Markets: Stronger than expected data on Chinese manufacturing fuelled Chinese stockmarkets and the Australian dollar, which gained 0.6 per cent against the greenback. The China purchasing managers' index survey by HSBC/Markit gave a reading of 50.8 for November, overshooting economists' forecasts of 50.4. (Financial Times)
China over the weekend published new guidelines for its IPO market, saying companies could begin listing as soon as January: "Nearly 800 firms are awaiting a chance to list after the country in late 2012 instated a moratorium on new entrants....Analysts said investor reaction was likely to be negative but cautioned against overlooking the positive long-term implications of the move." (WSJ) "Citic Securities, China's largest brokerage by market value, rose in Hong Kong trading to the highest since January. Smaller companies in the nation fell after the securities regulator said on Nov. 30 that 50 companies will be ready for IPOs by end of January and the watchdog may also begin a trial program for letting companies sell preferred stock." (Bloomberg)
Viktor Yanukovich, Ukraine's president, was under escalating pressure on Sunday night as hundreds of thousands of protesters poured onto the streets of Kiev demanding the overthrow of his government, after it sought to strengthen relations with Russia at the expense of the EU. (Financial Times)
The leader of Thai protesters bent on overthrowing the government has vowed to step up demonstrations that turned violent on Sunday, as part an effort to unseat the prime minister within two days. Suthep Thaugsuban issued the deadline for Yingluck Shinawatra to leave office after police fought back protesters who tried to storm the premier's office and other high-profile buildings on Sunday, deepening the political crisis in southeast Asia's second-largest economy. (Financial Times)
US retail sales are likely to be down on last year in the four days from Thanksgiving to Sunday despite the early opening of stores and a surge in online spending, according to initial estimates. The National Retail Federation said on Sunday that it expected total spending over the long holiday weekend – when some stores opened earlier than ever on Thanksgiving night – to drop to $57.4bn from $59bn last year. (Financial Times)
Amazon is developing unmanned aerial drones that its founder Jeff Bezos says it could be using to deliver packages to consumers within five years. (Financial Times)
"GrainCorp suffered its second blow in almost as many days when its chief executive quit in the wake of Australia's rejection of a 3 billion Australian dollar (US$2.7 billion) takeover bid by U.S. agribusiness Archer Daniels Midland. Alison Watkins said she would leave next month after three years as GrainCorp's chief executive, with Chairman Don Taylor taking on executive duties on an interim basis until a successor is found." (WSJ)
"Sumitomo Life Insurance, Japan's third biggest insurer, said it is spending about $354m on 40 per cent of Indonesian lender Bank Negara's life insurance unit. Japanese insurers have for a while been on the hunt for southeast Asian acquisitions as they struggle for new sources of revenue at home because the domestic population is ageing." (FastFT)
"Japanese government bonds held by the country's large banks decreased by 3.7 trillion yen ($36.2 billion) at the end of October to 81.3 trillion yen, falling to the lowest since February 2010, Bank of Japan data showed on Monday." (Reuters)
"After three months of contraction, business at Indian factories is expanding again. The HSBC/Markit purchasing managers' index survey for India gave a reading of 51.3 for November." (FastFT)
Uttar Pradesh sugar mills end protest: "Sugar mills in India's largest sugar-producing state said Sunday that they will end a protest of state-controlled prices and begin refining again." (WSJ)
COMMENTS & CURIOS
China's monetary squeeze collides with housing bubble (Financial Times Davies)
Chinese territorial strife hits archaeology (WSJ)
The case for higher wages in the US is close to watertight (Financial Times)
Oil supply: The cartel's challenge (Financial Times)
Fed eyes financial system's weak link (WSJ)
Overseas money pours into Miami real estate (WSJ)
UK's families are benefiting from recovery, Treasury says (Financial Times)
Oodles from noodles in Nepal (Financial Times)
Will Bangladesh ever have a future? (Bloomberg)
OVERNIGHT MARKETS
Asian markets
Nikkei 225 down -21.83 (-0.14%) at 15,640
Topix down -0.51 (-0.04%) at 1,258
Hang Seng up +39.04 (+0.16%) at 23,920
US markets
S&P 500 down -1.42 (-0.08%) at 1,806
DJIA down -10.92 (-0.07%) at 16,086
Nasdaq up +15.14 (+0.37%) at 4,060
European markets
Eurofirst 300 up +0.05 (0.00%) at 1,305
FTSE100 down -3.90 (-0.06%) at 6,651
CAC 40 down -7.21 (-0.17%) at 4,295
Dax up +17.93 (+0.19%) at 9,405
Currencies
€/$ 1.36 (1.36)
$/¥ 102.33 (102.40)
£/$ 1.64 (1.64)
€/£ 0.8283 (0.8303)
Commodities ($)
Brent Crude (ICE) up +0.43 at 110.12
Light Crude (Nymex) up +0.46 at 93.18
100 Oz Gold (Comex) down -4.70 at 1,246
Copper (Comex) down -0.01 at 3.22
10-year government bond yields (%)
US 2.76%
UK 2.78%
Germany 1.70%
CDS (closing levels)
Markit iTraxx SovX Western Europe -0.11bps at 62.98bp
Markit iTraxx Europe +1.53bps at 79.05bp
Markit iTraxx Xover +6.98bps at 318.89bp
Markit CDX IG +0.62bps at 69.56bp
Sources: FT, Bloomberg, Markit
