The sweet smell of recovery was in the air today and many of the stocks which fell this month recuperated, while the big winners often fell. Merck lost a bit after soaring, as analysts differed on how good things would get, rating MRK as everything from strong buy to hold. Barron's daily published a not that Merck's pill may have risks but I don't get the daily, only the weekly edition. The US and China will hold high-level talks in Switzerland perhaps including a summit of Biden and Xi, according to today's Financial Times. Markets today saw many reversals of moves by ADR companies in the course of the day, mainly because of macro changes.

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The exception was the oil patch which was up some more on the news that OPEC had defied energy consumer countries by refusing to boost output which boosted our Royal Dutch Shell B RDS-B and BP plc stocks by 2.66% and 2.5% respectively. Another winner was energy search helper Schlumberger Ltd SLB, up 2.53%. Smaller stocks in the energy sector rose even more sharply: Earthstone Energy (ESTE) by 8.07% tp $11.66 and Energy Fuels (UUUU) by 4%. The former was tipped by Mizuho with a target price of $17, vs $14. The UK's BAE Systems landed a $140 mn contract for Energy Automation Operational Tech Sustainment from the Dept of Defense. I cannot believe there is no US option. PLUG, Plug Power, has fallen so far it is now being tipped as a value buy in Seeking Alpha by an anonymous contributor. I wish people would write under their names. Ormat (ORA) rose 0.57% to $69.3. Natural gas prices also gained here to a 13-yr high.

Another Japanese stock was ADR top dog today, the Mitsubishi Financial group MSBHF, which gained 5.37% although it later fell while rival Sumitomo, SMFG gained 2.5%. Both are profiting from US trade deficit numbers for August which are hefty and horrendous, at 7.35% but the recovery which got going then and problems with moving cargo explains what happened. Mr. Price gained 2.51% in Japanese trading. The USA is unlikely to use trade sanctions against Tokyo because we need its help to defend Taiwan which was subject to a huge flyover of Chinese military planes (including ones that might have held nuclear weapons) yesterday. Taiwanese firms firmed, a mark of defiance against Beijing expected from the White House because it is politically necessary. I bought more Taiwan Fund TWN after 56 PRC planes flew into the Taiwan air defense zone yesterday

Other financials rose in sympathy including AIA, Scotia Bank, and Banco Santander, up over 2% in loonies and euros. Lazard also rose 1.43% although Banco Latino fell 0.4%. Atlantica Yield, AY, also rose after it lagged the Algonquin shares which used it as a hedge, and AQN and AQN B also rose today, Korean Coupang was up 2.55%. Like Japan, Korea also has to back Uncle over Taiwan. They are reacting to higher T-bill yields.

My newest stock Coterra, formed by merger, rose 10% after declaring a dividend of 50 cents on Oct. 22. It later fell, however.

Galapagos presented data on its filogotinib to treat ulcerative colitis at the European Gastroenterology congress and the GLPG stock rose. Analysts cut their outlook on Alvarion now that its safety arm has been sold and the share fell 0.66%. UK bakery Greggs stock rose sharply despite Wall St. negatives, an argument for our Mexican bake group, Bimbo. Latin American COSAN, sold, fell 1% on fears of Argentina and Brazilian messes which I hope Mexico can avoid. The local credit default swap market is at t half year high of 101.96 according to Eduardo Garcia in SenticoCommun in the wake of fears of slower US growth and crises in China and missteps by President AMLO.

Glaxo GSK revealed that it has an antibody-boosting medicine too but the share did not rise and fell. Its entry is called AZDT442 for now, Compugen rose 4.63% today having fallen more in Sept than 89% of stocks out. It is generally rated strong buy with a TP of $21. CGEN is Israeli. Astra-Zeneca AZN fell 0.645 in US trading despite having delivered info about its preventive covid-19 treatment to the FDA. It is seeking an emergency use for the treatment to prevent infection.

Zymeworks ZYME collected a fee for the first dosing of its phase 1-2 trial of Zanidatamab and Evorpacept from ALZ Oncology in HER-2 expressing breast cancer using macrophages with antibody-dependent cell phagocytosis which is also being tested in other cancers but the news was viewed negatively by the market and ZYME fell 5.13%. 

Chinese electric vehicle firms BYDand Levo are joining forces. This hurt our solo play in the sector NIO at the opening but later it gained 1.91%. Hong-Kong-listed Xpeng and Li Autos both crashed today in Hong Kong which led the others to get together. Our NIO is apparently not as vulnerable. Tesla fell also. 

Tencent and Alibaba also fell in Hong Kong but recouped in international markets. Another real estate developer Fantasia Holdings (SIC) is also unable to pay its debt according to Bloomberg.