MARKET RECAP at 4 pm ET

Stock indexes ended higher, boosted

by big tech stocks, as investors
Coming Up - On Monday
shrugged off disappointing economic U.S. President Joe Biden is scheduled fueled the country's deadly opioid
data. Treasuries fell as traders tried to to host a bipartisan bill-signing epidemic. Washington Attorney
gauge the pace of future interest rate ceremony for his Bipartisan General Bob Ferguson has opted to
hikes by the Federal Reserve. The Infrastructure Investment and Jobs Act. take the case to trial after arguing that
dollar dipped, while gold prices were a proposal by McKesson Corp,
in the green. Oil prices dropped after a REUTERS/Pascal Rossignol AmersourceBergen and Cardinal
volatile week. Health Inc to pay $21 billion to settle
the thousands of opioid lawsuits
against them is "not nearly good
STOCKS Close Chng %Chng Yr-high Yr-low enough."
DJIA 36100.31 179.08 0.50 36565.73 28902.13

15860.96 156.68 1.00 16053.39 12397.05

WTO members are seeking to break a
Nasdaq
S&P 500 4682.85 33.58 0.72 4718.50 3662.71
more than year-long deadlock over
Toronto 21768.53 186.55 0.86 21621.47 16532.79
talks on waiving intellectual property
FTSE 7347.91 -36.27 -0.49 7394.41 6397.24
rights for COVID-19 drugs and
Eurofirst 1883.54 5.53 0.29 1879.17 1521.71
Amazon.com Inc is expected to reach vaccines ahead of a major ministerial
Nikkei 29609.97 332.11 1.13 30795.78 26954.81 a deal with Hilton Worldwide Holdings meeting later in November.
Hang Seng 25327.97 79.98 0.32 31183.36 23681.44 Inc to sell virtual doctor services to the
hotel chain's staff and corporate A federal judge in Tampa, Florida, is
TREASURIES Yield Price employees, in a boost for the online set to hear arguments by members of
10-year 1.5784 -6 /32 retailer's nascent healthcare business. the U.S. military and by federal
2-year 0.5215 -1 /32 contractors who oppose the Biden
5-year 1.2341 -3 /32 Lawyers for two Ohio counties and Administration's COVID-19
30-year 1.9482 -22 /32 pharmacy chain operators CVS Health vaccination mandate. The plaintiffs
Corp, Walgreens Boots Alliance Inc leading the class action said they want
FOREX Last % Chng and Walmart Inc are expected to the judge to block the mandate
Euro/Dollar 1.1441 -0.08 deliver closing arguments in the first because it does not allow for
Dollar/Yen 113.89 -0.14 trial nationally in lawsuits accusing the exceptions for religious opposition to
Sterling/Dollar 1.3418 0.35 companies of fueling the U.S. opioid vaccines.
Dollar/CAD 1.2544 -0.26 epidemic. The counties accuse the
TR/HKEX RMB 101.44 0.25 pharmacy operators of failing to A trial is expected to begin in San
prevent addictive painkillers from being Francisco federal court on genetic
COMMODITIES ($) Price Chng % chng diverted for illicit uses, resulting in an biotech company Illumina Inc's claims
Front Month Crude /barrel 80.81 -0.78 -0.96 oversupply of opioids in their that Chinese rival BGI's gene-
Spot gold (NY/oz) 1864.23 2.70 0.15 communities. sequencing products infringe five of its
Copper U.S. (front month/lb) 0.0446 0.0006 1.27
patents. The court already found that
CRB Index Total Return 252.01 -0.39 -0.16
The state of Washington is slated to BGI directly infringed the patents. The
S&P 500 Price $ Chng % Chng take the three largest U.S. drug jury will decide if the patents are valid,
distributors to trial over allegations they if BGI infringed willfully and/or induced
GAINERS
ETSY Inc 272.15 18.81 7.42
Caesars Entertainment Corp 106.00 4.11 4.03
Netflix Inc 682.61 25.03 3.81 KEY ECONOMIC EVENTS
LOSERS
Hewlett Packard Enterprise Co 14.61 -1.33 -8.34 Events ET Poll Prior
American Airlines Group Inc 20.29 -1.04 -4.88
NY Fed Manufacturing for Nov 0830 21.60 19.80
United Airlines Holdings Inc 49.83 -1.51 -2.94
others to infringe, and what damages
Illumina may be entitled to. The parties
have also been involved in several
other legal disputes in the U.S. and
worldwide. The trial is scheduled to end
Nov. 23.
Former Johnson & Johnson talc
supplier Imerys is likely to seek
mediation in their respective Chapter
11 cases after Imerys failed to obtain
the votes it needed for its proposed
reorganization plan, which included a
settlement with Cyprus over talc-
related liabilities Imerys acquired when
it purchased certain Cyprus assets in
1992. Both cases are before Judge
Laurie Silverstein in Delaware.
LIVECHAT-REUTERS GLOBAL
MARKETS FORUM
Even as the COP26 climate summit in
Glasgow drafts "cover texts," including
provisions to phase out coal, end fossil
fuel subsidies and set up rules on
global carbon offsets, etc., to "keep 1.5
alive" and implement the Paris climate
accord, the Reuters Global Markets
Forum brings together a special line-up
of guests to discuss how these climate
change goals will get funded, what the
Net Zero Standard for Oil and Gas –
the required standards to help discern
how energy companies are seeking to
tackle climate change - will look like,
and other burning questions like who
will pay to clean up the fossil fuel
industry, including dismantling oil and
gas facilities. Join us on the Reuters
Global Markets Forum for discussions
on the COP26 climate summit with
Philip Gass, transitions and energy
program lead at IISD (0400 ET/0900
GMT) and Margret Trilli, CEO & CIO
at ImpactAssets (1300 ET/1800 GMT).
To join the discussions, click here

