Is risk-on mode back?
US, European, and APAC indices closed higher, but gold remained near its recent highs. The US dollar drifted lower ahead of Fed minutes as more Fed officials came up with more dovish comments.
US, European and APAC indices
US, European, and the Asia Pacific region (APAC) indices closed higher, but gold remained near its recent highs. The USD drifted lower ahead of Fed minutes as more Federal Reserve (Fed) officials came up with more dovish comments. After Dallas Fed President Lorie Logan and the Fed's vice chair Philip Jefferson on Monday, more Fed officials came up with dovish comments on Tuesday. Atlanta Fed President Raphael Bostic said the Fed did not need to raise borrowing costs any further. Similar remarks from Minneapolis Fed President Neel Kashkari followed later in the day.
LVMH
Elsewhere on the equity market, luxury conglomerateLVMH saw a drop in sales in Q3, as demand for handbags moderated and sales for spirits fell after several years of stellar growth. Sales grew 9% in the third quarter to €19.9 billion. Sales in Asia, excluding Japan, grew by 11%, outperforming North America and Europe.
Birkenstock
Birkenstock has set a price for its initial public offering: $46 per share, which values the sandals maker at $8.64BIn. The price was set at the middle of its expected price range of $44 to $49 per share. The stock will start trading today on the New York Stock Exchange under the ticker "BIRK."
Exxon Mobil
According to Reuters, Exxon Mobil will announce today the acquisition of Pioneer Natural Resources for about $60 billion. Exxon is expected to make a pure stock offer valued at more than $250 a share for Pioneer. Pioneer shares closed at $237.41 on Tuesday, having risen 11% since the first reports of a deal surfaced last Thursday. It would be the largest acquisition by any company this year and Exxon's biggest since its $81 billion purchase of Mobil Oil in 1998.
Walgreens
Walgreens appoints Tim Wentworth as Chief Executive Officer. Tim Wentworth was the founding chief executive of Cigna's health services organisation, Evernorth. He also previously led Express Scripts, a US-based pharmacy benefit manager. He replaces Rosalind Brewer, who abruptly stepped down in September, ending two and a half years at the helm. In that period, Walgreens Boots Alliance valuation halved, and the planned sale of Boots was called off.
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