For the most part Asia did not take the cue from the US post its strong run on Wednesday. Gain were slight with markets that were up with mainland China disappointing on the session. Ahead of official PMI readings tonight the Shenzhen was off over 2% with sizable weakness in IT and Financials with the same weighing on the Shanghai.
Japan edged higher with Health Care and Industrials better with retail sales exceeding estimates. South Korea’s indices were mixed with department store sales there disappointing. Tomorrow their central bank is expected to increase their 7 day repo rate by 25bps to 1.75%. Down Under IT names were better bid with Materials also to the upside. Markets of course are interested if any progress will be made at this weekend’s G20 meeting to be held in Buenos Aires. One highlight expected is that President Xi will tell President Trump they are continuing to open markets there adding the government will lessen support for SOE’s.
Movers include Mitsui & Co +.9% with the conglomerate increasing their stakes in Asia’s largest private hospital group for ¥230B.
Softbank rallied 3.1% on word they attained their ¥2T retail sales target for their telecom IPO which equates to ¥1500 a share.
Takeda fell 1.8% despite their CFO noting up to $10B in assets could be sold off by the firm to pare down debt post the shire purchase.
ZTE -4.8% is back in focus in the States with two senators asking the Trump administration to look into allegations the firm provided equipment for the Venezuelan government to closely monitor and track its citizens.
Of interest the World Semiconductor Trade Statistics group lowered its growth view for global chip sales for the year to up 2.6% from the prior +5.2% view. Total sales are seen at $490.1B.
After a strong start European indices have pulled back from better levels to trade with only modest gains on the session. Most sectors are still holding onto gains with solid returns thus far in Basic Resources, Tech, Industrials, and Chemicals. To the downside Utilities weigh with Energy names flat even as WTI slips below $50.00 a barrel.
On the economic front GDP in Sweden contracted in the 3Q, down .2%. Switzerland too fell .2% with estimates for .4% growth not materializing. France however their estimate for +.4% QoQ growth in the 3Q. On the inflation front Germany will report their country-wide reading later today but regional readings have thus far shown slowing growth. Also, unemployment hit an all-time low of 5%.
The Pound is lower today, holding in above yesterday’s gains post Powell’s luncheon speech. The country’s BOE Financial Stability and Stress Test report noted all 7 banks passed with word the sector would withstand a no-deal Brexit. The Brexit vote in Parliament will take place on December 11th.
Deutsche Bank is off -3.4% after confirming police have raided the bank’s HQ and other sites concerning money-laundering. The firm has said to be involved with creating off-shore accounts related to the Mossack Fonseca law firm that was cited as helping launder funds found in the Panama Papers.
Rental firm Sixt +3.1% said despite reports out they are not interested in taking a position in the US’ Hertz.
Beer-maker Greene King +3.8% reported better earnings adding they are overly worried about Brexit. In fact the firm today Brits to “keep calm and go have a pint” adding customers may go the pub to get away from Brexit news which benefits the firm.
