Dow-0.14% S&P-0.22% Nasdaq-0.15% Russell-0.56% VIX 16.91 (+7.43%)
US Market closed slightly lower in low volume @ 600mil shares. Equities followed the energy sector (-1.8%) and crude oil (-3.3% @ $36.88/bbl). energy component saw additional selling pressure after China reported its sixth consecutive monthly decline in industrial profits (-1.4% in November). US After Hours ZN +8.4% after City of Nazareth grants approval of their exploratory drilling request; PBY +6.3% after Carl Icahn raises cash bid to $18.50/share. Asian equity indices are marginally higher, however the prevailing theme of pressure from the energy space has carried over from the US session. PetroChina and CNOOC were among the laggards in Hong Kong, as WTI crude has pulled back below the $37/brl mark. After Saudi Arabia announced lower expected revenue from oil sales, traders anticipate the kingdom to defend its market share and not succumb to pressure of reducing output. Late in US hours, Saudi Aramco chairman noted that oil glut is still expected to ease in 2016, with supply in North America having plateaued. Shanghai Academy of Social Sciences forecast 2015 GDP of 6.9%, and slowing in 2016 to 6.8% and 2017 to 6.5%. Resident researcher said sector performance will vary based on external conditions like global commodity prices, geographical politics and Chinas relations with its core trading partners. Japan Center for Economic Research (JCER) estimated Nov GDP at +0.1% m/m v +0.4% in Oct - the 2nd straight month of increase. Exports growth slowed to +0.1% v +1.1% prior, while CapEx turned negative at -1.0% v +1.3% prior. The lack of consistency in these key sectors of the economy help explain growing dissatisfaction with the progress of Abenomics - according to the latest Nikkei survey, 44% give a rating of disapproval to Abenomics vs 38% approval.
Nikkei +0.58% Hang Seng +0.36% Shanghai +0.29%
Eur$1.0976 JPY 120.33 CNY 6.4857 GBP 1.4907 CHF 0.9881 RUB$ 72.2746 WTI $36.93 +0.31%
S&P +0.11% EuroStoxx+0.83% Dax+0.81% SMI+0.52%
Macro :
- Iran Adding to Global Oil Glut Dims Hopes for Recovery Next Year
- Iran Proposes Oil Price of $40/Bbl for Next Fiscal Year: IRNA
- Marc Faber Takes on Yellen With Recession Call, Likes Treasuries
- Crazy Ending for Top European Stock ETF as Withdrawals Quicken
Keep an eye on :
- ABG SM : Abengoa Creditors Seek Banks for Future Liquidity Needs: Cinco
- ADS GY : Company said to deny that it is facing pressure to offload Reebok - FT http://on.ft.com/1Vne4PF
- ANA SM : Acciona to Acquire BTG Pactual Stake in ATLL, Expansion Says
- CS FP : French Invested EU22.9b in Life Insurance Jan.-Nov.: Les Echos
- Banca Leonardo : Banca Leonardo Drops IPO Plan, Weighs Partnership: Sole --> Natixis potential partner for IB ?
- BOL SS : Boliden May Consider Acquisitions of Mines, Dagens Industri Says
- EDP PL : EDP Renovaveis Sells Stake in Wind Assets in Poland, Italy
- EOAN GY : EON May Lose Deutsche Bahn Contract Over Datteln: Handelsblatt
- FDX US : FedEx Ties Holiday Delay to ‘Unprecedented’ E-Commerce Surge (1)
- FCA IM : Fiat Chrysler to Be Removed From MSCI Large Cap Index
- GAM SM : Enters partnership with Iberdrola to build four windfarms in Costa Rica with total capacity of 80MW
- MT IM : Maire Tecnimont Completes Medium to Long-Term Debt Refinancing
- MOR GY : Morphosys Seeks New Partner to Develop MOR202: Boersen-Zeitung
- OCI NA : N. Sawiris Buys 3,723 OCI Shares, AFM Regulatory Filing Shows
- PBY US : Pep Boys Says Icahn’s Increased $18.50/Shr Proposal Is Superior
- SAN SM : Santander to Pay a 0.05 Euro/Share Dividend: Filing
- FP FP : French Diesel Prices Fall Below EU1 a Liter: Les Echos