Good morning! These are the major stories making an impact on global markets so far Monday.
China Exports Blow Through Expectations. China’s exports rose more than expected in September while imports unexpectedly improved, data showed on Monday, bringing the trade surplus to $US31 billion.
Dubai Stocks Crash. Stocks in Dubai crashed 6.5% on Sunday — the biggest drop in four months and it brings the Dubai Financial Market General Index to its lowest level since July 20.
European Markets Are Up. Germany’s DAX is up 0.6%, the UK’s FTSE 100 is up 0.2%, and France’s CAC is up 0.4%. The Nikkei closed down 1.15%, while the Hang Seng closed up 0.24%. US futures are mixed with Dow futures up 17 points and Nasdaq futures down 0.5 point.
Federal Reserve Vice Chair Stanley Fischer Says US Rate Rises Won’t Disrupt The Global Economy. Fischer told his audience at the IMF’s annual meeting that Fed officials had
given ample time and clear signals about their intentions, providing other national governments and investors plenty of time to prepare for a shift in policy.
Saudi On Oil Prices: Get Used To It. OPEC’s largest producer is privately signaling to oil markets that it is ready to accept oil prices below $US90 per barrel, and perhaps down to $US80, for as long as a year or two, reports Reuters.
China Steel Exports Hit Record High in September. Exports of the metal reached 8.5 million tons in September, while shipments rose 73% from a year earlier as steelmakers boosted cheap exports to make up for price cuts at home, reports the Wall Street Journal.
Professor Jean Tirole Wins The Nobel Prize In Economics. The prize was awarded to French economist Jean Tirole for his analysis of market power and regulation.
Chinese Smartphone Company Xiaomi Appoints Former Google Exec. Xiaomi has recruited former Google executive Jai Mani to be in charge of products as the company ramps up its team in the world’s third biggest smartphone market, Reuters reports.
Russia Spending $US6 Billion Not Enough To Stop Ruble Rout. The ruble extended its longest losing streak in more than a year as $US6 billion of Russian currency interventions failed to stem the depreciation amid tumbling oil prices, according to Bloomberg.
Bill Ackman’s Pershing Drops By Over 10% After Its IPO. Shares in Pershing Square Holdings fail to inspire as they fell as much as 10.8% in their Dutch trading debut.
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