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US small-business optimism increased in October, with the National Federation of Independent Business sentiment index rising to 93.7, matching the highest reading since early 2022. The uncertainty index also reached a new record, likely to decrease now that the election is over. While businesses were less pessimistic about sales expectations, concerns about inflation, labor quality, and taxes remained prevalent. Additionally, firms reported less difficulty attracting qualified talent for open positions in October. [Extracted from the article]

US small-business optimism increased in October, with the National Federation of Independent Business sentiment index rising to 93.7, matching the highest reading since early 2022. The uncertainty index reached a record high but is expected to decrease now that the election is over. Businesses showed improved outlooks for business conditions and sales expectations, with fewer reporting lower sales in the coming months. While challenges like inflation and labor quality persist, the prospect of lower corporate taxes may provide some relief. Additionally, firms found it easier to attract qualified talent for open positions in October. [Extracted from the article]

UBS Group AG predicts that wealthy Australians will increasingly invest outside the country to diversify their assets as their wealth grows. Anthony Sweetman, UBS's Australasia joint country head, aims to strengthen the firm's market position in Australia to meet changing investor needs. The company anticipates a rise in global investments by wealth investors in Australia, driven by positive growth outlook and attractiveness for foreign companies. [Extracted from the article]

NielsenIQ, a consumer intelligence firm, is considering an initial public offering that could value the company at around $10 billion. The company, backed by Advent International and KKR & Co., is in talks with potential advisers about a listing in 2025. NielsenIQ helps retailers and manufacturers understand consumer behavior and identify growth opportunities. The potential IPO comes amidst a rebound in IPOs and increased consumer confidence in the US. [Extracted from the article]

Ferrari NV experienced a 2% decline in shipments in the third quarter, largely attributed to a 29% drop in deliveries in China. Despite this, Ferrari remains less exposed to China compared to other luxury carmakers, with its shares still up by around a third for the year. The company's CEO, Benedetto Vigna, is focused on maintaining exclusivity in the product line and expanding into producing more electrified vehicles, with plans to launch the brand's first fully electric supercar next year. [Extracted from the article]

Ferrari NV experienced a 2% decline in shipments in the third quarter, largely attributed to a 29% drop in deliveries in China. Despite this, the company confirmed its full-year guidance and analysts believe there is no significant demand issue. Ferrari's third-quarter results were described as "solid rather than spectacular," with adjusted earnings before interest, taxes, depreciation, and amortization rising 7% to €638 million. CEO Benedetto Vigna is focusing on customization services to enhance profitability and is working towards launching the brand's first fully electric supercar next year. [Extracted from the article]

Uniper SE has begun repaying the German government for a bailout it received during the energy crisis, with a payment of €530 million made in September and another €2.5 billion to follow next year. The bailout, totaling €13.5 billion in 2022, was one of Germany's largest corporate rescues, and Uniper's repayment is seen as a step towards returning funds to taxpayers. Berlin, which now owns over 99% of Uniper, plans to sell the utility, with Citigroup Inc., Deutsche Bank AG, and UBS Group AG appointed as joint global coordinators for the potential offering. Uniper's earnings have shown improvement since the crisis, with stable performance expected for 2024. [Extracted from the article]

Uniper SE has begun repaying the German government for a bailout received during the energy crisis, setting aside €3 billion in provisions and already paying €530 million in damages to the state. The remaining provisions, valued at €2.5 billion, will be transferred to the state in early 2025. Berlin, which now owns over 99% of Uniper, plans to re-privatize the company by 2028, with a share sale being the preferred option. Uniper's earnings are stable, with a positive outlook for 2024, showing a recovery since the energy crisis. [Extracted from the article]

Peloton Interactive Inc. received a rare buy rating from Bank of America Corp., with the analyst highlighting the company's strong profit outlook and new CEO. The company reported better-than-expected fiscal first-quarter adjusted Ebitda and raised its annual forecast for the metric. The new CEO, Peter Stern, is seen as capable of driving subscriber growth and cost reductions. Despite some risks, such as lackluster subscriber growth, the analyst raised the price target for Peloton shares. [Extracted from the article]

Peloton Interactive Inc. received a rare buy rating from Bank of America Corp., with the analyst highlighting the company's strong profit outlook and new CEO. The company reported better-than-expected fiscal first-quarter adjusted Ebitda and raised its annual forecast. The new CEO, Peter Stern, is seen as capable of driving subscriber growth and cost reductions. Despite some risks, the analyst raised the price target for Peloton shares, anticipating a 14% increase. [Extracted from the article]

Goldman Sachs Group Inc is more optimistic about South Africa's fiscal situation than Finance Minister Enoch Godongwana, believing that the projected revenue shortfall may not be as severe as anticipated. Despite a wider deficit announced by the minister, Goldman economists see a credible path for fiscal consolidation in South Africa, aiming to stabilize debt and reduce it below 70% of GDP by the end of the decade. The country's credit ratings may see improvement in the future, with Fitch Ratings and Moody's Ratings expected to review their assessments following the budget update. [Extracted from the article]

The South African factory sentiment stabilized in October, indicating a rebound in manufacturing, the third-largest economic sector. The Absa Group Ltd.'s purchasing managers' index fell slightly but remained above 50 for a second consecutive month, showing expansion in an industry previously impacted by power outages and high costs. The country's energy supply has improved, with no power cuts for over seven months, and annual producer inflation has decreased to its lowest level in more than four years. The manufacturing sector is expected to continue growing, supported by positive demand outlook, interest rate cuts, and pension reforms allowing early access to retirement funds. [Extracted from the article]

Emirates is planning a 40% increase in flights to China due to strong demand, with the airline looking to reintroduce double-decker Airbus SE A380 jets on its China routes. This contrasts with other carriers like Lufthansa and British Airways, which have reduced flights to China. Emirates, along with Etihad Airways, secured additional Chinese flight slots, allowing them to increase services from 35 to 49 flights per week. The airline's Chief Commercial Officer described the demand from China as "healthy" and optimistic about the gradual return of travelers. [Extracted from the article]

Fitch Ratings upgraded Egypt's credit rating from B- to B with a stable outlook, citing lower external risk, policy adjustments, and increased capital inflows. The upgrade comes after Egypt implemented fiscal reforms, including a significant interest rate hike and allowing its currency to weaken against the dollar. The country's efforts to attract foreign investment and cut subsidies on fuel and electricity have contributed to its economic recovery. S&P affirmed Egypt's long-term foreign currency debt rating at B- with a positive outlook, while Moody's Ratings assigns Egypt a Caa1 rating with a positive outlook. [Extracted from the article]

Takeda Pharmaceutical Co. has increased its full-year operating income forecast by 18% to ¥265 billion ($1.7 billion) due to strong second-quarter performance and cost savings in North America. The company's restructuring plan, implemented after losing patent protection for key drugs, aims to enhance growth and profit margins by streamlining its workforce and investing in new assets. Takeda's strategy includes investments in data and digital technologies to boost productivity and prioritize research and development. [Extracted from the article]

In October 2024, US consumer confidence saw its largest increase since March 2021, reaching a level of 108.7, the highest of the year. The rise was driven by optimism about the economy and the labor market, with measures of expectations for the next six months and present conditions also showing significant increases. Despite the positive trend, consumer confidence remains below pre-pandemic levels, with a notable improvement in views on job availability. [Extracted from the article]

The International Monetary Fund projects that France and Italy will not meet the European Union's 3% deficit goal by 2029, with both countries' gross debt continuing to rise. Despite pledges from the French and Italian governments to reduce their deficits, the IMF anticipates persistent non-compliance with the EU's fiscal rules. The IMF suggests that France and Italy need more aggressive fiscal adjustments to address their public finances, with debt levels projected to increase in both countries over the coming years. [Extracted from the article]

The International Monetary Fund projects that France and Italy will not meet the European Union's 3% deficit goal by 2029, with both countries' gross debt continuing to rise annually. Despite pledges from the French and Italian governments to reduce deficits, the IMF anticipates persistent non-compliance with the EU's fiscal rules. Debt levels in both countries are expected to increase, with Italy's debt reaching 142.3% of GDP and France's debt surpassing 124.1% by 2029. The IMF also notes rising debt levels in the UK and Belgium, with Britain not subject to EU monitoring. [Extracted from the article]

