Breaking financial news

Breaking financial world news from 20 November, 2019.

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Breaking news

OECD GDP growth slows to 0.3%

Real GDP in the world’s most developed economies came in at 0.3% q-o-q in Q3 2019, the OECD said in a report. Notably, growth decelerated from 0.4% q-o-q in the previous quarter. Among the G7 countries, Japan underperformed, with an uptick of just 0.1% q-o-q vs. 0.4% q-o-q in Q2 2019. US GDP growth was unchanged at 0.5% q-o-q. The readings for France and Italy stood at 0.3% q-o-q and 0.1% q-o-q, both unchanged from the previous quarter. GDP increased 0.3% q-o-q in Q3 2019, after 0.2% q-o-q a quarter earlier, in the 28 EU member countries and was stable at 0.2% in the 19 Eurozone countries. In y-o-y terms, OECD economies expanded 1.6%, intact from Q2 2019. Among the G7 countries, the US stood out, expanding by 2.0%, while Italy lagged behind, adding 0.3%. In earlier news, the OECD unemployment rate was reported at 5.2% in September, unchanged for the sixth straight month. The number of unemployed in OECD countries totaled 33,137 mn in September compared to 33,196 mn in the previous month.

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Japan’s exports and imports continue to fall

Japanese exports declined by 9.2% y-o-y in October, the country’s Ministry of Finance reported. Notably, exports have contracted for 11 straight months already, a trend not seen since 2017. Meanwhile, last month exports declined at the highest pace in three years. Japanese shipments to China and the US dropped by 10.3% and 11.4%, reflecting in particular weaker demand for automobiles and steel. Japanese imports declined by 14.8% y-o-y in October. In October, Japan reported a trade surplus of JPY 17.3 bn (USD 159 mn) for the first time in four months. The country saw a JPY 124.8 bn trade deficit in September.

US housing starts up in October

US housing starts jumped 3.8% m-o-m to an annual rate of 1,314,000 in October, US Department of Commerce data show. Meanwhile, building permits (a gauge of future construction) increased by 5% to 1.461 mn, or the highest level since May 2007. The construction of single-family homes rose 2% y-o-y to an annual rate of 936,000 in October, while building permits grew by 3.2% to 909,000. In the new multi-family home segment, construction climbed by 8.6% to 378,000, while building permits rose 8.2% to 552,000. October numbers confirm the previous data, according to which US housing market conditions improved, experts noted. Buyers who earlier postponed real estate purchases find low mortgage rates attractive, with stronger demand making developers more optimistic.

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Markets

US: benchmarks close mixed

Key US equity indices saw mixed performance on Tuesday, November 19, after opening in positive territory However, Trump’s threats to raise tariffs on Chinese goods if the deal falls through dampened risk appetite coupled with downbeat full-year financial guidance issued by Home Depot and Kohl’s, which fueled concerns about slower growth of consumer spending.

In sectoral terms, seven out of the S&P 500’s 11 industry groups saw red ink, with the decliners led by suppliers of secondary goods and energy companies.

Recapping the benchmarks, the blue-chip gauge Dow Jones Industrial Average slipped 0.36% to 27,934.02, the S&P 500 ticked down 0.06% to 3,120.18 and the technology-heavy Nasdaq Composite closed 0.24% higher at 8,570.66.

In commodities, December NYMEX WTI decreased USD 1.84 to USD 55.21/bbl. December COMEX gold increased USD 2.40 to USD 1,474.30/oz. Meanwhile, the 10-year government bond yield narrowed 0.02% to 1.79%.

On the corporate front, the largest US home goods retailer Home Depot plunged 5.4% after reporting a 3% y-o-y decline in EPS in the third quarter ending November 3 to USD 2.77 bn, or USD 2.53 per share. In addition, the retailer expects FY revenue and LFL sales to rise 1.8% and 3.5% vs. an earlier projected 2.3% and 4.0%, respectively.

Another notable decliner was department store chain operator Kohl’s (-19.5%) as EPS declined to USD 123 mn, or 78 cents per share, in the past quarter. Adjusted EPS totaled 74 cents per share, while analysts forecast 86 cents. According to the company’s updated estimate, full-year adjusted EPS is projected at USD 4.75-4.95 per share compared to previously expected USD 5.15-5.45 per share.

On the other side of the ledger, the world’s second biggest microchip producer Advanced Micro Devices (AMD) surged 3.5% after launching a new graphics card for 3D designers, architects and engineers.

In the blue-chip segment, the number of outperformers and underperformers was even. The day’s worst performers, in addition to Home Depot, included Chevron (-1.8%) and Dow (-1.7%), while the best performers were Visa (+1.7%), Pfizer (+1.2%) and Travelers (+0.9%).

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S&P 500

The daily chart shows that the S&P 500 is trading near the upper line of a rising band while looking clearly overbought. As a result, the index is likely to move lower in the short term.

Breaking financial world news from 20 November, 2019.

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Europe: equities surrender gains in late trading

Key European stock indices turned in mixed performance on Tuesday, November 19, with negative sentiment prevailing. Notably, the bears gained the upper hand amid uncertainty surrounding a potential US-China trade deal as Chinese government officials reportedly expressed doubts about it, citing Trump’s refusal to withdraw the recent import tariffs. According to Trump’s top economic adviser Gary Cohn, additional tariffs scheduled for December 15 will likely take effect unless the two countries strike a trade deal.

