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Norway is one of the smallest countries in the world, and one of the largest contributors to the Palestinian Authority PA and others, with annual donations of over Million NOK. Ironically, emerging markets are a fast forward view of domestic credit markets under higher rates and debt delinquency. The damage to global growth via falling commodity prices and mining stocks, alongside an inflation cycle peak, are signs that growth is being reassessed as the unintended consequences of the Fed hiking cycle.
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Total business inventories increased 0. Total business sales increased 0. The key takeaway from the report is that business sales rose at a slower pace than inventories. That distinction, if it persists, will diminish pricing power. Markit Manufacturing PMI Markit Services PMI International Key Economic Data. The Dow Jones Industrial Average lost 2. For the month, the respective indices are down 5.
The selling started overseas when China, the second-largest economy in the world, reported some weaker-than-expected industrial production and retail sales data. A solid November Retail Sales report out of the U. Instead, the good news on that front was drowned out by the concern that weakness abroad will eventually lead to a slower pace of growth in the U.
Selling picked up after the close of the European markets The negative bias within the health care and tech groups was driven by some corporate news, while energy fell in tandem with oil prices. Margin weakness, attributed to higher merchandising costs, also weighed on the stock. There was little room to hide in the stock market, though the defensive-oriented real estate Investors sought safety in U. Treasuries, pushing yields lower across the curve. The 2-yr yield lost three basis points to 2.
Dollar Index rose 0. Italics indicate week lows. Nearing 52 Week High. Growth Concerns Boost Treasuries. US Treasuries ended the week with gains across the curve. The Treasury market spent the entire session in positive territory with the long bond settling near its high while shorter tenors finished a bit below their opening levels.
Treasuries jumped out of the gate in response to disappointing economic data from China and the eurozone, but the early gains were trimmed after generally positive economic figures from the U. Treasuries backtracked during the first two hours of trade, but they rallied to fresh highs in midday action while equities struggled. The selling in the stock market continued into the afternoon, contributing to a steady bid in Treasuries.
Dollar Index marked a fresh high at Total motor gasoline inventories increased by 2. Distillate fuel inventories decreased by 1. Total commercial petroleum inventories decreased last week by 6. Natural gas inventory showed a draw of 77 bcf vs a draw of 63 bcf in the prior week. This represents a net decrease of 77 Bcf from the previous week. Week 51 Key Economic Dates. Other important releases include: When Santa fails to call, the Bears will roam on Broad and Wall.
The small class environment and tutorial-styled approach gives the Tutorial a conducive enviroment that allows for close communication and interaction between the mentor and the participants. This is what graduates have to say …. Through his passionate and interactive teaching style, he has successfully set up a very conducive learning environment. The course is very comprehensive as it covers everything from the introduction to the stock market, to macroeconomics, fundamental analysis, right down to the individual stock and options trading strategies.
He also covers psychological and financial management which is always taken for granted. A community platform is also created for all the students to post questions and share their learning journey.
Many interesting concepts were taught in a way that is easy to understand. This program also includes well-thought out assignments that helps us reduce our learning curve. Apart from the knowledge imparted, I have made friends with people sharing the same goals as me, which is beneficial to my learning journey and growth as a trader in the future. I am now more confident in pursuing my goal to be a competent trader. In addition, Conrad also provided a lot of explanations to the reasoning behind his strategies and why he does certain things a certain way.
I would highly recommend it to anyone who is interested in trading. Conrad is a very down-to-earth person who will answer all your queries. You will learn everything from macroeconomics to technical analysis, options, and equities, Conrad even posts up motivational posts on Facebook.
After the tutorial, homework is given. All the content provided in the course is backed by valid real-world explanations. Apart from being taught how to trade, we are also taught Financial Management and Psychological Management. Throughout the entire Tutorial, Conrad showed us real-life applications to the content taught in the Tutorial and guided us step-by-step.
Truly, the Pattern Trader Tutorial is really the most holistic syllabus you will find, and this is definitely the only Tutorial you will ever need to attend. Learn more about the Tutorial by coming to our three-hour Introductory Session on 20th December at 7pm. It will be the most educational preview you will ever attend. S-China trade negotiations and the continued flattening of the U.