Moody's Ratings upgraded Suriname's credit rating to Caa1 from Caa3, citing the anticipated economic benefits from major offshore oil projects. The firm expects high growth rates and significant government revenue from the oil production. Suriname's government debt has decreased due to fiscal and economic reforms, leading to a positive outlook. S&P Global Ratings rates the country at CCC+ with a stable outlook. [Extracted from the article]

(Bloomberg) -- Bitcoin surpassed $67,000 for the first time since July as a rally in US stocks helped to renew optimism for riskier assets such as cryptocurrencies."Sentiment jumped sharply to 'greed,"' analysts at FxPro wrote in a note Tuesday.The largest cryptocurrency gained as much as 2.45% to $67,520 as of 9:58 a.m. in New York.©2024 Bloomberg L.P.By Emily NicolleReported by Author [Extracted from the article]

Palm oil is expected to reach its highest closing price in six months due to strong export projections from Malaysia, the second-largest producer of the commodity. In the first 10 days of October, exports from Malaysia increased by over 13% compared to the previous month, with significant growth in shipments to the European Union and India. The positive export outlook for palm oil is supported by rising demand for Chinese vegetable oils. As a result, refined palm olein and soybean oil prices have also seen increases. [Extracted from the article]

Shareholders of Gulf Energy Development Pcl, a power company owned by Thai billionaire Sarath Ratanavadi, have approved a merger with its telecoms affiliate Intouch Holdings Pcl. The $30 billion transaction is set to proceed, with Gulf Energy's stock expected to rise and the company's market value reaching $20 billion. The merger is seen as a way to accelerate business and earnings growth for the newly-created entity. Sarath, who controls a majority stake in Gulf Energy, has expressed willingness to buy out dissenting shareholders who vote against the deal. [Extracted from the article]

Shareholders of Gulf Energy Development Pcl, a power company owned by Thai billionaire Sarath Ratanavadi, have approved a merger with its telecoms affiliate Intouch Holdings Pcl. The $30 billion transaction is set to proceed, with Gulf Energy's stock expected to rise and the company's market value reaching $20 billion. The merger is seen as a way to accelerate business and earnings growth for the newly-created entity. Sarath, who controls a majority stake in Gulf Energy, has expressed willingness to buy out dissenting shareholders who vote against the deal. [Extracted from the article]

Moody's Ratings has upgraded Brazil's credit score to the highest junk grade, citing strong economic growth and a history of reforms as reasons for the upgrade. While Brazil's fiscal framework is still considered moderate, Moody's expects growth and adherence to fiscal policy to stabilize the country's debt burden in the medium term. This upgrade is part of Brazil's efforts to regain its investment-grade status, which it lost almost a decade ago. However, concerns about Brazil's debt trajectory and long-term growth prospects remain. [Extracted from the article]

Moody's Ratings has upgraded Brazil's credit score to the highest junk grade, citing strong economic growth and a history of reforms as reasons for the upgrade. While Brazil's fiscal framework is still considered moderate, Moody's expects growth and adherence to fiscal policy to stabilize the country's debt burden in the medium term. This upgrade is part of Brazil's efforts to regain its investment-grade status, which it lost almost a decade ago. However, concerns about Brazil's debt trajectory and long-term growth prospects remain. [Extracted from the article]

Chinese equities have outperformed emerging-market stocks by the largest margin since 1999, according to data from Bloomberg. This comes after a strong rally in Chinese stocks fueled by Beijing's stimulus measures, which has increased optimism about the country's economic recovery. As a result, Chinese equities are expected to become a staple in global portfolios once again, reversing the trend of new fund launches that have been excluding Chinese shares. [Extracted from the article]

(Bloomberg) -- Money managers' bullish wagers on gold jumped to the highest in more than four years as the precious metal registered successive highs after Federal Reserve's first interest-rate cut since 2020.Hedge funds and other large speculators boosted net-long positions by 0.9% to 254,841 as of Sept. 24, the highest since March 2020, weekly US government data showed on Friday.The precious metal reached an all-time high of $2,685.58 an ounce this week, capping a series of record highs amid optimism of further rate reductions by the US central bank.©2024 Bloomberg L.P.By Yvonne Yue LiReported by Author [Extracted from the article]

