When I was a young bride in Brussels back in the 1960s, my husband, who covered what was then called the EEC (European Economic Community) used to spend long nights outside its offices on the Rue Royale as the members of the Commission stopped the clock to enable them to meet deadlines for deciding on contentious matters. There were only 6 member states then.

But the habit of stopping the clock continues with a new HQ at the Berlaymont, a new name as the European Union, and far more members. It took an all-nighter for the British and the EU to hammer out the terms under which Britain will be able to leave the EU by Hallowe'en, as PM Boris Johnson had set out as his goal. The terms will be presented to Parliament during an extraordinary session on Sat., but already the Democratic Union Party from Northern Ireland has indicated it would not support the terms.

Since Johnson no longer has a majority hanging by thread with DUP votes, he can proceed regardless. But the deal is being called “tentative”, “potential”, and “a draft” as the details are scant. However, Michel Barnier, the EU negotiator, confirmed that a Brexit deal has been reached.

Sterling rose to nearly $1.29 per pound today, the highest YTD before falling back over DUP objections to only $1.2846. Since the DUP votes would not be enough now to support the deal in any case, Johnson has thrown the Northern Irelanders under the bus and is dealing directly with Eire.

Greater uncertainty applies to define exactly what it was that China promised Pres. Trump, it would do about the $50 bn in US farm products Trumpet said would be bought last week. According to the Beijing Wall St. Journal reporters, Chinese negotiators say the purchase will be based on actual demand and at fair market prices. The White House says China will buy soybeans, pork, and other farm products whose exports in the past 12 months fell to $9.2 bn (US Commerce Dept data). Before the trade war began the exports were in low double-digit billions in US dollars, but nowhere near $50 bn.

Moreover, if Congress removes Hong Kong's “special status” during its annual review, there will be unspecified “strong countermeasures.”

US consumer spending surprisingly fell in Sept., again worrying for growth although most of the drop was in car-buying. This was the first drop in the past 7 months.

The International Monetary Fund lowered its expectations for global growth this year to 3%, following the World Bank across K Street in Washington which cut forecasts earlier this week.

We will look at company news as usual with items from Switzerland, Finland, Israel, India, Belgium, Australia, Britain, China, Hong Kong, France, Colombia, China, etc.

Drugs

*Roche of Switzerland yesterday reported 9 mo. sales were up 10% at constant exchange rates and 9% in francs to SwFr 46.066 bn with pharma accounting for most of the growth thanks to new drugs like Rozlytrek for lung cancer with a fusion 'o' gene mutation plus older drugs Ocrevus, Hemlibra, Tecentriq, and Perjeta.

Diagnostics also grew. The best market for sales growth was the USA where they rose 14%.

It also reported getting US FDA breakthrough designation for Gazyva for treating lupus nephritis and kidney disease and got FDA approval for Xofluza to treat flu in the first 48 hours in people aged 12 and over if they are at high risk of flu complications. This applies to people over 65 and those with co-morbidities like chronic lung disease, asthma, diabetes, heart disease, or obesity and adds more people to the list which last year's approval did not specify.

Its phase III trials of Rituxan in pemphigus Vulgaris (a severe and sometimes fatal skin blistering condition), without having to use steroids, beat the current standard treatment mycophenolate mofetil.

Unfortunately, I did not get up at the crack of dawn to listen in to the Swiss results which did not include any information on earnings. RHHBY also raised its outlook for the rest of the year to the “high single digits” in constant exchange rates. It also expects to increase its dividend in Swiss francs. Neither figure was further defined.

*Israeli Teva rose 3.2% in the pre-market and then soared nearly 8% in US trading this morning after investment guru Mario Gabelli upped the generics firm to buy from hold, boosted by steady guesses about how close TEVA and other drug and pharmacy firms are to doing a deal with US cities and states suing it over misselling pain-killer opioids. Later the stock fell so its rise was only 5.85%. There are talks with the attorneys-general revolving around a settlement but the breakout between drug companies and drugstores is still unclear. It was at $7.41` the last time I looked, up 6.6%. Gabelli has a following.

Separately, TEVA faces a British government-ordered recall of its generic Zantac because of an impurity called NDMA, a carcinogen.

*Benitec Biopharma of Oz rose 2.32% overnight.