Coming Up - Week Ahead

U.S. retail giant Walmart Inc is
expected to post a slight rise in third-
quarter sales on Tuesday, benefiting
from consumers doing their early
Christmas shopping as a battle with
supply chain problems deepens.
Investors and analysts will be on the
lookout for what Walmart executives
will have to say about the all-important
holiday season and how the company
will be able to manage surging costs
while keeping up with record demand.
On the same day, Home Depot Inc is
expected to report a rise in third-
quarter same-store sales, helped by
sustained demand for building
materials and tools from professional
contractors. Wall Street will be paying
close attention to the company's profit
margins as it spends heavily to counter
supply chain disruptions and get
products on store shelves in time for
the holiday season. On Wednesday,
Lowe's Companies Inc is expected to A file photo shows the exterior of a Walmart department store in West Haven, Connecticut,
report a dip in third-quarter sales as February 17. REUTERS/Mike Segar
demand from the company's core base
of do-it-yourself home improvement global supply chain disruptions affordable clothing. Investors will look
customers slows. Wall Street will also threaten to create a shortage of out for the off-price chain's comments
be paying close attention to the products on store shelves. Separately, on current inventory levels, potential
company's profit margins as, like rival Kohl's Corp is expected to report a price increases and the impact of
Home Depot, it spends heavily to rise in third-quarter sales, but, as for higher freight and raw material costs on
counter supply chain disruptions. rival Macy's, investors will be more its margins.
focused on the company's comments
On Thursday, Macy's Inc is expected around holiday season supply as global On the U.S. economic tap, the
to report a jump in third-quarter sales freight bottlenecks create shortages Commerce Department, on Tuesday, is
as customers return to stores after last across industries, especially in apparel. expected to report retail sales
year's pandemic restrictions, but On Wednesday, TJX Cos Inc is advanced 1.1% in October, after rising
investors will be more focused on the expected to post an increase in third- 0.7% in the previous month. Core
company's holiday season forecast as quarter revenue, as people buy more retail sales likely rose 0.8%. A report

