Oct 4 Asian Macro Initial Thoughts S Korea & China closed. Expect a cautious rebound

04 Oct

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

China sent a record number of aircraft into Taiwan’ s air defence identification zone on Friday, Saturday and Sunday ahead of a visit by french lawmakers to Taipei. Evergrande has a guaranteed $260M bond due today.
Oil in focus ahead of OPEC+ meeting. Energy generally in focus as China struggles to meet demand and India reported to have a coal shortage too +VE for miners.
The IMF recommends CBDC and global crypto standards for financial stability as it showed concerns about market irregularities including tax evasion through the use of cryptocurrencies. The IMF warns in a report that the lack of regulation on cryptocurrencies has threatened the global financial stability.
In the US; Democrats offer compromise on spending after weekend of infighting +VE

Australia Clocks went forward and markets traded higher.  Expect light volumes with several state closed today for Labour Day.  Oil higher along with gold and miners.
Japan Nikkei local futures +60pts and Chicago futures higher too; so expect a broad rebound today.  
S Korea Markets closed for National Foundation Day
Taiwan Expect market to open higher following the US but upside limited by concerns over power shortages in China.
China Market closed re-opens Friday
HK  -178pts at 24,367 with broad weakness. Expect caution ahead of US announcing its trade strategy with China on Monday in the US.  This week CEO Lam is due to give her latest policy address with Property issues expected to get prominent coverage.   Sentiment slight +VE as HK has zero covid cases on Sunday.
US Futures 
Opened higher Dow +100pts S&P +0.3% and NDX +0.35%. Debt ceiling, infrastructure spending, energy prices and inflation plus a jobs report this week all vying for attention.

Nikkei local futures +60pts and Chicago futures higher too; so expect a broad rebound.    
Yen closed 111.05
No data due
Earnings due from
Tokyo on Saturday reported 196 new coronavirus cases, (-4 DoD and -186 from last Saturday). Nationwide the number was 719 (-59 DoD).
The ruling Liberal Democratic Party’s new leader Fumio Kishida, who will be appointed prime minister next week, is likely to dissolve the lower house on Oct. 14 for a general election either on Nov. 7 or 14, people close to him said Friday. Kishida will form his Cabinet on Monday after he is elected prime minister at the start of an extraordinary session of the Diet.
Regional political party Tomin First no Kai (Tokyoites First), which was founded by Tokyo Gov. Yuriko Koike, on Sunday announced the launch of a national party. The new party, called First no Kai, will be headed by Tomin First leader Chiharu Araki, a Tokyo Metropolitan Assembly member. The new party will field candidates in this autumn’s Lower House election, mainly in Tokyo, Araki told a news conference. Slight +VE
The government will, from this month, start experimenting with using proof of COVID-19 vaccination at restaurants and other places in 13 prefectures after it relaxed restrictions to prevent the spread of the deadly coronavirus. The experiment, which will also be carried out at sports stadiums, small live music venues and theaters, aims to confirm whether checking visitors’ proof of vaccination or negative test results can be conducted smoothly.
Toyota Motor Corp (7203.T) outsold General Motors Co (GM.N) in the United States for the first nine months of 2021 as the Detroit automaker grappled with production problems stemming from the semiconductor chip shortage. Toyota during the first nine months sold 1.86 million vehicles compared with GM's 1.78 million, or just over 80,000 more vehicles, data released on Friday showed. Slight +VE
Spanish authorities and Nissan will enter talks with China’s Great Wall Motor over a possible takeover of the Japanese carmaker’s plant in Barcelona, which is due to shut in December, they said on Friday. Slight +VE
Typhoon winds and rain dampened what might have been a more celebratory mood in Tokyo on Friday, as restaurants were allowed to sell alcohol and stay open later following the lifting of the latest COVID-19 state of emergency. Japan is cautiously easing restrictions that have prevailed across much of the nation for almost six months. New COVID cases in Tokyo totalled 200 on Friday, a sharp drop from more than 5,000 a day in August amid a fifth wave driven by the infectious Delta variant that brought the medical system to the brink.
Japan's next Prime Minister Fumio Kishida may have little choice but to sell more government bonds to fund his pandemic-relief package worth hundreds of billions of dollars, even if it scrapes together money left over from previous stimulus programmes.
A former foreign minister known as a proponent of fiscal reform, Kishida won the ruling party's leadership race on Wednesday, assuring him of being chosen as prime minister next week due to the party's majority in parliament.
Japan's new leader will appoint little-known but well-connected lawmaker Shunichi Suzuki as finance minister, the Yomiuri daily reported, a choice which analysts said signals continuity in the government's bid to balance growth with fiscal reform. +VE
Mitsubishi Electric Corp Chairman Masaki Sakuyama resigned Friday after a panel of outside experts said an "inward-looking and closed" corporate culture was to blame for decades of cheating by the company in inspections for train-use equipment.  The panel also said Mitsubishi Electric employees involved in the scandal lacked awareness of the need to ensure quality through proper procedures, urging the major electronics maker to improve its culture. Sakuyama also stepped down as a vice chairman of the Japan Business Federation, the country's most powerful business lobby known as Keidanren. -VE
Japanese utilities are stepping in to help ease China’s fuel crisis, selling excess LNG at sky-high prices as Beijing orders its top energy companies to secure supplies at all costs.

