European Economics Preview: UK Autumn Budget Announcement Due

UK Chancellor of the Exchequer Rishi Sunak is set to unveil his Autumn Budget on Wednesday with stringent fiscal rules.

The chancellor is expected to increase NHS spending and investment on skill development. The budget announcement is due at 8.30 AM ET.

Other economic reports due for the day are as follows

At 2.00 am ET, the market research group Gfk publishes Germany’s consumer sentiment survey data. The forward-looking consumer sentiment index is seen at -0.5 in November versus +0.3 in October.

In the meantime, Destatis is scheduled to issue Germany’s import prices for September. Economists forecast import price inflation to rise to 18 percent annually from 16.5 percent in August.

At 2.45 am ET, the French statistical office Insee releases consumer confidence and producer prices data. The consumer sentiment index is expected to fall marginally to 101 in October from 102 in September.

At 3.00 am ET, foreign trade and economic confidence survey results are due from Turkey.

Half an hour later, Statistics Sweden is slated to publish foreign trade data for September.

At 4.00 am ET, the European Central Bank is scheduled to issue monetary aggregates for September. M3 money supply is expected to climb 7.5 percent annually after rising 7.9 percent in August.

Flutter Entertainment Logs 12% Revenue Growth In Q3

Flutter Entertainment PLC (PDYPY) on Tuesday announced a 12 percent revenue growth in constant currency for the quarter ended September 30, 2021.

The sports segment witnessed 17 percent growth whereas gaming grew at 5 percent. The group’s online revenues surged by 13 percent in the backdrop of a 13 percent growth in average monthly players. U.S. recorded 85 percent growth followed by 20 percent growth in Australia. UK and Ireland recorded 5 percent drop and a 3 percent decline in other international segments. Adjusted EBITDA expectations for 2021 from the non-U.S. segments are now between 1.24 billion pounds and 1.28 billion pounds, lower than the previous guidance between 1.27 billion pounds and 1.37 billion pounds. The decline is attributed to certain unfavorable sports results in October and the impact of the temporary Netherlands exit.

For the U.S segment, adjusted EBITDA loss is expected between 250 million pounds and 275 million pounds, narrower than the previous guidance of 225 million pounds and 275 million pounds. Shares of Flutter Entertainment closed Monday’s trading at $95.99, up $1.25 or 1.32 percent from previous close.

Attention, New Englanders: Fluffernutter Is Now a Word

What has prompted Merriam-Webster to add the longstanding term for a mostly regional sandwich to the dictionary?

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By Carla Correa

Treasuries Move Higher Ahead Of Fed Announcement

Treasuries moved to the upside during trading on Tuesday, offsetting the modest weakness seen in the previous session.

Bond prices moved steadily higher in morning trading before giving back ground in the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.6 basis points to 1.549 percent.

The rebound by treasuries came as traders looked ahead to the Federal Reserve’s monetary policy announcement on Wednesday.

The Fed is expected to announce plans to begin gradually scaling back its $120 billion in monthly bond purchases by mid-November or December.

The language of the Fed’s statement is likely to be in focus as traders look for clues about the outlook for interest rates amid concerns about the high rate of inflation.

However, a lack of major U.S. economic data kept some traders on the sidelines ahead of the release of the Labor Department’s closely watched monthly jobs report on Friday.

The Fed announcement is likely to be in the spotlight on Wednesday, overshadowing separate reports on private sector employment, service sector activity and factory orders.

Opinion | Republicans Schooled the Left in Virginia

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By Ross Douthat

Opinion Columnist

ANI Pharmaceuticals, Inc. Q3 adjusted earnings Beat Estimates

Below are the earnings highlights for ANI Pharmaceuticals, Inc. (ANIP):

-Earnings: -$4.45 million in Q3 vs. $0.43 million in the same period last year.
-EPS: -$0.37 in Q3 vs. $0.04 in the same period last year.
-Excluding items, ANI Pharmaceuticals, Inc. reported adjusted earnings of $12.27 million or $1.01 per share for the period.
-Analysts projected $0.70 per share
-Revenue: $52.06 million in Q3 vs. $52.98 million in the same period last year.

DuPont plans moves that would remake chemicals company

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DuPont de Nemours Inc. is planning deals that would remake the famed chemicals company, according to people familiar with the matter, following years of subpar performance in its shares.

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DuPont is nearing a deal to buy Rogers Corp., an electronics-materials specialist with a market value of nearly $4 billion, the people said. It also plans to review alternatives for its unit specializing in materials used in the automotive industry, they said.

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The moves are expected to be unveiled Tuesday, when DuPont reports its third-quarter earnings, unless the plan falls apart at the last minute.