A four day meeting of China's Communist Party ended on Tuesday
with investors anxious to see the nation's plans for the next ten
Most expect China's policy makers to plan important changes
needed to balance the nation's economy while still preserving its
fragile recovery. Most are expecting the report to be released
without any major surprises, although some of the nation's
government officials have claimed that the four day meeting will
end with "unprecedented" reforms.
In other news around the markets:
Demand for homes in the UK jumped in October, resulting in the
largest house price increase in more than 11 years. Many investors
worry that the nation's rising house prices without a commensurate
recovery indicates that the UK could be facing a new property
bubble. Talks between Western leaders and Iranian officials
resulted in a partial deal on Iran's disputed nuclear program.
Although Iran hasn't agreed to make its entire nuclear development
program transparent, the nation did agree to open up several parts
of its nuclear infrastructure to UN inspectors. The Iranian
concession is a good indicator for talks coming up on November 20.
At Wednesday's meeting, the European Commission is expected to move
forward with a review of the German economy in order to correct its
trade imbalance and help spur the economies of the rest of the
bloc. Three days after a Typhoon in the Philippines, the death toll
continued to rise as food and water became scarcer. The massive
storm destroyed much of the nation's infrastructure, making rescue
efforts more complicated.
Asian markets were mixed on Tuesday, the Japanese NIKKEI gained
2.23 percent and China's Shanghai composite was up 0.82 percent.
However, the Hang Seng index lost 0.54 percent and Indonesia's JSX
composite fell 0.21 percent.
European markets were modestly higher, the UK's FTSE gained 0.30
percent, the eurozone's STOXX 600 was little changed, and Italy's
MIB was up 0.77 percent.
Energy futures slipped on Tuesday, Brent futures were down 0.18
percent and WTI futures lost 0.25 percent. Gold lost 0.10 percent
and silver fell 0.50 percent.
The euro fell 0.10 percent against the dollar and the pound was
down 0.21 percent against the American currency. The dollar gained
0.52 percent against the yen and 0.26 percent against the
Notable earnings released on Monday included:
) reported a third quarter loss of $0.44, compared to last year's
loss of $0.48 on revenue of $68.46 million. Rackspace Hosting, Inc
) reported Q3 EPS of $0.11 which may not compare to the estimated
$0.16. Revenue came in at $388.60M which may not compare to the
estimated $387.47M. Hologic, Inc. (NASDAQ:
) reported Q4 EPS of $0.39 versus the estimated $0.37, beating by
$0.02. EPS were Up 5% from the same quarter last year.
Stocks moving in the Premarket included:
Carnival Corp (NYSE:
) lost 1.11 percent in premarket trade after falling 5.25 percent
over the past five days. Cablevision Systems Corp (NYSE:
) lost 3.78 percent in premarket trade after gaining 2.56 percent
over the past five days.
Earnings reports expected on Tuesday include:
D.R. Horton, Inc. (NYSE:
) is expected to report fourth quarter EPS of $0.40 on revenue of
$1.79 billion, compared to last year's EPS of $0.30 on revenue of
$1.30 billion. YRC Worldwide, Inc. (NASDAQ:
) is expected to report a third quarter loss of $0.46 on revenue of
$1.26 billion, compared to last year's loss of $4.30 on revenue of
$1.24 billion. DISH Network Corporation (NASDAQ:
) is expected to report third quarter ESP of $0.43 on revenue of
$3.58 billion, compared to last year's loss of $0.35 on revenue of
On Tuesday's economic calendar will be packed with CPI data
including reports from Germany, Italy, and the UK.
For a recap of Tuesday's market action click
Tune into Benzinga's pre-market info show with Dennis Dick and
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