*Zymeworks of Canada rose 4.15% to $29.80, just below the year's high of $29.89. NYSE-ZYME now trades only in US$s having delisted up north.

*While Genfit of France did not trade here today, GNFTF' s bid is $14.52 and its ask $15, so it is upwardly mobile.

*Bausch Health Cos is on a roll, up another 2.1% today.

*Belgian Galapagos (GLPG, sold) yesterday announced that it will work with HitGen Inc of Chengdu, China .to identify small molecules based on “DNA to find new leads”, and will pay unspecified upfront and milestone amounts to Ghengdu.

Tech

*Nokia Oyj rose 4.3% in Finnish trading today. NOK had tracked Swedish Ericsson which beat in Q3 and raised its guidance for 5G. We own ERIC, which rose 7% via Investor A/B, the Wallenberg fund, a proxy for a Scandinavia one. IVSBF rose 0.7% on the ERICY news which then was reversed because the calculations were inaccurate according to Reuters.

*Israeli chip foundry Tower Semiconductor rise 2.6% today briefly hitting a new yearly high. TSEM

*Tomra Systems of Norway rose 6.45% apparently over Brexit breakthroughs. TMRAY.

*South African Naspers' European clone Prosus of Holland rose 2.1% today. PROSY. NPSNY rose 1.9%.

*Tecnoglas of Colombia is up 1.54% to $7.91/sh.

Energy

*Ithaca Energy, the sub of Delek Group which bought Chevron UK North Sea oil and gas assets, has hit funding problems according to Bloomberg, and cannot raise the full $2 bn price. At some point, DGRLY wants to IPO Ithaca but it first has to become viable. DGRLY is up 1.6%, mysteriously.

*US crude oil inventories hit 9.3 mn bbls this week, up from 2.9 mn bbls last week, because of slowing shipments to China. Natural gas inventories also rose, but not as much as the consensus estimate. This pushed down oil prices while gas rose. The US Energy Information Agency predicted that '19 gas output will average 1.9 mn bbl equivalent/day from the Gulf of Mexico fields, and 2 mn boe/d in 2020.

*Royal Dutch Shell will drill in its 5 new Egyptian concessions in the Red Sea, searching for oil and gas. It will bid for future drilling sites in the Mediterranean if they are auctioned. Avi Salzman in Barron's wrote earlier this week that Shell has a chance of gain because of higher LNG prices.

*India solar operator Azure Power Global, AZRE, which I wrote up yesterday, is now rated but at $12.39 by HSBC analysts. It mostly bids on government concessions for powering railroad stations and state or local buildings and is HQ'd in Mauritius, an Indian offshore center.

*Dutch Antillean Schlumberger Ltd fell again. SLB tech helps find oil and gas and work out how to drill for them.

Banking and finance

*Clydesdale & Yorkshire Banking Group, CBBYF, won a hold rating today from Deutsche Bank. It rose over 30% in the last 5 trading days in London, but the ADR doesn't track former Virgin Money.

*Today again Hong Kong risers included Hang Seng Bank, HSNGF, a sub of HSBC of Britain which does the HK index calculation, and Asian insurer AIA Group Ltd, AAIGF. They both can move out.

Mining & metals

*Orocobre of Australia will report its Q2 results Oct. 22 at 10 am Brisbane time. It operates in the lithium fields there but mostly in Argentina, and is 15% owned by Toyota Tsusho of Japan and 20.7% by JP Morgan Australia.

*Antofagasta ticked up in British trading as the price of copper rose over-optimism about Brexit but is flat here.

*British Johnson Matthey is up 3.3% on being cited in a report on emissions control catalytic converter markets. JMPLY refines and sells platinum and palladium (as well as gold.)

Funds

*TD Ameritrade and JP Morgan are working out which of them misstated the name and ticker symbol of Fibra Uno in my IRA account, and they will go on doing so for days. I suspect that Morgan, itself an ADR depositary, got it right and TD got it wrong.

*Meanwhile I am considering following Gray Cardiff of soundadvice.com, and just buying the discounted US Third Avenue Real Estate Value Investor Fund, TVRVX, which he says buys in property operating companies which can reinvest profits, unlike REITs which have to distribute them to shareholders. His view was written up by Nancy Zambell in wallstreetsbest.com. But first I am going to try to get my ACAT corrected.