French industrial production beats expectations

An increase in the production of French cars and pharmaceuticals pushed the country's industrial output beyond expectations for October, official statistics agency INSEE reported. INSEE announced that industrial production had risen by 0.4 percent from September, a month in which France also posted a 0.4 percent boost in output, up from an estimated 0.3 percent. Economists had forecast a 0.2 percent rise in industrial output for October. According to the data, car production has shot up by 3.4 percent, leveling off last month's drop, with pharmaceutical output rising by an impressive 8.3 percent. Despite the bump in industrial output figures, the Bank of France forecast on Monday that the country's economic growth would fall slightly in the fourth quarter to 0.2, down from Q3's 0.3 percent.

UK economic growth slumps ahead of election

UK economic growth in October slowed to its lowest annual rate since 2012, with many hoping Thursday's general election will bring some much-needed certainty to the future of Britain's economy. Gross domestic product increased by 0.7 percent in October in contrast to the same time last year – the slowest rate of growth in the UK since March seven years ago, during the recovery from the 2008 financial crisis. The Office for National Statistics reported that growth declined in the three months to October compared with the previous three months. According to the ONS, there was also no change in the economy month-on-month in October, which disappointed market watchers after 0.1 percent growth forecast.

An increase in French car and pharmaceutical production pushed the country's industrial output beyond expectations (Credit: AFP) An increase in French car and pharmaceutical production pushed the country's industrial output beyond expectations (Credit: AFP)

Morgan Stanley fined by French watchdog over manipulated bond price

US bank Morgan Stanley has been fined 20 million euros ($22 million) by France's financial markets regulator Autorite des Marches Financiers for allegedly manipulating bond prices during the Greek debt crisis. According to the regulatory body, Morgan Stanley doctored French and Belgian bond valuations during June 2015 in an attempt to provoke an "abnormal and artificial rise" in sovereign bond prices to sell them on at a profit. The report from Autorite des Marches Financiers, which was released Tuesday, stated that the lender had purchased a large amount of futures contracts for German and French bonds on June 16, 2015 within the space of 15 minutes. Morgan Stanley has refuted the allegations, deeming the fine "disproportionate" and "unreasonable." It is set to appeal the regulator's decision.

Just Eat rejects improved Prosus bid

British online food ordering company Just Eat has turned down a takeover offer from Netherlands-based tech firm Prosus, saying on Tuesday that the proposal undervalued the company, adding that it is encouraging a rival merger offer from Takeaway.com. On Monday, Prosus had increased its bid to 740 pence a share from 710 pence, but Just Eat said the offer was only 16 percent up on its 635.6 pence share price in July, prior to Takeaway.com's merger propositions. The British company said the offer from Prosus did not reflect the value of the company and its early drivers in a growing industry, while also reminding the tech firm of the benefits for shareholders by remaining with Just Eat alongside Takeaway.com.

Source(s): AFP ,Reuters