After a 9% rally last week, Shanghai Composite has picked up more ground to fresh 42-month highs, Shanghai is up another 2.8% clearly above the 3K points,China trade figures were mixed - November surplus hit a record high, but imports fell y/y for the first time in 3 months. Iron ore imports were particularly soft at 67.4M tons v 79.4M prior. Export growth was also unimpressive, as shipments to US slowed to 2.6% from 10.9% and exports to Japan continued to contract y/y. China Customs noted that exports growth would continue to face pressure for 2014-end to early 2015.cabinet officials are expected to hold the annual Central Economic Work Conference, with the findings likely lowering 2015 GDP target closer to 7.0% from 7.5% in 2014. Concurrently, CICC stated that 2014 and 2013 output may actually be revised higher after revised census estimates. In the property space, consultancy CBRE recommended another PBoC rate cut to support the sector, while a local press report speculated the govt could further adjust property policy to boost demand...Japan Q3 Final GDP was a disappointment to Abenomics, just as the ruling party heads to the polls next Sunday. Despite expectations of improvement from prelim figures, the Final prints were actually worse than initially estimated. Corporate Capex was again the culprit, contracting -0.4% vs -0.2% preliminary estimate and +0.9% consensus...Nikkei +0.08%...Hang Seng +0.44%...Shanghai +2.8%
Eur$ 1.2284 S&P -0.04% EuroStoxx -0.12% Dax -0.09% SMI +0.03%
Macro :
- Weak Macroeconomic Conditions in European Banks in ‘15: Moody’s
- China Nov. Exports Rise 4.7% Y/Y; Est. 8.0% Rise
- Gabon’s Outlook to Negative From Stable by Fitch
- Saudi Arabia Outlook to Stable From Postive by S&P
- Oman Outlook to Negative From Stable by S&P
- Ireland Raised to A From A- by S&P
- BOE Says Banks May Need to Change Structure to Fit Bail-In Plan
- MS Cuts 2015 Brent crude oil forecast from $98/bbl to $70/bbl
Keep an eye on :
- ABO BB : AB InBev Legal Chief Chalmers Sells EU6.38m of Brewer’s Stock
- ACT US : Actavis Antibiotic Gets Partial FDA Panel Backing, Tweets Show
- AV/ LN : Aviva Said Eyeing Friends Provident International Assets: FT
- BAYN GY : Bayer-Amgen’s Nexavar Didn’t Prolong Overall Survival in AML
- BBY LN : Balfour Beatty unlikely to allow JLIF due diligence on PPP portfolio, talk of full takeover bid from JLIF
- BNP FP : BNP in Dollar-Clearing Accord With Bank of America, Echos Says
- BP/ LN : Iraq Informs BP About Plans to Boost Crude Oil Production
- CPG LN : Compass Group Registers Up to 8.95m Shrs for Selling Holders
- ECONB BB : Econocom Chairman Bouchard Sells EU2.21m of Stock at EU5.52 Each
- ERF FP Eurofins Buys Boston Heart Diagnostics for at Least $140m
- FCA IM : U.S. Will ‘Take Appropriate Action’ on Chrysler, NHTSA Says
- FCA IM : Chrysler Recalls 149,150 Dodge Ram Trucks on Airbag Fault: NHTSA
- GSZ FP : GDF Suez Aims to Raise French Household Power Clients: Echos
- HAW GY : Hawesko talking to potential white knights
- HOLN VX : Cementos Argos Not Interested in Lafarge, Holcim Brazil Assets
- JAZ SM : Jazztel shareholder Alken cuts stake to 4.55%; Credit Suisse ups stake to 5.77%
- LBTYA US : Liberty Global May Sell Unitymedia KabelBW: Reuters
- LEO GY : Leoni appoints Dieter Bellé as CEO
- LHA GY : Lufthansa Board Members Reject Budget Plan, Der Spiegel Reports
- MOR GY : Morphosys Says ‘Promising’ MOR208 Data on Non-Hodgkin’s Lymphona
- MRK US : Merck in Talks to Acquire Drug Maker Cubist for More Than $7 Billion - NYT {http://nyti.ms/129ylll}
- NOVN VX : Novartis’s Tasigna Boosted Remission in Older Leukemia Patients
- NUO NA : SHV will go through with Nutreco deal regardless of shareholder opposition
- Prada (1913 HK) : Prada Drops for Sixth Day After 3Q Earnings Miss -- > -7.5%
- PTC PL : Oi Board Is Said to Approve Altice Offer for Portugal Assets
- SAF FP : Petitcolin Nominated to Replace Herteman as Safran CEO
- SAP GY : SAP CEO Says More Share Buybacks Not Ruled Out: Euro Am Sonntag, CEO expects the firm to remain independent over the long-term
- SBRY LN : J Sainsbury in sights of activist investor Crystal Amber, share raid planned
- SBD LN : QIA and Brookfield looking to persuade Songbird Estates shareholders CIC or Morgan Stanley to support takeover offer
- SKAB SS : Skanska CEO Sees Growth Opportunities in the U.S., DI Reports
- SGO FP : Saint-Gobain Bids to Buy Control of Sika for ~EU2.3b, Sika Says Doesn’t Support Change of Control to Saint-Gobain
- SGO FP : Saint-Gobain Plans to Seek Bids for Verallia Unit
- SSA LI : Sistema investors fear Bashneft dividend seizure - FT {http://on.ft.com/1FYD8D5}
- FP FP : Total to Review Brazil Investments With Crude at $70-$80: Folha
- VOW3 GY : VW Said to Buy U.S. Startup Stake to Develop Longer-Life Battery