European natural gas prices are expected to decline for a third consecutive week due to increased confidence in sufficient winter supplies. While some European countries still receive Russian gas through Ukraine, efforts to find alternative sources, including from Azerbaijan, are ongoing. Europe also relies on liquefied natural gas (LNG) deliveries, but faces competition from Asia for these shipments. Despite this, Europe is projected to exit the winter with storage levels above the five-year average. Dutch front-month futures, the gas benchmark for Europe, rose 3.19% to €34.14 a megawatt-hour. [Extracted from the article]

Bitcoin experienced a surge in value due to expectations of a potential decrease in borrowing costs by the Federal Reserve, which could lead to increased demand for speculative assets. The cryptocurrency reached a high of over $61,000 before settling near $60,000. The market is anticipating a rate reduction announcement by the Fed, with traders already factoring in a quarter-point worth of easing. The increasing correlation between cryptocurrency and traditional markets, as well as MicroStrategy Inc.'s plans to purchase more Bitcoin, are contributing to the positive sentiment. Despite reaching a record high in March, Bitcoin has been trading within a relatively narrow range. [Extracted from the article]

Sprouts Farmers Market Inc., a natural and organic food retailer, has seen its shares more than double this year due to the growing trend of healthy eating among well-heeled shoppers. Analyst Michael Montani upgraded his rating on the grocery chain, citing its unique merchandise and growing customer loyalty. He also raised his price target, implying that the stock has room to advance further. Despite a slowing grocery retail landscape, Sprouts is well-positioned to benefit from the healthy-eating wave, as its upper-income and health-conscious consumers remain loyal. [Extracted from the article]

Sprouts Farmers Market Inc., a natural and organic food retailer, has seen its shares double this year due to the increasing focus on healthy eating among well-heeled shoppers. Analyst Michael Montani upgraded his rating on the grocery chain, citing its unique merchandise and growing customer loyalty. He also raised his price target, implying that the stock has room to advance further. Despite a slowing grocery retail landscape, Sprouts is well-positioned to benefit from the healthy-eating trend, according to Montani. However, some analysts remain cautious about the stock's valuation. [Extracted from the article]

S&P Global Ratings has upgraded Saudi Arabia's outlook from stable to positive, indicating the potential for future ratings increases. This comes as the kingdom continues its economic overhaul to diversify revenues and boost the non-oil sector. S&P affirmed Saudi Arabia's long-term foreign currency debt rating at A, with the possibility of upgrades in the next two years if reforms lead to steady growth in GDP per capita. However, there are downside risks if there is pronounced fiscal weakening, although Saudi Arabia is currently in a comfortable position to manage increased investment spending, rising debt levels, and potential lower oil revenues. The recalibration of priorities and timelines for infrastructure projects under the Vision 2030 diversification agenda is expected to help contain pressure on public finances. The IMF predicts deficits for Saudi Arabia from 2024 to 2029, while S&P sees smaller current account surpluses through 2027. [Extracted from the article]

Ukrainian President Volodymyr Zelenskiy plans to discuss the lifting of restrictions on weapons used for deeper strikes within Russian territory with President Joe Biden during their upcoming meeting. Zelenskiy expressed his reliance on Biden's optimism regarding this matter. The Biden administration has been opposed to deploying weapons deep inside Russia due to concerns about escalating the ongoing conflict. However, Secretary of State Antony Blinken has indicated a willingness to address Ukraine's demands in light of reports that Russia has received ballistic missiles from Iran. Zelenskiy is hopeful that his meeting with Biden at the United Nations General Assembly will yield positive results. [Extracted from the article]

Taiwan Semiconductor Manufacturing Co. (TSMC) experienced a 33% increase in revenue in August, indicating a positive outlook for the smartphone market and sustained demand for Nvidia Corp.'s AI chips. While this growth rate is slower than the previous month's 45% pace, analysts still expect TSMC's revenue to grow 37% in the third quarter. TSMC's strong performance could alleviate concerns about the durability of AI infrastructure spending, which caused Nvidia's shares to plummet. TSMC, the main manufacturer for the iPhone's main processor, now generates over half of its revenue from high-performance computing driven by AI demand. The company is also expanding globally, with projects in Arizona, Japan, and Germany. [Extracted from the article]

