Weekly Update
Dow-2.29% S&P-2.49% Nasdaq-2.28% Russell-4.10% Ibovespa-1.24% NKY-4.72% Hang Seng-1.81% Shanghai-0.12% EuroStoxx-4.54% FTSE -4.20% CAC -4.37% Dax -4.80% Ibex -2.25% MIB -2.45% SMI -1.56%
Policy divergence between Europe and the United States was thrown into high relief this week. On Thursday, the ECB extended its QE bond buying program to March 2017 and cut its deposit rate further into negative territory, as President Draghi said that Europe needed more support for longer. Then on Friday, the November US jobs report beat expectations with strength seen across all categories, all but requiring the Fed to hike rates at its policy meeting in two weeks. The other major financial event was the OPEC summit, where the cartel acknowledged the reality that its prior 30M bpd production ceiling was clearly being ignored by member states. OPEC refrained from actually setting a new production ceiling, though the organization's President eventually confirmed the current production level is around 31.5M bpd. Markets were forced to digest these key events against the backdrop of a horrific terrorist attack in San Bernardino CA. In a volatile trading week, the S&P500 ended up 0.1% and the DJIA and Nasdaq each gained 0.3%.
Macro :
- Draghi Says ECB Will Deploy Further Tools If Necessary
- Basel Said to Propose New Method for Banks Leverage Ratio: WSJ
- Japan expected to reduce planned FY15 bond issuance due to better than expected tax revenue growth - Nikkei - To trim FY15 govt bond issuance by approx ¥450B from the ¥36.9T planned- FY tax revenue now expected at ¥56.4T, about ¥1.9T more than forecast
- 27 Major Global Stocks Markets That Have Already Crashed By Double Digit Percentages In 2015 {http://bit.ly/1NbytSr}
Keep an eye on :
- ABG/P SM : Abengoa Banks May Swap Part of Debt for Equity: Expansion
- AMUN FP : Amundi Interested in Buying Arca, Il Sole Reports
- AAPL US : 5th-generation volume Apple TV production to begin in Q1 - http://bit.ly/1IM62sl
- BMPS IM : Monte Paschi Had 3 Offers for Bad Loan Portfolio: Corriere
- MLCMB FP : Compagnie du Mont-Blanc buys Societe des Remontees Mecaniques de Megeve for EUR 14m
- ELEB BB : Electrabel CEO Says Belgian Nuclear Plants Could Close by 2025
- ENGI FP : Engie Belgian Spinoff Possible, CEO Mestrallet Says: L’Echo
- FAGR BB : Lucerne Capital Management Raises Fargon Short Position to 1.58%
- FCA IM : Fiat Chrysler Delays Completion of Alfa Model Plan to 2020
- FNC IM : Finmeccanica rebuffs Boeing bid approach for Westland - THE SUNDAY TIMES
- GLEN LN : S. Africa Gupta Family Look at Buying Glencore Mine: City Press
- HOLN VX : Holcim Wants to Close 5 Cement Plants in Flanders: L’Echo
- IMT LN : Fitch Sees ‘Modest Respite’ for ‘16 Tobacco Makers’ Vol Pressure
- INW IM : Bids for Telecom Italia’s Inwit Expected by Dec. 18: Radiocor
- LHA GY : Jordanian Man Screaming He "Wants To Join Allah" Tries To Open Lufthansa Airplane Cabin Door In Midair
- PBY US : Icahn discloses new 12.1% stake; plans to talk to management about possible synergies between PBY's retail segment to Icahn's Auto Plus - 13D filing
- RIO LN : Rio Tinto’s CEO Has Interest in Acquiring Copper Assets: AFR
- ROG LN : Roche Says Data Show Gazyva Patients Nearly 4 Yrs Treatment-Free
- RYA LN : Ryanair Cancels Some Flights on Irish, Italian Routes
- TSM US : TSMC to post another double-digit revenue increase in 2016, says co-CEO