Nominees to replace Mario Draghi as European Central Bank president when his term expires in October 2019 should not be rejected based on nationality, Bundesbank chief Jens Weidmann said. "If we start excluding certain countries ... well, that is not the idea of Europe that I have in mind and it would certainly not strengthen the image of the EU and of the euro," he said.
The value of initial public offerings in Hong Kong fell 77% in the third quarter, putting the city on track to lose its position as the world's top IPO market. Hong Kong is trailing New York and Shanghai in IPO proceeds this year.
The Financial Stability Oversight Council has decided not to abandon the designation of systemically important financial institutions or the accompanying stricter oversight. The panel reportedly discussed removing AIG's SIFI designation but did not make a decision.
Asian-Pacific stock markets were mixed Monday, with investors considering what the outcomes of elections in Germany and New Zealand mean for them. Japan's Nikkei 225 rose 0.5%; Hong Kong's Hang Seng Index dropped 1.4%; Australia's S&P/ASX 200 was flat; China's Shanghai Composite lost 0.4%; South Korea's Kospi gave up 0.4%; and India's Sensex was down 0.9%.
Swiss industrial company ABB has agreed to a $2.6 billion purchase of General Electric Industrial Solutions. ABB said the acquisition strengthens its position in North America.
German airline Lufthansa has offered to pay €200 million for assets of insolvent Air Berlin and inject €100 million into the airline to cover operating costs, a source familiar with the matter said. The deal could take three months to close because German and EU competition agencies must review it, German newspaper Bild am Sonntag reported.
Commonwealth Bank of Australia said it might spin off its money-management business, First State Investments, in an initial public offering. First State has $175 billion in assets under management.
The expansion of Japan's manufacturing sector is accelerating, according to the Nikkei Flash Japan Manufacturing Purchasing Managers' Index. For September, the benchmark hit 52.6, a four-month high, up from 52.2 in August.
San Francisco Superior Court Judge Curtis Karnow has ruled investors of exchange-traded funds cannot sue BlackRock for what the investors see as risk misrepresentation because they cannot link holdings to a specific registration statement. The case illustrates some of the issues that remain unresolved in the ETF market.