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Equity indices in the Asia-Pacific region began the week on a mixed note.
Japan’s Nikkei: -0.6%,
Hong Kong’s Hang Seng: -1.1%,
China’s Shanghai Composite: -0.3%,
India’s Sensex: +2.1%,
South Korea’s Kospi: +0.4%,
Australia’s ASX All Ordinaries: +0.7%.Australia’s
November MI Inflation Gauge 0.3% m/m (last -0.1%)
November job ads -4.6% m/m (last -3.4%).
Q3 Business Inventories 1.2% qtr/qtr (expected -0.6%; last -1.3%)
Q3 Company Gross Operating Profits -1.3% qtr/qtr (expected -0.3%; last -12.1%).
October Home Loans 5.6% m/m (expected 0.8%; last -0.1%)
October Retail Sales -0.2% m/m, as expected (last 0.9%)New Zealand’s
Q3 Terms of Trade Index -0.6% qtr/qtr (expected -2.1%; last 0.3%)
New Zealand is expected to announce tax cuts during the economic and fiscal update scheduled for December 20.China
Chinese officials have postponed this year’s third plenum, making for the first delay to this meeting in more than thirty years.
Chinese health officials are advising against large gatherings amid ongoing reports about cases of acute respiratory disease.
Meanwhile, five U.S. Republican Senators have urged the president to implement a ban on travel to China.Major European indices trade near their flat lines.
STOXX Europe 600: -0.1%,
Germany’s DAX: +0.1%,
U.K.’s FTSE 100: -0.5%,
France’s CAC 40: -0.3%,
Italy’s FTSE MIB: -0.1%,
Spain’s IBEX 35: +0.2%.Eurozone’s
December Sentix Investor Confidence -16.8 (expected -15.0; last -18.6)
European Central Bank policymakers Nagel and De Guindos repeated that it is too early to declare victory over inflation.Fitch:
Greece regained its investment grade rating after Fitch upgraded the country’s rating to BBB- from BB+ with a Stable outlook.
Fitch affirmed France’s AA rating with a Negative outlook.Germany’s
October trade surplus EUR17.8 bln (expected surplus of EUR17.1 bln; last surplus of EUR16.7 bln).
October Imports -1.2% m/m (expected 0.8%; last -1.9%) and Exports -0.2% m/m (expected 1.1%; last -2.5%)Alaska Air (ALK 35.05, -4.68, -11.8%): Hawaiian Holdings to be acquired by Alaska Air for $18.00 per share
lululemon (LULU 457.85, -8.76, -1.9%): downgraded to Equal Weight from Overweight at Wells Fargo
Carvana (CVNA 37.20, +2.00, +5.7%): upgraded to Neutral from Underweight at JPMorgan
General Motors (GM 32.82, +0.46, +1.4%): upgraded to Buy from Neutral at MizuhoUber (UBER 60.14, +2.79, +4.9%): to join the S&P 500 effective prior to the open of trading on Monday, December 18
Spotify (SPOT 183.29, +2.60, +1.4%): to reduce its total headcount by approximately 17% across the company
After unveiling plans to reduce headcount by 17%, marking the third time the audio streaming group has announced layoffs this year. The cuts, which would result in about 1,500 job losses, were announced by CEO Daniel Elk in a letter to employees. Elk cited economic slowdowns and increased capital costs as reasons for the cuts, stating they were necessary to align the company with future goals and prepare for future challenges.
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