|JN||16)||Japan Buying Foreign Bonds||23-Nov||—||-¥736.4b||-¥145.2b||-¥140.5b|
|JN||17)||Japan Buying Foreign Stocks||23-Nov||—||¥80.8b||¥245.3b||—|
|JN||18)||Foreign Buying Japan Bonds||23-Nov||—||¥392.0b||-¥16.1b||-¥16.2b|
|JN||19)||Foreign Buying Japan Stocks||23-Nov||—||-¥195.0b||-¥179.2b||-¥186.1b|
|JN||20)||Retail Trade YoY||Oct||2.70%||3.50%||2.10%||2.20%|
|JN||21)||Retail Sales MoM||Oct||0.40%||1.20%||-0.20%||0.10%|
|JN||22)||Dept. Store, Supermarket Sales||Oct||0.80%||-0.80%||0.40%||—|
|AU||23)||Private Capital Expenditure||3Q||1.00%||-0.50%||-2.50%||-0.90%|
|CH||24)||Swift Global Payments CNY||Oct||—||1.70%||1.89%||—|
|SK||25)||Department Store Sales YoY||Oct||—||1.20%||4.70%||—|
|SK||26)||Discount Store Sales YoY||Oct||—||-14.30%||8.10%||—|
|IN||27)||Bloomberg Nov. India Economic Survey (Table)|
|NE||28)||Producer Confidence Index||Nov||—||7.2||5.9||—|
|NO||31)||Credit Indicator Growth YoY||Oct||5.60%||5.70%||5.60%||5.50%|
|FR||32)||Consumer Spending MoM||Oct||0.60%||0.80%||-1.70%||-2.00%|
|FR||33)||Consumer Spending YoY||Oct||0.90%||0.90%||-1.50%||-2.20%|
|FR||34)||GDP QoQ||3Q P||0.40%||0.40%||0.40%||—|
|FR||35)||GDP YoY||3Q P||1.50%||1.40%||1.50%||—|
|GE||36)||CPI Saxony MoM||Nov||—||-0.10%||0.20%||—|
|GE||37)||CPI Saxony YoY||Nov||—||2.10%||2.50%||—|
|SP||38)||Retail Sales YoY||Oct||—||4.70%||-3.10%||—|
|SP||39)||Retail Sales SA YoY||Oct||—||1.80%||-0.90%||-0.40%|
|SP||40)||CPI MoM||Nov P||0.10%||-0.10%||0.90%||—|
|SP||41)||CPI YoY||Nov P||2.00%||1.70%||2.30%||—|
|SP||42)||CPI EU Harmonised MoM||Nov P||0.00%||-0.20%||0.70%||—|
|SP||43)||CPI EU Harmonised YoY||Nov P||2.00%||1.70%||2.30%||—|
|SW||45)||GDP WDA YoY||3Q||2.20%||1.60%||2.50%||2.70%|
|GE||46)||Unemployment Change (000’s)||Nov||-10k||-16k||-11k||-12k|
|GE||47)||Unemployment Claims Rate SA||Nov||5.10%||5.00%||5.10%||—|
|GE||48)||CPI Brandenburg MoM||Nov||—||-0.10%||0.10%||—|
|GE||49)||CPI Brandenburg YoY||Nov||—||1.80%||2.30%||—|
|GE||50)||CPI Hesse MoM||Nov||—||0.30%||0.10%||—|
|GE||51)||CPI Hesse YoY||Nov||—||2.10%||2.20%||—|
|GE||52)||CPI Bavaria MoM||Nov||—||0.30%||0.20%||—|
|GE||53)||CPI Bavaria YoY||Nov||—||2.70%||2.80%||—|
|UK||56)||Net Consumer Credit||Oct||1.0b||0.9b||0.8b||0.9b|
|UK||57)||Net Lending Sec. on Dwellings||Oct||3.5b||4.1b||3.9b||4.0b|
|UK||59)||Money Supply M4 MoM||Oct||—||0.70%||-0.30%||—|
|UK||60)||M4 Money Supply YoY||Oct||—||1.00%||0.90%||—|
|UK||61)||M4 Ex IOFCs 3M Annualised||Oct||—||2.30%||1.10%||—|
|GE||62)||CPI North Rhine Westphalia MoM||Nov||—||0.30%||0.10%||—|
|GE||63)||CPI North Rhine Westphalia YoY||Nov||—||2.40%||2.40%||—|
|GE||64)||CPI Rhineland-Palatinate MoM||Nov||—||0.30%||0.10%||—|
|GE||65)||CPI Rhineland-Palatinate YoY||Nov||—||2.50%||2.60%||—|
|EC||67)||Business Climate Indicator||Nov||0.96||1.09||1.01||—|
|EC||70)||Consumer Confidence||Nov F||-3.9||-3.9||-3.9||—|
|GE||71)||CPI Baden Wuerttemberg MoM||Nov||—||0.30%||0.10%||—|
|GE||72)||CPI Baden Wuerttemberg YoY||Nov||—||2.70%||2.80%||—|
|PO||73)||Economic Climate Indicator||Nov||—||2.3||2.4||—|
|PO||74)||Consumer Confidence Index||Nov||—||-1.8||-1.1||—|
|PO||77)||Retail Sales MoM||Oct||—||2.30%||-1.70%||-1.90%|
|PO||78)||Retail Sales YoY||Oct||—||5.20%||1.30%||1.10%|