Nov 15 Asian Macro Initial Thoughts Expect a +VE start; Japan & China data and Biden/Xi summit in focus.


15 Nov

This and previous notes can be found at Substack ( Asian Market Sense )
Check out ERI-C.com for  interesting research and trading analysis

The week ahead will focus on the Biden/Xi summit. Also of note will be US Retail sales and earnings from Alibaba, Baidu, JD, Nvidia, Applied Materials, Target and Walmart. We also get Housing Data out of the US. Earnings will ease and data will become more important, with quite a lot of Asian data out Monday.

U.N. climate talks in Scotland ended with a global agreement aimed at keeping alive hopes of capping global warming at 1.5 C, and so maintain a realistic shot at saving the world from catastrophic climate change.

For Monday
Australia 
Market trending higher following the US, but expect some caution ahead of the China Industrial numbers with miners weak as Iron Ore prices remain -VE. Energy names some weakness but Gold +VE. NAB goes Ex Div; Last week, the banking giant declared a fully franked final dividend of 67 cents per share with its full year results
Japan 
Nikkei futures indicate a higher start (opened +290pts) following the US but with caution ahead of the Japanese GDP data and Chinese Industrial production data this morning
S Korea 
Expect markets to open slightly higher (Futures opened +4.5pts) with caution ahead of the Chinese Industrial data. Key will be regaining the 3,000 mark for the Kospi.
Taiwan 
Expect market to open higher on good results and positive moves in the US markets on Friday.
China 
Expect market to open lower with caution ahead of the China data and with covid concerns remaining and the outlook for Property Developers still in question.
Hong Kong
ADR’s -1pt at 25,326 with financials weak and caution ahead of the China data.
Europe Ahead Balance of Trade. Concerns remain over rising covid cases as Austria plans to impose lockdowns on unvaccinated people.
US Futures opened Dow +40pts, S&P and NDX both +0.14%.
Data due NY Empire State Manufacturing Index. Biden/Xi virtual summit in focus.

JAPAN
Nikkei likely to opened higher following the US but with caution ahead of the Japanese GDP data and Chinese Industrial production data. Futures opened +290pt
Yen closed lower at 113.85
Data due GDP data (Growth Rate, Annualised, Price Index, Capital Expenditure, External Demand, Private Consumption).
Capacity Utilisation, Industrial Production.
Tokyo on Sunday reported 22 new coronavirus cases, (-2 DoD). The nationwide figure was 134.
Japan's economic stimulus package will require fiscal spending worth 40 trillion yen ($350 billion), the Nikkei business daily reported on Friday, and a draft of the spending plan reviewed by Reuters features steps to ease the pain of rising oil prices.
The government is making arrangements to resume as early as mid-January the Go To Travel campaign, a project designed to support the tourism industry but which has been suspended since late 2020.
Japan's new foreign minister, Yoshimasa Hayashi, said on Saturday U.S. Secretary of State Antony Blinken assured him in a phone call that the U.S. commitment to defending Japan, including southern islets claimed by China, was unwavering. +VE
The United States said on Friday it will open talks with Japan that could lead to an easing of tariffs on steel and aluminum imports, a longstanding irritant in trade relations between the two allies.
Toyota Motor Corp. said Saturday it will partner with four other Japanese vehicle makers to explore the viability of alternative green fuels for internal combustion engine cars, including hydrogen and synthetic fuels derived from biomass.  The companies, which include Mazda Motor Corp., Subaru Corp., Yamaha Motor and Kawasaki Heavy Industries, made the announcement at a race track in Okayama, where Toyota is racing a hydrogen car.
Toshiba Corp (6502.T) outlined plans on Friday to split into three companies in an attempt to appease activist shareholders calling for a radical overhaul of the Japanese conglomerate after years of scandals.
Toyota Motor Corp, the world's top-selling automaker, said on Friday it would begin making up for production lost from supply shortages in December, with factories at home in Japan returning to normal for the first time in seven months.

