Friday, November 27th, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 +0.12%) are up +0.07% at a 3-week high and European stocks are up +0.21% at a 3-1/4 month high after Eurozone Nov economic confidence remained at a 4-1/2 year high and on speculation the ECB will boost stimulus when it meets next Thursday. Optimism over Black Friday retail sales is giving U.S. equities a boost after Adobe Systems reported a surge in e-commerce sales on Thanksgiving day with an expected $1.7 billion expected to be spent online, a +22% increase from last year. U.S. and European stocks shook off early losses when China's Shanghai Composite plunged -5.48% to a 3-week low on concern over China's economy after industrial profits fell last month for a fifth month. Asian stocks settled mostly lower: Japan -0.30%, Hong Kong -1.87%, China -5.48%, Taiwan -1.02%, Australia -0.16%, Singapore -0.89%, South Korea-0.14%, India +0.65%.
The dollar index (DXY00 +0.28%) is up +0.28%. EUR/USD (^EURUSD) is down -0.24%. USD/JPY (^USDJPY) is up +0.02%.
Dec T-note prices (ZNZ15 +0.17%) are up +6 ticks at a 3-week high on carryover support from a rally in German bunds to a 4-week high.
China Oct industrial profits fell -4.6% y/y, the fifth consecutive month that profits have declined. China industrial profits from Jan-Oct are down -2.0% y/y.
Eurozone Nov economic confidence was unch from Oct at 106.1, which was revised upward from 105.9 and the highest in 4-1/2 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) the extent of Black Friday shopping activity.
None of the Russell 3000 companies report earnings today.
U.S. IPO's scheduled to price today: none.
Equity conferences today: none.
OVERNIGHT U.S. STOCK MOVERS
Amazon.com (AMZN +0.62%) rose 0.5% in pre-market trading after Adobe Systems reported a surge in e-commerce sales on Thanksgiving day with an expected $1.7 billion expected to be spent online, a +22% y/y increase.
Volkswagen AG (VLKAY +4.69%) was upgraded to 'Buy' from 'Hold' at LBBW.
Infineon Technologies (IFX) was upgraded to 'Buy' from 'Reduce' at Alphavalue.
SunEdison (SUNE -21.12%) rose over 2% in pre-market trading after Wednesday's 21% plunge.
KaloBios Pharmaceuticals (KBIO +44.73%) surged over 70% in pre-market trading after CEO Shkreli said he's "decided to stop lending" shares in the company until he understands "the advantage of doing so."
Imagination Technologies LLC (MIPS) fell over 2% in pre-market trading after JPMorgan Chase downgraded the stock to 'Neutral' from 'Overweight,' citing lack of growth.
American Capital (ACAS +9.50%) rose over 1% in after-hours trading after Elliot reported that it increased its stake in the company to 9.1% from 8.4%.
Amazon.com (AMZN +0.62%) said it plans to add other online networks to it Prime Instant Video service as soon as next month, according to people with knowledge of the plans.
Zagg Inc. (ZAGG +3.59%) dropped over 5% in after-hours trading after it filed to sell $100 million of common stock.
Eros International (EROS +0.98%) climbed over 1% in after-hours trading after Jupiter Asset reported a 5.14% passive stake in the company.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 +0.12%) this morning are up +1.50 points (+0.07%) at a 3-week high. Wednesday's closes: S&P 500 -0.01%, Dow Jones +0.01%, Nasdaq +0.07%. The S&P 500 on Wednesday closed little changed. Stocks received support from the -12,000 decline in U.S. weekly initial unemployment claims (vs expectations of -1,000 to 270,000) and the +1.3% increase in Oct capital goods orders nondefense ex-aircraft, stronger than expectations of +0.2%. Stocks were undercut by the weak +0.1% increase in U.S. Oct personal spending and by the unexpected -1.8 point decline in the final-Nov U.S. consumer sentiment index to 91.3, weaker than expectations of unch at 93.1.
Dec 10-year T-notes (ZNZ15 +0.17%) this morning are up +6 ticks at a 3-week high. Wednesday's closes: TYZ5 +2.50, FVZ5 +0.50. Dec T-notes on Wednesday closed higher on the weaker-than-expected Oct personal spending report of +0.1%, the unexpected -1.8 point decline in the final-Nov University of Michigan U.S. consumer sentiment index, and benign inflation pressures after the Oct core PCE deflator rose +1.3% y/y, weaker than expectations of +1.4% y/y.
The dollar index (DXY00 +0.28%) this morning is up +0.275 (+0.28%). EUR/USD (^EURUSD) is -0.0025 (-0.24%). USD/JPY (^USDJPY) is up +0.03 (+0.02%). Wednesday's closes: Dollar Index unch, EUR/USD -0.0004 (-0.04%), USD/JPY +0.21 (+0.17%). The dollar index on Wednesday rose to an 8-1/4 month high but fell back and closed unchanged. The dollar received support from the stronger-than-expected U.S. economic data on weekly jobless claims and Oct durable goods orders, which bolsters the case for a Fed interest rate increase next month. In addition, EUR/USD saw weakness and fell to a 7-1/4 month low after comments from ECB Vice President Constancio fueled speculation the ECB will expand stimulus measures at next Thursday's policy meeting when he said inflation "is very low" and "we want to ensure price stability in both directions." The dollar was undercut after the U.S. Nov University of Michigan consumer sentiment index unexpectedly fell by -1.8 points.
Jan crude oil (CLF16 -1.86%) this morning is down -93 cents (-2.16%) and Jan gasoline (RBF16 -1.09%) is down -0.0186 (-1.37%). Wednesday's closes: CLF6 +0.33 (+0.77%), RBF6 -0.0042 (-0.31%). Jan crude oil and gasoline prices on Wednesday settled mixed. Crude oil and gasoline prices were undercut by the +1.74 million bbl increase in crude supplies to a 5-1/2 month high at Cushing, OK, delivery point of WTI futures and by the +2.48 million bbl increase in EIA gasoline stockpiles (vs expectations of +950,000 bbl). Crude prices recovered from early losses and closed higher after the dollar index fell back from an 8-1/4 month high and closed unchanged.
GLOBAL EVENT CALENDAR11/27/2015
| US | 0830 ET | USDA weekly Export Sales. |
| GER | 0200 ET | German Oct import price index expected -0.2% m/m and -3.9% y/y, Sep -0.7% m/m and -4.0% y/y. |
| UK | 0200 ET | UK Nov nationwide house prices expected +0.5% m/m and +4.2% y/y, Oct +0.6% m/m and +3.9% y/y. |
| 0430 ET | Revised UK Q3 GDP, previous +0.5% q/q and +2.3% y/y. | |
| 0430 ET | UK Q3 total business investment expected +0.8% q/q, Q2 +1.6% q/q and +3.1% y/y. | |
| 0430 ET | UK Sep index of services expected +0.3% m/m and +0.8% 3-mo/3-mo, Aug unch m/m and +0.9% 3-mo/3-mo. | |
| EUR | 0500 ET | Eurozone Nov economic confidence expected unch at 105.9. Nov business climate indicator expected +0.01 to 0.45, Oct 0.44. |
| 0500 ET | Revised Eurozone Nov consumer confidence, preliminary +1.6 to -6.0. |
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