Taiwan Semiconductor Manufacturing Co. (TSMC) saw a 33% increase in revenue in August, indicating a potential recovery in the smartphone market and sustained demand for Nvidia Corp.'s AI chips. While this growth rate is slower than the previous month's 45%, analysts still expect TSMC's revenue to grow 37% in the third quarter. TSMC now generates over half of its revenue from high-performance computing driven by AI demand. Additionally, TSMC is the main manufacturer for Apple's iPhone processors, and the recent unveiling of the iPhone 16, designed for AI capabilities, is expected to boost demand for TSMC's chip production. [Extracted from the article]

Bunge Global SA has offered to replace debt previously issued by Viterra, signaling that its $8.2 billion acquisition of the company is nearing completion. The debt-exchange offer is seen as a positive sign that the deal will be finalized in the second half of 2024. However, regulatory approval is still pending in countries including Canada, where both companies have significant operations. Bunge has addressed competition concerns in Europe by agreeing to divest Viterra's oilseeds business in Hungary and Poland, but concerns remain in Canada where the antitrust watchdog has warned of "substantial anti-competitive effects" on agricultural markets. Despite a decrease in income for Viterra this year, Bunge's outlook has been raised to positive, indicating a potential improvement in the company's ratings. [Extracted from the article]

Azerbaijan is currently in talks to expand its natural gas exports to three additional European countries. President Ilham Aliyev confirmed that negotiations are underway, although he did not disclose the names of the countries involved. Azerbaijan already supplies gas to eight European nations and has plans to double its exports by 2027. Additionally, both Moscow and Kyiv have approached Azerbaijan to facilitate the transit of gas through Ukraine to Europe after a key agreement expires in December. This development comes as Europe seeks new gas deals to bolster supplies following reduced flows from Russia in 2022. [Extracted from the article]

Ireland's credit rating has been upgraded by Scope Ratings from AA- to AA, citing strong public finances and robust economic growth. The upgrade reflects Ireland's positive outlook for its public finances, including continued government surpluses and a falling debt-to-GNI ratio. This is a significant milestone for the Irish economy, which has rebounded since the financial crisis and now boasts one of Europe's only budget surpluses. Moody's and Fitch have also expressed positive outlooks on Ireland's credit rating, further highlighting its fiscal strength. [Extracted from the article]

Germany's DAX Index has reached a new record high, rebounding from a previous selloff in August. The index gained 0.7% on Thursday, reaching 18,912.47 points, surpassing its previous peak in May. Despite weakness in Germany's economy, investors are optimistic about central banks cutting interest rates to protect the economy. The DAX's performance this year has outperformed other Western European indexes, such as France's CAC 40 Index. [Extracted from the article]

Federal Reserve Chair Jerome Powell's speech at the Kansas City Fed's economic symposium confirmed expectations for an interest-rate cut at the next central bank meeting in September. Powell acknowledged the cooling of the labor market but expressed optimism about steering the economy back to 2% inflation while maintaining a strong labor market. He also discussed the Fed's reaction to the country's recent inflationary episode and emphasized the need to apply lessons learned to current challenges. [Extracted from the article]

Arabica coffee futures have ended a six-day rally due to reduced concerns about frost in Brazil, the top coffee grower. The most-active arabica contract fell by up to 2.7% in New York, following its longest streak of gains since April. While lower temperatures are expected in Brazil's coffee-producing regions, there are currently no projections of frost. Traders had been on alert after minor damage from isolated frost was seen last week, but technical indicators still suggest higher arabica prices in the near term. [Extracted from the article]

Budget carrier AirAsia has secured a $443 million private financing deal to refurbish planes that were grounded during the pandemic. The financing consists of a $200 million tranche for refurbishment and a $243 million portion to refinance lease liabilities. The deal is structured as privately-placed bonds linked to revenue and is secured by the sale of future airline tickets. The financing will help 10 aircraft take flight by October and another 15 in 2025. AirAsia is also planning to raise equity-based funding later this year. [Extracted from the article]

