- Equity Markets: Equity markets had another positive day yesterday with the S&P500 +0.91% and the Nasdaq +0.67%, as hopes of a December interest rate cut persisted, whilst we saw rotation within tech. Europe matched the US performance closing +0.91%. In the US, eight sectors were in positive territory and 85% of stocks ended higher. Healthcare and Consumer Discretionary were strongest. Energy and Utilities were weakest. Weak performance from Nvidia (-2.6%) and AMD (-4.2%) was largely offset by performance of Broadcom (+1.9%), Meta (+3.8%) and Alphabet (+1.5%) as sentiment shifted toward the Google AI camp. In Europe, eight of the eleven sectors were also in positive territory, with materials and financials best, whilst IT and Energy were worst. Novo Nordisk led the market higher rising +4.5% following a positive outcome in a next generation diabetes and obesity drug trial.
- Macro: In Europe, French consumer confidence slipped slightly to 89 from 90 in November. The UK’s CBI Retailing sales index also slipped to -32 from -27 in November, below the -30 est. In the US, Private Payrolls Avg. Weekly Change for Nov. 8 declined to -13,500 from -7,500 in the previous week. Retail Sales came in below estimates for September at 0.2% MoM (est. +0.4% and +0.6% prev.). PPI headline was inline at +0.3% MoM (est. 0.3%, -0.1% MoM prev.) and ex Food and Energy it was +0.1% MoM (below est. +0.2% MoM). House price data was mixed, with the FHFA Index showing below expectation growth at 0.0% MoM (est. 0.2%). Pending Home sales bounced 1.9% MoM in October (est. 0.2%, 0.1% prev.). On the November survey front, Conference Board Consumer Confidence disappointed at 88.7 (est. 93.3, and 95.5 prev.), the Philadelphia Fed Non-Manufacturing Activity index was -16.3 vs 22.2 previously, the Richmond Fed Manufacturing Index fell to -15 from -4 (est. -5) and the Dallas Fed Services Activity index improved to -2.3 from -9.4. Economic releases today include the UK Budget at 12.30pm, US MBA Mortgage Applications, Initial and Continuing Jobless Claims, Durable and Capital Goods Orders (Sep P), MNI Chicago PMI (Nov), and the Fed Releases Beige Book, which will have useful anecdotal information during the Government lock down.
- Stocks: Novo Nordisk: (Overweight TP DKK451, c.50% Upside): Commentary relating to phase 2 trial of next generation weight loss and diabetes drug called Amycretin. ICG: (Overweight TP €6.50, c.11% Upside): Details on Q3 trading statement.
- Debt: There was a bit of volatility in the bond market yesterday and yields on US 10s are testing 4% again after a batch of US economic data
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