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  • Today - Friday, November 28, 2014

  • 12:19 PM
    | 5 Comments
  • 11:13 AM
    • The ruble hit an all-time low of 49.90 vs the dollar after OPEC yesterday declined to cut production, sending oil plunging below $70 per barrel.
    • Moving to try and stem the decline, the Bank of Russia today announced an extension of time in which $2B currency swap operations are allowed.
    • RSX -4.3%
    • ETFs: RSX, RUSL, RUSS, RSXJ, ERUS, RBL
    | Comment!
  • 10:05 AM
    • Global airline carriers rip gains after OPEC decides to hold production levels steady to spark another drop in crude oil prices.
    • As a group, airliners are poised to have their biggest up day of the year.
    • Gainers: China Eastern Airlines (CEA +5.8%), Delta Air Lines (DAL +5.3%), China Southern Airlines (ZNH +5.5%), Air China (OTCPK:AIRYY +6%), Cathay Pacific (OTCPK:CPCAY+6.7%, Air-France KLM (OTCQX:AFLYY+8.5%, Deutsche Lufthansa (OTCQX:DLAKY+5.9%, Singapore Airlines (OTCPK:SINGY+4.8%, Gol Linhas (GOL +5.9%), Copa Holdings (CPA +3.2%), LATAM Airlines Group (LFL +3.2%), Air Canada (OTC:AIDFF+8.9%
    | 7 Comments
  • 9:00 AM
    • Canadian GDP grew at an annualized pace of 2.8% in Q3 vs. expectations for 2.1%. GDP grew 3.6% annualized in Q2.
    • The news was enough to send the slumping loonie higher for a few moments, but the currency has resumed its slide alongside the plummeting oil price. One loonie buys just $0.8757 vs. $0.8888 when we went to bed on Wednesday. FXC -1.2% premarket
    • The TSX Composite (NYSEARCA:EWCfell 0.8% yesterday as energy stocks tumbled the most in three years.
    • Previously: Energy names sharply lower as oil dives below $70
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | Comment!
  • 8:01 AM
    • GDP grew at a 0.3% annualized rate in Q3, exiting recession, but at a pace roughly half of that forecast by economists.
    • “The worst is behind us in terms of growth, but the situation is still very bad,” says Enestor dos Santos, principal economist at BBVA. “We’re going to see the negative impact of the fiscal adjustment everybody’s celebrating. I view this positively, but in the short term this shock (the administration's pledge to cut the budget deficit) is negative news for growth.”
    • EWZ -2% premarket, with PBR -6.4% as the price of oil plummets.
    | 1 Comment
  • 7:35 AM
    • The European Commission is expected to disclose in December more details on future emissions targets for cars sold in the European Union.
    • Many experts see the EC setting a CO2 emissions target of 75 grams/km for automakers to achieve by 2030.
    • A 95 grams/km target by 2021 has already been set.
    • Related stocks: OTCQX:VLKAY, OTCPK:BAMXY, OTCPK:PEUGY, GM, F, TM, OTC:RNSDF.
    | Comment!
  • 6:00 AM
     
    • Japan +1.23%.
    • Hong Kong -0.07%.
    • China +1.99%.
    • India +0.90%.
    • London -0.69%.
    • Paris -0.50%.
    • Frankfurt -0.44%.
    | Comment!
  • 3:58 AM
    • An estimated 25,000 demonstrators took to the streets yesterday in central Athens to protest against the government’s austerity program in a 24-hour nationwide general strike.
    • The strike, timed to coincide with parliamentary discussions on the country’s 2015 budget, comes as Greece struggles with its troika of international inspectors — the European Commission, IMF and ECB - over further cutbacks to address the country’s public finances.
    • ETFs: GREK
    | Comment!
  • 2:37 AM
    • Japanese shares gained ground today as a weaker yen and falling oil prices boosted exporters, supporting investor sentiment.
    • The Nikkei benchmark added 1.2% to 17,459.85, climbing over 10% since the BOJ stunned markets with stimulus just one month ago.
    • However, the massive asset-purchase scheme is crushing debt yields, pushing Japanese government bonds to trade at a negative yield for the first time ever today.
    • ETFs: DXJ, EWJ, JGBS, DFJ, JGBD, NKY, DBJP, EZJ, EWV, JPNL, DXJS, SCJ, JSC, ITF, JGBL, JPP, JGBT, HEWJ, FJP, JGBB, QJPN, JPMV, DXJT, DXJR, DXJH, DXJC, DXJF
    | 1 Comment
  • Thursday, November 27, 2014

