European shares remain higher though are off intraday highs. Italian, Spanish markets are the biggest gainers among larger bourses, Swiss the worst. Euro is stronger against the dollar. Commodities decline, with soybeans, zinc underperforming and wheat outperforming. U.S. stock markets closed for Thanksgiving holiday today.
Market recap via Bloomberg
- S&P 500 futures up 0.2% to 1808.5
- Stoxx 600 up 0.3% to 324.9
- US 10Yr yield down 0bps to 2.74%
- German 10Yr yield down 1bps to 1.71%
- MSCI Asia Pacific up 0.6% to 141.9
- Gold spot up 0.4% to $1242.4/oz
- 14 out of 19 Stoxx 600 sectors rise; basic resources, bank outperform, personal & household, autos underperform
- 61.7% of Stoxx 600 members gain, 35.7% decline
- German unemployment change +10k in Nov. vs +0k est.
- Top Stoxx 600 gainers: Thomas Cook Group PLC +13%, Banco Comercial Portugues SA +2.6%, Galenica AG +4%, Boliden AB +3.8%, Booker Group PLC +1.7%, Jeronimo Martins SGPS SA +0.7%, Peugeot SA +1.4%, Hellenic Telecommunications +2.4%, Polymetal International PLC +2.1%, Bankia SA +3.1%
- Top Stoxx 600 decliners: Taylor Wimpey PLC -6.6%, Persimmon PLC -5.6%, Barratt Developments PLC -5.4%, Kingfisher PLC -5.1%, Remy Cointreau SA -5.1%, Bellway PLC -4.4%, Berkeley Group Holdings PLC -3.5%, IG Group Holdings PLC -3.2%, Travis Perkins PLC -2.9%, Imperial Tobacco Group PLC -2.5%
- Asian stocks rise with the Nikkei outperforming, Hang Seng underperforming.
- MSCI Asia Pacific up 0.6% to 141.9
- Nikkei 225 up 1.8%, Hang Seng down 0.1%, Kospi up 0.8%, Shanghai Composite up 0.8%, ASX up 0%, Sensex up 0.6%
- 10 out of 10 sectors rise with tech, health care outperforming and energy, utilities underperforming
- Gainers: Adani Enterprises Ltd +8.8%, Toyota Boshoku Corp +7.5%, Jaiprakash Associates Ltd +7.2%, Vanguard International Semicon +7%, Inventec Corp +7%, Energy Development Corp +6%, Seek Ltd +5.9%, Chailease Holding Ltd +5.9%, Sumco Corp +5.6%
- Decliners: Kerry Properties Ltd -9.8%, Bumi Resources Tbk PT -9%, United Tractors Tbk PT -5.4%, Shenzhou International Group -3.9%, Kumho Petro chemical Co Ltd -3.8%, Datang International Power -3.2%, Daphne International Holdings -3%, Indo Tambangraya Megah Tbk PT -2.9%, MMC Corp Bhd -2.8%, Home Product Center PCL -2.7%
- Euro up 0.12% to $1.3595
- Dollar Index down 0.15% to 80.6
- Italian 10Yr yield up 1bps to 4.07%
- Spanish 10Yr yield up 2bps to 4.16%
- 3m Euribor/OIS up 0bps to 11bps
- S&P GSCI Index down 0.3% to 620.8
- Brent Futures down 0.3% to $111/bbl, WTI Futures down 0.2% to $92.1/bbl
- LME 3m Copper down 0.4% to $6994.8/MT
- LME 3m Nickel up 0% to $13286/MT
- Wheat futures up 1.1% to 663.5 USd/bu
Key News Links
- The second coming of Obamacare website – will it work? (Reuters)
- Winter Storm Moves North as Macy’s Waits to Make Parade Call (BBG)
- Eyeing holiday sales, more U.S. retailers to open on Thanksgiving (Reuters)
- It’s all Verizon’s fault: H-P Will Replace Verizon in Hosting HealthCare.gov Website (WSJ)
- Bitcoin Service Targets Kenya Remittances With Cut-Rate Fees (BBG)
- Embattled Thai PM easily survives no-confidence vote, protests persist (Reuters)
- For U.S. stores it is ugly out there: in more ways than one (Reuters)
- Japan and S Korea military flout China air zone rules (FT)
- UBS Restructuring Forex Unit (WSJ)
- Trader Messages Scrutinized as UBS Bans Chats Among Firms (BBG)
- ECB warns on external risks to eurozone financial system (FT)
Overnight Media Digest
The European Central Bank urged eurozone policy makers to prepare for the scaling down of the U.S. bond-buying programme in its Financial Stability Report. The central bank warned of market shocks from the U.S. Federal Reserve’s “tapering”, which is expected in the coming months.
