Good morning! Here’s what you need to know before London, Frankfurt, and Paris open Friday.
Auto Parts Maker Takata Got Slammed By A New York Times Article. Shares in Takata fell more than 8% on Friday, after the New York Times reported that the Japanese auto parts maker had concealed the risks of potentially defective air bags.
German Industrial Data Was Weaker Than Expected. Analysts thought production would bounce back 2% after a 3.1% drop last month, but output only increased by 1.4% in September.
French President Francois Hollande Admits ‘Mistakes’ In Government. In a televised interview, Hollande said that if France’s high unemployment has not dropped by 2017, he will not run for President again.
Symantec Is Laying Off 2,000 Employees As It Splits. Symantec, the security software company that announced plans to split in half last month, will lay off roughly 2,000 employees, or about 10% of its total workforce over the next year, San Jose Mercury News reported Thursday.
Another Mixed Day In Asian Markets. Japan’s Nikkei closed up 0.52%, but Hong Kong’s Hang Seng is currently down 0.31%.
The Cleveland Fed President Says Rates Are Going Up. The Federal Reserve will likely raise interest rates next year since inflation, while a bit low now, remains stable and should rise to target by the end of 2016, Loretta Mester said.
Bank Of America Lost Money Last Quarter. Bank of America has revised down its third quarter earnings by $US400 million amid a currency probe that has forced it to add to its legal reserves.
American Stocks Closed At Record Highs. The Dow climbed above 17,500 for the first time yesterday, and the S&P 500 rose over 2,028.
The Jobs Report Is Coming. At 1.30 p.m. GMT, US data on non-farm payrolls, earnings growth and the unemployment rate are out. Economists are expecting the rate to hold steady at 5.9%. Janet Yellen will be speaking at the Bank of France.
Fracking Firms Are Holding Up Despite The Oil Price Crash. Suppliers of sand to drillers of oil shale and gas say demand hasn’t dropped.
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