CLOSED AT ABSOLUTE HIGHS & DOW AT RECORD. Trump announced next Fed chair Powell as expected. Tax headlines initially pressed but we rallied as people felt comfortable with the details (only Homebuilders were hit on Tax headlines). EPS led us, as Paper, Lifers, Apparel, App Softwares and AeroSpace all benefited on company earrings. Laggards were Hospitals as COMMUNITY HEALTH SYSTEMS was crushed on #s, and Housing on Mortagage deduction headlines. Internets also lower as FACEBOOK fell 2.05% due to higher CAPEX, and ALIBABA -0.68% and CTRIP.COM INTERNATIONAL- 2.3% put small pressure on SocMedia and China nets. Lastly telcos lower on AT&T & TIME WARNER headlines (possibly no merger?). Focus on APPLE #s after close and Nonfarm. Volumes solid as came 22% above 20day ave. Note that SPX once again held day's VWAP as longs bought. US After Hours MELI +8%, MOH +7%, AAPL / CRUS +3% higher and P / CBL -12%, DATA -11%, SBUX -3%, AIG -2% lower following earnings/guidance. ASIAN MARKETS – ARE MIXED. Regional activity is subdued with volumes affected by the closure of JAPANESE markets. MAINLAND MARKETS are in negative territory. Liquidity has been a focus all week following a spike in bond yields and a large amount of funds coming due. The PBoC injected CNY404bn via its one-year medium-term lending facility, resulting in a net injection of CNY107bn. A total of CNY396bn in MLF funds are due to mature this month. Macro wasn’t much of a directional driver. The Caixin services PMI ticked higher last month, though the composite PMI slipped. Trade, inflation and lending data headline next week’s China economic releases.
Nikkei closed Hang Seng +0.26% CSI -0.12% Shanghai -0.36% Shenzen -0.73%
Eur$ 1.1658 CNH 6.6214 CNY 6.6216 JPY 114.07 GBP 1.3054 CHF 0.9987 RUB 58.33 WTI$ 54.74 +0.37%
S&P +0.07% EuroStoxx +0.11% Dax +0.22% FTSE +0.16% SMI +0.16%
Macro :
- Bitcoin Hyper Bull Tom Lee Turns Cautious in the Short Term
- Venezuela Will Seek to Restructure Debt, Blaming Sanctions
Keep an eye on :
- AAPL US : Apple Tackles IPhone X Production Woes to Buoy Holiday Sales
- ARL GY : Aareal to Cut Over 90 Jobs in First Stage: Immobilien Zeitung
- AC FP : Accor Says China Tourists to Australia Fastest Growing in Asia
- AF FP : Air France-KLM 3Q Op. Income EU1.02B; Co. Sees FY Improvement
- AMS SM : Amadeus Nine Month Ebitda EU1.47 Bln
- ANDR AV : Andritz Third Quarter Net Income EU59.0 Mln
- CS FP : Axa Reports Stable Nine-Month Revenue and Solvency II Ratio
- BMW GY : BMW Group U.S. Oct. Sales Decline 3.9%
- CSGN VX : Credit Suisse Seeks to Expand Wealth Management in Philippines
- DAI GY : Daimler, VW, BMW, Ford Start Fast-Charging Rollout in Europe
- DIC GY : DIC Asset Third Quarter FFO EU48.1 Mln
- EBS AV : Erste Group on Track on ROTE of 10% for 2017, Sees Similar 2018
- EIT IM : EI Towers Nine Month Net Income EU43.5 Mln
- EVK GY : Evonik Ups 2017 Adj. Ebitda Guidance, Plans Cost Cuts
- EOAN GY : Eon’s Kley Criticizes Uniper Mgmt on Fortum Offer: Handelsblatt
- GBLB BB : GBL Buys More GEA Group Shares; 9-Month Cash Earnings Drop 8.7%
- G1A GY : GEA Group Third Quarter Revenue Meets Estimates
- GSK LN : Glaxo’s Vallance Is Said to Exit Co. for U.K. Govt Role: FT
- LSG NO : Norway Seafood Exports Decline 3% to NOK9.1b in October
- OR FP : L’Oreal 3Q Sales EU6.1B; Like-for-Like Growth Beats Estimates
- OR FP : L’Oreal Sales Beat Pushes Bernstein to Up Sales Estimate: Wood
- RNO FP : France Selling 14M Renault Shares, Or 4.73% Stake in Carmaker
- RNO FP : France ‘Much-Awaited’ Renault Stake Cut Is Good News: Natixis
- REP SM : Repsol 3Q Adj. Net EU576M; Est. EU558.3M
- SAN SM : Santander Is Said to Plan 1,500-1,600 Job Cuts: Independiente
- GLE FP : SocGen’s Cabannes: ‘Early to Say’ When Volatility Will Return
- SCHA NO : Schibsted Third Quarter Ebitda Beats Highest Estimate
- SN/ LN : Smith & Nephew Third Quarter Revenue Meets Estimates
- TEVA IT : Teva Weighs on Pharma, Community Health Tumbles: Health Wrap
- FP FP : Total’s Next Growth Phase to Tap Oil Bought at $1-$1.5/bbl: CEO
- VOW3 GY : Volkswagen Explores Obtaining UK Banking License, FT Says