2
by the Federal Reserve on Tuesday is
expected to show industrial
production increased 0.7% in
October, after a fall of 1.3% in
September. Manufacturing output
likely jumped 0.8% in October, after
dropping 0.7% in the previous month.
Capacity utilization is expected to
have risen 75.7% in October. Import
prices likely rose 1.0% and export
prices advanced 0.9% in October, the
Labor Department is expected to report
on Tuesday. On Wednesday, the
Commerce Department is expected to
report housing starts rose to a
seasonally adjusted annual rate of
1.580 million units in October from
1.555 million units in the month before.
Building permits likely advanced to
1.630 million units in October from
1.586 million units in September. The
National Association of Home
Builders/Wells Fargo Housing
Market Index, on Tuesday, is likely to
remain unchanged at 80 in November.
On Thursday, the Labor Department is
expected to report initial claims for
state unemployment benefits fell
7,000 to a seasonally adjusted 260,000
for the week ended Nov. 13. The
Commerce Department, on Tuesday, is
expected to report business
inventories it is likely to have inched
up to 0.7% from 0.6% in September.
U.S. President Joe Biden (pictured) is
scheduled to travel to Woodstock,
N.H., on Tuesday, to discuss a
Bipartisan Infrastructure Deal.
On Tuesday, Federal Reserve Bank of
Atlanta President Raphael Bostic and
Federal Reserve Bank of Richmond
President Thomas Barkin are
scheduled to participate virtually in a
panel before the Federal Reserve
Racism and the Economy: Focus on
Financial Services event. Bostic, on
Wednesday, is likely to give closing
remarks virtually before the Federal
Reserve Community Development
Research Seminar Series event.
Federal Reserve Bank of Philadelphia
President Patrick Harker is set to
speak virtually on "Fintech and
Financial Inclusion" before the Federal
Reserve Bank of Philadelphia Fifth
Annual Fintech Conference on
Tuesday. On Wednesday, Federal
Reserve Bank President Loretta
Mester is set to give introductory
remarks before virtual 2021 Financial
Stability Conference, "Planning for
Surprises, Learning from Crises"
organized by the Federal Reserve
Bank of Cleveland and the Office of
Financial Research. On the same day,
Federal Reserve Board Governor
Christopher Waller is likely to give
"Thoughts on Stablecoins" before
virtual 2021 Financial Stability
Conference, "Planning for Surprises,
Learning from Crises" organized by the
Federal Reserve Bank of Cleveland
and the Office of Financial Research.
Waller is expected to speak on the
economic outlook before the Center for
Financial Stability Event on Friday.
Federal Reserve Bank of Chicago
President Charles Evans, on
Wednesday, is scheduled to speak
about current economic conditions and
monetary policy in a moderated Q&A
with Mid-Size Bank Coalition of
America. On Thursday, Evans is set to
discuss current economic conditions
and monetary policy in a moderated
Q&A with 2021 BKD Financial Services
Symposium. On Wednesday, Federal
Reserve Bank of New York President
John Williams is expected to give
virtual keynote, while Federal Reserve
Bank of San Francisco President Mary
Daly is set to participate in a fireside
chat virtually before the 2021 U.S.
Treasury Market Conference co-
organized by the Federal Reserve
System and on Thursday, Daly is
A file photo shows U.S. President Joe Biden delivering a speech during a visit to the Port of
Baltimore, Maryland, November 10. REUTERS/Evelyn Hockstein
3
scheduled to participate in virtual Fed
Listens 2021: Pandemic Recovery and
the role of Care Work event. On
Tuesday, Daly is expected to speak
before the Commonwealth Club, San
Francisco hybrid event. On Thursday,
Federal Reserve Bank of New York
President John Williams is expected
to participate in "Fireside Chat: The
New Federal Reserve and ECB
Strategies – Implications for Monetary
Policy" before virtual Transatlantic
Economic Policy Responses to the
Pandemic and the Road to Recovery
event. Federal Reserve Vice Chair
Richard Clarida, on Friday, is
expected to speak on "Perspectives on
Global Monetary Policy Coordination,
Cooperation, and Correlation" before
virtual Federal Reserve Bank of San
Francisco Asia Economic Policy
Conference.
On Thursday, U.S. President Joe
Biden is expected to host Canadian
Prime Minister Justin Trudeau and
President Andrés Manuel López
Obrador of Mexico at the White
House. This meeting is the first North
American Leaders' Summit since 2016,
the White House says, and focuses on
COVID-19, competitiveness, migration
and growth.
The World Trade Organization is set
to issue its annual World Trade Report
on Tuesday. This year, the report will
be centered on resilience of global
trade in the face of the COVID-19
pandemic and more intense natural
and man-made disasters.
REUTERS/Denis Balibouse
The World Health Organization's
Strategic Advisory Group of Experts on
immunisation is expected hold a closed
-door meeting to review the need for
COVID-19 booster shots on Thursday.
U.S. President Joe Biden is scheduled
to visit General Motors Co's Detroit-
Hamtramck electric vehicle assembly
plant on Wednesday.
On Wednesday, the latest IIF Global
Debt Monitor "Confronting Climate
Change and Policy Normalization" is
expected to discuss the role of global
debt markets in the transition to a low-
carbon future and the implications of
global policy normalization in a high-
debt environment amid inflationary
pressures and supply chain
disruptions.
On Tuesday, Aetna Inc is expected to
ask the U.S. Court of Appeals for the
3rd Circuit to seal information the
healthcare company's reimbursement
rates, negotiating strategies and
contracts that was submitted as part of
the Federal Trade Commissions suit
challenging Thomas Jefferson
University and Albert Einstein
Healthcare Network's hospital merger.
Aetna says the now public information
could violate antitrust laws if it's shared
between competitors.
A bankruptcy judge is expected to hear
