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TradeTheNews.com US Market Update: Slow Start to a Slow Week
Mon, 08 Dec 2014 11:39 AM EST
- (CA) Canada Nov Annualized Housing Starts: 195.6K v 195.0Ke
- (CA) Canada Oct Building Permits M/M: 0.7% v 3.9%e
- (MX) Mexico Nov Vehicle Production: 284.8K v 330.2K prior
Asia equities held up fine in Monday trading on the mixed Chinese trade numbers
and the final reading of Japan's weak third quarter GDP numbers. Europe was a
different story, with the weak German November industrial production reading on
the latest sign of trouble in the Eurozone. Weakness in Europe gave participants reasons to sell the fresh all-time
highs seen in US equity markets on Friday, however indices have bounced back to
unchanged in early trading. As of writing, the DJIA and S&P500 are
back around flat and the Nasdaq is up 0.1%.
There has been no letup in crude this morning. WTI is down another two bucks, trading around $63.85 while Brent fell to
$66.80 in London trading. ConocoPhillips outlined a smaller 2015 investment
plan this morning. The firm expects capex to decline 20% from a year ago
to $13.5 billion, making it the latest big oil company to scale back drilling
plans because of falling crude prices.
There has been much talk and analysis of Sunday's quarterly review from the
Bank of International Settlements. In
its analysis of world forex markets, the BiS wonders how much further the
dollar will be able to appreciate on the global growth divergence and lower
commodity prices. According to the BiS, sustained dollar strength could
expose financial vulnerabilities in emerging markets by damaging some
companies' creditworthiness. EUR/USD remains below 1.2300 this morning.
On the merger front, Merck said it
would buy Cubist Pharmaceuticals for $9.5 billion including debt, giving it an
entry into the market for drugs that target antibiotic resistant superbugs.
The all-cash deal is valued around $102 per share, a 35% premium. Merck expects
the acquisition to add more than $1 billion of revenue to its 2015 base.
McDonald's reported a
steeper-than-expected decline in November sales comps, hurt by increased
competition in the US and a supplier scandal in China. Overall comps
fell 2.2%, while US comps fell nearly 5%, twice the expected amount. Management
blamed "strong competitive activity." Shares of MCD are down 3.6%.
- 11:30 (US) Treasury to sell combined $50B in 3-Month and 6-month Bills
- 12:30 (US) Fed's Lockhart speaks on
Monetary Policy in Atlanta
- 19:01 (UK) Nov BRC Sales Like-For-Like Y/Y: 0.6%e v 0.0% prior
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