Meanwhile, British PM Boris Johnson won the first televised debate against opposition leader Jeremy Corbyn, albeit by just two percentage points, winning support from 51% of viewers vs. 49% for Corbyn. The debate was about Brexit and internal political affairs, including health care, education and security. That said, no game-changing statements came from either Johnson or Corbyn.

As regards macro data, Switzerland’s trade surplus for October totaled CHF 3,497 mn, while the previous month’s reading was upwardly revised to CHF 4,052 mn from CHF 4,020 mn.

Recapping the benchmarks, the UK’s FTSE 100 firmed 0.22%, the French CAC 40 advanced 0.35%, and the German DAX added 0.11%, while the regional barometer STXE 600 closed 0.12% lower at 405.50.

Automaker Volkswagen gained 0.97% after reaffirming earnings guidance for full-year 2019 and confirming strategic targets until 2025.

Germany’s TLG Immobilien surged 4.7% on news that it is in merger talks with Aroundtown. The companies will reportedly close a share swap deal to create the country’s largest commercial real estate player.

Mining names outperformed the broader market. In particular, Rio Tinto, Glencore and BHP Group picked up 1.15%, 0.60% and 1.07%, respectively.

European bourses have been in decline during the first half of trading on Wednesday, November 20 on news that US President Donald Trump has threatened once again to increase tariffs on Chinese imports, if the two countries fail to strike a trade deal. In particular, Trump said that China faces even higher tariffs, unless it accepts a deal on his terms.

By 9:51 GMT, the UK’s FTSE 100 slipped 0.94%, the German DAX retreated 0.82%, and the French CAC 40 eased 0.62%. The regional indicator STXE 600 was off 0.65% at 402.88.

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DAX

On the daily chart, the German DAX is hovering within a side trend near its lower line, while the Slow Stochastic Oscillator has approached overbought territory. As a result, the benchmark will likely continue to trend sideways in the short term.

Breaking financial world news from 20 November, 2019.

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Asia: markets sink on sluggish Japanese macro

Asian stock indices landed mostly in negative territory on Wednesday, November 20, following a macro data release from Japan. In particular, the country’s trade surplus totaled just JPY 17.3 bn in October, missing JPY 301 bn projected by a long shot. However, the September reading was upwardly revised to JPY 124.8 bn from JPY 123 bn. Furthermore, Japanese exports and exports fell 9.2% and 14.8% in October vs. expectations of -7.6% and -16.0%, respectively.

In South Korea, the October PPI declined 0.6% compared to -0.8% in the previous month.

In other news, the US Senate unanimously passed “The Hong Kong Human Rights and Democracy Act,” exacerbating uncertainty and political tension surrounding massive protests in Hong Kong.

The Japanese Nikkei 225 eased 0.62%, the Chinese Shanghai Composite retreated 0.78%, Hong Kong’s Hang Seng dipped 0.75%, the South Korean KOSPI fell 1.30%, and the Australian S&P/ASX 200 closed 1.35% lower.

The S&P/ASX 200 standout advancers included ALS and Technology One, which soared 12.13% and 11.08%, respectively. Saracen Mineral and Austral were among the day’s worst performers, sliding 10.62% and 6.46%.

The Nikkei 225 gainers were led by Sumitomo Dainippon Pharma and Rakuten, which soared 6.95% and 2.62%, respectively. Sumitomo Dainippon Pharma and Casio Computer outpaced the broader market, advancing 5.45% and 2.27%, respectively.

On the other side of the spectrum, Nippon Yusen KK and T&D Holdings tumbled 4.18% and 4.02%. The list of underperformers also included insurer Dai-ichi Life Holdings and shipping company Mitsui OSK Lines, which gave up 3.96% and 3.93%.

In Hong Kong, Wharf Real and AIA Group stood out among the decliners, slipping 1.35% and 1.82%.

O&G names came under pressure amid retreating oil prices. As a result, China’s CNOOC and Australia’s Beach Energy shed 1.33% and 2.11%.

In the Australian banking sector, Commonwealth Bank, National Bank of Australia, Westpac and Australia & New Zealand Banking ended in the red.

Mining giants BHP Billiton and Rio Tinto closed 0.61% and 0.83% lower.

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Hang Seng

From a technical standpoint, the Hang Seng continues to trade in the middle of a rising band as it forms a corrective rebound after a pullback on November 7.

Breaking financial world news from 20 November, 2019.

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Commodity markets

Oil prices continued to decline on Wednesday amid signals of a solid build in US inventories. According to last night’s API report, US crude stockpiles surged 5.95 mn bbl, the fourth straight weekly increase, while analysts on average forecast just a 1.5 mn bbl build. In addition, gasoline inventories rose by 3.35 mn bbl and distillates showed a 2.19 mn bbl drawdown. The EIA petroleum status report is due out at 15:30 GMT today.

Additional pressure came from reports that US-China trade tensions have deepened. Furthermore, investors are watching the news flow surrounding the OPEC meeting that is scheduled for early December. According to the media, Moscow will refrain from making deeper output cuts as part of the OPEC+ deal, although it is likely to greenlight the extension of the agreement.

Non-ferrous metal prices are mostly in decline on the LME. Gold continues to hover within a narrow range of USD 1,460-1,480/oz.

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Breaking financial world news from 20 November, 2019.

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