TOP STORIES
U.S. STOCKS SURGE AFTER BOJ EASES POLICY
Stocks rallied, with the Dow industrials hitting an intraday
record high, spurred by the Bank of Japan's decision to
unexpectedly expand its stimulus measures. The DJIA was up about
130 points.
EXXON POSTS HIGHER EARNINGS
Exxon Mobil's 3Q earnings rose 2.5% to $8.07 billion, or $1.89 a
share, on revenue of $107.5 billion, as higher refining margins and
improvements at refining and marketing segment helped offset lower
production. Results topped estimates.
U.S. CONSUMER SPENDING DROPS
Personal spending fell 0.2% from August, down for the first time
since January, raising doubts about the economy's ability to
maintain the summer's sturdy growth. Economists had predicted a
0.1% rise.
BOJ UNEXPECTEDLY EASES POLICY
The Bank of Japan took financial markets by surprise, ratcheting
up its already aggressive campaign against deflation by expanding
its yearly asset purchases by tens of trillion yen, as Prime
Minister Shinzo Abe's growth-revival plan teeters on the verge of
faltering.
U.S. EMPLOYMENT COSTS UP 0.7%
U.S. employers' labor costs picked up for the second straight
quarter, a sign that worker pay could finally break out of its
postrecession pattern of sluggish growth.
STRONG DOLLAR SENDS OIL BELOW $80 A BARREL
U.S. oil prices slid below the psychologically key $80 a barrel
mark after the Bank of Japan unexpectedly expanded its stimulus
measures, boosting the dollar.
CHEVRON PROFIT UP ON REFINING STRENGTH
Chevron said asset sales and favorable foreign currency effects
helped drive a 13% increase in profit for its third quarter,
topping Wall Street expectations, despite declining crude oil
prices and lower production.
SONY POSTS HEFTY LOSS
Booming sales of Sony's PlayStation 4 videogame console and of
camera sensors for smartphones offset weakness in the company's own
mobile division, resulting in a less-than-expected net loss of
$1.22 billion for the summer quarter.
DOLLAR GENERAL EXTENDS FAMILY DOLLAR TENDER OFFER
Dollar General said it is extending its $80-a-share tender offer
to buy Family Dollar Stores by two months until Dec. 31, as the
offer remained well undersubscribed.
EUROZONE INFLATION PICKED UP IN OCTOBER
The annual rate of inflation in the eurozone picked up slightly
in October, but marked its 13th straight month at less than half
the rate targeted by the European Central Bank.
CANADA'S ECONOMY SHRINKS UNEXPECTEDLY
The Canadian economy shrank unexpectedly in August for the first
time since the end of last year, dragged by lower energy and
manufacturing output. Monthly GDP was down 0.1% in August.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Heard on the Street
INFLATION DEFLATES CHANCES OF ECB ACTION
Eurozone inflation rose to 0.4% in October from 0.3% in
September. The rise is tiny, and inflation is still far from the
ECB's target of below, but close to 2%. But it may be significant
nonetheless.
Analysis
POURING POLITICAL OIL ON TROUBLED BUREAUCRACY
Bureaucrats here turned the European Union into an object of
ridicule last year by nearly banning refillable olive-oil
containers in restaurants across the 28-nation bloc.