  • 10:30 AM
    • Failure to reform and shield weaker members threatens to divide the euro zone, announced ECB President Mario Draghi today, warning of the dangers should fears that some might quit the euro be revived.
    • "Lack of structural reforms raises the specter of permanent economic divergence between members," said Draghi. "And insofar as this threatens the essential cohesion of the Union, this has potentially damaging consequences for all."
    • Annual price inflation in Germany slowed to 0.5% in November, its lowest in nearly five years. Spanish consumer prices also fell for the fifth straight month.
    • The euro is -0.1% at $1.2492.
    • ETFs: VGK, FEZ, IEV, EU, EPV, EUFN, EZU, HEDJ, FEU, FEP, UPV, ADRU, FEEU, EURL, EURZ, DBEU, FIEU
    | 2 Comments
  • 6:44 AM
    • Draft documents seen by Reuters show that the 2015 budgets of several European countries, including France, Italy and Belgium are at risk of breaking EU rules.
    • The Commission specifically picked out the three for a second compliance review to take place in March. This gives the countries more time to adjust policy before the EU executive decides whether to fine France for missing consolidation targets or put Italy and Belgium under a disciplinary procedure because of their debt.
    • On Friday, the Commission will publish the assessments of all of the draft budgets of the 18 euro zone countries, except Greece and Cyprus which remain under bailout programs.
    • ETFs: EWI, EWQ, EWK, ITLY, ITLT
    | 4 Comments
  • 4:06 AM
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  • Wednesday, November 26, 2014

  • 5:10 AM
    • The European Central Bank will be able to gauge in the first quarter of next year whether it needs to start buying sovereign bonds to stimulate the euro zone economy, announced ECB Vice President Vitor Constancio this morning.
    • The new comments are the clearest indication yet to the exact timing of future QE.
    • The ECB has already begun buying covered bonds and ABSs, aiming to increase the size of its balance sheet to levels seen in early 2012 - around €1T higher than its level today.
    • The euro is -0.2% at $1.2455.
    • ETFs: VGK, FEZ, IEV, EU, EPV, EUFN, EZU, HEDJ, FEU, FEP, UPV, ADRU, FEEU, EURL, EURZ, DBEU, FIEU
    | Comment!
  • Tuesday, November 25, 2014

  • 12:31 PM
    • Brazil Pres. Rousseff reportedly will appoint former treasury secretary Joaquim Levy as finance minister later this week, a move that has moved major Brazilian stocks higher although the move had been anticipated.
    • Levy, head of Bradesco Asset Management, is considered a fiscal hawk who helped Brazil obtain its investment credit grade as treasury secretary; he will replace Guido Mantega, who said he will step down for personal reasons.
    • PBR +1.8%, VALE +0.4%, BBD +0.7%, BSBR +5%, ITUB +0.5%, GOL +1.3%.
    • ETFs: EWZ, BRF, BRXX, EWZS, BRZU, BRAQ, BZQ, BRAZ, BRAF, UBR, BRZS, DBBR, FBZ
    | Comment!
  • 10:32 AM
    • Mazda (OTCPK:MZDAY) recalls close to 100K Mazda6 sedans due to an issue with the tire pressure monitoring system.
    • The recall action covers Mazda6 cars from the 2014 and 2015 model years.
    | Comment!
  • 4:58 AM
    • Looking to expand its audience in China, HBO (NYSE:TWX) has signed a deal with Tencent (OTCPK:TCEHY) to distribute its TV dramas and movies through the Chinese Internet giant’s online video site.
    • Under the terms of the agreement, Tencent Video platform will be the exclusive online distributor of HBO programs in the country.
    • The deal will begin in the near future.
    | Comment!
  • 3:54 AM
    • China is considering a broad ban on smoking, including tobacco advertising, smoking in public places, prohibiting vending machine sales of cigarettes and cutting smoking scenes in film and TV.
    • Up more than 10% from the year before, the country’s tobacco industry generated nearly 956B yuan ($155.6B) in taxes and profits in 2013.
    • China is home to more than 300M smokers.
    • Tobacco stocks: LO, PM, MO, VGR, RAI, OTCQX:ITYBY, BTI
    | 8 Comments
  • Monday, November 24, 2014

  • 3:39 PM
    • Honda (NYSE:HMC) admits it failed to disclose vehicle defects 1,729 times since the middle part of 2003.
    • The automaker says an audit indicated the inadvertent failures were related to data-entry mistakes.
    • Only a handful of the incidents involved airbags manufactured by Takata.
    | 1 Comment
  • 3:19 PM
    • Edmunds.com projects U.S. auto sales will rise 1.6% to 1.261M units in November.
    • Projected sales volume growth by automaker: General Motors (NYSE:GM) +0.6% to 213.42K, Ford (NYSE:F) -1.4% to 186.98K, Toyota (NYSE:TM) +1.6% to 180.88K, Chrysler Automobiles Group (NYSE:FCAU) +14.9% to 163.49K, Honda (NYSE:HMC) +1.1% to 117.76K, Nissan (OTCPK:NSANY) -8.5% to 97.46K, Hyundai (OTC:HYMLF) -6.6% to 94.77K, Volkswagen (OTCQX:VLKAY) +4.2% to 46.24K.
    | Comment!
  • 1:22 PM
    • Owners of Toyota (NYSE:TM) vehicles across the country impacted by the Toyota Unintended Acceleration Economic Loss Settlement have received checks over the last week or two.
    • Most of the checks to cover the economic loss over the issue which arose in 2009 fall in the modest $15 to $30 range.
    • A thought-provoking op-ed piece in The Wall Street Journal puts the settlement in perspective by highlighting the vast discrepancy between the $227M awarded to attorneys vs. the roughly $395K that went to primary plaintiffs and owners represented in the class action.
    • An even more bitter pill for Toyota shareholders and car owners to swallow is that the unintended acceleration case was a settlement which stood a chance in court of going the way of the automaker due to the results of several inconclusive investigations.
    | 6 Comments
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