arguments on Tuesday over whether to
hold the founder of New York real
estate law firm Kossoff PLLC in civil
contempt and incarcerate him if he
continues defying court orders to
cooperate.
Boeing Co's Managing Director of
Regional Marketing Dave Schulte is
expected to hold a briefing on outlook
for the Oceania region on Tuesday.
U.S. oil refiner Citgo Petroleum Corp,
on Wednesday, is expected to report
results for the quarter ended Sept. 30
that reflect improving motor fuel
demand and higher utilization at its
three refineries. It swung to a slim,
second-quarter profit on stronger fuel
exports and a big contribution from its
Lemont Ill refinery that processes
cheap Canadian crude.
The Federal Energy Regulatory
Commission is set to hold its monthly
virtual open meeting on Thursday.
Items the commission will consider
include whether it should stay its
certification of the Jordan Cove LNG
given an April decision by its developer
Pembina Pipeline Corp to pause the
project.
4
S&P on Thursday is scheduled to host
a conference discussing the future of
lending, ESG risks and the impact of
new technology on lending. Bill
Ackman is expected to speak at the
conference.
On Thursday, North Carolina regulators
are expected to hold a public hearing
as part of the review process for
Piedmont Lithium Inc's state mining
permit application.
Los Angeles Auto Show confirms a
strong return to LA Convention Center
on Wednesday, with its press and trade
days (AutoMobility LA) taking place
Nov. 17-18, and its doors opening to
consumers Nov. 19-28.
Lawrence Schembri, deputy governor
of the Bank of Canada on Tuesday, is
scheduled to give a speech on labor
market uncertainties and monetary
policy to the Canadian Association for
Business Economics.
Canada's inflation figures for October
are scheduled for release on
Wednesday. Annual inflation is likely
to have increased 4.6% compared with
a 4.4% rise in September to reach its
fastest clip since February 2003.
Statistics Canada is expected to
release retail sales data for September
on Friday. Canadian retail sales is
expected to have dropped to 1.7% after
a 2.1% rise in August. Housing starts
data for October is due on Tuesday. It
is likely to have risen to 257,500 from
251,200 in the earlier month.
Market Monitor
Wall Street stocks closed higher, with
market-leading growth shares kick-
starting indexes' climb as investors
looked past disappointing U.S.
economic data. Investors were favoring
growth over value, with megacap tech
stocks, led by Microsoft and Apple
doing the heavy lifting, they were up
1.29% and 1.43% respectively. "The
equity market continues to forge higher
on the heels of better-than-expected
earnings, and that provides a basis for
a risk-on bias," said Terry Sandven,
chief equity strategist at U.S. Bank
Wealth Management in Minneapolis,
Minnesota. Retail results will herald the
last days of what was a largely upbeat
third-quarter earnings season. As of
Friday, 459 of the companies in the
S&P 500 have reported. Of those, 80%
delivered consensus-beating earnings,
according to Refinitiv. The Dow Jones
Industrial Average rose 0.50% to
36,100.31, the S&P 500 gained 0.72%
at 4,682.85 and the Nasdaq
Composite added 1% at 15,860.96.
For the week, the S&P 500 fell 0.3%, The dollar dipped as high inflation trajectory, but also from monetary
the Dow was down 0.6% and the wreaked havoc on consumer policy forecasts and by forms of
Nasdaq was 0.7% lower. sentiment, but the greenback was on government intervention," said Louise
track for its third straight weekly gain Dickson, senior oil markets analyst at
Treasuries fell after data showed after a surprisingly strong U.S. inflation Rystad Energy. "Higher interest rates
consumer sentiment plunged to a 10- print shocked markets on Wednesday, would provide even further support to
year low on inflation worries, leaving prompting investors to advance their the dollar and even more downward
bets for a U.S rate hike. "Consumers pressure on oil prices." Brent crude
traders trying to gauge the pace of
are clearly more worried about real fell 0.95%, to $82.08 a barrel. U.S.
future central bank interest rate
increases. Kim Rupert, senior income growth as inflation outpaces West Texas Intermediate crude was
economist for Action Economics, said wages for now, and that is weighing on 0.96% lower at $80.81 a barrel.
the trading showed investors struggling sentiment," said Erik Nelson, macro
strategist at Wells Fargo. "That is Gold prices rose, with bullion's appeal
to forecast whether the U.S. Federal
Reserve will accelerate its pace of feeding into growth worries for the as an inflation hedge burnished by a
expected rate hikes in the face of the dollar and pushing it lower against surge in U.S. consumer prices. "It's a
Michigan data and other indications of most currencies, especially the corrective day. Traders are taking
Japanese yen as U.S. yields decline profits after an incredible run. Logically,
price increases. "The market is now
here." The dollar index fell 0.08% to if you are not taking something off the
pricing in a more aggressive Fed
tightening structure," she said. But 95.10. Against the Japanese yen, the table with a $100 rally, you'd be kind of
traders' mood seemed jittery. "There's dollar lost 0.15% to 113.88 yen. foolish," said Phillip Streible, chief
a lot of mixed messages and mixed market strategist at Blue Line Futures
Oil prices fell on worries that the U.S. in Chicago. Spot gold was up 0.15%
positioning at this point," Rupert said.
The benchmark 10-year notes were Federal Reserve will accelerate plans at $1,864.30 per ounce. U.S. gold
down 6/32 to yield 1.5784%. The two- to boost interest rates to tame inflation. futures rose 0.24% to $1,868.40 an
year notes were 1/32 lower, yielding "This week has been a good reminder ounce.
0.5215%. The 30-year bonds fell for oil markets that prices are not only
22/32 to yield 1.9489%. affected by the supply-demand

