Markit reports its preliminary US manufacturing Purchasing Managers Index rose to 53.2 for October up from September’s 51.5, helped by the fastest increase in new orders and goods produced in a year. Production has risen five straight months.The upturn isn’t just in the U.S. Markit indexes for Europe and Japan also showed improvement. Germany hit a 33-month peak and France hit a 31-month high, pushing the euro-wide index to a 10-month high.
Genworth Financial, a big player long-term-care insurance, agreed to sell itself to a Chinese investment firm as it struggles with persistent low interest rates and rising costs. China Oceanwide Holdings Group , will pay about $2.7 billion for Genworth. China Oceanwide has been pouring hundreds of millions of dollars into U.S. commercial and residential properties in the past two years. The privately held firm, which is based in Beijing, was founded by Chinese businessman Lu Zhiqiang.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
