E Danish CEOs

*Cosan of Brazil gained 2.6%+ today as more enthusiasm over the election results hit. CZZ makes sugar and ethanol from cane, runs gas station there and in Argentina, and handles logistics.

*Irish Greencore reported that FMR, a US fund group, held 846% of its shares outstanding as of yesterday. FMR earlier owned 8.67% of GNCGY. Other fund groups like Axxion SA of Luxembourg own 3.75% in the ready-meals firm which is exiting the US by divesting its business here. Greencore's primary listing is in London.

*Thai restaurant. Hotel, and real estate firm Minor International plc (MNILY) fell over 7% in US trading today. It is run by an expat American and is now near its 12-mo low.

Tech & Tel

*Tencent Holdings of Hong Kong rose 9.21% today on hopes for spending to resume in China and bargain-hunting. TCEHY.

*Naspers, the recommended backdoor into Tencent, via South Africa, rose 11.65%. NPSNY is easier to buy in the US than its 31%-owned TCEHY and gains from any enthusiasm for emerging markets.

*NTT Docomo of Japan lost 9.28% for no reason I can find. DCMYY.

Funds

*Central bank buying of gold topped $5.8 bn in Q3, the highest level since 2015, with the big buys by Russia, Kazakhstan, Turkey, India, Hungary, and Poland. All are getting reserves in for a rainy day and to stop political interference with the CB. Look to a rise in SPDR Gold, GLD, if this continues. It is up 1.6% today.

*REIT Fibra Uno gained 3% in Mexican trading after the brouhaha over the shelving of a new airport calmed down. What happened will lead Pres-elect Lopez Obrador to be more cautious going forward. It may indicate that US troops on the border—planned by Pres. Trump—will not hurt local malls, stores, offices, and factories which are largely leased to non-Mexican firms and will not affect the cross-border movement of goods.

*Sweden's Investor has now converted its shares in Electrolux back down to under 30% after a capital increase. IVSBF is not a closed-end fund but a holding company founded by the Wallenberg family, and it had no choice but to follow the refinancing of the maker of vacuums and appliances which is losing market share to top-level competition from Britain and low-level competition from China. IVSBF lost 0.77% on these moves.

*Templeton Emerging Markets Fund today hit my break-even level. EMF.

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