Markets closed for National Foundation Day.
This week concerns about power shortages in China and the impact on growth likely to limit the upside along with concerns about US bond yields. Energy prices in focus as China seeks to secure resources. Samsung Electronics Q3 earnings expected this week.
No data due
KDCA reported 2,086 newcovid cases; (-162 DoD) but an 8th day over 2,000
South Korea extended social distancing curbs to combat the coronavirus pandemic on Friday for two weeks, offering more incentives to people to get vaccinated as it battles thousands of new cases each day, particularly in the capital. -VE
South Korea's ruling party has backed down on a controversial bill to impose tougher penalties for the publication of false information, after critics at home and abroad labelled it a move to stifle a free press and critical coverage. +VE
North Korea said on Sunday the United Nations Security Council applied double standards over military activities among U.N. member states, state media KCNA said, amid international criticism over its recent missile tests.  Slight -VE
South Korea’s energy policy faces mounting uncertainties as two ministries appear to hold different views over liquefied natural gas, or LNG.  According to industry sources Friday, the Environment Ministry is mulling to exclude LNG from its green classification system set for launch later this year.
Electric truck maker Rivian Automotive, which currently sources batteries from South Korean supplier Samsung SDI (006400.KS), plans to build battery cells in-house, its filing for a U.S. initial public offering showed on Friday. Slight -VE Samsung SDI
South Korea’s major milk and dairy product providers are set to raise retail prices of their products next week.  Namyang Dairy Products said Friday the company will increase retail prices of commercial milk products by an average 4.9 percent from Oct. 14. +VE for the companies
SsangYong Motor Co. said Friday its sales plunged 40 percent last month from a year earlier on weaker domestic demand. It sold 5,950 vehicles in September, down from 9,834 units a year earlier, the company said in a statement. -VE
South Korea commands almost half of the world’s secondary battery market, but the country‘s reliance on imported materials is growing to an alarming level, data showed Friday. The country is home to three of the world‘s major battery producers, LG Energy Solution, Samsung SDI and SK On (formerly SK Innovation).
However, 63.9 percent of four key materials used for battery making -- cathodes, anodes, and separators and electrolytes -- were imported from foreign companies.
SK Innovation said Friday it has officially carved out its battery division into a wholly owned subsidiary, SK On. Some 1,400 staff and executives who belonged to SK Innovation’s battery business will be relocated to SK On to continue electric vehicle battery, battery-as-a-service and energy storage system businesses. +VE
SK Inc. said Friday it has injected an additional $55 million into a San Francisco-based alternative protein firm Perfect Day to wade further into the global alternative food market. +VE
Domestic sales of Samsung Electronics Co.'s new foldable smartphones -- the Galaxy Z Fold3 and the Galaxy Z Flip3 -- are likely to top 1 million units this weekend, industry officials said Friday, as the tech giant tries to popularize the foldable category. +VE

