Evening Headlines
Bloomberg:
- Emerging Asia Currencies Drop as Fed Rate-Hike Bets Sink Bonds. South Korea’s won tumbled with the Malaysian ringgit and a global bonds selloff extended into Asian trading amid speculation the Federal Reserve will boost interest rates to cap inflation as a Donald Trump-led administration steps up spending. The won sank to a four-month low and the ringgit slipped to levels last seen in January as Bloomberg’s dollar index held near an eight-month high. Australia’s 10-year bonds fell to their lowest since April, sliding with notes in New Zealand and South Korea. Most Asian stocks gained, led by a rally among banks. Technology shares tracked losses in Apple Inc. and Microsoft Inc. as the winners and losers of Trump’s victory become clearer. Crude oil was headed for its lowest close of the week, weighed down by glut concerns.
- Trump Crushes China M&A.
- China’s Tech Giants Are Cloning the Apple Store. With e-commerce growth slowing, tech leaders such as Alibaba and DJI push harder into local brick-and-mortar.
- Bank of Korea Keeps Rate Unchanged as Political Storm Rages. South Korea’s central bank held its key rate at a record low as policy makers seek to calm markets amid uncertainty caused by the U.S. presidential election and a home-grown crisis that’s shaken President Park Geun-hye. The decision to keep the seven-day repurchase rate at 1.25 percent was projected by all but one of 19 economists surveyed by Bloomberg. Royal Bank of Scotland was the sole forecaster for a cut to 1 percent.
Wall Street Journal:
- Trump’s Transition Team Works to Form Cabinet. Jeb Hensarling, a foe of financial regulation is floated as a candidate for powerful Treasury secretary role, as process heats up.
- Trump and the Democrats. The lesson: Progressive government can’t be imposed from the top.
CNBC:
- Donald Trump recognizes the energy renaissance, ConocoPhillips(COP) CEO says. (video) Michael Kors' streak has ended. Shares of Michael Kors dipped more than 4 percent in after-hours trading Thursday, after the handbag maker reported its first quarterly revenue decline since going public five years ago.
- Nvidia(NVDA) shares spike after reporting earnings, revenue beat; firm raises dividend, buyback.
Zero Hedge:
- China 'Devalues' Yuan To Weakest Since Breaking The Peg In 2010. (graph)
- HFT Legend Exits The Business: "It's Harder To Make Money".
- Russell Napier Interviewed: Fiscal Stimulus Comes With Dangerous Baggage – Financial Repression.
- The Unbearable Smugness Of The American Media.
- Calexit - California Secession Petition Gaining Strength After Trump Win.
- Disney(DIS) Misses As ESPN's Subscriber Losses Take A Toll.
- 3 Things: Distortions, Earnings Missed, You're Crazy.
- The Trump Triumph: Dow Hits Record High Amid Bond Bloodbath, Currency Carnage, And Tech Turmoil. (graph)
Politico:
Earnings of Note
Company/Estimate
10:00 am EST
- Trump will quit TPP in first days. Within first 200 days his administration could also withdraw from NAFTA unless certain demands are met.
- Asian equity indices are -2.0% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 118.0 +.5 basis point.
- Asia Pacific Sovereign CDS Index 39.0 +2.25 basis points.
- Bloomberg Emerging Markets Currency Index 70.21 -.21%.
- S&P 500 futures -.20%.
- NASDAQ 100 futures -.56%.
Earnings of Note
Company/Estimate
- (BAM)/.51
- (JCP)/-.20
- (ATW)/.60
10:00 am EST
- Preliminary Univ. of Mich. Consumer Sentiment for November is estimated to rise to 87.9 versus 87.2 in October.
- None of note
- The Fed's Fischer speaking, German Trade Balance report, OPEC Monthly Update, (DGX) investor day and the (GWW) analyst meeting could also impact trading today.
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