The Dow Jones Industrial Average lost 4. Investors breathed a fleeting sigh relief that trade relations between the U. Meng was arrested Dec. Her arrest invited worries about trade negotiations going awry in the day window and potential retaliation against U. Economic growth concerns were cast into the spotlight by a decisive curve-flattening trade in the Treasury market that featured some inversions on the short end.
The 2-yr yield 2. Also, the difference between the 2-yr and yr yields narrowed to its slimmest margin since Specifically, the 2-yr yield lost 11 basis points to 2. In a broader context, concerns over future economic growth drove concerns about future earnings growth. Notably, that was the case despite there being one less day of trading. The market was closed Wednesday in recognition of the national day of mourning for President George H. The worst-performing sectors this week were the financials The rate-sensitive financial sector was undermined by the flattening yield curve, which raised concerns about a compression in net interest margins.
Regional banks were notable laggards as worries about lower mortgage loan demand stemmed from home builder Toll Brothers TOL acknowledging that it saw a moderation in demand in its fiscal fourth quarter ended Oct.
Transport stocks, in particular, weighed on the trade-sensitive industrial sector. The Dow Jones Transportation Average dropped 8. Apple has retreated over The energy sector Russia was a party to the proposed production cuts; meanwhile, Iran will reportedly be exempt from the production cut requirements. On a related note, Qatar, in a surprise move, announced plans to withdraw from OPEC to focus on gas production.
Qatar has been a member of OPEC since It showed nonfarm payrolls increasing a weaker than expected , and average hourly earnings increasing 0. In other words, the wage growth acceleration the Federal Reserve has been bracing for was missing.
Overseas, global markets finished the week with large losses as well. The key takeaway from the report is that it reflects an acceleration in national manufacturing activity at a time when concerns have been picking up about a general growth slowdown. Accordingly, it can help mitigate some of the slowdown concerns and potentially foster an improved outlook for Q4 GDP growth.
Total construction spending declined 0. The key takeaway from the report is that the weakness was driven by a decline in new single-family construction, providing further evidence of the softening in housing market activity.
S trade deficit despite the tariff actions. Initial jobless claims for the week ending December 1 decreased by 4, to , consensus , Continuing claims for the week ending Nov. The key takeaway from the report is that initial claims, while down in the latest week, are starting to pick up in a move that suggests the low for this cycle has been reached.
Nonfarm business sector labor productivity for the third quarter was revised to 2. Unit labor cost growth was revised to 0. The key takeaway from the report is that it points to fairly subdued labor costs in the third quarter, which could contribute to a willingness on the part of the Federal Reserve to be more gradual on its rate-hike path.
The November reading was the second-highest reading this year. The key takeaway from the report is that the services-providing sector, which accounts for a much larger slice of economic activity than the manufacturing sector does, remains in a healthy and fairly vibrant state. Factory orders declined 2. Excluding transportation, orders were up 0. The key takeaway from the report is that it shows a surprising lack of business investment in the face of business-friendly fiscal stimulus measures.
November nonfarm payroll growth was a little light of expectations, but key for the market was the recognition that average hourly earnings were up 0. The latter resulted in a year-over-year increase of 3. The key takeaway from the report is that the wage acceleration the Federal Reserve has been bracing for was missing. The key takeaway from the report is the observation that consumer attitudes around job and wage prospects are key to the consumer spending outlook and that some caution on that front may now be warranted as consumers recognize the goal of raising interest rates is to slow the pace of economic growth.
Wholesale inventories increased 0. The key takeaway from the report is that inventory growth exceeded sales growth, which is a dynamic that could give way to lower pricing. The key takeaway from the report is that the healthy expansion in consumer credit is a good portent for consumer spending activity.
The major averages fumbled an early morning rally effort and steadily retreated throughout the day to finish near session lows. For the week, those indices lost 4.
Volatile price action also undercut investor sentiment and tempered confidence in buy-the-dip efforts. The tech sector lost 5. Chip stocks also struggled with the Philadelphia Semiconductor Index losing 3. Within the industrial sector, transport stocks were one of the most-heavily hit groups on Friday with the Dow Jones Transportation Average losing 3.
Russia was a party to the proposed production cuts, yet Iran is reportedly exempt from the production cut requirements. WTI crude rose 2. Lululemon sold-off despite beating top and bottom line estimates.