Expect market to open higher following the US but upside limited by concerns over power shortages in China.
No data due
A record 38 Chinese military jets crossed into Taiwan’s defence zone as Beijing marked the founding of the People’s Republic of China, officials in Taipei have said.  The show of force on China’s national day on Friday near the self-ruled democratic island, which Beijing claims as part of its territory, came in the same week it accused Britain of sending a warship into the Taiwan strait with “evil intentions”.  A further 20 Chinese air force planes entered Taiwan's air defence zone on Saturday, the defence ministry in Taipei said. -VE
Taiwan questions China's suitability for Pacific trade pact, fears 'obstruction' as China's restrictive practices present fundamental problems for its application to join a major pan-Pacific free trade pact, and if it joins before Taiwan there is a risk it could block their application, the island's economy minister said.
The Council of Agriculture (COA) yesterday sent documents to Taiwan’s WTO mission in preparation for filing “specific trade concerns” next month over Beijing’s ban on the importation of custard apples and wax apples from Taiwan. COA Minister Chen Chi-chung said that as of Thursday, China had failed to provide Taiwan with an official explanation for the import suspension; as a result, Taiwan plans to submit its concerns to the WTO’s Sanitary and Phytosanitary Measures (SPS) committee.
Primax Electronics Ltd is planning to build new manufacturing facilities and advanced laboratories in Hsinchu County’s Jhubei City  as it continues to develop audio, visual and interface solutions to maintain market leadership, the Ministry of Economic Affairs said on Friday as it approved a NT$2.5 billion (US$89.7 million) investment application by the audio and PC peripherals maker. +VE
Foxconn Technology Group’s planned purchase of embattled start-up Lordstown Motors Corp’s auto plant in Ohio might make it a stronger contender to assemble electric vehicles for Apple Inc, but success with the endeavor is far from guaranteed.  The Taiwanese company is the largest maker of iPhones, giving it a potential edge as Apple explores the automotive sector. Foxconn agreed to spend US$280 million on the Lordstown deal, one of the top vehicle-related investments it has made over the past two years. Slight +VE
TSMC would not give the US Department of Commerce confidential customer information, majority stakeholder the National Development Fund said Friday.  National Development Council (NDC) Minister Kung Ming-hsin, who oversees the fund and is a TSMC board director, told legislators at the Legislative Yuan in Taipei that although the chipmaker could provide the industry more insight into chip shortages during its quarterly board meeting, it is bound by confidentiality agreements not to disclose sensitive details.
New vehicle sales rose 24.1 percent from last year to 41,133 units last month, marking the best September sales in about 16 years, as commercial vehicle demand grew during the COVID-19 pandemic, data from the Motor Vehicles Office showed. Sales were surprisingly robust, beating an estimated 40,000 units by Hotai Motor Co, the nation’s biggest vehicle distributor. On an annual basis, new vehicle sales expanded 10.4 percent from 37,000 units in September last year. +VE
The central bank Friday said that it had met with 36 local lenders and the National Federation of Credit Cooperatives to make sure they comply with credit control measures when processing mortgage applications. The central bank made the closed-door meeting known in a statement yesterday to highlight its resolve to cool the local property market. Housing transactions last month surged 28 percent month-on-month to 21,385 units in the nation’s six special municipalities, as negative effects of a local COVID-19 outbreak faded.
CPC Corp, Taiwan (CPC) and Formosa Petrochemical Corp  yesterday said they would raise gasoline and diesel prices by NT$0.1 per liter this week, effective today, after keeping their fuel prices unchanged last week.

