- Car sales in Europe jumped by more than 13% in November, to 1.12 million from a year earlier, with U.S. brands benefiting in the wake of the Volkswagen (VLKAY) scandal. Fiat Chrysler (FCAU), Ford (F) and General Motors' (GM) Opel all saw November sales rise by more than 18% last month.
- Investors pulled out of high-yield debt for the third day yesterday and the stocks of asset managers were hit, as the moment of the first Fed interest rate hike since the financial crisis is approaching, the Wall Street Journal reports. The market for the highest-quality debt has remained intact, the paper notes.
- Regulators in Hong Kong have fined JPMorgan (JPM) $3.87 million for systems and controls failings in its institutional equities business there. The stock market watchdog said the bank had breached its rules relating to short-selling, client facilitation and principal trading, as well as the rules on dark pool trading. JPMorgan said it strengthened its internal systems and controls.
- The People's Bank of China (PBOC) does not want a sharp depreciation of the Chinese currency and it stands ready to intervene if speculators mount an attack on the offshore yuan markets, Reuters reports quoting sources. "A sharp yuan depreciation is not what the PBOC is happy to see ... If that happens, the PBOC will intervene ... because sharp yuan falls could fuel capital outflows and financial risks," a senior economist at a Chinese government think tank told the news wire.
- French drugmaker Sanofi (SNY) and Boehringer Ingelheim are negotiating a $20 billion swap of Sanofi's animal health business for the family-owned German group's consumer health operation.
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