Markets: Asian markets were mostly higher, with Japanese stocks gaining after Friday's better-than-expected US jobs data caused the dollar to strengthen against the yen. (Financial Times)
Senior members of the US Congress insisted on Sunday they would push ahead with a new round of sanctions on Iranian oil exports, after France was accused this weekend of scuppering a widely anticipated deal on Iran's nuclear programme. Three days of intense negotiations in Geneva failed to reach an interim deal to freeze a nuclear programme, despite the optimistic predictions that had accompanied the talks. Negotiations between Iran and six world powers are due to resume on November 20. (Financial Times) "Toward the end of a marathon session, some diplomats believed that only a handful of words appeared to separate the two sides." (NYT)
As US budget talks heat up on Capitol Hill, congressional Democrats have floated a list of tax breaks they want to see slashed, posing a fresh threat to wealthy Americans and multinationals but sparing the oil and gas producers that have so often been in their sights. Congressional Democrats want to use the money generated from axing the tax breaks to replace "sequestration", the automatic spending cuts that took effect last March. (Financial Times)
"Rescue workers struggled to reach ravaged towns and villages in the central Philippines on Monday as they tried to deliver aid to survivors of a powerful typhoon that killed an estimated 10,000 people and displaced more than 600,000." (Reuters) (NYT slideshow of damage)
UK's Help to Buy scheme lets people get on housing ladder, says Cameron: "Most Help to Buy applicants are first-time buyers, young and have a roughly average household income," he said. New figures showed that, on average, households had asked to borrow about £155,000 for houses worth about £163,000 – below the UK average price of £247,000. Downing Street said that around three-quarters of those applying to banks under the scheme were from outside London and the southeast. (Financial Times)
Banks including JPMorgan Chase are considering banning traders from electronic chat rooms in the wake of the international foreign exchange investigation, according to people familiar with the matter. (Financial Times) (WSJ)
Money manager Franklin Templeton has emerged as the dominant bankroller of Ukraine despite the country teetering on the edge of an economic crisis. The investment group has snapped up Ukrainian international debt with a face value of almost $5bn at the end of August, nearly a fifth of the country's outstanding international government bonds according to data gleaned from Bloomberg. (Financial Times)
KPMG, the giant professional services company, will on Monday launch its first investment fund as it branches out into other areas in a sign of the big changes afoot in the financial services industry. The move is significant as the fund will invest in data and analytics businesses. (Financial Times)
A former senior executive at Moody's has warned that credit rating agencies are using "deluded" processes to calculate the risks of asset-backed securities. He fears this could trigger another financial meltdown. (Financial Times)
"Johnson & Johnson and Amazon.com are clashing over complaints that Amazon isn't doing enough to prevent people from selling damaged or expired J&J products—Tylenol painkillers and Rogaine baldness treatments, among others—on its website." (WSJ)
CIC is in exclusive negotiations with Blackstone, the US private equity group, over purchasing Chiswick Park, a 32-acre development in west London. The two parties could exchange on the deal before the end of November. If it goes ahead, would mark only the second purchase made by CIC in the UK property market with a price of between £650m and £800m being discussed. (Financial Times)
Temasek, Hopu buy $213 million stake in Chinese dairy maker: "Singapore state investor Temasek Holdings and China-focused private equity firm Hopu were among five investors buying a $213 million stake in Yashili International Holdings, after parent China Mengniu Dairy Co sold down shares to meet Hong Kong listing requirements." (Reuters)
Bloomberg quashes report to stay in China: An investigative team at the agency spent the past year probing links between the businessman and several current and former members of the Politburo Standing Committee – the body that ultimately rules China. One person familiar with the circumstances said senior Bloomberg editors blocked the story at the 11th hour. (Financial Times)
"India has revived plans to sell stakes in two state-owned companies to raise about $2.3 billion to boost public finances, aiming to push through a sale by mid-December to take advantage of a share market rally. Two sources with direct knowledge of the matter said investor roadshows will be launched in the United States on Tuesday for a 10 percent stake in state refiner Indian Oil Corp (IOC)." (Reuters)
Japan's current account balance rose 14.3 per cent from a month earlier to ¥587.3bn boosted by rising exports of motor vehicles and an increase in overseas earnings, according to new data from the country's Ministry of Finance. Economists polled by Bloomberg had forecast a 10 per cent decline in the current account balance to ¥400.8bn. (FastFT)
COMMENTS & CURIOS
Iran will test Obama's diplomatic game plan (Financial Times)
Should the Yellen Fed rely on optimal control models? (Financial Times Davies)
Blurry jobs data and the taper (WSJ)
The German backlash to that 25bp ECB cut begins, featuring HWS and" council members freed up to revert to national interests" (Financial Times)
German savings banks flex political muscle (WSJ)
China's SOE bosses on the defensive (Financial Times)
Culture clash key to Cooper Tire stalemate (Financial Times)
Bill Gates on India and pilio (WSJ)
Anarchy and death in Mali (NYT)
OVERNIGHT MARKETS
Asian markets
Nikkei 225 up +162.21 (+1.15%) at 14,249
Topix up +7.09 (+0.60%) at 1,184
Hang Seng up +34.78 (+0.15%) at 22,779
US markets
S&P 500 up +23.46 (+1.34%) at 1,771
DJIA up +167.80 (+1.08%) at 15,762
Nasdaq up +61.90 (+1.60%) at 3,919
European markets
Eurofirst 300 down -1.78 (-0.14%) at 1,295
FTSE100 up +11.20 (+0.17%) at 6,708
CAC 40 down -20.55 (-0.48%) at 4,260
Dax down -2.75 (-0.03%) at 9,078
Currencies
€/$ 1.34 (1.34)
$/¥ 98.96 (99.15)
£/$ 1.60 (1.60)
€/£ 0.8342 (0.8347)
Commodities ($)
Brent Crude (ICE) up +0.38 at 105.50
Light Crude (Nymex) up +0.12 at 94.72
100 Oz Gold (Comex) unchanged 0.00 at 1,285
Copper (Comex) up +0.02 at 3.27
10-year government bond yields (%)
US 2.75%
UK 2.77%
Germany 1.76%
CDS (closing levels)
Markit iTraxx SovX Western Europe +0.45bps at 64.98bp
Markit iTraxx Europe +0.44bps at 82.98bp
Markit iTraxx Xover +5.36bps at 346.35bp
Sources: FT, Bloomberg, Markit