Market closed
No data due
US Trade Representative Katherine Tai is scheduled to unveil a long-awaited strategy for her country’s troubled trade relationship with China in a speech on Monday at a Washington think tank, her office said.  Tai will deliver remarks on her review of China trade policy at the Center for Strategic Studies in Washington, and participate in a session to answer questions, Tai’s office said in a statement on Thursday. Since taking office in March, Tai has been conducting a thorough review of Washington’s China trade policy.
The United States urged China on Sunday to stop its "provocative" military activities near Taiwan, after the island scrambled jets to warn away close to 100 Chinese military aircraft entering its air defence zone over a three-day period.
China's top anti-corruption watchdog said on Saturday it is investigating a former justice minister, Fu Zhenghua, the latest high-ranking domestic security official to be brought before the authorities in a broad crackdown. -VE
The State Administration for Foreign Exchange (SAFE) announced that China's current account surplus amounted to RMB344.7 billion for the second quarter of this year. Reserve assets burgeoned by RMB322.4 billion. +VE
Chinese Vice Premier Han Zheng has recently ordered coal, electricity and oil SOEs to maintain winter's power supplies at all costs, without tolerance for massive blackouts, Bloomberg citing sources. China’s leadership has told the country’s state-owned mining firms to produce coal at full capacity for the rest of the year even if they exceed annual quotas as the country struggles with a deepening power crisis. The directive, along with other measures to secure energy supplies for this winter at all costs, was emphasized during emergency meetings this week in Beijing, people familiar with the matter said. Boosting domestic thermal coal production is critical, the sources said, asking not to be named as the discussion contents are not public.
Chinese AI gets ethical guidelines for the first time, aligning with Beijing’s goal of reining in Big Tech China released the country’s first set of guidelines on AI ethics, emphasising user rights and data control The guidelines are part of China’s goal to become the global AI leader by 2030, but also align with Beijing’s effort to crack down on Big Tech influence Slight -VE to Tech sector.

ADR’s -178pts at 24,367 with broad weakness. Expect caution ahead of US announcing its trade strategy with China on Monday in the US. This week CEO Lam is due to give her latest policy address with Property issues expected to get prominent coverage. Sentiment slight +VE as HK has zero covid cases on Sunday.
No data due.
National Security
Confederation of Trade Unions,
Hong Kong's largest pro-democracy union with 75 affiliates and more than 100,000 members, has decided to disband following a vote.

SHORT SELLING HSI Thursday 20.5% vs 21.9% Wednesday
Top shorts 
Country Garden (2007) 54%, Haidilao (6862) 42%, Bud Apac (1876) 42%, China Res Land (1109) 38%, CM Bank (3968) 38%, MTRC (66) 37%, AIA (1299) 37%, Wuxi Bio (2269) 36%, Shenzhou (2313) 36%, Mengniu Dairy (2319) 33%, HK & China Gas (3) 32%, Xiaomi (1810) 32%, BDY (1211) 30%, HSBC (5) 29%, Sunny Optical (2382) 27%, Wharf REIC (1997) 27%, Power Assets (6) 27%.

NEVS, the Swedish electric-vehicle arm under Evergrande, is looking for new investors 
after sacking 300 employees. -VE

BYD (1211) saw a 90 percent year-on-year jump in sales, with a total of 80,114 vehicles sold last month.  Sales of its new-energy vehicles zoomed up 258 percent to 71,099 from a year ago, while sales of plug-in hybrid vehicles saw a fivefold rise to 33,716.  For the first nine months, 452,744 cars were sold, a 68 percent rise from last year's figure. +VE  Li Auto (2015), recorded a 102 percent year-on-year rise for the past month in deliveries of Li One, its only electric vehicle model for sale.  The company delivered 7,094 Li Ones.  Its deliveries of vehicles in the first nine months of the year hit 25,116, up 190 percent year over year.  +VE