SOUTH KOREA
Expect markets to open flat with caution ahead of the Chinese Industrial data.   Futures opened +4.5pts
No data due
South Korea’s domestic demand is on its track for a recovery in line with the rebound in exports and the adoption of the “Living with COVID-19” scheme, 
the Ministry of Economy and Finance said in its monthly report.
KDCA reported 2,419 new covid cases Saturday; concerns of rising caseloads which would prevent adoption of the second phase of ‘living with covid’. Slight -VE
Korean Air very strong earnings on Friday Operating profit W420.2bn vs 260.5bn F/casts; highest profit since 2016 +VE
Europe's drug regulator has recommended the approval of a COVID-19 antibody treatment by Celltrion Inc., paving the way for its sales in the region, the South Korean pharmaceutical giant said Friday. +VE
A computer system failure caused massive delays and cancellations of flights of Jin Air Co., a budget carrier, on Friday. The airline's passenger service system was down for 10 hours from 6:30 a.m., leaving thousands of passengers stranded at airports across the country. -VE
General Motors Co (GM.N) will launch 10 electric vehicles (EVs) in South Korea by 2025, but has no plans yet to manufacture EVs in the country, Steven Kiefer, the head of GM's international operations said on Friday. The No.1 U.S. automaker, which warned last year that persistent industrial action was preventing further investment in South Korea, builds EVs in the United States and China. It also has plans to build them in Mexico and Canada. Slightly -VE
Coinone has passed the high bar for official registration while the case of its bigger rival Bithumb remains pending, the country’s top financial regulator said Friday.
South Korea’s financial watchdog on Friday warned online-only lender KakaoBank to improve its monitoring system that protects against money laundering as it lacks a monitoring process, relying only on receiving tips from other teams.
Samsung Fire & Marine Insurance Co., the non-life insurance arm of Samsung Group, reported a 42.2 percent rise in its third-quarter earnings amid a fall in accident-linked insurance payments amid tightened social distancing rules.

TAIWAN
Expect market to open higher on good results and positive moves in the US markets on Friday.
No data due 
Commenting on communique after China’s sixth plenum, the MAC on Thursday said that the CCP is accustomed to using internal meetings to emphasize political ideals that would not be accepted by Taiwanese.
Taiwan opposes such acts and will not accept Beijing’s political framework, or the future that such a framework dictates, the MAC said.
Taiwan is not afraid of Beijing’s threats, and will resolutely defend its sovereignty, autonomy and democratic liberties, it added.
Honduras’ outgoing president said on Saturday he hoped his country would continue its friendship with Taiwan, as Taipei seeks to maintain relations with the Central American country amid a diplomatic tug-of-war with Beijing. +VE
It would be "inconceivable" for Australia not to join the United States should Washington take action to defend Taiwan, Australian Defence Minister Peter Dutton said on Saturday. Follows U.S. Secretary of State Anthony Blinken saying on Wednesday that the United States and its allies would take unspecified "action" if China were to use force to alter the status quo over Taiwan. +VE
The number of local stock investors last month declined for the third consecutive month to 2.94 million, attributable to a plunge in local stock prices and uncertainty over the US’ monetary policy, Taiwan Stock Exchange data showed. -VE Brokers
Hon Hai Precision Industry Co reported third-quarter earnings of NT$36.98 billion (US$1.33 billion), up 24 percent quarter-on-quarter and 20 percent year-on-year, beating its own and analysts’ expectations, the company said Friday.  Strong sales to their biggest customer, Apple Inc, which released its latest iPhone in the period, drove the gains.
Earnings per share rose to NT$2.67 last quarter, up from NT$2.23 in the third quarter of last year. +VE
Dr Wu Skincare Co Ltd reported a net profit of NT$104 million (US$3.74 million) last quarter, up 51 percent from NT$68.72 million a year earlier, driven by strong sales in Taiwan and China. The skincare company registered revenue of NT$331.45 million last quarter, up 43.45 percent from NT$231.05 million in the third quarter last year, as its Chinese distributors booked more products in August and September, ahead of the annual shopping season around Double 11 Singles’ Day, it said in a statement on Thursday. Its online sales at home also grew at a double-digit percentage, it said. +VE
Taiwan’s developers and brokers reported a significant pickup in earnings over the past three quarters, as strong real demand and liquidity, as well as low interest rates, helped the housing market recover quickly from a COVID-19-induced slowdown +VE
Yang Ming Marine Transport Corp yesterday reported net profit of NT$50.83 billion (US$1.83 billion) for last quarter — a company record — as high freight rates boosted revenue and gross margin. In the third quarter, the container shipper posted revenue of NT$95.4 billion, up 145 percent from a year earlier, while gross profit totaled NT$64.77 billion, 10 times higher than a year earlier. +VE
CPC Corp, Taiwan (CPC) and Formosa Petrochemical Corp  yesterday said that they would raise gasoline prices by NT$0.1 per liter, effective today, after raising prices by NT$0.2 per liter last week. The price of diesel would also increase by NT$0.1 per liter this week, after rising NT$0.1 per liter in the previous week, the companies said. +VE
YFY Inc on Friday said that global risks remain this quarter, the traditional peak season, after reporting that net income last quarter fell 41.3 percent from a year earlier. “The rapid changes in the global epidemic situation make it hard to predict the operational risks in the supply chain for raw materials, as well as in labor supply and logistics,” the papermaking conglomerate said in a statement after a conference call with investors, referring to the COVID-19 pandemic. -VE

