Weekly Performance
Dow +0.10% S&P -0.97% Nasdaq -2.65% Russell -2.45% Brazil -2.02% EuroStoxx -1.09% CAC -0.47% Dax -1.74% Ibex -0.78% MIB +3.46% FTSE -1.61% Nikkei +0.24% Hang Seng -0.70% CSI +0.22% Shanghai -0.55%
Markets entered the week focused on Vienna, and growing doubts about whether OPEC and in turn non-OPEC producers could come to an accord. Ultimately the Saudis appeared to blink and an agreement was reached that would cut production by 1.2M bpd to 32.5M bpd as laid out in September's tentative framework in Algiers. Crude prices moved up into the closed door meeting on Wednesday and ended the week up 10% from the lows. The US oil patch saw a dramatic rally with some shale names jumping more than 20%. The 6-month production cut that goes into effect with the New Year is seen as a potential boon for well capitalized US producers who will not be participating in any quotas.
Macro :
- US banks face clash over EU regulations - FT
- Italy Court Freezes Part of Reform Law for Cooperative Banks
- Peru May Pay Up to $1.4b If Odebrecht Contract Scrapped: Reuters
- Swiss Minister Sees Companies Leaving If Tax Plan Rejected: T-A
- Italian Regulator Requires New Tender Offer for Alerion: Sole
- Japanese Govt Set to Impose Home-Sharing Limit: Nikkei
- Trump: 35% Tax to Be Levied on Imports From Cos. Leaving U.S.
- Mergermarket Said to Have Received Takeover Approach: S. Times
Keep an eye on :
- AIR FP : U.S. Navy Aims to Buy More Boeing F/A-18E/F Super Hornets: Rtrs
- AAL LN : Anglo Convinces Shareholder to Drop Spinoff Call: S.Telegraph
- AZN LN : AstraZeneca to Move U.K. Jobs to Poland, Costa Rica: Guardian
- BMPS IM : Qatar Set to Meet With Paschi on Dec. 5 After Referendum: Sole
- CABK SM : Caixa Geral Conversion of CoCos to Take Place in 2016: Expresso
- CBK GY : Commerzbank’s Zielke Tells FAS Banks Will Disappear From Germany
- DBK GY : Deutsche Bank to Pay $60m Fine for Gold-Price Manipulation: FAZ
- DB1 GY : Deutsche Boerse Sees Hesse Oversight Role After Merger: Reuters
- ENI IM : Eni Congo Oil Platform Fire Kills 1, Injures Five: Reuters
- NG/ LN : National Grid to Select Gas Pipeline Bidder: S.Telegraph
- NOVN VX : Novartis Says SEG101 Met Primary Endpoint in Phase 2 Study
- NOVN VX : Novartis CEO Rules out Counter Bid for Actelion: SonntagsBlick http://bit.ly/2h2leKz
- RMG LN : Royal Mail Seeks Private Co. to Run Public Pension: S.Telegraph
- RDSA NA : Royal Dutch Shell receives bid approach from Macquarie for 45% stake in Corrib gas field - The Times
- SAP GY : SAP’s Mucic Says Would Prioritize Small-Scale Acquisitions: BZ
- SCMN VX : Swisscom Mobile Mkt Share ‘Not Ideal,’ Swiss Regulator: SoZ
- VMED LN : Virgin Media CEO downplays prospects of parent company Liberty Global bidding for ITV - Telegraph
- VOW3 GY : Volkswagen Financial Services Profit to Pass EU2 Billion: BZ