Closing Wrap - Friday 29.11
Headlines
  • Man Shot Dead By London Police After Several People Stabbed In Terrorist Attack
  • ECB’s de Guindos: Global Financial Stability Risks Are Increasing
  • ECB Board Nominee Schnabel Defends Stimulus
  • ECB Board Nominee Panetta: Easy Policy Needed As Inflation Slows
  • ECB's Holzmann Supports Factoring Climate Change Into MonPol
  • France Expects Support From US Pres. Trump On European Defense Spending
  • Russia Calls On OPEC+ To Decide On Deal Closer To April
  • Canadian GDP Growth Slows In Q3
  • Black Friday Online Sales Up 19% By Mid-Morning
  • US Weighs New Regulations To Further Restrict Huawei Suppliers
  • Judge To Rule On Vivendi Request To Halt Mediaset European TV Plan
  • Cboe In Talks With EuroCCP Over Possible Takeover
Commentary
LS Focus On The Week Ahead

Tuesday 3 December

 

RBA Rate Decision (03.30)

IGM said the discussion among Australian policymakers remains “on the risk of the RBA cutting rates to or below the ‘reversal rate’, which represents the level of interest rates at or below which unintended negative economic outcomes start to manifest as a result of excessive monetary easing.” Consensus: Hold at 0.75pct.

 

Wednesday 4 December

 

European Final Service, Composite PMIs (morning)

“The final PMI release includes data for Italy and Spain (which are not part of the earlier flash estimate),” Oxford Economics said. “Given the available data for the Eurozone as a whole, we expect a substantial fall in the services PMIs for both these countries.” Consensus: EZ Composite PMI 50.3 (prev 50.3).

 

BoC Rate Decision

Data released Friday showed that Canadian annual growth eased in the third quarter to 1.3pct from 1.5pct in April-June but came in slightly higher than estimates. “While there are signs that manufacturing activity continues to slow and freight activity has cooled, there are few signs of a broader economic slowdown at the present time,” HSBC said. Consensus: Hold at 1.75pct.

(See Here)

Thanksgiving Trading Schedule for Major US Exchanges

Due to the US holiday LiveSquawk will close early (1830 GMT/1330 ET) on Thurs 28th & Fri 29th Nov.

 

The Asia session broadcast will commence as usual (2100 GMT/1600 ET/ 0800 AEDT).

 

Click on Exchanges below for Trading Hours:

- CME Globex
- ICE
- NYSE

Canadian GDP Q3 - Review

Quarterly GDP Annualized: 1.3%

- Canadian growth in the third quarter came in slightly higher than the annualised 1.2pct expected. However, the reading was below the revised 1.5pct forecast by the Bank of Canada in October.

 

GDP (M/M): 0.1%

- GDP matched expectations in September, with the rise in services (+0.2pct) slightly outpacing the increase in goods (+0.1pct). There were gains in 13 of 20 industrial sectors.

 

BoC Bank Rate: 1.75%

- Markets are expecting the BoC to keep rates steady at 1.75pct at its meeting next week. The bank has held rates at this level since October 2018 even as its global peers have been easing monetary policy. There are now less than 20 basis points of cuts priced in for the whole of next year. Canada’s central bank has previously warned that the economy is not immune from global trade tensions

Man Shot Dead By London Police After Several People Stabbed In Terrorist Attack

Police shot dead a man wearing a hoax device in central London after a terrorist attack in which a number of people were stabbed, forcing authorities to put an area on the edge of the U.K. capital’s financial district on lockdown.

 

Security was tightened in buildings in the London Bridge area and there was a heavy police presence in the area. The bridge, a busy urban artery that connects the U.K. capital’s central business district to south London, crosses the River Thames just west of the world-famous Tower Bridge. (WSJ – Continue Reading)

Black Friday Online Sales Up 19% By Mid-Morning. Shoppers Spent Record Amount Online Thanksgiving Day

Turkey didn’t slow down shoppers this Thanksgiving.

 

Shoppers spent $4.2 billion online on Thanksgiving, a 14.5% increase from last year and a record high, according to data released by Adobe, which monitors the online transactions of 80 of the top 100 web retailers in the U.S. This is the first year Thanksgiving spending as surpassed $4 billion. While e-commerce giants saw a 244% increase in sales, smaller retailers saw a 61% jump.

 

Black Friday online sales are on track to hit $7.4 billion as of 9:00 a.m. ET. Shoppers have already spent $600 million online, a 19.2% growth from last year, Adobe said. (CNBC – Continue Reading)

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