Evening Headlines
Bloomberg:
- Japan’s Household Spending, Retail Sales Decline in October. Japan’s household spending dropped for an eighth straight month and retail sales fell slightly in October, underscoring weak domestic consumption. The unemployment rate remained at the lowest in two decades.
- Dollar Retreat Deepens as Bonds Recover While Japan Stocks Drop. The dollar continued to retreat amid further gains in government debt, with investors’ focus shifting from Donald Trump’s election win to other potential threats to market stability. Japanese stocks snapped their longest rally in 18 months as oil fell. The Bloomberg Dollar Spot Index edged lower for a third straight session, extending its decline from a decade high reached last week as 10-year Treasury yields dropped. The yen’s recovery weighed on Japan’s Topix index, which fell for the first time in 13 days, while other Asian benchmarks fluctuated. The euro held gains after concern over Italy’s forthcoming referendum on constitutional reform sank European bank stocks. U.S. oil fell for the third time in four sessions amid anxiety ahead of the OPEC meeting.
- OPEC Said to Remain Split as Saudis Call Cut Not Essential. OPEC officials failed on Monday to bridge their differences on an agreement to cut production and revive oil prices, following comments from Saudi Arabia that output curbs aren’t essential. With just two days left before ministers from the Organization of Petroleum Exporting Countries meet to finalize the first decline in production in eight years, the foundations for a deal are looking increasingly shaky.
- Oil Investors Have $490 Billion Riding on Big OPEC Decision. After two tough years of falling oil prices and company valuations, investors in the world’s biggest energy producers have some cause for hope as crude prices continue their recovery from a 12-year low. They will be looking to OPEC not to dash it. Oil and gas producers including Exxon Mobil Corp. and Royal Dutch Shell Plc have together added $490 billion to their market value this year, the biggest gain in six years following a 27 percent rise in benchmark Brent crude, according to data compiled by Bloomberg. This follows a $850 billion loss in value last year and $720 billion in 2014 as crude prices plunged.
Wall Street Journal:
- Ohio State University Says Student Carried Out Attack. Suspect is identified as a student, Abdul Razak Ali Artan. At least 11 people were injured Monday at Ohio State University after a student allegedly jumped a curb in a motor vehicle, then slashed pedestrians with a butcher knife before he was shot and killed.
- ECB’s Mario Draghi Warns of Risks of Prolonged Low Interest Rates. A lengthy period of low rates has created ‘fertile terrain’ for financial-market risks, the central bank chief says.
Fox News:
- Jill Stein -- Fighting election fraud or lining her own pockets? (video) President-elect Donald Trump isn’t mincing words. He believes the recount effort – and multimillion-dollar fundraising goal – led by Green Party candidate Jill Stein is nothing more than a scam. Stein and her party are raising money for presidential recounts in Wisconsin, Michigan and Pennsylvania. Hillary Clinton’s campaign has offered help, but Clinton’s own lead counsel admitted that the recount won’t likely lead to any changes in the outcome of the presidential election.
Zero Hedge
Earnings of Note
Company/Estimate
8:30 am EST
- OSU Attacker Complained That As A Muslim "I'm Not What The Media Portrays Me To Be", Slammed US "Interference".
- How Far Can Bond Yields Rise Before Hurting Equities? Goldman Answers.
- Wisconsin Denies Request For Recount By Hand As Stein Threatens To Sue.
- Aussie Media Push Globalists' "Cash Is For Criminals" Narrative.
- Where Are We In The Business Cycle: A Troubling Chart From Morgan Stanley.
- Ohio State Attack Suspect Is Abdul Ali Artan, 18-Year-Old Somali Refugee; Terrorism Investigated.
- "Buy High, Sell Low"? Bullish Sentiment Soars Most In 6 Years As Stocks Spike. (graph)
- Trumpsgiving Hangover? Gold Gains Most In A Month As Banks, Small Caps, Dollar Stumble. (graph)
- Robert Wolf, Democratic fundraiser and Obama's top Wall Street adviser, joins Fox News as contributor.
- The world could be about to run low on dollars.
- Bond yields have to rise a lot more to price in 'Trumpflation'.
- Trump responds to Ohio State attack, thanks first responders.
- Asian equity indices are -.25% to unch. on average.
- Asia Ex-Japan Investment Grade CDS Index 127.5 +.5 basis point
- Asia Pacific Sovereign CDS Index 44.25 unch.
- Bloomberg Emerging Markets Currency Index 69.02 +.%.
- S&P 500 futures +.02%.
- NASDAQ 100 futures -.02%.
Earnings of Note
Company/Estimate
- (MNK)/1.99
- (TIF)/.67
- (ADSK)/-.24
- (SPLK)/.08
8:30 am EST
- 3Q GDP is estimated to rise +3.0% versus a prior estimate of a +2.9% gain.
- 3Q Personal Consumption is estimated to rise +2.3% versus a prior estimate of a +2.1% gain.
- The 3Q GDP Price Index is estimated to rise +1.5% versus a prior estimate of a +1.5% gain.
- The 3Q Core PCE is estimated to rise +1.7% versus a prior estimate of a +1.7% gain.
- The S&P CoreLogic CS 20-City MoM for September is estimated to rise +.4% versus a +.24% gain in August.
- Consumer Confidence for November is estimated to rise to 101.5 versus 98.6 in October.
- None of note
- The Fed's Fischer speaking, Fed's Dudley speaking, Eurozone Industrial Production/Consumer Confidence reports, French GDP report, Japan Housing Starts, CSFB Industrials Conference, Jefferies Energy Conference, Citi Basic Materials Conference, Piper Jaffray Healthcare Conference and the (UNH) Investor Conference could also impact trading today.
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