Weekly Performance
Dow +0.11% S&P +0.81% Nasdaq +1.61% Russell +2.59% Brazil -2.02% EuroStoxx -0.30% FTSE +0.67% CAC +0.34% Dax -0.03% Ibex -0.19% MIB -3.25% SMI +0.31% Nikkei +3.41% Hang Seng -0.83% CSI +0.01% Shanghai -0.10%
The post US election money flows largely extended into a second week, but moderation was seen across various sectors and asset classes. The Trump reflation trade continued to push interest rates higher and was aided by economic data and Federal Reserve commentary that essentially clinched a rate hike is coming at next month's monetary policy meeting. Outside of the chatter surrounding the President-elect's rumored cabinet picks, the question markets shifted most of their focus onto was just how many more hikes could follow in 2017. Against that backdrop the US benchmark 10-year yield rose above 2.3% for the first time since ealry 2015. The spread over the comparable German 10-year yield widened to levels not seen since the late 1980's. The US Dollar continued to surge, particularly against emerging market currencies, including another 1% move against the Chinese Yuan this week. Currency traders prepared for seasonal FX liquidity to ebb which could allow for further aggressive moves. The Euro is within striking distance of the post financial crisis low of 1.0460 and after that potentially parity. Japan's Nikkei touched a fresh 10-month high powered by the USD/JPY which rose to a level not seen since June. WTI crude futures bounced 6% off a Monday low to surpass $46 as producers met in Doha on Friday and by most accounts remained adamant an output deal will be reached by the November 30th meeting.
Macro :
- Trump Presidency to Put Economic Pressure on Europe: Atos CEO
- Kentucky Pension May Stay in Some Hedge Fund Strategies: Peden
- A $19 billion hedge fund is trying to recruit tech talent with a coding contest
- Dealbook: Trump Adviser Takes Stake in China Ride-Sharing Company
- Network Rail Break-Up Mulled by U.K. Government: Sunday Times
- Moscovici Urges More EU Fiscal Stimulus: El Pais
- Airbnb Seeks to Complete 700 Tax Agreements in Cities: FT
Keep an eye on :
- AIR FP : Airbus Faces New Fines for Delays of A400M Plane: Spiegel
- AIXA GY : Aixtron Says Cfius to Recommend Against Purchase by Grand Chip
- ATC NA : Altice/SFR Media to Cease Publishing Expansion, AFP Reports
- BAYN GY : Bayer’s Financing for Monsanto Purchase Is Secure: Tagesspiegel
- BCP PL : BCP to Postpone Shareholder Meeting on Voting Rights: Negocios
- BCP PL : Fosun International Agrees to Buy 16.7% of BCP for EUR174.6 Mln
- BT/ LN : BT Says Openreach Dispute Delays GBP6b Investment: Telegraph
- CSGN VX : Credit Suisse’s Swiss Unit Kicks Off Operations Ahead of IPO
- DAI GY : Daimler Electric Shift Could Hit 6 of 7 Jobs: Manager Magazin
- ENGI FP : Engie in Advanced Talks With Neptune Over Oil Unit Sale: Times
- FB US : Facebook Reports Stock Buyback of Up to $6b of Class A Shares
- GSK LN : GSK Gets FDA Approval for Expanded Use of FluLaval Quadrivalent
- INTC US : Intel Said to Plan Job Cuts in Wearables Group: TechCrunch
- LHN VX : LafargeHolcim Sees ‘Very Encouraging’ U.S. Prospects: Investir
- NESN VX : Some Nestle Foods Lose Swiss Cross on Labels: Unit CEO in SamS
- PAH3 GY : Peter Daniell Porsche Willing to Join VW Supervisory Board: FAS
- SLB US : Hess Sues Schlumberger for $200 Million-Plus on Faulty Valves
- SFR FP : Altice/SFR Media to Cease Publishing Expansion, AFP Reports
- GLE FP : SocGen Sounding Investors on Italy Consumer Unit Sale: Sole
- FP FP : Petrobras in negotiations with Total to sell stakes in oil fields, two power-plants
- UTDI GY : United Internet May Pay Higher 2016 Dividend: Euro-am-Sonntag
- VOW3 GY : VW Should Reclaim Board Bonuses, CDU’s Fuchs Tells RND
- VOW3 GY : VW’s Hohmann-Dennhardt Defends Unequal Payout for Customers
- VOW3 GY : Peter Daniell Porsche Willing to Join VW Supervisory Board: FAS