Secondary-market transactions over the long weekend fell to a second record low in the past six months ahead of the policy address announcement on Wednesday.  Centaline Property reported a 50 percent drop in the number of transactions among its top 10 housing estates.Annie Yau Tse, Chairman of Hong Kong Retail Management Association (HKRMA), attributed the retail sales growth of 11.9% YoY in Hong Kong in August to consumption voucher scheme, with the increment similar to HKRMA's estimate. Comparing the figure with that in August 2018, however, there was still almost 25% decline, indicating the retail industry has not started picking up quite yet.  Slight -VE but comments about retail picking upthanks to consumption vouchers+VE

ASIAN CITRUS (00073.HK) announced the results for the year ended 30 June 2021. Net profit fell 83.9% yearly to RMB3.99 million with EPS of 0.3 fen. No final dividend was declared. -VEXIAOMI-W (01810.HK)'s statement disclosed that, on 30 September, it has repurchased 4.6 million shares of the company on the Stock Exchange, at a price between $21.25-21.45 per share, involving a total amount of approximately $98.18 million. +VE

RONSHINECHINA (03301.HK) announced that the Company completed open-market repurchases of the 10.5% senior notes due 2022 in the principal amount of US$3 million, representing about 0.6% of the aggregate principal amount of the Notes issued. +VE

HAIER SMARTHOME (06690.HK) announced that it has repurchased 71.8389 million A-shares as of end-September, involving around RMB1.994 billion. +VE

HENG TAI (00197.HK) announced the results for the year ended 30 June 2021. The loss narrowed to $247 million with LPS of 13 cents. No final dividend was declared. Sligth +VE

DETAI NEWENERGY (00559.HK) announced the results for the year ended 30 June 2021. The loss narrowed to $35.37 million with LPS of 0.23 cents. No final dividend was declared.  Slight +VE

XINYUAN PM (01895.HK)  announced the results for the six months ended 30 June 2021. Net profit grew 16% yearly to RMB64.17 million with  EPS of 12.02 fen. No interim dividend was declared. Slight +VEBIRMINGHAM SPTS (02309.HK)  announced the results for the year ended 30 June 2021. The loss narrowed to $74.23 million with LPS of 0.4 cents. No final dividend was declared. Slight +VE

LENOVO GROUP (00992.HK)’s application for listing on the Sci-tech Innovation Board has been approved
, revealed by Shanghai Stock Exchange on its website. The group proposes to offer no more than 1.337 billion ordinary shares to the depositary for conversion into Chinese Depository Receipts (CDR). +VE

EVERGRANDE (03333.HK) announced that its Evergrande Financial Wealth Management (Shenzhen) had Thursday (30th) paid 10% of the first instalment of investment products due September according to the Evergrande Wealth Investment Product Redemption Plan. The payments have been disbursed to investors' corresponding accounts.  Slight +VE

The Hong Kong government announced that the Minimum Allowable Wage (MAW) for foreign domestic helpers (FDHs) in Hong Kong would remain at $4,630 per month. The food allowance will be increased by $52 from not less than $1,121 to not less than $1,173 per month.

NWS HOLDINGS(00659.HK) announced annual result ended June 2021. The revenue rose 24.7% year on year to HK$28.197 billion. The net profit amounted to HK$1.146 billion, up 352.8% year on year. EPS was HK$0.29. A final dividend of HK$0.3 was declared, up 3.4% YoY. The total dividend for the entire year amounted to HK$0.59.
NEW WORLD DEV's underlying profit for the period amounted to HK$6.978 billion, up 5.9% YoY, in line with the estimated range of HK$6.723-7.665 billion suggested by five brokers.
While Chinese officials are purportedly keeping an eye on Hong Kong's housing problem, NEW WORLD DEV (00017.HK) Executive Vice-chairman and CEO Adrian Cheng said at the results conference that the company has not received any of such notice, adding it will continue to pay heed to any appropriate land parcels in China, Hong Kong and the GBA, and make ambitious investment. Slight +VE

The Hong Kong Monetary Authority announced the results of the residential mortgage survey for August 2021. The number of mortgage applications in August decreased month-on-month by 8.2 per cent to 13,927. Mortgage loans approved in August decreased by 0.2 per cent compared with July to HK$54.3 billion.

