manager Profile: Zhang Hui Of China’s Southern Asset Management

investHistorically, the Chinese market has been relatively isolated from international investors, but much is changing there now, making China virtually impossible for the diversified investor to ignore. Earlier this year, CNBC pointed to signs that Chinese regulators may start easing up on their scrutiny of companies after months of clamping down on tech firms. That Read More

  • Yahoo said to be exploring potential tax-free way to dispose stake in China’s Alibaba Group, WSJ says; stake valued at $14b (BBG)
  • Walt Disney to buy 49% stake in Russia’s Seven TV from UTH Russia; Interfax news agency says Disney is paying $300mn (BBG)
  • Hertz Global, which has been trying to buy Dollar Thrifty for ~18 mos., withdraws exchange offer (BBG)

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