Daily Note Archives

Equity Markets:·It was a quiet day for global equities yesterday, given the fact that US markets were closed for Thanksgiving. However European stocks did improve marginally, climbing 0.14%. In Europe, seven of eleven sectors were positive with 68% of companies finishing higher on the day. Real Estate (+0.46%) and Financials (+0.44%) were the strongest. Healthcare (-0.51%) and Energy (-0.46%) were the weakest. Allfunds Group Plc (+22.1%) led gains on the day after it was announced that Deutsche Boerse was in exclusive non-binding talks to purchase the wealth and data analytics manager for €5.3bn. Puma (+18.9%) also recorded a strong trading day, after it was announced that China’s Anta Sports was considering a bid for the sports apparel brand.

Macro:In macro news yesterday Japanese Industrial Production for October grew 1.4% (est-0.6%) MoM, slightly weaker than the 2.4% recorded in September, but ahead of estimates. The jobless rate remained at 2.6% (est 2.5%), in line with September. In geopolitical news, Russian President Vladimir Putin stated that no resolution to the Ukraine conflict had been reached yet, but President Trump’s proposal could be the basis for a future agreement, signalling he is open to engage in talks ahead of the US envoy’s visit. In macro news today, the focus will be on CPI data coming out of Europe. Preliminary YoY CPI for November in France was just released and came in better than expected at 0.9% YoY (est 1.0%). Q3 GDP was in line with estimates of 0.5%. In Germany, YoY CPI is estimated to be 2.4% for November with the MoM change of -0.2%.

Stocks: Infineon Technologies: (Overweight PT €45.60 +28% Upside): Commentary relating to managements call on future growth prospects through data centres.

Debt: Bond yields ended a couple of basis points higher yesterday in low volume Thanksgiving holiday trading.