Weekly Performance
Dow +0.40% S&P +0.35% NAsdaq -0.11% Russell -1% EuroStoxx +1.81% FTSE +1.28% CAC +1.55% Dax +2.27% Ibex +2.34% SMI +0.48% Nikkei -0.03% Hang Seng -1.49% CSI +0.13% Shanghai -0.83% Shenzen -1.32% Mexico +0.36% BRazil +0.65%
US stock indices finally encountered some turbulence this week, though Monday did once again see another round of fresh highs. Rotational flows evident last week carried over early on, playing a significant role as high growth sectors, namely technology, experienced considerable relative selling. The high beta FANG names traded down 5% or more for the recent highs while the NASDAQ composite fell almost 3% from the top before buyers stepped in and shares recovered into week’s end. Some noted the parabolic rise in bitcoin, which at one point neared 19K, as potential culprit that could have been sucking oxygen away from equities. In Washington, Republicans pressed onward with efforts to reconcile the House and Senate tax bills and remain hopeful that legislation can reach the President’s desk by Christmas. Friday delivered the November employment report which offered little in way of surprises. The labor market continued to expand but the tightening slack remains slow to manifest in rising wages. Treasury yields drifted higher after the jobs report in a week that saw the benchmark spread narrow to 51 bps at one point. For the week the DJIA and S&P500 each added 0.4%, while the Nasdaq slipped 0.1%.
Macro :
- Italy Must Tackle ‘Crucial’ Issue of Bad Loans: Lagarde to Sole
Keep an eye on :
- ADP FP : France Is Said to Hire BofA to Study ADP Privatization: Figaro
- AMS SM : Amadeus Falls; Ryanair Says Ends Global Distribution Partnership
- AAPL US : Apple Is Said to Be Close to Buying Shazam: TechCrunch
- AAPL US : Apple’s Ive Retakes Management of Design Team After Two Years
- AV/ LN : David Cumming Is Said in Talks for Role at Aviva Investors: Sky
- BARC LN : Barclay Twins Are Said to Hire Oakvale for Ritz Club Sale: Times
- BA/ LN : BAE Agree GBP5B Contract to Supply 24 Typhoon Jets to Qatar (1)
- BAYN GY : Bayer Said to Face EU Objections to Monsanto Deal in Days
- BKG LN : Berkeley Is Seeking Approval to Construct Modular-Home Factory
- CBK GY : Deutsche, Commerzbank Want German Soccer Sponsorship: Spiegel
- COV1 GY : Covestro Join S&P Europe 350
- ACA FP : Credit Agricole’s Priority Is Organic Growth: CEO Tells Sole
- DIS US : Disney, Fox Are Said to Hire Bankers for Deal Talks: Variety
- DIS US : Disney May Scale Back Fox’s Movie Studio if Deal Reached: WSJ
- EI FP : Essilor-Luxottica to Hire New CEO After Merger, FT Says
- FMC GY : Fresenius Medical Plans Share Buyback for as Much as EU61m
- GATE SW : HNA Is Said to Eye Gategroup IPO in Early 2Q 2018: Reuters
- HSBA LN : HSBC Geneva Expects New Money Growth of About CHF3b: FuW
- LHN VX : Lafarge/Syria: 2 More Ex-Execs Formally Investigated, AFP Says
- MBTN SW : Meyer Burger Says About 160 Positions Affected by Restructuting
- MTU GY : MTU Aero Engines to Join S&P Europe 350
- NAS NO : Norwegian Air Still has ‘Massive’ Upside Potential, Kepler Says
- NOVN VX : Novartis Weighs Future of Contact Lens, Instrument Units: Blick
- NOVN VX : Gilead, Novartis Lymphoma Therapies Offer Some Benefit: Studies
- PEP US : PepsiCo to Move Stock Exchange Listing to NASDAQ From NYSE
- PFC LN : Petrofac Hired Bain & Co. to Explore Options: Sunday Times
- QIA GY : Qiagen Eyeing ‘Specific’ M&A Targets, CFO Tells Boersen-Zeitung
- QIA GY : Qiagen to Transfer U.S. Listing of Global Shrs to NYSE
- ROG VX : Roche’s Franz Sees ‘Challenge’ From Expiring Drug Patents: NZZ
- RYA LN : *RYANAIR TO END GLOBAL DISTRIBUTION PARTNERSHIP WITH AMADEUS
- SHP LN : Shire Names John Miller as Interim CFO
- GLE FP : Societe Generale to Stop Tar Sands, Arctic Oil Businesses
- STMN SW : Straumann to Join S&P Europe 350
- TKA GY : Thyssenkrupp to Offer Job Guarantees in Tata Deal, BamS Says
- VOW3 GY : Volkswagen CEO Calls for Diesel Subsidy Cuts: Handelsblatt (1)
- WTB LN : Whitbread CEO Says Units Not Yet Ready to Stand Alone: Times