“It is not the creation of wealth that is wrong, but the love of money for its own sake.” – Margaret Thatcher

1. China premier warns against loose money policies — Reuters, China needs to sustain economic growth of 7.2 percent to ensure a stable job market, Premier Li Keqiang said as he warned the government against further expanding already loose money policies. The People’s Bank of China has also warned about inflation, saying that “upwards pressure on prices still exists.”
2. FDA to ban artery-clogging trans fats — The FDA stated that it will require the food industry to gradually phase out all trans fats, saying they are a threat to people’s health.
3. The US economy grew at an annualised pace of 2.8% in the third quarter — growth was lifted by rising exports, businesses restocking shelves and a pick-up in home construction.
However, the pace of growth in consumer spending – which accounts for about two-thirds of US economic activity – slowed from the previous quarter.
Consumer spending grew at annual pace of 1.5%, down from 1.7% in the April-to-June period and the slowest rate since 2011.
4. Q3 Earnings Beat Rate — courtesy of BIG, the percentage of companies that have beaten earnings estimates this season has dropped below the 60% mark (59.8%).


5. S&P cuts France’s sovereign credit rating —CNBC Ratings agency Standard and Poor’s cut France’s sovereign credit rating to AA from AA plus, citing lack of progress in government reforms of the country’s economy. However,the agency revised the country’s sovereign credit outlook up to stable from negative.

The week ahead — Economic data from Econoday.com: