On 23 November, 2015 – European markets were mostly lower on concerns over terrorism in the region

Stocks were mixed in Asia but down in Europe and the US after substantial gains the week before.
United States
Stocks slipped in afternoon trading following the markets biggest weekly gain of the year. The Dow Jones industrials edged down 0.2%, the S&P slipped 0.1% and the Nasdaq was 0.05% weaker. Generally in the week of the Thanksgiving holiday when the markets are closed, many people take more than one day off and trading could be very quiet.
Pfizer and Allergan slipped after announcing a deal to combine and create the largest drug company in the world. Pfizer, the maker of Viagra and Lipitor, said it planned to buy the Botox maker Allergan for about US$155 billion, mostly in stock. Pfizer, based in New York, would gain new products that would help it counteract the expiration of the patents protecting some key drugs. Pfizer would also move to Ireland as part of the deal, reducing its tax bill.
GameStop tumbled after it reported a smaller quarterly profit and less revenue than expected. The company said sales of new games and game systems were not as robust as it expected and said the openings of some stores were delayed. Electronic Arts declined after GameStop’s announcement. Apple also retreated. British drug maker Mallinckrodt and the food producer Tyson both climbed after the companies issued solid quarterly reports.
The National Association of Realtors said sales of previously owned homes were down 3.4% in October in part due to a persistent shortage of properties limiting choice for potential buyers and pushing up prices.
These data reflect observations at 4:00 PM US ET. Gold at the afternoon London fixing dropped US$11.25 to US$1,070.50. Copper futures were down 2.3% to US$2.01. WTI spot crude was down 2 US cents to US$41.88. Dated Brent spot crude was up 29 US cents to US$44.95. The US dollar was up against the euro, pound and the Canadian and Australian dollars. It was virtually unchanged against the yen and Swiss franc. The Dollar Index edged down 0.1%. The yield on US Treasury 30 year bond was down 2 basis points to 3.00% while the yield on the 10 year note slipped 1 basis point to 2.25%.
Europe
Stocks were mostly lower Monday. Travel and leisure stocks were under pressure on continued concerns over terrorism in the region. The city of Brussels remained on lockdown for a third day as police conduct raids in search of suspects from the attacks in Paris. Mining stocks were also under pressure due to weak precious metals prices. Energy stocks were down in early trade, but bounced back in the afternoon. Saudi Arabia signaled that it is ready to co-operate with OPEC and non-OPEC producers to preserve stability in oil markets.
The FTSE retreated 0.5%, the CAC was down 0.4%, the DAX declined 0.2% and the SMI lost 1.0%. Volkswagen gained after the carmaker denied a report concerning a sales slump since its confessions over emissions cheating. Daimler and BMW however, declined. ATM machine maker Wincor Nixdorf climbed after it was acquired by Diebold. RWE and E.ON weakened. Lufthansa and Air France-KLM were lower in Paris. ArcelorMittal declined along with Total and Technip. International Consolidated Air Group and easyJet were down. TUI also dropped. Electrolux declined in Stockholm. The company said it may be willing to consider a reasonable settlement with the US Department of Justice (DOJ) in the General Electric Appliances case, but is currently not in settlement discussions with DOJ.
Euro area private sector expanded at the fastest pace in four-and-a-half years in November, underpinned by continued improvement in services. Germany grew at the fastest pace in three months, while France experienced a slowdown in growth. The Eurozone November flash composite PMI rose to a 54-month high of 54.4 from 53.9 in October.
Germany’s private sector grew at the fastest pace in three months in November, flash data from Markit showed Monday. Germany’s composite output index rose to 54.9 from 54.2 in October. French composite PMI dropped to a 3-month low of 51.3 from 52.6 in October.
Asia Pacific
Share indices were mixed Monday as a downturn in commodity markets tempered investors’ hopes for more stimulus from the European Central Bank. The Japanese market was closed for the Labor Thanksgiving Day holiday.
The Shanghai Composite was down 0.6% and the Hang Seng lost 0.4% after new margin requirements aimed at curbing market volatility came into effect on China’s main bourses. Investors also assessed the potential impact on liquidity from a batch of new listings. Ten Chinese companies today applied for approval to raise a combined 3 billion yuan via share sales.
The S&P/ASX and All Ordinaries both added 0.4% with retailers and banks pacing gains. Woolworths advanced on speculation two global private equity giants are considering a joint bid for the retail giant’s underperforming Big W business. Wesfarmers and Myer Holdings both were higher. The four big banks were higher but miners retreated after copper prices hit their lowest level since 2009 on Friday, pressured by a stronger dollar and lingering concerns about weak demand. Gold miner Newcrest Mining and Evolution tumbled on speculation that gold’s decline is far from over.
The Kospi was 0.5% lower on uncertainty over Fed rate increase timing and the prospects of more stimulus from the European Central Bank at its December 3 meeting. The Sensex was 0.2% lower while the Taiex added 0.2%. Taiwan’s unemployment rate held steady in October, defying economists’ expectations for a slight increase.
Global Stock Market Recap

Please remember, the value of investments and the income from them can do down as well as up. Funds that invest in overseas markets may be subject to currency fluctuations. Investments in small and emerging markets can be more volatile than other overseas markets. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only.
Looking forward*
Japan’s flash November manufacturing PMI will be released. Germany releases its final estimate for third quarter GDP and the November Ifo survey. In the US, October international trade in goods, second estimate of third quarter GDP, third quarter corporate profits, September S&P Case-Shiller house price index and November consumer confidence will be reported.
*Note — all releases are listed in local time.