Good morning! Here are some of the major news stories moving markets.
The Saudi Oil Minister Seems Comfortable With Lower Prices.Minister Ali Al-Naimi denied that the OPEC cartel nations were engaged in a price war, saying that the market set prices, according to the Financial Times.
Oil Prices Slide Again. Brent crude dropped to as low as $US79.35 a barrel, the lowest level since September 2010.
Stock Markets Are Up. US futures are in the green with Dow futures up 45 points and S&P futures up 6 points. In Europe, Britain’s FTSE 100 is up 0.3%, France’s CAC 40 is up 0.4%, and Germany’s DAX is up 0.7%. Japan’s Nikkei closed up 1.1% and Hong Kong’s Hang Seng closed up 0.3%.
Walmart Beats And Then Warns. Walmart earned $US1.15 per share in Q3, beating expectations for $US1.12. Q3 comparable store sales climbed 0.5% at Walmart’s US stores. However, Q4 earnings will be a bit light. “Our earnings per share guidance assumes several important factors, including the economic conditions in several of our largest markets, and a highly promotional holiday season,” CFO Charles Holley said. “As a reminder, our full year EPS guidance includes the four factors we discussed last quarter, which were higher U.S. health-care costs, incremental investments in e-commerce, ongoing investments in Sam’s Club, and our effective tax rate.”
Cisco CFO Quits. Cisco Systems reported Q3 revenue and earnings that beat expectations. Shares rallied after the report. In its announcement, Cisco said CFO Frank Calderoni would be leaving at the end of the year.
Hasbro Is Reportedly In Talks About Buying Dreamworks Animation. Deadline reports that DreamWorks and Hasbro are in talks to create a combined family entertainment company that would be called DreamWorks-Hasbro, and says the deal is at least 60 days away from being finalised.
A Senior Japanese Lawmaker Says Prime Minister Shinzo Abe Has Decided To Call An Election. “It looks like Shinzo Abe has finally made up his mind and it’s fair to consider that he decided to go to the people,” said Tadamori Oshima, a former deputy chief of Abe’s party.
German Inflation Came In As Expected. Prices rose by 0.8% in the year to October, with more European inflation data out later this morning.
China Is Set To Lift Its Aid to Pacific Nations. Chinese President Xi Jinping will offer a broad aid package to Pacific island nations at a summit in Fiji next week, a foreign ministry official said on Thursday, adding that there was also room to work with six island states not invited because of ties to Taiwan.
eystone Pipeline May Finally Pass US Congress Next Week. The US Congress will vote in coming days on approving construction of the much-delayed Keystone XL oil pipeline, a project Republicans claim is step one in their plan for enhanced US energy production.
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