CHINA
Expect market to open lower with caution ahead of the China data.
Data due House Price Index, Industial Production, Retail Sales, Employment Rate, NBS Press Conference, Fixed Asset Investment.
Beijing city said individuals who recently visited overland ports of entry on China's borders should avoid the Chinese capital, with national authorities concerned over the risk of Covid transmission from abroad as they battle a month-long outbreak. The outbreak has prompted lockdowns in a number of cities -VE
Senior Chinese diplomat Wang Yi told U.S. Secretary of State Antony Blinken not to "send wrong signals" to Taiwan pro-independence forces, China's foreign ministry said in a statement on Saturday.
Both men also spoke about the virtual meeting that Chinese President Xi Jinping and U.S. President Joe Biden would have on Tuesday Asia time.
Letters from China’s embassy in Washington have pressed executives to urge members of Congress to alter or drop specific bills that seek to enhance U.S. competitiveness, according to the sources and the text of a letter sent by the embassy’s economic and commercial office seen by Reuters.  Chinese officials warned companies they would risk losing market share or revenue in China if the legislation becomes law, according to the text of the letter. -VE
For years, Chinese leaders have been fighting an uphill battle to drive funding for small business. They are counting on Beijing’s first-ever stock exchange to get the job done.The Beijing Stock Exchange, which launches today, is intended as a platform to house small and medium-sized companies that have long faced difficulty raising capital because they are not large enough to list elsewhere.  About 70 companies are to migrate from an existing Chinese board and an additional 10 are to debut for the first time today. Slight +VE
People's Bank of China (PBOC) expressed during a Party Committee meeting that it will strive to provide appropriate and sufficient support for consumption and investment recovery, with solid monetary policies and better cross-cycle layout. The central bank likewise stressed the importance of restraining the excessively fast price hike, stating that it is vital to fostering high-quality socioeconomic development.
Louis Vuitton is considering opening its first duty free store in China on the emerging luxury island hub of Hainan, according to two sources, in a move that would mark a new approach for the world's largest luxury label. The brand, which is the main profit engine of French luxury giant LVMH (LVMH.PA), is known for maintaining an iron grip on distribution  and famously never offering discounts on its leather monogrammed bags. +VE
Chinese President Xi Jinping has spoken on phone with US President Joe Biden two times since the beginning of the year at the latter's request, China's Foreign Ministry Spokesperson Wang Wenbin said at the regular press conference today (12th), CCTV reported. Wang voiced that the leaders of both nations agreed to keep regular contacts through various channels. At this juncture, both parties are keeping close communication for the specific arrangement of the physical meeting between the two leaders, Wang furthered, hoping that the China-US relation will return to the right track of healthy and stable development.
A Chinese court ruled on Friday against Kangmei Pharmaceutical Co (600518.SS) and some of its former executives, handing victory to investors in China's first class-action lawsuit against corporate fraud.
The ruling by the Intermediate People's Court of Guangzhou was hailed by China's securities regulator as a "milestone" event in the country's capital markets.
China's National Development and Reform Commission (NDRC) held a special topic video conference in relation to the "mining" activity of virtual currency, during which different parties reported the progress of monitoring and rectification works on the "mining" activity.
The NDRC reminded the local governments to strictly implement the relevant measures to further rectify the activity of virtual currency "mining".
As many as 21 of China's smaller cities have introduced measures to stop property prices from falling this year, mainland media reported.
Some of these four- and five-tier cities have directly issued administrative orders while others are clamping down on "malicious price cuts" by pulling up real estate developers who offer them.
Meanwhile, over the past three months, state developers have bought three-quarters of residential land sold at auctions in 22 big cities by value, up from 45 percent in the past, according to the Financial Times. -VE
China’s cyberspace regulator on Sunday proposed requiring companies pursuing share listings in Hong Kong to apply for cybersecurity inspections if they handle data that concerns national security.
Large internet platforms planning to set up headquarters, operating or research centres abroad should also submit a report to regulators, the Cyberspace Administration of China said in the draft rules.

