Asian stocks set to rise; Longer term yields fall
Asian stocks looked set to rise Thursday after longer term Treasury yields and the dollar fell as traders weighed Federal Reserve minutes affirming a looming reduction in stimulus amid inflationary pressures.
Futures edged up in Japan and Australian equities climbed. U.S. contracts advanced after Wall Street snapped a three-day losing streak, with the tech-heavy $.NDX.US$outperforming the $.SPX.US$.
Fed says it could begin 'gradual tapering process' by mid-November
The Federal Reserve could begin reducing the pace of its monthly asset purchases as soon as mid-November, according to minutes from the September meeting. The summary, released Wednesday, indicated the tapering process could see a monthly reduction of $10 billion in Treasurys and $5 billion in mortgage-backed securities. Officials at the meeting expressed concern about inflation, saying it could last longer "than they currently assumed."
Cathie Wood's Ark lends name to ETF tracking Bitcoin futures
Cathie Wood is joining the slate of Wall Street players hoping U.S. regulators will soon greenlight an ETF tracking Bitcoin futures.
The ARK 21Shares Bitcoin Futures Strategy ETF, ticker ARKA, plans to invest in Bitcoin futures contracts that trade on commodity exchanges, according to a Wednesday filing with the Securities and Exchange Commission.
JPMorgan's Jamie Dimon says pandemic is moving to the rearview mirror
$JPM.US$'s third-quarter profit rose 24%, though that was largely thanks to a release of rainy-day funds socked away during the pandemic's darkest days. Revenue was up just 1% and below Wall Street expectations.
Shares cooled off Wednesday, falling 2.6% to $161. The stock had been up 30% this year, and hit fresh highs last week.
BlackRock profit rose 23% in 3rd quarter, helped by actively managed funds
$BLK.US$'s third-quarter profit rose 23% during a volatile stretch for markets as the company took in more money in its lucrative actively managed funds.
The money-management company posted a profit of $1.68 billion, or $10.89 a share, for the quarter ended September, up from $1.36 billion, or $8.87 a share, a year earlier. The company beat analysts’ profit expectations, and BlackRock’s stock price rallied 3.9% midday.
'Squid Game' is Netflix's biggest series launch after topping 100 million viewers globally
"Squid Game" has attracted 111 million viewers globally since its Sept. 17 release, making it $NFLX.US$'s biggest series launch of all time. The series easily smashed the previous record from "Bridgerton," which was watched by 82 million households in the first 28 days. International growth has been a key focus for Netflix in recent years, having invested heavily into foreign-language shows and films.
Big US businesses pledge to extend working hours to ease supply chain backlogs
Joe Biden has secured pledges from $WMT.US$, $UPS.US$and $FDX.US$to extend their working hours in a bid to ease supply chain bottlenecks that are weighing down the US and global economic recoveries.
The three companies on Wednesday committed to move towards a round-the-clock, seven-day-week model as part of a broader effort to help clear the mismatches between booming demand and lagging supply and alleviate shortages.
Apple studying potential of AirPods as health device
$AAPL.US$is studying ways to make AirPods into a health device, including for enhancing hearing, reading body temperature and monitoring posture.
The plans further demonstrate Apple's ambition to add health and wellness features to devices beyond the Apple Watch, where most of the company's health functions exist today.
Source: Bloomberg, WSJ, CNBC, Financial Times

Asia stocks set to dip amid inflation
Asian stocks looked set to slip Tuesday on concerns about elevated inflation stoked by energy costs. The dollar held a climb.
Australian shares edged down, while futures for Japan and Hong Kong dipped. U.S. contracts retreated after the $.SPX.US$ and $.NDX.US$ fell for a second day as the prospect of a slowing recovery from the pandemic shadowed trading.
Commodity surge fuels inflation threat
A surge in energy and metal prices is offering investors a fresh reminder of how the commodities market can fuel inflation and imperil the post-pandemic economic recovery.
The West Texas Intermediate crude price on Monday settled above $80 a barrel for the first time since 2014 while aluminum futures rose to their highest since July 2008, leading broad gains among base metals. In China, coal futures surged to a record.
Morgan Stanley sees stocks suffering on souring consumer outlook
Souring consumer confidence could soon catch up to stock market investors if this earnings season is clouded by downward guidance revisions.
Critically, the Fed and investors have embraced the view that inflation is transitory -- a view not shared by consumers. If consumer sentiment doesn’t quickly improve, it could be a signal of market weakness that would be sparked by disappointing earnings, weaker spending and higher savings rates.
Netflix to sell 'Squid Game' goods, other products on Walmart site
$NFLX.US$ is teaming up with $WMT.US$ to create a digital storefront on the retailer's website that will sell merchandise tied to hit shows such as "Stranger Things" and "Squid Game," the companies said.
The partnership is part of Netflix's broader strategy to develop new revenue streams beyond its core subscription business and market its content away from its own platform.
Apple decides its victory against Epic wasn't enough — it wants a total win
$AAPL.US$ announced Friday night it would appeal a judge’s order forcing it to allow apps to link to alternative digital payment systems on the web. The move would protect Apples lucrative App Store model, which has come under fire from technology rivals, international regulators and members of the U.S. Congress. The appeal is at odds with Apple's original messaging that it was happy with the judges ruling in the case.
Merck asks FDA to authorize antiviral Covid pill for emergency use
$MRK.US$ said it asked the FDA to authorize emergency use of its experimental antiviral pill to treat mild to moderate Covid-19 in adults. Phase three clinical trial data showed that the drug – known as molnupiravir – reduced the chances that patients newly diagnosed with Covid would be hospitalized by about 50%. The experimental drug could be available to Americans by late this year.
Emerson plans to merge industrial-software businesses with AspenTech
$EMR.US$ plans to merge two of its software businesses with $AZPN.US$ in a roughly $11 billion deal aimed at capturing growing demand for industrial technology.
It is in general, as companies with surging stocks and ample cash look for deals that will boost growth and profitability. In the U.S., companies have struck more than $2 trillion of takeover deals so far in 2021, more than double the year-earlier pace, according to Dealogic.
US companies authorise more than $870bn in stock buybacks
Businesses have authorised more than $870bn of repurchases so far this year, Goldman Sachs data show, almost three times more than in the same period in 2020 and $50bn ahead of the record set in the first nine months of 2018. Record share repurchases in 2021 so far could signal optimism despite recent market dips.
Source: Bloomberg, WSJ, CNBC, Financial Times