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Stocks soar in China; Ryanair warning; Fiat Chrysler sells parts business

1. China stocks jump: China's battered stock market had its best day in more than two and a...

Posted: Oct 22, 2018 11:47 AM
Updated: Oct 22, 2018 11:47 AM

1. China stocks jump: China's battered stock market had its best day in more than two and and a half years on Monday.

The Shanghai Composite index surged over 4% after senior government officials pledged new support measures for China's struggling economy and financial markets.

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The benchmark index had plunged by more than a quarter since late January over fears about the economy and the impact of the trade war with the United States.

But central bank chief Yi Gang said Friday that the recent slump in the stock market didn't reflect the state of the economy, which he described as "moving forward" in a stable manner.

He added that the government would take more measures to support the economy.

Tech companies were among the top beneficiaries on Monday. Big Chinese tech stocks like Tencent (TCEHY) and Xiaomi rebounded in Hong Kong, and the tech-heavy Shenzhen Composite added nearly 5%.

2. Ryanair warning: Ryanair (RYAAY) said Monday that its profits fell 7% in the first half of 2018. The discount airline, which issued a profit warning earlier this month, has been hit by strikes and flight cancellations.

But CEO Michael O'Leary also issued an industry warning: He expects more airlines to go bust in the near future, opening more business opportunities for Ryanair.

"Fares are falling, oil prices are rising steeply to $85 per barrel, I think there will be more and larger failures this winter," he said.

Shares in Ryanair jumped 4.7% on Monday, but are still down more than 20% this year.

3. Fiat Chrysler offloads parts maker: Shares in Fiat Chrysler (FCAU) gained 5% in Milan after the carmaker announced it was selling its auto parts business to Japan's Calsonic Kansei for €6.2 billion ($7.2 billion).

The deal is one of the first big moves by Fiat Chrysler CEO Mike Manley. He took the top job in July, replacing the late industry legend Sergio Marchionne.

4. Global market overview: US stock futures were pointing higher.

European markets opened with gains following a positive session in Asia.

The Dow Jones industrial average closed 0.3% higher on Friday. The S&P 500 was flat, while the Nasdaq shed 0.5%.

5. Earnings and economics: Halliburton (HAL), Hasbro (HAS), Kimberly-Clark (KMB) and Philips (PHG) will release earnings before the open. Sallie Mae (SLM) and TD Ameritrade (AMTD) will follow after the close.

The US Census Bureau will release data on new home sales for September at 10 a.m. ET.

Italian bonds jumped after Moody's downgraded the country's sovereign credit rating by a notch. Moody's did not move the rating into junk territory, however, providing some relief to investors.

6. Coming this week:
Monday — TD Ameritrade (AMTD), Halliburton (HAL), Kimberly-Clark (KMB), Hasbro (HAS) earnings
Tuesday — 3M (MMM), JetBlue (JBLU), Six Flags (SIX), McDonald's (MCD), Sprint (S), Las Vegas Sands (LVS), Caterpillar (CAT), CA Technologies (CA), Lockheed Martin (LMT), Verizon (VZ), Harley-Davidson (HOG) earnings
Wednesday — Aflac (AFL), Build-A-Bear (BBW), Allegiant Travel (ALGT), AT&T (T), Baidu (BIDU), Boeing (BA), Callaway Golf (ELY), Xerox (XRX), Visa (V), Ford (F), Microsoft (MSFT), SiriusXM (SIRI), Whirlpool (WHR), Wynn (WYNN) earnings
Thursday — Alphabet (GOOGL), Amazon (AMZN), Altria (MO), Ally Financial (ALLY), American Airlines (AAL), Alaska Air Group (ALK), Southwest (LUV), AK Steel (AKS), Spirit (SAVE), Dunkin' Brands (DNKN), Boyd Gaming (BYD), Stanley Black & Decker (SWK), Sherwin-Williams (SHW), Merck & Co. (MRK), Hershey (HSY), GrubHub (GRUB), Snap Inc. (SNAP) earnings
Friday — Colgate-Palmovie (C) and Charter Communications (CHTR) earnings

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 613228

Reported Deaths: 9728
CountyCasesDeaths
Marion846851338
Lake45676687
Allen32980552
Hamilton29649315
St. Joseph27531382
Elkhart24478345
Vanderburgh19610250
Tippecanoe18108141
Johnson15191295
Porter14944169
Hendricks14485250
Madison11044222
Clark10811144
Vigo10795181
Monroe9458113
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Howard8292144
Kosciusko810183
Warrick680299
Hancock6782104
Bartholomew6640100
Floyd6507110
Wayne6177162
Grant6027116
Dubois558680
Boone556468
Morgan548695
Henry511464
Marshall506984
Cass486964
Dearborn486545
Noble475659
Jackson427747
Shelby420781
Lawrence393780
Clinton375044
Gibson374459
Harrison353045
DeKalb349864
Montgomery347654
Knox336239
Miami324544
Steuben315046
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Spencer193022
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Fountain184927
Starke176444
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Orange160935
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Newton92021
Brown88335
Benton87110
Crawford8099
Martin74913
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Union6297
Ohio4977
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Ohio Coronavirus Cases

Data is updated nightly.

Cases: 868656

Reported Deaths: 10768
CountyCasesDeaths
Franklin102154707
Cuyahoga865201153
Hamilton64744448
Montgomery43516419
Summit35250762
Lucas31663631
Butler31268232
Stark26096443
Warren19830142
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Clermont16128112
Delaware1453680
Licking13326137
Fairfield1294981
Trumbull12920317
Greene12174141
Medina11732168
Clark11058265
Wood10457158
Allen9988127
Portage9454111
Miami924473
Richland9236118
Marion7486113
Tuscarawas7440183
Columbiana7409124
Pickaway732150
Wayne7111172
Muskingum710342
Erie6221130
Ross5558100
Hancock555292
Scioto542764
Geauga515955
Darke473492
Lawrence460658
Union456928
Ashtabula456473
Sandusky439562
Mercer435089
Seneca433866
Huron432841
Auglaize424164
Shelby422522
Jefferson422469
Belmont421145
Washington394240
Athens38389
Putnam378075
Madison358129
Knox356122
Ashland349038
Fulton340443
Defiance334486
Crawford325774
Preble322737
Brown315821
Logan312132
Ottawa296543
Clinton291543
Williams280367
Highland279018
Jackson265845
Guernsey257126
Champaign253428
Fayette239530
Morrow23464
Perry233718
Holmes226774
Henry221953
Hardin215533
Coshocton206922
Van Wert203445
Gallia199826
Wyandot196751
Pike178017
Adams177715
Hocking173224
Carroll157616
Paulding145321
Noble121040
Meigs109724
Monroe102232
Harrison89921
Morgan83931
Vinton71314
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