5
Top News
J&J to spin off consumer products
and focus on pharmaceuticals
Johnson & Johnson plans to spin off its
consumer health division that sells
Listerine and Baby Powder to focus on
pharmaceuticals and medical devices
in the biggest shake-up in the U.S.
company's 135-year history. "We think
these have evolved as fundamentally
different businesses," J&J Chief
Executive Alex Gorsky said. Rival
public consumer companies tend to be
valued more richly by investors than
the J&J consumer unit, Chief Financial
Officer Joseph Wolk added in an
interview. "That, quite frankly, was
getting lost within Johnson & Johnson,"
Wolk said. "Similarly, I think - in terms
of pharmaceuticals and medical
devices - that prevented the spotlight
from being shone on those
businesses." The company said it was
aiming to complete the separation in 18
to 24 months at a cost of $500 million
to $1 billion. "Historically, when the of dollars that would otherwise expire chip shortage seemed to be easing.
market becomes fully valued, we see a worthless, and he has also Kiefer also said GM's partnership with
great number of spins being prearranged share sales under 10b5-1 South Korean battery maker LG
announced as companies look for plans," said Jason Benowitz, senior Energy Solution was "very bright".
alternate ways of creating more portfolio manager at the Roosevelt
shareholder value," said Jim Osman, Investment Group LLC in New York. China's Singles' Day loses lustre as
founder of research firm Edge Shares of the company ended 2.83% growth slumps to single digit amid
Consulting Group. "It's something lower at $1,033.42. crackdown
worth noting for the investor." After more than a decade of explosive
GM to launch 10 EVs in S.Korea by growth, China's Singles' Day, the
Musk sells more shares in whirlwind 2025; no local manufacturing plans world's biggest online shopping fest, is
Tesla stock ride yet losing its gloss and bracing for more
Tesla top boss Elon Musk sold another General Motors will launch 10 electric modest growth in coming years, hurt by
block of company shares worth about vehicles (EVs) in South Korea by 2025, a slower economy and tighter
$700 million, filings showed, as the but has no plans yet to manufacture regulatory scrutiny. Alibaba said its
billionaire takes advantage of a EVs in the country, Steven Kiefer, the sales - or gross merchandise value -
meteoric rally that drove the electric head of GM's international operations during the 11 day event grew just
carmaker's value to over $1 trillion. said. The No.1 U.S. automaker, which 8.5%, the slowest rate ever,
Musk's trust sold 587,638 and 52,099 warned last year that persistent underscoring the headwinds for
shares on Thursday in multiple industrial action was preventing further China's tech firms. Analysts said the
transactions totaling about $687 investment in South Korea, builds EVs weak performance this year also
million, according to two separate in the United States and China. It also reflected how Chinese consumers have
filings. Earlier this week, Musk has plans to build them in Mexico and increasingly become weary and wary of
disclosed he had offloaded some $5.1 Canada. When asked about the impact the day's promotions and the quality of
billion in Tesla stock. He has now sold of the chip shortage at GM's Korea service. Citi analysts said that while the
about 3% of his shares, according to plants, GM Korea Chief Executive event's GMV missed their
Reuters calculations. "We expect the Kaher Kazem said production volume expectations, they were happy enough
share sales will continue, as Musk in the country this year was down with more modest growth. "Following
holds millions of options worth billions about 25% versus last year, but the an unprecedented year of multiple

