NEW YORK (TheStreet) -- Profit at Europe's biggest bank
jumped by 32% in the third quarter on lower regulatory costs, beating analysts' expectations. Pretax profit was $6.1 billion, up from $4.6 billion in the third quarter of last year and more than the consensus estimate of $5.2 billion.
- Activity in China's factories shrank in October because of weakening global demand, a series of data show. China's Purchasing Managers' Index (PMI) held at 49.8 in October, just as analysts were expecting a breakeven 50.0 reading; new export orders shrank for the 13th month. The Caixin/Markit China PMI, which focuses on small and mid-sized companies, edged up to 48.3 in October, from 47.2, but still pointed to the eighth straight month of contraction.
- In the eurozone, factory activity was sluggish in October too, and factories resorted to price cuts to boost trade, a survey shows. Markit's final manufacturing Purchasing Managers' Index was 52.3 last month, only slightly up from the September and the preliminary October reading of 52.0.
- Commerzbank (CRZBY) announced that it will pay its first dividend since the 2007 financial crisis. Its shares rose 3% in early trading, vs. the Stoxx Europe 600 banking sector index, which was down 0.7%. Commerzbank beat analysts' expectations for profit in the third quarter, as provisions for bad loans decreased and its rundown portfolio of unwanted assets broke even.
- China arrested one of its most successful fund managers as part of the communist party's intensified fight against market manipulation, the Wall Street Journal reports. The official state news agency Xinhua said he was arrested for alleged insider trading and stock price manipulation. Police also detained at least three people for allegedly manipulating the stock-index futures market, Xinhua reported.