US Market start the last month of the year on lower note, cyclicals were under pressure on disap. black friday sales & eco data in china (HSBC Man. PMI) & Europe (German Man. PMI) reminded some concerns about growth...transports & Industrial were leading the downside move...Tech was also underpressure, with AAPL -3,25%..the energy sector was the only cyclical group to finish positive thanks to a rebound of crude (+4,01% @ $69,02 after a low at $64...Volumes were above average @850mil shares...VIX @ 14,29 +7,20%...US After Hours SCVL +9.1%, ENVI +0.7%, QUNR -3.0%, MFRM -2.3%, THO -1.2%, UNH -0.7% following earnings/guidance...Australia was in focus in today's session, as a sharp u-turn higher in commodities helped S&P/ASX outperform regional indices after it fell to 6-week lows overnight...Shanghai Composite continued to rally, testing above 2,700 mark. Report out of S&P forecasted 2015 China GDP slowing further to about 7%, with a 25% probability that growth would slow to 6%...USD/JPY traded in a 25pip range below 118.50, with the overnight Moody's sovereign rating cut of Japan largely dismissed as a catch-up move. The analyst who made the call appeared on CNBC, stating the delay in sales tax hike was the primary reason for the cut as it increased uncertainty over achievability of primary budget balance by the govt's 2020 target. Separately, an S&P report also stated the implementation of a future sales tax hike is uncertain as political dynamic could still change. A Nikkei report speculated the ruling LDP party needs to secure at least 60% of lower house seats in the Dec 14 polls to preserve the stock market rally...Nikkei +0.42%..Hang Seng +1.56%...Shanghai +3.05%
Eur$1.2462 S&P +0.26% EuroStoxx +0.53% Dax +0.37% SMI +0.34%
Macro :
- Hedge Funds Shut as Managers Struggle in Worst Year Since 2009
- Fed's Dudley : lower oil prices and employment picture will help move towards growth in real incomes
- Fed's Fischer says worried that Fed powers to fight crisis were eroded; does not agree with an inflation target of 4%
- Fed Will Raise Rates Very Delicately, Sensibly: IMF’s Lagarde
Keep an eye on :
- ACS SM : Spain’s ACS Seeks to Refinance EU2.2b of Debt, Expansion Reports
- ARYN VX : Aryzta 1Q Rev. In Line With Ests., Confirms Outlook
- AV/ LN : Aviva to Buy Friends Provident for 394p / Share
- BBVA SM : BBVA Doesn’t Currently Plan to Charge for Deposits: Handelsblatt
- BMW GY : Italy Treasury Said Not Seeking CDP Special Dividend: Reuters
- BRE IM : Brembo CEO Says Too Costly to Invest in Italy: Repubblica
- CU FP : Club Med’s D’Estaing Says Fosun Offer in Co’s Interests: Echos
- EOAN GY : EON Says Fossil-Fuel Plant Unit Isn’t a ‘Bad Bank’: Handelsblatt
- FCA IM : Fiat Chrysler Italy November Car Sales Rise 5.9%
- FCC SM : FCC CEO Tells Banks 70% of Cap. Increase Covered: Confidencial
- GAS SM : Gas Natural: Anuta G. Zucker discloses 8.3% active stake in 13D filing
- MALA FP : Grand Marnier could attract interest from major competitors, including Suntory - Le Figaro
- MC FP : LVMH Unit Acquires Majority Stake in Seafolly, AFR Says (Swimwear maker)
- NEO FP : Neopost Lowers Targets for FY Rev., Operating Margin
- ORA FP : Orange in talks with Softbank regarding sale of Dailymotion - Challenges
- PTC PL : Investor dos Santos Submits Request to Register PT Bid: Negocios
- PTC PL : Portugal Telecom Says Duarte, Leitao, Rosa da Silva Resign
- Poste Italiana IPO : Poste Italiane to list before summer 2015 - Il Messaggero
- RNO FP : Nissan China Nov. Vehicles Sales Fall 11.8% on Year --> Nissan +0.35%
- ROG VX : Roche Buys Ariosa Diagnostics to Expand in Prenatal Testing
- SAN FP : Sanofi Says FDA Approves Priftin for Tuberculosis Treatment
- S92 GY : Lowers FY14 guidance to net loss -€115M, Rev €775-790M (previously: net loss -€45M, Rev €850-950M)
- SEV FP : Suez Environnement to Double Recycled Plastic Output in 5 Yrs
- SHP LN : Actavis Starts Selling Generic of Shire’s Intuniv ADHD Drug
- SIE GY : Siemens Recalled Bacteria Tests Over Risk of Wrong Results: FDA
- SKY LN : Sky hires advisers amid battle for dominance of UK telecoms - FT
- SRG IM : Snam Says 2015 Allowed Transport Rev EU1.99b
- UBSN VX : S&P Takes Various Actions on Swiss Banks on Economic Risks
- VOW3 GY : VW’s Audi Surpassed 2013 U.S. Sales Record of 158,061 Vehicles