6
headwinds, we are relieved to see
Singles Day momentum settle with a
new norm of moderated growth," they
said.
WHO to set guidelines on COVID-19
antiviral pills soon
World Health Organization (WHO)
officials said they were hoping to
convene a meeting soon to set
guidelines on the use of COVID-19
antiviral pills, saying they offered "very
attractive" new prospects for clinical
care. Janet Diaz, the WHO's top official
for clinical care responses, said that a
meeting of its guidelines development
group would consider the question of
COVID pills in a forthcoming meeting in
three weeks. Another WHO official
Mike Ryan said preliminary findings on
the pills was "very, very welcome",
adding that a "careful process" was not
required before the therapies should be
expanded more broadly. "Clearly,
having a second line approach of being
able to treat those who do get infected
is a very attractive and being able to
save lives in that manner is very
attractive," he said.
REUTERS/Fabrizio Bensch
Booking Holdings to buy Getaroom
for $1.2 billion
Online travel agency Booking Holdings
said it would buy Getaroom for about
$1.2 billion to integrate the hotel room
booking website into its discount travel
reservation business Priceline. The
move comes ahead of an expected rise
in travel into the United States during
the holiday season after the country
lifted travel restrictions slapped on
much of the world when the COVID-19
pandemic began in early 2020.
Getaroom will remain headquartered in
Dallas after the deal, Booking said.
Simon Property-backed Rue Gilt
becomes latest retailer to seek U.S.
IPO
Discount luxury retailer Rue Gilt
Groupe filed for an initial public offering
in the United States, the latest e-
commerce site looking to go public
after the pandemic accelerated the shift
to online shopping. Its main sites,
RueLaLa and Gilt, offer over 5,000
premium and luxury brands at prices
up to 70% off the manufacturer's
suggested retail price, said the Boston-
based company backed by billionaire
Michael Rubin and a unit of top U.S.
mall owner Simon Property Group. Rue
Gilt disclosed its net revenue jumped
nearly 34% for the nine months ended
Oct. 2 while net losses narrowed to
$12.6 million from $20.1 million. The
company expects to list its shares on
Nasdaq under the symbol "RGG".
Judge orders Loews to pay $690
million over Boardwalk Pipelines
buyout; appeal planned
A Delaware judge ordered Loews to
pay $690 million to former Boardwalk
Pipeline Partners investors who
claimed they were shortchanged in a
July 2018 buyout. Loews said it
planned to appeal the decision by Vice
Chancellor Travis Laster of the
Delaware Chancery Court, who ruled in
7
a class action challenging the $1.5
billion transaction. In a 194-page
decision, Laster said New York-based
Loews, which controlled Boardwalk's
general partner, breached the natural
gas pipeline company's partnership
agreement in exercising its right to buy
out the limited partners. Laster said the
buyout undervalued the limited
partners' stake by 31%, and that they
deserved $17.60 per unit instead of the
$12.06 they were awarded.
Storytel enters the U.S. with
acquisition of Audiobooks.com
Swedish audiobook streaming group
Storytel said it had agreed to buy
Audiobooks.com from investment firm
KKR, marking its entry into the U.S.
market. The acquisition will be financed
through existing funds and a newly
issued $57.3 million loan facility,
Storytel said. It did not disclose the
terms of the deal. "With this acquisition,
Storytel extends its trajectory of
expansion and profitable growth to the
largest English-language audio market
in the world," it said.
Brazil's Marfrig to buy Sol Cuisine,
Drink Eat Well through plant foods
unit
Brazilian meat producer Marfrig said
that PlantPlus Foods, a company in
which it has a 70% stake, has bought
Sol Cuisine and Drink Eat Well for a
total of $140 million. Marfrig said it will
pay $100 million, and that the
acquisitions will require regulatory
approval. Sol Cuisine products are
available in 11,000 stores in Canada
and the United States and the
company produces private label brands
for large retailers, such as Walmart.