Raw sugar prices have reached a two-year low due to increased sugarcane crushing in Brazil and anticipated recovery in sugar output in Thailand and India. This has led to an optimistic outlook on sugar supply, causing the most-active contract to drop by 2.5% in New York. However, concerns remain about potential reduced output in Brazil, despite recent reports showing increased production. Analysts suggest that drier weather conditions may eventually impact sugar production in Brazil. [Extracted from the article]

Moody's Investors Service has raised the credit outlook for Ireland, citing the country's improved fiscal strength. Moody's predicts a decrease in Ireland's gross debt burden and a moderate improvement in debt affordability. The positive outlook reflects the robust growth potential of Ireland's competitive and wealthy economy. This is good news for the government as it heads into an election, and it marks a significant turnaround from the country's financial crisis in 2011 when its ratings were downgraded to junk status. Ireland now has one of Europe's only budget surpluses, largely due to income from multinational corporations based in Dublin. Fitch also upgraded Ireland's rating earlier this year. [Extracted from the article]

DoubleLine Capital's emerging-market debt fund, managed by Su Fei Koo and Mark Christensen, is focusing on bonds from Guatemala and Paraguay while avoiding riskier credits. The managers believe that these two countries have the potential to be upgraded from junk territory in the near future. They are being cautious with lower-rated countries due to anticipated volatility surrounding the upcoming US elections. The fund has performed well this year, returning 7.4%, and is currently outperforming 89% of its peers. The managers also find Panama's debt attractive after a selloff last year. The fund has previously exited Russian debt after the annexation of Crimea and has avoided debt from countries in the region at the onset of the war. Additionally, the fund has recently divested from China debt due to concerns about government meddling. [Extracted from the article]

(Bloomberg) -- Gold topped $2,500 an ounce for the first time, bolstered by hopes that the US Federal Reserve is edging closer to cutting interest rates.Gold is up more than 20% this year amid mounting optimism on monetary easing and large purchases by central banks. It's also seen increased demand as a haven asset due to rising geopolitical risks, including tensions in the Middle East and Russia's conflict with Ukraine.©2024 Bloomberg L.P.By Yvonne Yue LiReported by Author [Extracted from the article]

DoubleLine Capital's flagship emerging-market debt fund, managed by Su Fei Koo and Mark Christensen, is focusing on bonds from Guatemala and Paraguay while avoiding riskier credits. The managers believe that these two countries have the potential to be upgraded from junk territory in the near future. They are being cautious with lower-rated countries due to anticipated volatility surrounding the upcoming US elections. The fund has performed well this year, returning 7.4%, and is currently outperforming 89% of its peers. The managers also find Panama's debt attractive after a selloff last year. The fund has previously exited Russian debt after the annexation of Crimea and has avoided debt from nations in the region at the onset of the war. Additionally, the fund has finished selling China debt due to concerns about government meddling. [Extracted from the article]

Singapore's non-oil exports increased by 15.7% in July, marking the first growth since January, according to Enterprise Singapore. Both imports and exports saw growth, with total trade expanding by 13.7% last month. The rise in exports to China was attributed to sales of specialized machinery, petrochemicals, and measuring instruments. This data contributes to the positive outlook for Singapore's economy, which is expected to expand between 2% and 3% this year, despite ongoing risks. [Extracted from the article]

Moody's Ratings has raised New Jersey's outlook from stable to positive, citing the state's strong economic performance compared to neighboring states. The ratings firm also affirmed New Jersey's issuer and general obligation bond ratings at A1, the fifth-highest level of investment grade. Moody's lead analyst Edward Hampton noted that New Jersey's economy is outpacing its mid-Atlantic peers and highlighted the state's repeated appropriations of full actuarial state pension contributions as a sign of strong practices. The positive outlook reflects the prospects for strong economic and revenue performance, which will allow the state to narrow its structural gap and maintain substantial budgetary reserves while making full actuarial pension contributions. New Jersey's overall grade still remains below most other states, with only Illinois being rated lower. [Extracted from the article]