Business News


Global Stocks are mixed this morning at the start of the fourth quarter as investors eye fresh indicators of global economic health, while government bonds sold off following a weak auction in Japan.  Gauges of factory activity in the eurozone, UK, Japan and South Korea all showed contraction in September, highlighting long-running concerns over the state of the global economy. US manufacturing figures will be released later this morning.  (FT)


Five drug makers tied up in sprawling opioid crisis lawsuits are pressing a novel plan to shrink or end the litigation: latching on to the bankruptcy of OxyContin maker Purdue Pharma. Johnson & Johnson, Teva, Endo International, Allergan, and Mallinckrodt are pursuing a global settlement where they'd fund a trust through Purdue's case, in exchange for release from liability - a plan not dissimilar to an approach tried in the Takata airbag litigation. (SA)


Oil prices are tracking higher on reports that production in the U.S. and Russia fell during the third quarter. While oil prices are forecast to remain fairly steady for the balance of the year, many market watchers think upward pricing pressure is fading away with Saudi Arabia believed to have restored capacity to 11.3M barrels per day after the attack on September 14 knocked out 5.7M bpd of output. Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded. (WSJ)

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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