HONG KONG  ADR’s -1pt at 25,326 with financials weak and caution ahead of the China data.  HK Developers +VE as 1,275 primary units have been snapped up in the first 13 days of November.
No data due but after market Friday
GDP Growth Rate Q3 0.1% QoQ vs -0.9% Q2 (F/Cast was 0.1%)
GDP Growth Rate Q3 5.4% YoY vs 7.6% Q2 (F/Cast was 5.4%)
Hong Kong's economic recovery became more entrenched in the third quarter alongside the further revival of global economic activity and stable local epidemic situation. Real GDP grew by 5.4% year-on-year in the third quarter, following a 7.6% growth in the second quarter.
Considering the actual outturn in the first three quarters of the year, the real GDP growth forecast for 2021 as a whole is revised to 6.4% in the current round of review, close to the upper bound of the forecast range of 5.5%-6.5% as announced in mid-August, the report added.

National Security 
Hong Kong has refused to renew the visa of an Australian correspondent from The Economist, the newspaper's chief editor said, as authorities in the Chinese city tighten a crackdown on free speech and dissent.

Covid
The Centre for Health Protection (CHP) of the Department of Health (DH) said that according to the latest analysis of whole genome sequencing conducted by the DH's Public Health Laboratory Services Branch on imported cases involving mutant strains, it is confirmed that the virus strain of imported case 12382 matched the Delta strain sub-lineage AY.4.2, with the identical genetic sequences as the imported case 12374, whose virus strain also matched sub-lineage AY.4.2. It suggests that the two cases might be epidemiologically linked. Both cases stayed at Four Points by Sheraton Hong Kong Tung Chung located in Tung Chung for compulsory quarantine after arrival in Hong Kong from abroad, the announcement added. According to the CHP's preliminary epidemiological investigations and the whole genome sequencing analysis, the CHP suspects that case 12382 might have acquired the infection during compulsory quarantine at the hotel.

Short Selling HSI Friday 15.6% vs 13.9% Thursday
Top shorts 
Bud APAC (1876) 48%, BoC (3988) 35%, China Res Land (1109) 34%, ICBC (1398) 34%, HSBC (5) 33%, CM Bank (3938) 33%, SHKP (16) 33%, Ping An (2318) 30%, Shenzhou Int (2313) 30%, Xinyi Solar (968) 30%, CG Services (6098) 30%, Sino BioPharm (1177) 30%, Techtronics (669) 29%, Power Asset (6) 29%, Wharf REIC (1997) 29%, Hengan (1044) 29%, AAC Tech (2018) 27%, China Life (2628) 27%, Longfor (960) 27%, Mengniu Dairy (2319) 27%, Country Garden (2007) 26%, Henderson Land (12) 26%, Baba SW (9988) 25%.

WATCH
TENCENT (00700.HK) acquired a 90% stake in Wake Up, 
a Japanese creative studio, for JPY5 billion, reported foreign media.

Douyin announced on its official Weibo account that the company has received a request from TENCENT (00700.HK)'s creative service platform, in relation to joining the open internet platform of Douyin. Specifically, TENCENT desired a vast amount of short video content, which is based on its copyrighted films and TV shows, to be allowed to be shown on Douyin.Wheelock Properties launched first-round sales for its Monaco One project in Kai Tak on Saturday and sold out all the 341 flats which were offered at a discounted price of HK$24,359 per square foot, raking in HK$3.55 billion. Ricky Wong Kwong-yiu, the managing director of Wheelock Properties, said a new price list would be released soon, and prices could rise by around 10 percent.

Sun Hung Kai Properties (0016) said it had sold all 164 flats at Wetland Seasons Bay phase two in Tin Shui Wai on Saturday.

In the secondary market, Midland Realty recorded 12 transactions at 10 blue-chip housing estates over the weekend, down 9.1 percent week-on-week, after recording double-digit deals for the previous four week

Sophia Chan, Hong Kong's Secretary for Food and Health, expressed that the government is currently in discussion with the catering industry in relation to requiring the dine-in customers of type B restaurants to use the LeaveHomeSafe application.
CPIC (02601.HK) announced that, the accumulated primary insurance premiums of China  Pacific Life Insurance Co., Ltd. and China Pacific Property Insurance  Co., Ltd., both of which are the subsidiaries
of the company, for the period between 1 January 2021 and 31 October 2021, amounted to RMB191.837 billion and RMB128.539 billion, respectively, representing a 0.9% decline and a 2.8% increase respectively, compared to the corresponding period in 2020.

