Dow crawled up 16, advancers slighltly ahead of decliners & NAZ fell 6. The MLP index slipped 1+ to 448 & the REIT index rose 1+ to 271. Junk bond funds were mixed while Treasuries are on holiday. Oil climbed higher on the failure of Iran talks & gold did little.
AMJ (Alerian MLP Index tracking fund)
4 days of talks in Geneva on Iran's nuclear program fell short of a deal. While the negotiations are scheduled to resume on Nov 20, the closed-door discussions left unresolved questions about Iran’s willingness to suspend or dismantle its nuclear-enrichment activities & the wisdom of any move by the US & allies to ease economic sanctions on the Islamic Republic. These talks move oil prices.
Inconclusive Iran Nuclear Talks Lead to Another Try: Q&A
China's broadest measure of new credit trailed estimates in Oct, suggesting authorities are trying to keep shadow-finance risks in check as leaders map out a blueprint to sustain growth. Aggregate financing was 856.4B yuan ($141B), the People’s Bank of China said. New local-currency loans of 506B yuan compared with the 580B yuan estimate. The broadest measure of money supply, rose 14.3% from a year earlier. Slower credit would constrain growth while limiting risks of a financial crisis as China seeks a way to replace the debt-fueled investment & construction that have sustained expansion since the global financial crisis in 2008. President Xi Jinping & top Communist leaders tomorrow conclude a 4 day gathering to set the direction of economic reforms. The below-forecast loans & credit compare with reports last week showing industrial production accelerated last month, exports rose more than estimated & inflation stayed beneath the gov target. Money supply rose 14.2% in Sep from a year earlier & was projected to advance 14.2% in Oct. There are signals that authorities want to limit debt. The central bank said in a report last week that the economy “may see a decline in leverage” over a relatively long period. Premier Li Keqiang said in remarks published last week that “there’s a lot of money in the ‘pool’ & issuing more money may lead to inflation,” citing the nation’s outstanding M2 money supply of more than 100T yuan ($16T) as of Mar, about double GDP.
China New-Credit Drop Shows Shadow-Finance Curbs as Leaders Meet
Pepsico, a Dividend Aristocrat, said it will invest 330B rupees ($5.2B) with its partners in India by 2020 as it increases its manufacturing capacity & adds new products. The company & its partners will ramp up investment in delivery infrastructure in the world’s 2nd most populous nation with a focus on rural areas, it said in a statement today. “India is a country with huge potential and it remains an attractive, high-priority market for PepsiCo,” CEO Indra Noovi said. “We believe we’ve only scratched the surface of the long-term growth opportunities that exist for PepsiCo and our partners.” The company is vying for a bigger chunk of developing countries’ business as growth rates in Asia, the Middle East & Africa are 4-5 those in the US & Europe. It generated about half its $65.5B in revenue last year from outside the US. India is one of the company’s biggest markets globally & the investments will also allow it to expand the range of food & drinks it sells in the South Asian nation. The stock slid 15¢.
PepsiCo to Invest More Than $5 Billion in India by 2020 With Partners
There's very little going on today with many traders taking a long weekend. Dow remains around its record highs but earnings reports from retailers this week may bring out selling.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLZ13.NYM | ....Crude Oil Dec 13 | ...94.73 |  ...0.13 (0.1%) |
| GCX13.CMX | ...Gold Nov 13 | ......1,281.00 | ...3.50 | (0.3%) |
4 days of talks in Geneva on Iran's nuclear program fell short of a deal. While the negotiations are scheduled to resume on Nov 20, the closed-door discussions left unresolved questions about Iran’s willingness to suspend or dismantle its nuclear-enrichment activities & the wisdom of any move by the US & allies to ease economic sanctions on the Islamic Republic. These talks move oil prices.
Inconclusive Iran Nuclear Talks Lead to Another Try: Q&A
China's broadest measure of new credit trailed estimates in Oct, suggesting authorities are trying to keep shadow-finance risks in check as leaders map out a blueprint to sustain growth. Aggregate financing was 856.4B yuan ($141B), the People’s Bank of China said. New local-currency loans of 506B yuan compared with the 580B yuan estimate. The broadest measure of money supply, rose 14.3% from a year earlier. Slower credit would constrain growth while limiting risks of a financial crisis as China seeks a way to replace the debt-fueled investment & construction that have sustained expansion since the global financial crisis in 2008. President Xi Jinping & top Communist leaders tomorrow conclude a 4 day gathering to set the direction of economic reforms. The below-forecast loans & credit compare with reports last week showing industrial production accelerated last month, exports rose more than estimated & inflation stayed beneath the gov target. Money supply rose 14.2% in Sep from a year earlier & was projected to advance 14.2% in Oct. There are signals that authorities want to limit debt. The central bank said in a report last week that the economy “may see a decline in leverage” over a relatively long period. Premier Li Keqiang said in remarks published last week that “there’s a lot of money in the ‘pool’ & issuing more money may lead to inflation,” citing the nation’s outstanding M2 money supply of more than 100T yuan ($16T) as of Mar, about double GDP.
China New-Credit Drop Shows Shadow-Finance Curbs as Leaders Meet
Pepsico, a Dividend Aristocrat, said it will invest 330B rupees ($5.2B) with its partners in India by 2020 as it increases its manufacturing capacity & adds new products. The company & its partners will ramp up investment in delivery infrastructure in the world’s 2nd most populous nation with a focus on rural areas, it said in a statement today. “India is a country with huge potential and it remains an attractive, high-priority market for PepsiCo,” CEO Indra Noovi said. “We believe we’ve only scratched the surface of the long-term growth opportunities that exist for PepsiCo and our partners.” The company is vying for a bigger chunk of developing countries’ business as growth rates in Asia, the Middle East & Africa are 4-5 those in the US & Europe. It generated about half its $65.5B in revenue last year from outside the US. India is one of the company’s biggest markets globally & the investments will also allow it to expand the range of food & drinks it sells in the South Asian nation. The stock slid 15¢.
PepsiCo to Invest More Than $5 Billion in India by 2020 With Partners
Pepsico (PEP)
There's very little going on today with many traders taking a long weekend. Dow remains around its record highs but earnings reports from retailers this week may bring out selling.
Dow Jones Industrials
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