European stock markets were buoyed by unexpectedly good news on the manufacturing front and a drop in Spanish unemployment, while Asian markets closed lower despite an increase in Chinese manufacturing.
Here are five things that matter for markets now:
- Manufacturing in the eurozone showed unexpected signs of life, moving away from a contraction. The PMI index for the eurozone rose to 50.7 from 50.3 and vs. analyst forecasts of a drop to the contraction territory of below 50. An economist at Markit, the London-based organization that calculates the indices, says this shows the eurozone is avoiding another drop into recession.
- Spanish unemployment fell to its lowest level since 2011 in the third quarter. The rate of unemployment dropped to 23.7% from the second quarter's 24.5%. It was below expectations of 24.1% in a Bloomberg survey of analysts.
- Chinese manufacturing expanded in October, flash HSBC/Markit PMI data shows. The index for this month was 50.4, a three-month high and slightly above the 50.3 forecast by analysts. But growth in new orders fell, as did producer prices, highlighting still weak demand.
- Profits at Swiss bank Credit Suisse (CS) more than doubled, beating analyst expectations. Third-quarter profit came in at 1.03 billion Swiss francs ($1.07 billion), while revenue rose by 20% to $6.54 billion. The shares were up in morning trading in Europe.
- Venezuela has begun rationing food for its citizens, as shortages have grown worse and worse. With this measure, the country is joining North Korea and Cuba, which have similar policies in place. A system by which customers have their fingerprint scanned in order to ensure they don't buy more than their share of various foods such as cooking oil and milk has been rolled out in the western border state of Zulia and in some state-owned markets in the capital Caracas.
At the time of publication, Antonia Oprita had no positions in any of the securities mentioned.