29 October – 02 November

29 October

Facebook shocked investors by warning of a slowdown in user and sales growth, and investors will hope this was just a bump in the road as the social media platform strives to hit its target of 3bn users.

Chinese equities slumped on Monday following data showing industrial profit growth slowed for a fifth consecutive month and as consumer stocks dropped on concerns over earnings.

Mexicans voted two-to-one in favour of scrapping a new $13bn Mexico City airport in a “people’s poll”, setting the stage for a decision that could undermine investor faith in president-elect Andrés Manuel López Obrador even before his government takes office.

Asia-Pacific equities struggled to hold onto early gains on Monday following sharp falls last week for global stocks as earnings outlooks for major US companies rattled sentiment.

30 October

Japan’s unemployment rate edged lower in September, coming in below estimates and at a four-month low.

A strong performance in Mexico and one-off gains from the sale of a business unit in Chile helped BBVA report a nearly 50 per cent rise in profits in the third quarter even as pressure remained on the group’s Turkish operations.

Volkswagen shares rose after the German carmaker beat expectations for the third quarter in spite of falling profits due to a Chinese slowdown and new testing regulations in Europe.

Shares in South Korean chipmakers rose in early trading on Tuesday after the US moved to block sales of key equipment to a Chinese competitor.

31 October

The Trans-Pacific Partnership will enter into force from December 30, marking a rare victory for global trade liberalisation, even as the US erects tariff barriers and steps up its trade war with China.

Air France-KLM’s run of good news has continued with a strong set of third quarter results, showing pre-tax profit up 7.3 per cent to €915m in the three months to the end of September.

Swiss chemicals group Clariant has reported a slowdown in sales and profits growth in the third quarter after demand for its products softened in China.

The Trans-Pacific Partnership will enter into force from December 30, marking a rare victory for global trade liberalisation, even as the US erects tariff barriers and steps up its trade war with China.

01 November

Apple is turning to traditional broadcasting to boost its streaming service, exploring a tie-up with iHeartMedia, the largest US radio group that is attempting to claw itself out of bankruptcy.

Credit Suisse reported a mixed set of third-quarter results, with revenue and net income missing expectations after a sharp fall in trading income, taking the shine off an almost 70 per cent surge in overall pre-tax profits

China’s manufacturing sector eked out mild growth in October as export sales declined for a seventh consecutive month, according to a private survey.

Chinese stocks rose on Thursday a day after Chinese Communist party leaders signalled a fresh round of stimulus measures, in a bid to shore up confidence as China’s economy faces headwinds from slower growth and the US-China trade war.

02 November

Around 2010 some China economy watchers began quipping about the “Wen Jiabao put option”, noting how China and its then-premier had replaced the “ Greenspan put”, named after the former US Federal Reserve chair, as the ultimate guarantor against market turmoil by enacting forceful stimulus at the first whiff of trouble.

European companies in China are suffering heightened security risks and greater expenses due to a requirement to use state-run telecoms companies to bypass the country’s “great firewall” of internet blocks, according to a business advocacy group.

Investors withdrew $36bn from bond funds in October, the biggest monthly net redemption in almost three years, as even exchange traded fixed-income funds succumbed to the global market turbulence.

Hong Kong stocks were on track for their best week since 2015 and Chinese equities rallied on Friday as signs of thawing US-China trade relations boosted sentiment.