Ulta tumbled after the company issued Q4 guidance below consensus. Treasuries extended their recent climb, pushing yields lower, amid the equity sell-off. Specifically, the 2-yr yield fell seven basis points to 2. For the week, the 2-yr yield dropped 11 basis points, and the yr yield dropped 16 basis points. Dollar Index decreased 0. For the week, the VIX climbed nearly Market Internals — Friday 07 December Treasuries wrapped up a winning week with more gains as the stock market continued to flounder, trade concerns continued to fester, and expectations for an overly aggressive Federal Reserve in continued to fall by the wayside.
The spread widened five basis points today to 15 basis points while 2-yr and 3-yr yields continued to trade above the 5-yr yield. The weakness there continued to drive a flight-to-safety in the Treasury market. Yields for securities ranging from the 2-yr note to the yr bond dropped between 11 and 17 basis points this week.
The next warning sign that this market is ready for a more significant downside will be the convergence of the 10yr yield against the Fed Funds Rate. You can read all about it in an older article here: Finished gasoline inventories decreased while blending components inventories increased last week.
Distillate fuel inventories increased by 3. Total commercial petroleum inventories decreased last week by 8. Natural gas inventory showed a draw of 63 bcf vs a draw of 59 bcf in the prior week. This represents a net decrease of 63 Bcf from the previous week. Precious Recovers, Copper Consolidates. Week 50 Key Economic Dates. In the coming week …. The big news last week was the inversion of the shorter end 2yr, 3yr and 5yr of the yield curve.
At this rate, it is likely to happen before December Expiration Friday 21 December or even by this coming week if it breaches the 24, support. All the benchmarks are negative for the year including the Transports and Russels. S-China trade tensions would be meaningfully eased at the G Leaders Summit. For the month, the benchmark index rose 1. Meanwhile, the Dow Jones Industrial Average gained 5. For the month, the respective indices gained 1. That proved to be a rally point because the language Mr.
Powell added that there is no preset policy path, and the Fed will be data-dependent in its decision making, which pleased investors. Trade Representative Lighthizer said that he would be surprised if the dinner meeting was not a success. Perhaps causing some jitters, though, is the fact that notable China trade hawk Larry Kudlow is reportedly expected to attend the dinner meeting, along with other staff on hand. The rally began with the consumer discretionary group rising on the back of continued strength from the U.
Reports of record online Black Friday sales and encouraging forecasts for Cyber Monday sales helped lift investor sentiment. President Trump tweeted his disappointment in GM and is looking to cut all of its government subsidies.
Looking at other markets, the Treasury yield curve saw some flattening with the 2-yr yield losing one basis point to 2. Dollar Index increased by 0. Economic Excerpts from Briefing. Consumer Confidence Edges Lower in November. The key takeaway from the report is that consumer confidence remains at historically strong levels due in large part to positive views on the labor market. The second estimate for Q3 real GDP showed output increasing at an annualized rate of 3. The key takeaway from the report is that real final sales, which exclude the change in inventories, were up just 1.
Federal Reserve releases Financial Stability Report: New home sales declined 8. September was revised up to , from , Regardless of the upward revision to September, the key takeaway from the report is that the pace of new home sales is weak across all regions and reflects the affordability constraints fueled by rising mortgage rates.
The October sales pace is the slowest since March Initial claims for the week ending November 24 increased by 10, to , consensus , while continuing claims for the week ending November 17 increased by 50, to 1. The key takeaway from the report is that it is apt to contribute to assertions that the bottom for the trend in initial and continuing claims may have been reached in this cycle. The tame inflation readings are the key takeaway from the report since they are supportive of the Federal Reserve taking a more deliberate approach to raising the fed funds rate.
The November reading is an month high. The key takeaway from the report is that it was fueled by a big uptick in the New Orders Index, which hit its highest level since May The strength in new orders is an encouraging sign of robust manufacturing demand for the Chicago Fed region. Investors turned their attention to the highly-anticipated G Leaders Summit in Argentina, where U.
President Trump and China President Xi are expected to take the main stage at a dinner meeting on Saturday. The Dow Jones Industrial Average gained 0. Though, some disagreements remain. With that in mind, there seems to be a consensus building around the idea that the best one can hope for is a mutual agreement to forestall further tariff actions for several months so that further talks can be conducted to address trade policy issues. Trade Representative Lighthizer spurred some optimism Friday morning when he said he would be surprised if the dinner meeting was not a success.
