Business News: Quiet day for EMEA after last week’s data storm

Wallstreet and Europe, the Middle East and African markets are calm today after the storm of data last week.

The US markets stayed in the green with robust jobs data while China reported positive trade data over the weekend.

Taiwan’s foreign reserves climbed to the top-5 list and India’s Paytm is all set for its initial public offering this week, the biggest from the country to date.

Earnings expected today include that of the Hungarian pharmaceutical and biotechnology company Gedeon Ritcher and the Chinese technology firm Alibaba.

Top business and economic news

• China’s robust balance of trade: Over the weekend, China reported an October balance of trade of $84.54bn, a well-paced jump from $66.76bn last month. The country recorded foreign exchange reserves of $3.218tn and about a 3% rise in imports year over year to 20.6% while exports were steady at 27.1%.
• Taiwan’s foreign exchange reserves hit record high: Taiwan’s foreign exchange reserves increased for a third consecutive month to $546.70bn, up to $1.802bn from September, the central bank reported on Friday. The country now holds the fifth largest reserves in the world after China, Japan, Switzerland and India.
• Paytm IPO: India’s largest-ever public issue from India-based payment application One97 Communications owned Paytm will launch its initial public offering for subscription in the coming week. State-run coal miner Coal India holds the biggest IPO to date of 15,000 crores (£1.5 billion pounds) till date.

Markets today

• Stocks: Wall Street closed at record peaks on Friday boosted by an upbeat jobs report and positive data for Pzifers pill against Covid-19. Asian markets edged up as Asia-Pacific shares outside of Japan gained 0.3%, just shy of its 5-week high.
• Oil: Brent crude gains almost 1% today
• Gold: The yellow metal soared to a two-month high as the greenback buckled. Silver and crude oil edged up to almost 1%. Natural gas withers.
• Forex: Dollar down 0.12% in early trade this morning. 
• Crypto: Bitcoin surges over 5% today. The global crypto market saw a 3.37% growth in volumes in the last 24 hours. In WazirX exchange, meme currency Shibu Inu takes the top, followed by BTC and Helium.

What to watch out for today

• Japan Foreign Exchange Reserves: Japans foreign exchange reserves came in at $1404.5 billion in October, a tinge lower than $1409.3 billion reported in September.
• South Africa Foreign Exchange Reserves: Came in at $57.06 billion in October, an inch lower than $58bn in September.
• France 3,6 and 12 month BTF auction: 3-month, 6-month and 12 month auction results came in at 0.772%, 0.684% and 0.651%.
• US Consumer inflation expectations: Reported 5.3% in October, lower than 5.4% last month.
• EuroZone Eurogroup Meeting: The meet to be attended by Eurozone finance ministers, is expected to discuss macroeconomic prospects in the region, including inflation and energy prices and uses of digital euro.

Earnings today

• Gedeon Richter: Pharma research and manufacturer with a market cap of $1.63 trillion reports earnings today. Revenue forecast of $151.25 billion.
• Alibaba ADR: Revenue forecast $205.62 billion
• PayPal Holdings: Revenue forecast of $6.23 billion
• Softbank Group Corp: Revenue forecast of $6.23 billion
• British American Tobacco: Market cap $58.22 billion
• Lonza Group: Revenue forecast of $1.39 billion

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