The Hong Kong Monetary Authority (HKMA) announced that the total assets of the Exchange Fund amounted to HK$4.6566 trillion as at August 31, 2021, HK$103.5 billion higher than that at the end of July 2021. Hong Kong dollar assets increased by HK$68 billion and foreign currency assets increased by HK$35.5 billion.NEW WORLD DEV (00017.HK) announced that a financial institution has purchased three storeys of the Group's Grade A commercial building at 888 Lai Chi Kok Road, Cheung Sha Wan for its own use at nearly $1.2 billion. The average selling price is around $17,500 per sq.ft., logging a new high for the project. Each of the said storeys has a GFA of 20,800 sq.ft. to 24,600 sq.ft., contributing to a total GFA of almost 68,000 sq.ft.

Centa-City Leading Index (CCL) dropped 0.49% WoW to post at 189.6.
CCL Mass last stood at 192.46, down 0.45% WoW.
CCL (small-and-medium units) likewise lost 0.43% WoW to post at 190.
CCL (large units) last posted 187.53, down 0.84% WoW.

DOW +1.43%, NDX +0.82%, S&P +1.15%, Russel 2K +1.69%
Markets opened higher but initially dipped into the red before working better for the rest of the session before dipping into the close. A +VE start following a weak September; as data showed personal consumption saw the biggest jump YoY for 30yrs.
Merck +8.4% and Ridgeback Biotherapeutics said their oral antiviral treatment for Covid-19 reduced the risk of hospitalization or death by 50% for patients with mild or moderate cases. They plan to seek emergency authorization for the treatment; other drug makers -VE but +VE cross read to the travel and leisure Royal Carribean +3.8%, Las Vegas Sands +4.3%. SouthWestern Airlines +5.6% on JPM upgrade.
Biden visited Capital Hill to help push his infrastructure bill +VE
The Biden administration is looking to require stablecoin issuers to register as banks, 
while asking the Congress to impose a new regulation on the business model of such companies, WSJ citing sources.
Top U.S. national security advisers will gather officials from 30 countries this month with plans to combat the growing threat of ransomware and other cyber crime, President Joe Biden said on Friday.
Banks JPMorgan Chase +2.1%, Citigroup +2.8% Wells Fargo +1.3%, Amex +3.8%
Work from home names: Facebook +1.1%, Apple +0.8%, Amazon flat, Netflix +0.5%,  Disney +4%, Zoom Video +2.3%, Alphabet +2.1% and Microsoft +2.6%,
Tech NXP Semi -1.5%, Nvidia +0.1%, Micron flat, AMD -0.4%, Skyworks -0.5%
Re-opening stocks  Boeing +2.8%, Caterpillar +1.2%, Simon Property +2.4%, Kohl’s +3.1%, Nordstrom +1.6%, Gap +3.8%, United Airlines +7.9%, Carnival +4.3%, Wynn Resorts +2.9%, Chevron +2.8%, Exxon Mobil +3.6%,  
Lock down names Campbell Soup -0.7% General Mills +1.3%, JM Smucker -0.3%
Personal Spending Aug +0.8% MoM vs -0.1% Jul revised (F/cast was +0.3%)
Personal Income Aug +0.2% MoM vs +1.1% Jul (F/cast was +0.2%)
PCE Price Index Aug +0.4% MoM vs +0.4% Jul (F/cast was +0.3%)
PCE Price Index Aug +4.3% YoY vs +4.2% Jul (F/cast was +4.2%)
Core PCE Price Index Aug +3.6% YoY vs +3.6% Jul (F/cast was +3.6%)
Core PCE Price Index Aug +0.3% MoM vs +0.3% Jul (F/cast was +0.2%)
Manufacturing PMI Sept 60.7 vs 61.1Aug (F/cast was 60.5)
Construction Spending Aug 0.0 MoM vs +0.3% Jul (F/cast was +0.2%)
Michigan Data Final
Current Conditions Sept 80.1 vs 78.5 Aug (F/cast was 77.1)
Consumer Expectations Sept 68.1 vs 65.1 Aug (F/cast was 67.1)
Consumer Sentiment Sept 72.8 vs 70.3 Aug (F/cast was 71)
Inflation Expectations Sept 4.6% vs 4.6% Aug (F/cast was 4.7%)
5 yr Inflation Expectations Sept 3% vs 2.9% Aug (F/cast was 2.9%)
ISM Manufacturing Data
PMI Sept 61.1 vs 59.9 Aug (F/cast was 59)
Employment Sept 50.2 vs 49 Aug (F/cast was 49)
Prices Sept 81.2 vs 79.4 Aug (F/cast was 79)
New Orders Sept 66.7 vs 66.7 Aug (F/cast was 66)
Baker Hughes Total Rig Count 528 vs 521 prior
Baker Hughes Oil Rig Count 428 vs 421 prior
Baltic Dry Bulk Freight Index rose 35 pts, or 0.7%, to 5,202 pts.
USD was weaker. Bitcoin -0.7% @ 47,590.52 as Coinbase confirmed that hackers have stolen crypto from at least 6,000 customers' accounts. VIX -8.6% @ 21.15, US T10 @ 1.465% easing at the start of October
OIL Brent +1.24%, WTI +1.13%
Gold +0.24%, Silver +2.35%, Copper +2.92% Platinum +0.97%, Palladium +0.33%.
AHEAD Factory Orders, Factory Orders Ex Trans, Logistics Managers Index.