Certain companies of the Sunac series are planning to raise USD830 million through share placement, reported foreign media, citing sales document.  SUNAC (01918.HK) is mulling to place 280 million shares, at a price of $15-15.6 per share, representing a discount of 8.5-12% to the closing price on Friday. The placement could raise a maximum of USD560 million.
SUNAC SERVICES (01516.HK), on the other hand, is planning to place 138 million shares, at a price of $14.6-15.2 per share, representing a discount of 8.2-11.8% to the closing price on Friday. The placement could raise USD270 million.



SOUTHGOBI-S (01878.HK) announced the result for 9M21 ended 30 September 2021. The revenue sagged 18.3% YoY to USD42.55 million. The loss, on the other hand, narrowed to USD2.95 million, from the loss of USD17.86 million in the corresponding period of the previous year. LPS was US1 cent.

TAM JAI INTL (02217.HK)  announced the interim result for the six months ended 30 September 2021. The revenue amounted to HKD1.181 billion, up 43% YoY. The net profit declined by 11.8% to HKD138 million.
EPS was HK13.8 cents. No interim dividend was declared. +VE

HINSANG GROUP (06893.HK) issued a profit warning, announcing that the group is expected to record a consolidated net loss of approximately not more than HK$18 million for the six months ended 30 September 2021, as compared to the consolidated net loss of approximately HK$12 million for the six months ended 30 September 2020.  The expected increase in consolidated net loss for the period is primarily attributable to the continued decline in sales by approximately 30% during the period, the announcement added. -VE

KERRY PPT (00683.HK) announced that Brilliant Prestige Limited (BPL), a wholly-owned subsidiary of the company, has been confirmed as the selected tenderer for the Project and to participate in its subsequent grant of land use rights for plots 198-1, 200-3, 064-01, 065-01, 066-01, 067-01, 070-01, 071-01, 072-01, 073-01, Bund Street and the underground space of plot 070-02, Jiangxinan Road, Shandongnan Road, Shengze Road situated at Huangpu District, Shanghai, the People’s Republic of China. The result of the tender of the Lots and details of the Project is subject to the subsequent arrangement for the grant of land use rights and announcement to be made by the relevant land bureau. No legally binding contract in respect of the Lots or the Project has been entered into at this stage.

The Hong Kong Monetary Authority published the credit card lending survey results for the third quarter of 2021. 
Total card receivables increased slightly by 0.7 per cent in the third quarter to HK$124.4 billion at end-September 2021, after an increase of 3 per cent in the previous quarter.
The combined delinquent and rescheduled ratio decreased to 0.29 per cent at end-September 2021 from 0.35 per cent at the previous quarter-end. The quarterly charge-off ratio decreased slightly to 0.46 per cent from 0.47 per cent in the previous quarter.

Market sources suggested that PING AN (02318.HK) is seeking to sell its 44% stake in AUTOHOME-S (02518.HK) (ATHM.US).PING AN, in response, expressed that it has no information in this regard and no comment on said rumors, reported Chinese media.

CHINA LIFE (02628.HK) announced that the accumulated premium income of the Company 
for the period from 1 January 2021 to 31 October 2021 was about RMB574.8 billion, up 1.57% YoY.

The Macao Government Tourism Office (MGTO) announced the Macau Tourism Industry Development Master Plan, 
projecting the city's overall inbound visitors at 36 million to 41 million in 2025, reported Macao Daily. MGTO expected non-gaming spending among travelers, tourism-related employees and hotel occupancy rate to return to pre-epidemic levels, with guest room number exceeding 46,800.

Centa-City Leading Index (CCL) last printed at 186.06, down 0.11% WoW, 
marking the thinnest drop in 24 weeks. CCL Mass last stood at 188.06, down 0.18% WoW. CCL (small-and-medium units) last posted at 186.27, down 0.15% WoW. CCL (large units) last tracked at 184.98, up 0.07% WoW.
In the second week following the Policy Address, the housing prices of New Territories West moved upward close to the all-time high of 179.23, with the current reading only 0.56% away from the peak, highlighted the research department of Centaline Property. New Territories West's CCL Mass last at 178.23, up 0.61% WoW, logging the third record high. New Territories East's CCL Mass last printed at 201.24, up 0.37% WoW.
Wong attributed the thriving markets in New Territories West and East to the fact that the news on Northern Metropolis Development had been spiraled on market before the release of Policy Address.