The German and French governments back UK’s curbs on EU migrants next year. The issue of migration is expected to be discussed by David Cameron in Lithuania, where he will explain his government’s plan of a comprehensive overhaul of the migration policy.
The UK government said on Wednesday the Post Office will get 640 million pounds more over the next three years up to 2018 to modernise its branches.
Deutsche Bank AG is in exclusive talks with private-equity group Permira to sell the loss-making part of its UK wealth management business, sources told the Financial Times.
UBS in an internal memo to its staff banned the use of social chat rooms with immediate effect. The bank said the use of multi-bank and dealer chat room was also prohibited.
British energy retailer RWE npower will announce slashing of 1,400 jobs on Thursday as part of an overhaul of its UK operations. The company is also expected to announce the shutdown of some of its offices and outsource further 570 jobs within the UK.
BOOTS ‘BROKE’ TAX AND DISCLOSURE RULES CLAIMS UK CHARITY
The owner of high-street chemist chain Boots has been accused by War on Want of “violating” tax and disclosure rules largely to the benefit of its chairman.
YELLOW PAGES PUBLISHER HIBU CALLS IN ADMINISTRATORS
Hibu, the publisher of the Yellow Pages, has gone called in the administrators, ending a long struggle with crippling debts. The administration will be handled by Deloitte and means shareholders will not get to question the management at an emergency general meeting that was scheduled for next week.
TESCO PLANNING SAME-DAY DELIVERY AS IT BATTLES RIVALS
Tesco is preparing to offer same-day delivery for online groceries as it fights to shore up its struggling UK business and take on rival services by Waitrose, Morrisons and Asda.
NPOWER TO CUT 1,400 UK JOBS IN OUTSOURCING TO INDIA
Npower is to close offices and outsource work to India in a move that will see 1,400 UK staff lose their jobs at the energy supplier.
MORE CASH, BUT UNIONS LASH OUT AT THE NEW POSTAL ORDER
The Post Office said the future of its network of 11,500 outlets had been secured after another 640million pound injection of taxpayers’ money.< /p>
COMPASS FEEDS CASH BACK TO INVESTORS
The world’s biggest catering company is dishing up a further 500million pounds for its investors. Compass has announced its third share buyback in as many years.
FUNDS CIRCLE HOVIS AS PREMIER HUNTS NEW DOUGH
A pack of investors are in talks with the owner of Hovis, Britain’s leading bread brand, as it seeks backers to help finance a revival of the struggling division.
RBS-BACKED BANK SHAWBROOK FINDS NEW INVESTOR
A fast-growing UK lender backed by Royal Bank of Scotland has recruited an arm of commodities trading giant Cargill Incorporated to fund an ambitious challenge to Britain’s high street banks.
CHINA SECURITIES JOURNAL
– China is planning to promote joint-stock reforms in its military industry to encourage companies to list, according to unnamed sources. The measures are intended to support market-orientated advances in the industry.
– The Tianjin Binhai area plans to open a pilot free-trade zone next year, according to information gathered from the city’s congress on Wednesday. The zone will include an international ship registry system and an international shipping tax system, among other things.
– The escalation of the conflict between China and Japan over disputed islands in East China Sea is a result of Tokyo’s brinkmanship, according to an editorial in the paper. The Washington-organised flight of two bombers over China’s East China Sea on Tuesday will not only fuel Tokyo’s dangerous belligerence but may put the United States and China on a collision course, it said.
CHINA BUSINESS NEWS
– The non-performing loan ratio of banks in the eastern city of Wenzhou was 4.31 percent at the end of October, according to official data. The percentage of non-performing loans at both Wenzhou branches of China Merchants Bank and China Construction Bank was over 10 percent.
– Further to the release of the rule making five-year plan, it is important to focus on strengthening the laws and regulations that build the party, said a commentary in the paper that acts as the party’s mouthpiece.
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/AbBiJzDLZE8/story01.htm Tyler Durden