A person demonstrates near the UN Climate Change Conference (COP26) venue, in Glasgow, Scotland, Britain, November 12.
Insight and Analysis
Musk's $5 billion Tesla stock haul
has charity circuit buzzing
The world's richest man suddenly has
more cash than most people can spend
in their lifetime. What will he do with it?
Elon Musk, whose net worth is pegged
by Forbes at $270 billion, had
traditionally kept his wealth tied up in
his stake in Tesla, the electric car
maker founded in 2003. He borrowed
against his stock when he needed
more cash and sold stock mostly to
cover tax obligations. That was until
this week, when his trust sold close to
$5 billion worth of Tesla stock in the
open market after Twitter users voted
for him to sell 10% of his shares in an
online poll he created.
EXPLAINER-What are investors
focused on for the next Fed chair?
A lack of news over U.S. President Joe
Biden's pick for Federal Reserve chair
is introducing unpredictability for
investors at a crucial time, as the
central bank prepares to taper its asset
purchases and start hiking rates. Many
investors have been expecting that Fed
Chair Jerome Powell, who was
nominated for the role by President
Donald Trump in 2017, would be
renominated for another four-year stint.
Still, it is not seen as a done deal.
Biden is still weighing whether to keep
Powell as chair or elevate Fed
Governor Lael Brainard to the post, an
administration official said on
Wednesday.
8
REUTERS/Dylan Martinez
Theaters reopen, but Disney
cautious on families returning to big
screens
Movie buffs in the United States are
back in theaters as the pandemic
eases, but it is not clear if a sizeable
chunk of the audience - families - might
be just as happy watching from the
comfort and safety of their homes. The
offer of new movies at home in the
safety of living rooms may trump any
clamor for the big screens, an issue
Walt Disney is addressing by
shortening the time between
blockbusters' release in theaters and
on Disney+ streaming. Theater owners
underscore that movie slates are
strong and cinemas are filling up.
CANADA
Market Monitor
Canada's main stock index extended
gains to scale an all-time peak, with
cannabis stocks leading gains in the
healthcare sector.
The Toronto Stock Exchange's S&P/
TSX composite index was up 0.86%
at 21,768.53.
Healthcare stocks jumped 4.81% to
60.97. Tilray rose 8.43%, Aurora
Cannabis was up 12.49% and Canopy
Growth ended 12.77% higher.
Top News
Ahead of Three Amigos summit,
Canada foreign minister presses
U.S. on EVs, pipeline
New Canadian Foreign Minister
Melanie Joly said she had pressed
U.S. Secretary of State Antony Blinken
on two major irritants ahead of a North
American leaders' summit next week.
"We will continue to make sure that this
is well-known throughout the
administration but also throughout
Congress ... I am doing my part in
making sure I raise it with Secretary
Blinken, all levels of government are
doing so," Joly said. "Canadians know
we have to defend our interests and we
can never take anything for granted,"
she told a televised news conference in
Washington after her first meeting with
Blinken since being appointed late last
month. Joly said she had also raised
the question of Enbridge's Line 5
pipeline, which the state of Michigan
wants to close on environmental
grounds. Blinken had been supportive,
Joly said, but she did not give details.
The U.S. dollar was down 0.25%
against the Canadian dollar at
C$1.2545.
TSE's S&P/TSX composite Price
GAINERS
Canopy Growth Corp 19.16
Aurora Cannabis Inc 10.72
Shopify Inc 2095.01
Cronos Group Inc 7.86
LOSERS
Fortuna Silver Mines Inc 4.85
Intertape Polymer Group Inc 26.15
LifeWorks Inc 28.02
Chartwell Retirement Residenc- 11.79
es
Canada's COVID cases creep higher,
new curbs may be needed -health
officials
Canada's COVID-19 cases are
creeping higher as cold weather
approaches, health officials said, and
more restrictive public health measures
may be needed if cases continue to
climb. The seven-day average for new
cases nationally is 2,500, 11% higher
than last week, Chief Medical Officer
Theresa Tam said. Children under 12,
who cannot yet be vaccinated, are
contracting COVID-19 more than all
other age groups, she said. However, a
review of Pfizer/BioNTech's COVID-19
vaccine for children aged 5 to 11 years
should be completed in one to two
weeks, said another official, a sign
inoculations for children could start this
year. Deputy chief medical officer
Howard Njoo said it was important to
not ease public health measures too
quickly, especially as more people will
spend time indoors - where contagion
is more likely - in the winter.
9
COMING UP - ON MONDAY
Canada's manufacturing sales and
wholesale trade data for September
are on the economic schedule.
Manufacturing sales is likely to have
slipped 3% compared with a 0.5% rise
C$ chng % chng in the previous month. Wholesale
trade data for September is expected
2.17 12.77 to have risen 1.1% from 0.3% in the
1.19 12.49
earlier month.
217.36 11.58
0.74 10.39
-1.39 -22.28
-3.50 -11.80
-2.39 -7.86
-0.61 -4.92
Canada Pension Plan adds C$22
billion in three months
The Canada Pension Plan Investment
Board's (CPPIB) total assets rose by
C$21.9 billion in the three months to
Sept. 30, helped by positive investment
gains of 3.8%, the country's biggest
pension fund manager said. While
assets rose 4.2%, growth was slightly
lower than the 4.5% increase in the
preceding three months and the lowest
in four quarters, according to an
analysis by Reuters. Net assets
increased to a record C$541.5 billion at
the end of CPPIB's second fiscal
quarter, from the previous quarter,
primarily driven by gains in its private
equity investments, real assets and
credit businesses, CPPIB said in a
statement. As of Sept. 30, CPPIB
allocated 27.7% to public equity, 26.1%
to private equity, 15% to credit, 8.5% to
real estate, 8.2% to infrastructure,
3.8% to sustainable energy and 10.7%
to government bonds, cash and
absolute return strategies.
WEALTH NEWS
ECONOMIC DATA
U.S. workers quitting reaches record high, job openings
edge down in September
The number of Americans voluntarily quitting their jobs rose to a
record high in September while job openings stayed stubbornly
above pre-pandemic levels, a sign that businesses may have to
continue to raise wages in order to attract workers. The Labor
Department's monthly Job Openings and Labor Turnover
Survey, or JOLTS report, released on Friday, reflects an uneven
economy with strong demand grinding against labor and goods
shortages, driving overall inflation to its biggest annual gain in
31 years. Quits rose by about 164,000 in September, lifting the
total to a record high of 4.4 million. Job openings, a measure of
labor demand, edged down by 191,000 to 10.4 million on the
last day of September. U.S. consumer sentiment plunged in
early November to the lowest level since November 2011 as
surging inflation cut into households' living standards, the
University of Michigan's consumer sentiment survey showed.

