Finance Update – Pharma Fervour Abates

Asia – Asia flounders

Asian indices are mainly down this morning, except the Shenzhen Composite which is gaining 0.45% and the Nikkei, 0.68%.

Machinery orders in Japan contracted by a better-than-expected 11.5% in September YoY, and producer deflation remained level with the month before.

Australian consumer inflationThe rise in prices for goods and services, resulting in the deterioration of a currency’s purchasi... expectations for November increased nicely to 3.5%; and in New Zealand house prices increased by 3.5% – a per cent higher than in September – and visitor arrivals dropped off marginally.

Europe – UK leaking

European indices yesterday maintained some upward momentumThe strength of a trend. Its corollary is the pace at which the value of an asset changes., the FTSE adding 1.35% and the DAX 0.4%.

The pound this morning harshly ended its week-long rise as September’s trade surplusA trade balance that is positive as a result of income (exports on the national level) being greater... decimated to £0.61 bn from £2.85 bn the month before. Q3 GDP, at a 15.5% increase, didn’t quite erase the 20% pandemic contraction and missed expectations by a 1/3 of a per cent, and both manufacturing and industrial production missed the mark considerably.

Meanwhile, British Chartered Surveyors report a 21-year record high in house price growth in October, the index hitting 68.

In Germany, CPIs remained flat with the September figure – as expected.

Americas – Mortgages down

With index futures mainly down this morning, the NASDAQ managed to recoup some of the week’s losses yesterday on a returnThe benefit one receives on an investment. to tech stocks, as the DOW ended fractionally down now that pharma stocks are returning to pre-exuberance highs.

The USD failed to break through resistanceThe price level that traders believe represents the highest value an asset will reach before reversi... at 93.2 yesterday and is attempting that again today after mortgage applications decreased by 0.5% this past week – this after expanding by 3.8% the week before.

Corporate – Pfizer head sells shares

Alibaba only added 2.25% during the Asian session, even after Singles Day sales this year topped $74 bn. And Reuters reports that Pfizer (-0.47%) Chief Executive Officer Albert Bourla sold company shares worth $5.56 mn on Monday, just as interim COVID tests were announced. Shares have since been consolidating down.

Earnings-wise, Burberry this morning announced a 31% drop in revenues in Q3 to $1.16 bn. And Deutsche Telekom revenues jumped 31% to €26.4 bn.

Merck, Cisco and Disney report earnings today. Citizens Financial and Synchrony financial pay dividends and Woolworths will hold a general shareholders meeting.