Updated from 6 a.m. EDT
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Here are five things you must know for Tuesday, Nov. 1:
1. -- U.S. stock futures were higher and Asian shares finished with gains after the Bank of Japan left rates unchanged and surveys showed China's factory activity rose to a two-year high last month.
European stocks were lower after starting the trading day with gains.
The economic calendar in the U.S. on Tuesday includes the ISM Index for October at 10 a.m. EDT, and Construction Spending for September at 10 a.m.
The Federal Reserve's two-day policy meeting begins Tuesday and economists don't expect the central bank to raise interest rates so close to the presidential election next week.
Pfizer (PFE) reported third-quarter adjusted profit of 61 cents a share, missing analysts' estimates by a penny. Revenue of $13.045 billion also came in below estimates.
Pfizer said it expects full-year adjusted earnings of $2.38 to $2.43 a share; analysts forrcast $2.46.
Pfizer shares fell slightly in premarket trading.
American Electric Power (AEP) reported third-quarter earnings that exceeded expectations, though a write-down on deregulated assets pushed it into the red on a GAAP basis.
The utility company also raised and narrowed its 2016 operating earnings guidance range to $3.75 to $3.85 a share, though said it can't forecast GAAP earnings because of potential write-downs and divestitures. AEP was previously shooting for earnings of $3.60 to $3.80 a share.
2. -- BP's (BP) third-quarter profit came in at almost half of what it was a year earlier on weaker oil prices and a lower refining margin but still beat analysts' forecasts because of credits and continued cost-cutting.
Underlying replacement cost profit, which excludes inventory valuation effects, fell to $933 million in the third quarter, down from $1.82 billion a year earlier. Analysts had been looking for profit of $600 million. Per-share earnings were 5 cents, well ahead of estimates.
"We continue to make good progress in adapting to the challenging price and margin environment," said BP Chief Financial Officer Brian Gilvary in a statement.
BP's earnings decline continues a grim quarterly reporting season for major European oil companies, which have seen profits fall along with the price of crude.
BP shares declined 3%.
Shell said third-quarter current cost of supplies earnings, or CCS earnings, were $2.79 billion, well ahead of the market's expectation of $1.79 billion and the $1.45 billion recorded in the three months ended in June.
Oil and gas production rose 25% to the equivalent of 3.6 million barrels of oil a day, Shell said. That includes 806,000 barrels a day from assets acquired following Shell's purchase of BG Group.
"Shell delivered better results this quarter, reflecting strong operational and cost performance. But lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain," CEO Ben van Beurden said.
The stock rose 3.5% in London trading.
4. -- Automobile manufacturers, such as General Motors (GM) , will release sales results for October throughout the day. Ford (F) delayed the release of its monthly sales until later in the week following a fire at the company's headquarters in Dearborn, Mich.
Separately, Ford reached reached a tentative agreement on a four-year contract with Unifor, Canada's largest private sector union. The agreement followed a similar pattern set in contracts signed in recent weeks with GM and Fiat Chrysler Automobiles (FCAU) . The automakers committed to spend hundreds of millions of dollars on fresh production plans at Canadian plants, which was the union's top priority ahead of the talks, The Wall Street Journal reported.
5. -- Shares of Valeant Pharmaceuticals (VRX) were rising 3.6% in premarket trading on Tuesday after plunging 12.3% on Monday on news that federal prosecutors are focusing on its former CEO and chief financial officer as part of an investigation into possible accounting fraud.
Bloomberg News cited unnamed sources as saying the FBI and federal prosecutors in Manhattan were scrutinizing former Valeant CEO Michael Pearson and ex-CFO Howard Schiller, and the charges could come "within weeks."
Valeant shares have declined about 82% so far this year amid controversy surrounding alleged accounting problems and steep price hikes on products the firm acquired during years of debt-fueled acquisitions.