U.S. equities are trading lower to start Q4
U.S. equities are trading lower to start Q4 after swings last week relating first to Deutsche's liquidity position, then to its DoJ fine, though the bank is not trading today due to a public holiday. The WSJ reports that no deal has yet been presented between Deutsche an the DoJ leadership, with talks ongoing. The Dow is 18-points lower, S&P is off 3-points and NASDAQ is trading 4-points lower in pre-open action. Oil prices continued to migrate higher near $48.60 bbl after OPEC reached a tentative deal to freeze production last week that has yet to be ratified or implemented. The Euro Stoxx 50 is flat, while in Asia Japan's N-225 rallied 0.9% and the China CSI 300 gained 0.27%. Janus Capital's merger with Henderson of the UK is said to be worth $6 B in an attempt to scale up profitability and battle cheaper passive managers; Henderson surged 20% on the announcement. Also in the M&A sweepstakes are Twitter and NXP as potential targets. Tesla rallied 4% after boosting car deliveries. On tap next are ISM, construction and auto sales.