Good morning New York,
FT ALPHAVILLE
Fewer hawks, more doves at the ECB: The increasing north/south divide that has accompanied the euro area's drawn out crisis has lead to the balance of power shifting to the periphery. Or as David notes the doves are ascendant.
NEWS
Manufacturing data fuel UK optimism: The UK's manufacturing sector is growing even more quickly than economists had thought as the recovery gathers pace, according to a survey. The Markit purchasing managers' index, which is based on a regular survey of manufacturers, rose from 56.5 in October to 58.4 in November, higher than the 56 that economists were expecting. A number above 50 shows the sector is expanding. (Financial Times)
China over the weekend published new guidelines for its IPO market, saying companies could begin listing as soon as January: "Nearly 800 firms are awaiting a chance to list after the country in late 2012 instated a moratorium on new entrants.…Analysts said investor reaction was likely to be negative but cautioned against overlooking the positive long-term implications of the move." (WSJ) "Citic Securities, China's largest brokerage by market value, rose in Hong Kong trading to the highest since January. Smaller companies in the nation fell after the securities regulator said on Nov. 30 that 50 companies will be ready for IPOs by end of January and the watchdog may also begin a trial program for letting companies sell preferred stock." (Bloomberg)
Viktor Yanukovich, Ukraine's president, was under escalating pressure on Sunday night as hundreds of thousands of protesters poured onto the streets of Kiev demanding the overthrow of his government, after it sought to strengthen relations with Russia at the expense of the EU. (Financial Times)
US retail sales are likely to be down on last year in the four days from Thanksgiving to Sunday despite the early opening of stores and a surge in online spending, according to initial estimates. The National Retail Federation said on Sunday that it expected total spending over the long holiday weekend – when some stores opened earlier than ever on Thanksgiving night – to drop to $57.4bn from $59bn last year. (Financial Times)
Amazon is developing unmanned aerial drones that its founder Jeff Bezos says it could be using to deliver packages to consumers within five years. (Financial Times)
Albemarle & Bond suffers blow as non-executive directors resign: The turmoil at Albemarle & Bond has claimed the roles of four non-executive directors, whose resignations mean the pawnbroker's board has halved in two months. In a brief statement on Monday, A&B said Robin Ashton, Tracey Graham, Sterling Brinkley and Tom Roberts had resigned as non-executive directors with immediate effect. (Financial Times)
"GrainCorp suffered its second blow in almost as many days when its chief executive quit in the wake of Australia's rejection of a 3 billion Australian dollar (US$2.7 billion) takeover bid by U.S. agribusiness Archer Daniels Midland. Alison Watkins said she would leave next month after three years as GrainCorp's chief executive, with Chairman Don Taylor taking on executive duties on an interim basis until a successor is found." (WSJ)
"Japanese government bonds held by the country's large banks decreased by 3.7 trillion yen ($36.2 billion) at the end of October to 81.3 trillion yen, falling to the lowest since February 2010, Bank of Japan data showed on Monday." (Reuters)
Uttar Pradesh sugar mills end protest: "Sugar mills in India's largest sugar-producing state said Sunday that they will end a protest of state-controlled prices and begin refining again." (WSJ)
Markets: Global investors are starting the month in a cautious mood, welcoming signs of improved economic activity in China, the UK and Germany but perhaps wary of overextending the recent rally in stocks. The dollar index is 0.2 per cent firmer, helping keep a lid on industrial commodity prices. Treasury yields are higher, causing gold to dip $14 to $1,238 an ounce. The FTSE All-World equity index, which on Friday closed at its highest level since Christmas 2007, is down 0.2 per cent as weakness in UK-focused utilities leaves the FTSE Eurofirst 300 struggling for traction, following a mixed session in Asia. US index futures suggest the S&P 500 on Wall Street will start the day barely changed at 1,806, less than two points shy of its record, having climbed nearly 27 per cent so far this year. (Financial Times)