DAX -0.68%, CAC -0.04%, FTSE -0.84%
Stocks opened lower and worked better through the day but sold down into the close. Data showed that European inflation was higher than expected at a 13 year high, mainly due to energy costs but also shipping and manufacturing bottlenecks impacting. Leisure was +VE but Mining stocks were weak. German politics remain uncertain.
BMW +1.3% raised its profit forecast. It said higher prices outweighed the effects of the global semiconductor shortage and other supply chain problems.
Sartorius -6.1% on a Societe Generale downgrade and cut its target price, citing increasing costs. Subsidiary Sartorius Stedim -6%.
EDF +5.9% after French Prime Minister Jean Castex said Thursday that February’s electricity price increase would be capped at 4%.
Manufacturing PMI Sept 58.6 vs 61.4 Aug (F/cast was 58.7)
Inflation Rate Flash Sept +3.4% YoY vs +3% Aug (F/cast was +3.1%)
Inflation Rate Flash Sept +0.5% MoM vs +0.4% Aug (F/cast was +0.2%)
Core Inflation Rate Flash Sept +1.9% vs +1.6% Aug (F/cast was +1.6%)
Retail Sales Aug +1.1% MoM vs -4.5% Jul revised (F/cast was +1.2%)
Retail Sales Aug +0.4% YoY vs +0.4% Jul revised (F/cast was +2.9%)
Manufacturing PMI Sept 58.4 vs 62.6 Aug (F/cast was 58.5)
Manufacturing PMI Sept 55 vs 57.5 Aug (F/cast was 55.2)
Budget Balance Aug €-178.04B vs €-166.64B Jul (F/cast was €-174B)
Manufacturing PMI Sept 57.1 vs 60.3 Aug (F/cast was 56.3)
Eurozone  Eurogroup meeting
Germany No data due
France New car registrations
UK  No data due

* The email will not be published on the website.