Today's Headlines

Bloomberg:

• Germany Vows to Keep Russia Sanctions for Ukraine Impasse. German Chancellor Angela Merkel said sanctions against Russia will stay as long as the government in Moscow does little to resolve the conflict in Ukraine. “We’re working on a diplomatic resolution to this crisis,” Merkel said today in Berlin. “As long as Russia contributes very little or nothing to overcome this crisis, we need economic sanctions. They’re unavoidable, although I know they impact the German and the European economies.” The stance underscores the growing resolve among Ukraine’s allies as violence between separatists and government troops sidelines diplomatic efforts to reach a negotiated outcome. France today ruled out delivery of a warship to Russia. 
• Emerging Stocks Decline as Energy Shares Slide; Ruble Weakens. Emerging-market stocks fell from a three-week high as Chinese energy producers sank and investors bet yesterday’s rally in Hong Kong was excessive. Russia’s ruble ended a six-day gain. Brazilian shares rallied. OAO Tatneft dropped 1.5 percent in Moscow and Saudi Basic Industries Corp. led a 1.8 percent decline in Saudi Arabian stocks. The Hang Seng China Enterprises Index (HSCEI) dropped 0.6 percent after its biggest increase in a year yesterday. PetroChina Co. (857) and China Petroleum & Chemical Corp. slid at least 2.3 percent. Brazil’s Ibovespa gained 0.4 percent. The ruble weakened 2.1 percent against the dollar. The MSCI Emerging Markets Index declined 0.3 percent to 1,008.70 at 11:11 a.m. in New York.
• European Stocks Extend Two-Month High as Germany’s DAX Rallies. European stocks rose, extending a two-month high as German equities posted their longest winning streak since May 2013. The Stoxx Europe 600 Index gained 0.2 percent to 346.28 at the close of trading, after earlier rising as much as 0.6 percent. The DAX Index (DAX) climbed 0.8 percent.
• Oil Drops as Producers Fail to Deliver Output Pledge. Brent for January settlement lost $1.26, or 1.6 percent, to $78.42 a barrel at 12:08 p.m. New York time on the London-based ICE Futures Europe exchange. The volume of all futures was 5.2 percent above the 100-day average.
• Iron Ore Drops Below $70 for First Time Since ’09 as Glut Widens. Iron ore traded below $70 for the first time in five years as rising low-cost supplies by the world’s top miners widen a global glut amid slowing demand from China, the biggest user. Ore with 62 percent content delivered to Qingdao fell 1.2 percent to $69.58 a dry metric ton today, the lowest since June 2009, data from Metal Bulletin Ltd. showed. Prices are heading for a 13 percent loss this month, the most since May. Iron ore slumped 48 percent this year as surging output from Rio Tinto Group (RIO), BHP Billiton Ltd. and Vale SA, the three largest miners, spurred a glut. 
• Million-Dollar Home Sales Gains Slow in Investor Markets. Growth in million-dollar home sales is slowing in areas including Miami, Las Vegas and Los Angeles as rising prices and the strengthening U.S. dollar discourage foreign investors who helped lead the recovery. In seven investor-heavy markets -- the Los Angeles, Riverside and Ventura areas of Southern California; Las Vegas; and Florida’s Fort Lauderdale, Miami and Orlando -- sales of homes for $1 million or more rose 5 percent in the third quarter from a year earlier, compared with a 46 percent surge in the same part of 2013, data compiled by brokerage Redfin Corp. show. 
• Ferguson Rocked by Decision: Scenes From the Night. (video)
• More Medicine Goes Off Limits In U.S. Drug-Price Showdown. Steve Miller is waging war on high-priced medicine, guiding decisions to ban drugs from the health plans of millions of Americans and sending companies reeling in a $270 billion market. He and his colleagues at Express Scripts Holding Co. (ESRX) say they are just getting started.

Wall Street Journal: 

• Eurozone Stagnation Poses Major Risk to Global Growth, OECD Warns. Currency Bloc Needs Monetary Stimulus, Softening of Fiscal Discipline to Avoid Persistent Low Growth.

ZeroHedge: 

• Ferguson In Flames: The Morning After. (pics)
• A Tale Of Two Credit Markets: New Auto Loans Highest In 9 Years As New Mortgages Slump Near Record Lows. (graph)
• Nothing Has Changed - And That's The Problem. (graph)
• 30 Year Yield Drops Below 3.00% As Richmond Fed Tumbles Most Since 2006. (graph)
• Record Stocks & Plunging Gas Prices Send Consumer Confidence Tumbling, Biggest Miss Since June 2010. (graph)
• Q3 GDP Revised Above Highest Estimate, Prints 3.9%. (graph)
• Case Shiller Reports "Broad-Based Slowdown For Home Prices", First Monthly Decrease Since November 2013. (graph)
• Another Hedge Fund Legend Calls It Quits: Phil Falcone Leaves Harbinger Group, Gets $20.5 Million Severance. (graph)

Business Insider:

• The US Is On A Collision Course With An 'Absolutely Indispensable' Ally. The US and Turkey are headed for a showdown over Syria, as evidence mounts that Ankara is enabling groups that Washington is actively bombing.
• A Massive Snow Storm Is About To Wreck A Bunch Of Thanksgiving Travel In The Northeast.
• This Is What $11.71 Trillion Worth Of Household Debt Looks Like. (graph)
• Brazilian Stocks Are No Bargain.

Reuters:

• METALS-Copper drops after weak U.S. confidence data, doubts on China. Copper and other base metals dropped on Tuesday after a surprise fall in U.S. consumer confidence and as investors doubted whether additional monetary policy easing in top metals consumer China would translate into a significant increase in demand. Three-month copper on the London Metal Exchange (LME) closed down 1 percent at $6,606 a tonne, undermined by data showing U.S. consumer confidence fell in November to its lowest level since June.
• Tiffany(TIF0 sales miss estimates on weak demand in Japan.

Frankfurter Allgemeine Zeitung:

• Russian Economy Minister Compares Sanctions to 'Avalanche'. Russia's economy is feeling the effects of sanctions in access to global capital markets, balance of payments, outflow of capital, currency, inflation, citing interview with Economy Minister Alexei Ulyukaev.