From Friday
DOW +0.5%, NDX 1%, S&P +0.72%, Russel 2K +0.11%
Markets opened flat but worked better through the session; inflation concerns continue; as Consumer Sentiment dropped according to the University of Michigan report. JOLTs revealed record numbers of people leaving their jobs; suggesting people are moving for higher wages. Johnson & Johnson +1.2% on reports it may split into two with Consumer Health being split off. Large cap Internet names +VE
The U.S. Securities and Exchange Commission (SEC) rejected VanEck's listing application for a spot bitcoin exchange-traded fund (ETF). The SEC remarked that said ETF is not in compliance with the requirements listed out in the listing regulations.
Financial data provider S&P Global has gained a conditional approval from relevant U.S. regulatory institution for its proposed merger with IHS Markit, according to documents filed to the court by the U.S. Justice Department on Friday.
Banks JPMorgan Chase -0.5%, Citigroup -1.3% Wells Fargo +0.7%, Amex +0.3%
Work from home names: Meta +4%, Apple +1.4%, Amazon +1.5%, Netflix +3.8%,  Disney -1.5%, Zoom Video +3%, Alphabet 2% and Microsoft -1.3%,
Tech NXP Semi -0.6%, Nvidia unch, Micron +3.7%, AMD +1.3%, Skyworks +1.6%
Re-opening stocks  Boeing +0.7%, Caterpillar +0.4%, Simon Property -0.4%, Kohl’s -1.5%, Nordstrom -2.3%, Gap -0.6%, United Airlines -2.9%, Carnival -2.9%, Wynn Resorts -0.5%, Chevron +0.1%, Exxon Mobil -0.8%,  
Lock down names Campbell Soup +1.5% General Mills +0.5%, JM Smucker +0.8%
DATA
JOLTs Job Openings Sept 10.438m vs 10.629m Aug (F/cast was 10.1m)
Michigan Preliminary Data
Consumer Sentiment Nov 66.8 vs 71.7 Sept (F/cast was 71)
Current Conditions Nov 73.2 vs 77.7 Sept (F/cast was 77)
Inflation Expectations Nov 4.9% vs 4.8% Sept (F/cast was 4.9%)
Consumer Expectations Nov 62.8 vs 67.9 Sept (F/cast was 67)
5 yr Inflation Expectations Nov 2.9% vs 2.9% Sept (F/cast was 2.9%)
Baker Hughes Oil Rig Count 454 vs 450 prior
Baker Hughes Total Rig Count 556 vs 550 prior
USD dipped. Bitcoin -0.4% @ 63,866.84, VIX -7.8% @ 16.3, US T10 @ 1.57% continues to rise.
OIL Brent -0.8%, WTI -1%
Gold +0.2%, Silver +0.4%, Copper +1.2% Platinum -0.5%, Palladium +2.5%.
AHEAD NY Empire State Manufacturing Index.

DAX +0.07%, CAC +0.45%, FTSE -0.49%
Markets opened flat, FTSE dipped lower and traded sideways in the red DAX traded sideways in the green and the CAC worked better. Euro zone industrial production figures for September better than forecast.
Household goods +VE but Travel and Leisure weak and Oil and Gas the laggards. Earning from AstraZeneca (weak as earnings missed), Richemont (+VE on Strong earnings) , Deutsche Wohnen, Deutsche Telekom and Simcorp (lower after disappointing results).
Daimler announced Thursday that its truck business will be spun off on Dec. 10 as the German automaker looks cut costs and bump up profit margins to double figures by 2025.
European Commission Vice President Margaritis Schinas on Friday welcomed a move by Turkish aviation authorities to limit air traffic to Belarus for certain nationalities as part of efforts to contain the migrant crisis on the EU's eastern borders.
DATA
Eurozone
Industrial Production Sept +5.2% YoY vs 4.9% Aug revised (F/cast was +4.5%)
Industrial Production Sept -0.2% MoM vs -1.7% Aug revised (F/cast was -0.7%)
Germany 
Wholesale Prices Oct +15.2% YoY vs +13.2% Sept (F/cast was +14.6%)
Wholesale Prices Oct +1.6% MoM vs +0.8% Sept (F/cast was +1%)
AHEAD
Eurozone Balance of Trade.
Germany No data due
France No data due  
UK  No data due

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