WALL STREET WEEK AHEAD

Some worry U.S. stocks rally more 'Fear Of Missing Out' than fundamentals
A record-setting run in U.S. stocks has made some investors wary as concerns grow over the market’s vulnerability to surging
inflation, tighter Federal Reserve policy and moderating corporate profit growth.

DEAL CANCELLED
Wynn Resorts and Bill Foley-backed SPAC terminate $3.2 billion deal
Wynn Resorts and billionaire investor Bill Foley-backed blank-check firm called off their $3.2 billion deal to take the casino
operator's online betting subsidiary public.

FDA CHIEF
Biden will nominate industry-friendly Califf to lead U.S. FDA
President Joe Biden said he would nominate Robert Califf for a second stint as commissioner of the U.S. Food and Drug
Administration, and urged the Senate to swiftly confirm him.

NO RULE CHANGES
U.S. SEC disapproves proposed rule to list, trade shares of VanEck bitcoin trust
The U.S. Securities and Exchange Commission (SEC) rejected rule changes that would have allowed the listing and trading of
the VanEck bitcoin exchange traded fund (ETF).

FUND RAISING
Buyout firm Lightyear Capital raises $1.6 billion flagship fund
Financial services-focused private equity firm Lightyear Capital has closed its fifth flagship fund at $1.6 billion, drawing in more
money than it initially targeted as investors seek out specialist capital managers amid high valuations.

AUTO SAFETY
U.S. audit cites auto safety agency 'weaknesses,' urges change
A government watchdog criticized the U.S. auto safety regulator, saying the agency routinely fails to meet deadlines, its staff
lack some key training, and it does not ensure all imported vehicles meet safety requirements.
ON THE RADAR
Events ET Poll Prior
Tue: Import prices mm for Oct 0830 1.0% 0.4%
Export prices mm for Oct 0830 0.9% 0.1%
Import prices yy for Oct 0830 -- 9.2%
Retail sales mm for Oct 0830 1.1% 0.7%
Retail sales ex-autos mm for Oct 0830 0.8% 0.8%
Retail ex gas/autos for Oct 0830 -- 0.7%
Retail control for Oct 0830 1.0% 0.8%
Retail sales YoY for Oct 0830 -- 13.95%
Industrial production mm for Oct 0915 0.7% -1.3%
Capacity utilization SA for Oct 0915 75.7% 75.2%
Manufacturing output mm for Oct 0915 0.8% -0.7%
Industrial production YoY for Oct 0915 -- 4.62%
Business inventories mm for Sept 1000 0.7% 0.6%
Retail inventories ex-auto rev for Sept 1000 -- 0.6%
NAHB Housing Market Index for Nov 1000 80 80

Wed: Building permits: number for Oct 0830 1.630 mln 1.586 mln
Building permits: change mm for Oct 0830 -- -7.8%
Housing starts: number for Oct 0830 1.580 mln 1.555 mln
Housing starts mm: change for Oct 0830 -- -1.6%

Thu: Initial jobless claims 0830 260,000 267,000

Jobless claims 4-week average 0830 -- 278,000
Continued jobless claims 0830 -- 2.160 mln
Philly Fed Business Index for Nov 0830 24.0 23.8
Philly Fed 6M Index for Nov 0830 -- 24.20
Philly Fed Capex Index for Nov 0830 -- 32.40
Philly Fed Employment for Nov 0830 -- 30.70
Philly Fed Prices Paid for Nov 0830 -- 70.30
Philly Fed New Orders for Nov 0830 -- 30.80
Leading index change mm for Oct 1000 0.8% 0.2%
KC Fed Manufacturing for Nov 1100 -- 25
KC Fed Composite Index for Nov 1100 -- 31

KEY RESULTS
Company Name* Quarter ET Smart Estimates EPS Estimates** Year Ago Rev Estimates (mln)

Advance Auto Parts Q3 AMC $3.03 $2.87 $2.81 $2,583.50

Tyson Foods Q4 BMO $2.12 $2.03 $1.95 $12,661.31

*Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice.

I/B/E/S EPS and revenue estimates, and StarMine Smart Estimates, provided by Refinitiv.
Military members walk in the City of London, Britain, November 12. REUTERS/Henry Nicholls

The Day Ahead - North America is compiled by Priyanka Das and Benny Thomas in Bengaluru.

For questions or comments about this report, email us at: TheDay.Ahead@thomsonreuters.com.

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