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Market News


European Markets

 

Opening calls are indicating a flat open this morning.

Asian Markets

The Nikkei Average is trading lower in the current session.

US Markets

U.S. stocks ended sharply higher Monday, as investors welcomed two merger announcements and strong earnings from Caterpillar.

The Dow Jones industrial average gained 105 points, or 0.9%, the S&P 500 rose 16 points, or 1.3%, and the Nasdaq composite 62 points, or 2.4%.

Caterpillar led the Dow’ gains, after the equipment manufacturer reported record revenue for the third quarter and issued a strong outlook. Caterpillar said the eurozone debt problems and slowing U.S. economic growth are “concerning,” but they are not signaling “the onset of recession.”

Events today

A raft of corporate data out of Europe on Tuesday includes Deutsche Bank third quarter results which showed a better-than-expected rise in pretax profit to 0.9 billion euros ($1.2 billion). However, pretax profit from the corporate and investment banking arm fell to 329 million euros ($457 million).

Swiss Bank UBS reported a net profit of over 1 billion Swiss francs ($1.13 billion) on Tuesday, while revenue reached 6.4 billion Swiss francs ($7.26 billion), beating forecasts.

Swiss pharmaceuticals firm Novartis will report third quarter data at 7:30 UK time.

In the UK, software company Arm Holdings reported third quarter revenue of £120 million ($191.7 million) and pretax profit of £55.8 million ($77.5 million), slightly higher than expectations.

Oil giant BP announces its third quarter data on Tuesday as well as oil and gas firm BG Group. The UK’ largest food producer Premier Foods will release second quarter trade data.

Key economic news on Tuesday includes the British Bankers’ Association September survey of retail banking groups out at 8:30 and second quarter balance of payments figures from the UK will also be available from 8:30.