European equity markets

European equity markets opened Friday’s session higher after US indices posted their best monthly performance in over a year.

The Japanese unemployment rate

Japan’s unemployment rate fell to 2.5% in October from 2.6% the previous month, recording a second consecutive month of improvement. Employment was lifted by the accommodation and food service sectors as tourism is recovering in the country, but with high material prices increasing costs, employment in the manufacturing and construction sectors, however, declined by 10.6% and 6.2%, respectively.

Caixin PMI

The Chinese economy seems to be running at different speeds across industries. After yesterday’s NBS purchasing managers’ index (PMI), which remained in contraction territory for a second straight month, Caixin PMI unexpectedly rose to 50.7 in November from a 49.5 reading in October, the fastest expansion in three months. The official and Caixin surveys have different samples, with the Caixin PMI focusing on export-oriented enterprises and small- and medium-sized enterprises in the country’s coastal region.

Nationwide house price index

The Nationwide house price index unexpectedly rose in November. Month-on-month, the index rose 0.2%, when economists expected a 0.4% decline. Already in October, the nation saw a surprise 0.9% lift in house prices, which it attributed to a scarcity of property on the market. Year-on-year, prices have declined by 2%, according to Nationwide.

US non-farm payrolls

It being the first day of the month, it would normally see US non-farm payrolls, but because of the recent four-day weekend last week, non-form payroll (NFPs) will be next week. However, today there’s the Canadian job number for November. The net change in jobs is expected to be down to 15,000 from 17.5k jobs in October, with the net result being a rise in the unemployment rate from 5.7 to 5.8%.

US ISM

US ISM manufacturing data for November is out at 3 p.m. Economists are expecting the number to have risen from 46.7 to 47.6, although this is still contractionary, which will spell trouble for the economy down the line. With the strikes now broadly over in the auto sector, this should see a further pick-up in the months to come.

Walt Disney

Since the return of Bob Iger at the helm of Walt Disneya year ago, it hasn’t been a smooth ride. Iger started by reducing costs. significantly. He then put in place a plan to invest $60 billion over the next decade in Disney’s streaming business, ESPN, and its theme parks. a strategy criticised by activist investor Nelson Peltz and his firm Trian, which holds about $3 billion in Disney shares. Yesterday, his request for multiple seats on the Disney board was rejected. Trian now intends to take its case for change directly to shareholders. On Thursday evening, Blackwells Capital, another large investor in Disney, expressed its support for Iger, asking Peltz and Trian to “withdraw this costly and disruptive effort to displace experienced voices” in Disney’s boardroom.

Dell Technologies

Dell Technologies posted lower-than-forecast revenue for the third quarter. sending shares down 3.8% in extended trading. Investors ignored the fact the bottom line beat estimates, and that Dell raised its full-year expectations. Earnings came in at $1.88 per share, higher than the $1.46 anticipated. Revenue reached $22.3BIn when the market expected just over $23Bln. Dell raised its expectations for full-year earnings per share to $6.63, plus or minus 10 cents, compared with its prior forecast of $6.30, plus or minus 20 cents.