He added it is entirely up to the two Presidents if a deal will be made, though. Chip stocks also outperformed, evidenced by the Philadelphia Semiconductor Index rising 1. Workday and VMware beat both top and bottom line estimates, and HP beat revenue estimates. Transport stocks had a great day with the Dow Jones Transportation Average rising 1. With oil and its derivatives factoring heavily in their cost of operations, transport issues reacted favorably to the decline in oil prices and were a leadership area in November.
The average finished with a monthly gain of 6. On the other hand, the energy A WSJ report indicated that General Electric ignored insurance risks, according to some former employees.
Separately, Marriott announced a data breach involving its guest reservation database for its Starwood-branded hotels.
Treasury yield curve saw some flattening with the 2-yr yield adding one basis point to 2. Market Internals — Friday 26 November It closed out the session at For the month, the index gained 0.
Saudi Arabia and Russia are also expected to talk about the oil price. It was a mixed Friday of trading action in the Treasury market as gains at the back end drove a curve-flattening trade. The spread compressed four basis points to 20 basis points in a lopsided trade that saw longer-dated securities garner modest buying interest and shorter-dated securities garner modest selling interest. Most of the price deck was dealt in overnight action as there was little change throughout the cash session, which featured some volatility in oil prices, additional gains for the equity market, and a saturation of coverage of the G20 Summit and the uncertainty hanging over the Saturday dinner meeting between President Trump and President Xi to discuss trade matters.
Total motor gasoline inventories decreased by 0. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories increased by 2. Total commercial petroleum inventories increased last week by 2.
This represents a net decrease of 59 Bcf from the previous week. At 3, Bcf, total working gas is below the five-year historical range. December has 19 trading sessions, one half-day and one public holidays. Week 49 Key Economic Dates. Retail and Technology stocks have already fallen below their Death Crosses.
Another unhealthy sign for the bulls is that the best performing sector in November was Health Care Pharma , the most defensive sector in the market.
The other benchmarks still remain entrenched below theirs. Energy and tech stocks took the brunt of the damage with the energy The consumer discretionary WTI crude, which has been pressured by ongoing supply concerns and decreasing demand, dropped 9.
Oil prices were pressured on Tuesday after some speculation that Saudi Arabia might not force an oil production cut after U. The tech sector, in particular, has been prone to liquidation efforts that have aimed to reduce exposure to a crowded sector running into concerns about a cyclical slowdown, valuations, and increased regulatory scrutiny.
In addition, a lack of leadership and the continued inclination to sell into strength have translated into a lack of buying interest. Regarding the iPhone XR, Apple reportedly slashed its production plan by up to a third of the approximately 70 million units it had asked some suppliers to produce between September and February. Apple has fallen Also in the report, Mr. Conversely, the real estate This week featured a list of earnings reports from notable retailers.
In other corporate news, a U. Treasuries ended the week on a mixed note. The 2-yr yield added three basis points to 2. Dollar Index increased 0. On a related note, U. Housing starts increased 1. Building permits slipped 0. The key takeaway from the report is that the Conference Board believes that while the Leading Index still points to robust growth in early , the rapid pace of growth may have already peaked.
The Conference Board expects longer-term growth to moderate around 2. Durable Goods orders for October decreased 4. Excluding transportation, durable goods orders increased 0. The key takeaway from the report is that the headline decline was driven by a drop in aircraft orders while motor vehicle and parts orders increased modestly.
The October reading represented the first month-over-month increase in seven months. Total sales were 5. The key takeaway from the report is that even with the October increase, the level of sales remains at levels from late as higher mortgage rates and a limited supply of lower-priced homes weigh.
The key takeaway from the report is that the modest downtick was due to changes in sentiment among different income earners. Those in the bottom third of the income distribution reported an increase in sentiment while those in the top third of the income distribution reported a decrease in sentiment. There was no change in sentiment among Democrats and Republicans after the midterm election.
Initial read on Black Friday Traffic okay, online strong, discounts similar to last year. As expected, electronics and toys seem to be winning categories. The colder weather in the Northeast appears to be boosting sales of cold weather gear, such as coats, scarves, gloves, sweaters and boots. Other International Events of Interest. Meanwhile, the Dow Jones Industrial Average lost 0. The oil-sensitive energy sector greatly underperformed the broader market with a loss of 3.
