- This topic has 74 replies, 5 voices, and was last updated 2 years, 10 months ago by
.
- Posts
Amazon.com delivery business is now ahead of UPS (UPS) and FedEX (FDX), according to The Wall Street Journal
$AMZN 147.81, +1.07, +0.7%Foot Locker (FL 22.38, -0.94, -4.0%): downgraded to Sell from Neutral at Citigroup
Graphic Packaging (GPK 22.63, -0.19, -0.8%): downgraded to Market Perform from Strong Buy at Raymond JamesMondelez (MDLZ 72.48, +0.86, +1.2%): upgraded to Outperform from Sector Perform at RBC Capital Markets
Teva Pharmaceutical (TEVA 9.76, +0.21, +2.2%): upgraded to Buy from Neutral at UBSEquity indices in the Asia-Pacific region began the week on a lower note while India’s Sensex was closed for a holiday.
Japan’s Nikkei -0.5%,
Hong Kong’s Hang Seng -0.2%,
China’s Shanghai Composite -0.3%,
South Korea’s Kospi unchanged,
Australia’s ASX All Ordinaries -0.7%.China’s October Industrial Profit -7.8% YTD (last -9.0%)
Moody’s downgraded China Vanke to Baa3, one notch above junk, with a Negative outlook
The Chinese government is reportedly considering new support measures for homebuilders, including unsecured short-term loansHong Kong’s October trade deficit $25.8 bln (last deficit of $64.6 bln)
October Imports 2.6% m/m (last -0.4%) and Exports 1.4% m/m (last -5.3%)Bank of England’s executive director of markets, Andrew Hauser, was appointed to be the next deputy governor of the Reserve Bank of Australia
Reserve Bank of New Zealand’s shadow board recommends no change to the official cash rate this month
Major European indices trade mostly in the red.
Germany’s DAX -0.2%,
U.K.’s FTSE 100 -0.3%,
France’s CAC 40 unchanged,
Italy’s FTSE MIB -0.2%,
Spain’s IBEX 35 +0.3%.U.K.’s November CBI Distributive Trades Survey -11 (expected -30; last -36)
British Prime Minister Sunak announced GBP29.5 bln worth of private sector investments and there was speculation that he is looking for additional tax cuts in the spring
There is growing speculation that Germany‘s GDP will contract in 2024 after the country’s constitutional court ruled that pandemic-related funds were reallocated illegally, which will restrain the government’s ability to use special funds
ECB policymaker Muller said that inflation is clearly slowing and that another rate hike should not be necessary
Market Early
Dow 35353.49 -36.66 (-0.10%)
Nasdaq 14246.38 -4.48 (-0.03%)
SP 500 4553.35 -5.99 (-0.13%)
10-yr Note +2/32 4.43
NYSE Adv 990 Dec 1678 Vol 110 mln
Nasdaq Adv 1359 Dec 2371 Vol 1.11 bln
Industry Watch
Strong: real estate, consumer discretionary, consumer staples
Weak: energy, industrials, utilities, materialsMoving the Market
–Consolidation expectations after four straight weeks of gains–Retail watch as holiday selling season goes into full swing
–October new home sales (-5.6% m/m to 679K) disappoint on affordability pressures
October New Home Sales Report.
That report was a good bit weaker than expected, accompanied as well by a large downward revision to September’s sales numbers.
New home sales decreased 5.6% month-over-month in October to a seasonally adjusted annual rate of 679,000 units (consensus 720,000) from a downwardly revised 719,000 (from 759,000) in September. On a year-over-year basis, new home sales were up 17.7%.
The key takeaway from the report is that new home sales activity slumped noticeably in October despite a big drop in median and average selling prices. The latter had to do with a large decline in sales in the high-priced West region, but in general, high mortgage rates and generally high prices combined to create affordability pressures for prospective buyers.
Treasury market took some solace in the weak data.
The 10-yr note yield is currently down five basis points to 4.43%. The homebuilders, on the other hand, did not take solace in the October data. The iShares U.S. Home Construction ETF (ITB) is down 0.7%.
Yield:
2-yr: -2 bps to 4.93%
3-yr: -2 bps to 4.65%
5-yr: -4 bps to 4.45%
10-yr: -4 bps to 4.44%
30-yr: -3 bps to 4.57%
- You must be logged in to reply to this topic.