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Daily Scan: Asia caps the day mixed; European shares climb

By NexChange
Capital Markets

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Updated throughout the day

November 10

After a long and valiant fight to remain deep in the green, the Shanghai Composite finally succumbed to all the bad news reported by the nation and finished the day down 0.18%. Hong Kong’s Hang Seng Index meanwhile slumped a massive 1.43%, while over in Japan, bargain hunters and a weak yen led the Nikkei Average to gain a surprise 0.15%. As for the rest:

  • Hang Seng China Enterprises Index: -1.82%
  • Shenzhen Composite: +0.82%
  • Straits Times Index: -0.42%

Elsewhere in the world, European bourses are brushing off China’s weak inflation data to notch up some pretty decent gains. At pixel time, the U.K.’s FTSE 100 is up 0.27%, while Germany’s DAX 30 and France’s CAC 40 are up 0.39% and 0.44%, respectively. U.S. stock index futures meanwhile are narrowly higher with S&P 500 contracts climbing 0.05%, DJIA futures nudging 0.06%, and Nasdaq contracts advancing 0.02%.

Here’s what else you need to know:

Cameron warns EU over U.K. terms. Prime Minister David Cameron has said that Britain will question its commitment to the European Union if his demands for changes to the U.K.’s membership are rebuffed. Wall Street Journal (paywall)

China inflation figures miss estimates. Chinese consumer inflation climbed just 1.3% in October, slower than September’s 1.6% reading and lower than a Wall Street Journal survey of a 1.4% gain. Producer prices meanwhile slumped for the 44th-straight month. Wall Street Journal (paywall)

Japan’s current account surplus shrinks. The land of the rising sun’s current account, a gauge of trade and financial flows, came in at just Y1.468 trillion ($11.9 billion) in September, 11% less than October’s showing. The figure was much less than the Y2.15 trillion reading analysts had expected. Financial Times (paywall)

SCMP changes editor-in-chief amid staff exodus. In a move one employee called “staggering,” the South China Morning Post announced that it will be replacing Wang Xiangwei, the English-language paper’s editor-in-chief the past four years, with Tammy Tam beginning January 2016. The switch comes in the middle of a massive staff exodus which includes several award-winning journalists. HKFP

Ericsson and Cisco form a $1 billion alliance. The Swedish mobile maker and U.S. teleco have formed a business and technology partnership that should generate additional revenues of $1 billion by 2016. The deal should strengthen the pair against China’s Huawei and Finland’s Nokia. Reuters

Myanmar’s NLD confident of victory. Myanmar’s opposition National League for Democracy says it expects to win about 70% of seats. Party leader Aung San Suu Kyi said: “I think you all have the idea of the results.” BBC

Israel’s Netanyahu still committed to a two-state solution. U.S. President Barack Obama and Israeli PM Benjamin Netanyahu said on Monday that they have not given up on the Middle East peace process despite the poor prospects of reaching a lasting agreement. Financial Times (paywall)

Russia accused of state-sponsored doping at Olympics. The World Anti Doping Agency has accused Russia of operating a huge state doping programme that sabotaged the London 2012 Olympics, adding the country should be banned from athletics. Guardian

Volkswagen gives $500 to car owners. The car manufacturer is handing over the money to VW car owners affected by the emissions cheating scandal, but owners say it’s too little too late. The $500 will come in the form of a gift card that can be used anywhere. Owners will also get a $500 card to be spent at VW or Audi dealerships, and free 24-hour roadside assistance for the next three years. CNN

Brevan Howard cuts 50 support staff. The European hedge fund has laid off 50 people globally in back and middle office positions. The firm suffered its first annual loss in 2014, and the fund was down 0.7% in September. Reuters

Wall Street bonuses likely to fall for the first time since 2011. A report by Johnson Associates predicts debt traders will get slammed with a 10%-20% drop. Bankers who manage bond and stock raises should see their bonuses reduced by 5% to 15%. Still in line to get a raise — equities traders and M&A bankers. Wall Street Journal (paywall)

You won’t believe this:

SeaWorld to finally Free Willy. The theme park has said it will phase out the controversial killer whale display in San Diego. The move is part of a strategy to reverse falling visitor numbers. BBC

Inebriated Chinese man crashes horse into BMW. An eastern Chinese man was injured Saturday night after he rode his horse down the wrong way and crashed into an oncoming BMW. The man, who police say had “a heavy smell of alcohol,” was not seriously injured as he was wearing protective gear. How his horse fared is still unknown. SCMP (paywall)

U.S. President Obama joins Facebook. Obama opened an account Monday, saying he wants to have “real conversations” with people. His first post was about climate change. CNN

Photo: Allan Ajifo

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