WTI crude fell 6. Specifically, the cartel would retain current output targets, first set in , which would imply a production pullback because Saudi Arabia is allegedly overproducing by nearly 1 million barrels a day. The little-known near-term forward spread, which reflects the difference between the forward rate implied by Treasury bills six quarters from now and the current three-month yield, fell into negative territory on Wednesday for the first time since March Two-year yields dipped below those on one-year paper in December.
Engstrom and Steven A. Sharpe wrote in a research paper dated July Money markets have been paring back expectations of rate hikes as economic data weaken and equities whipsaw. Last week, traders priced in no move in the Federal Funds rate this year and more than a 50 percent chance of a rate cut in In a sign of the urgency felt by the cartel amid tumbling crude prices, leading member Saudi Arabia throttled back production, according to a Bloomberg survey of officials, analysts and ship-tracking data.
As a result, oil output from the Organization of Petroleum Exporting Countries fell , barrels a day to Crude prices failed to rally however, and instead slumped to the lowest in more than a year. Average Sydney home values have fallen Nationwide, dwelling values declined 4. After a punishing year, cryptocurrency enthusiasts looking for a fresh start in are being greeted by some positive technical signals.
We see all kind of indication that people are getting more and more involved in the market. With the next session of Congress set to open tomorrow with Democrats in charge of the House, U. Those losses also pushed the broad stock index to its worst annual performance since when it plunged more than 38 percent.
Tribune Publishing says it reported the incident to the FBI. Amazingly, just six per cent of respondents say saving for retirement is their top priority; and of the 29 per cent of respondents who say they took on more debt in , 34 per cent say they did so to cover day-to-day bills.
According to ECB statistics, euro bills account for just 2. At the end of November there were million of the banknotes in circulation. According to the latest numbers published by the Treasury, which show where the debt stood on Dec. According to the Census Bureau, the population of the United States as of this month is ,, The Census Bureau estimates there were ,, households in the United States in Read more here- http: That figure approaches the amount the U.
And never in modern U. Is this historic abnormality a problem? Some economists think so. The Congressional Budget Office warned about the debt in its latest budget projection. Federal officials estimate it will take another 22 years to get a balanced budget five years earlier than the Liberal government predicted last year if there are no major economic shocks or new government spending.
The annual update on the long-term outlook for federal finances says that if things go better than expected, the budget could be balanced or almost so by It would be like if you had your best year at work and you also max out your credit card. President Trump is flirting with mutually assured economic destruction. Now that financial markets see the danger of the Trump presidency, the risk of a financial crisis and global recession has grown.
Financial markets have finally awoken to the fact that Donald Trump is U. For one thing, until now, investors had bought into the argument that Trump is all bark and no bite. They were willing to give him the benefit of the doubt as long as he pursued tax cuts, deregulation, and other policies beneficial to the corporate sector and shareholders.
But things changed radically in , and especially in the last few months. The year started with the enactment of a reckless tax cut that pushed up long-term interest rates and created a sugar high in an economy already close to full employment. It was one of several major stories in a year jam-packed with dramatic developments in which the U.
A year ago, the surge of MeToo sexual misconduct allegations that toppled many powerful men was voted the top news story of Previous mass shootings had prompted passionate calls for tighter gun-control laws, but this time was different. A group of student survivors at the school, soon joined by allies nationwide, launched the March for Our Lives movement that organized massive walkouts and peaceful protests at schools across the country.
The movement remains active, and has helped energize the broader campaign for tougher gun laws. Art, Wine and Cars Luxury assets have outperformed stocks and bonds this year. Who beat the market this year? Investors who like the finer things in life. Luxury assets, including wine, art, classic cars and fancy colored diamonds, have outperformed stocks and bonds this year.
Those investing in wine have seen a Meanwhile, global stocks have tanked in the past quarter, reversing gains earlier in the year, as analysts fret over slowing global growth and trade tensions between the U. Those seeking refuge in cash equivalents have gained 1. Yet, the fall in stocks is a recent trend.
Analysts say equity markets may well strengthen in the coming months, while the trend for luxury investments could reverse. Eden Rachminov, chairman of the FCRF, a diamond-industry body, says the gemstones can help diversify an investment portfolio and there is almost no volatility in prices. There are risks involved in holding alternative assets, from regulatory reform to changing tastes, such as a recent shift in demand beyond traditional Bordeaux wines to top-end Burgundy and other varieties.
And the wealth effect that people feel from higher stock markets can reverse itself quickly.