Dow +0.44% S&P-0.04% NAsdaq -1.27% Russell +0.38%
DOW UP / NASDAQ DOWN BIG. Massive rotation trade from Tech and Semis into Retail, Transport and Fincls. Some pointed to MSCI rebalancing today as a cause (some unwinding tech ahead of it), some pointed to month-end activity (locking profit on liquid winners), some even said certain funds have their year-end today. No matter what, the switch trade was real and evident among ACTIVE FUNDS. Volumes solid as came at 7.94bn shares, so up +29% vs 20day ave. Bulk of volume was from TMT sector on AM selloff. Was biggest volume day since June. VIX rallied +6%, but Nasdaq Vol index (VXN) ended up +22%. Look at these moves, VERY aggressive. Mkt leaders were Dept Store +6.1%, Regional Banks +3.4%, TRAN +3.3%, Apparel +3.2% and look at Tech with SemiCap -7.3%, Semis SOX index -4.4%, App Softwr -4%, SocMedia -2.9%, Internets -2.8%. BIG ROTATION. ASIAN MARKETS – TRADING LOWER. The US tech sell-off has spilled into Asia, with big name technology firms recording sizable declines. Tencent has weighed on the HANG SENG, while semis have come under pressure in TAIWAN. THE NIKKEI has seen little reprieve from the weaker yen, Sony and Nintendo among the high profile tech names holding the index down. MAINLAND CHINESE EQUITIES have eased slightly. Some support was attributed to the manufacturing PMI, which unexpectedly rose despite November's regulatory clampdown. Mainland press gave a positive assessment of regulatory efforts though flagged more wide-ranging measures next year. The PBoC left liquidity unchanged for a fourth day, this following recent talk of an easing in month-end liquidity pressures.
Nikkei +0.57% Hang Seng -1.48% CSI -1.16% Shanghai -0.64% Shenzen -0.89%
Eur$ 1.1868 CNH 6.6137 CNY 6.6072 JPY 112.20 GBP 1.3450 CHF 0.9845 RUB 58.5070 WTI$ 57.51 +0.37%
S&P +0.04% EuroStoxx +0.11% Dax +0.06% FTSE -0.33% SMI -0.15%
Macro :
- Chinese Pump Record Cash Into Hong Kong Stocks as Rally Teeters
Keep an eye on :
- ABN NA : ABN Amro Wants to End Bonus System for Most of Its Staff: FD
- AIR FP : Airbus CTO Paul Eremenko Is Said to Leave Company: La Tribune
- ALT FP : Altran Agrees to Buy Aricent from KKR-Led Group for $2 Billion
- CGG FP : CGG: Trading Halt Request for Dec. 1 Ahead of Court Ruling
- CSGN SW : Credit Suisse Aims to Pay Half of Net in Dividends and Buybacks
- HMB SS : H&M Chairman Sees Market Misconception on Co. Digitization: DI
- IBE SM : Iberdrola Weighs Seeking Regulator Opinion on Gamesa: Expansion
- LHA GY : Lufthansa Is Said to Mull Forgoing Niki Landing Rights: Bild
- MAIL LI : Mail.ru Holder Selling 4m GDRs Via Placing; About $120m
- MTBN SW : Meyer Burger Says ‘Strong Momentum’ in Orders Continuing
- NN NA : NN Group Targets Cost Reduction of About EU350 Mln by 2020
- NOKIA FH : Nokia Says Not in Talks or Preparing Offer for Juniper Networks
- OSRM GY : Osram Raises 2017 Dividend Proposal to 111c from 110c
- REP SM : Repsol to Consider Share Buyback Program
- SBMO NO : SBM Offshore to Pay $238m to Settle U.S. Bribe Case
- SIE GY : Siemens Plans to List Healthineers in Frankfurt in 1H 2018
- STR AV : Strabag Raises Output Expectations, Confirms Profit Forecast
- MF FP : Wendel Third Quarter Net Asset Value Per Share EU181.30