On 15 November, 2016 – Global stocks were mixed Tuesday

However, US shares and the dollar continued to rally.
United States
US stocks ended higher Tuesday, with the Dow Jones industrials hitting a record high close for the third session in a row. Technology stocks rebounded from post-election losses and energy stocks were boosted by a sharp rise in oil prices. The Dow was up 0.3 percent, the S&P added 0.7 percent and the Nasdaq jumped 1.1 percent.
Among energy stocks, Exxon Mobil, Schlumberger and Apache advanced with the price of crude. Microsoft and Nvidia rebounded. JPMorgan Chase retreated. Equity One will merge with Regency Center in a deal that combines two real estate investment trusts that own shopping centers. The two companies have more than 400 properties, most of them anchored by grocery stores. Equity One climbed but Regency Center declined. Boeing fell after United Airlines said it would postpone delivery of 61 Boeing 737 jets that it planned to buy. United said it would convert the orders to a new, more fuel-efficient model that Boeing calls the 737 Max. Chinese e-commerce company JD.com rose after the company reported strong quarterly results. 3-D printer maker Stratasys was down after its profit and sales fell far short of estimates.
Retail sales climbed 0.8 percent in October as consumers spent more money on cars and home and garden supplies. Retail sales over the last two months have been the strongest in more than two years. Online retailers made gains while department stores were lower.
These data reflect observations at 4:00 PM US ET. Gold at the afternoon London fixing was up US$13.35 to US$1,226.95. Copper futures were down 0.6percent to US$2.51. WTI spot crude was up US$2.54 to US$45.84. Dated Brent spot crude was up US$2.59 to US$47.02. The US dollar was up against the yen, euro, pound and Swiss franc. It declined against the Canadian and Australian dollars. The US dollar was unchanged against the yuan. The Dollar Index was up 0.4 percent. The yield on US Treasury 30 year bond was down 3 basis points to 2.97 percent while the yield on the 10 year note was unchanged at 2.24 percent.
Europe
Stocks advanced Tuesday after key economic indicators were released. German GDP was weaker than expected while Eurozone GDP growth was unchanged from the previous quarter. German investor confidence reached a 5 month high and US retail sales increased more than expected. Crude oil rebounded and took energy stocks higher on investor hopes for an OPEC agreement on production cuts. The FTSE and CAC added 0.6 percent while the DAX gained 0.4 percent and the SMI was 0.2 percent higher.
Bank of England Governor Mark Carney said Tuesday that he will not consider a further extension of his tenure at the helm of the BoE beyond the end of June 2019 as announced last month. Carney announced on October 31 that he would extend his five-year term by a year until June 30, 2019. Despite the extension, he will serve two years short of the full tenure of eight years.
Merck KGaA declined after lifting its profit guidance. In Paris, Société Générale rose after reports that France’s finance ministry has begun a process to recoup €2.2 billion worth of tax deductions given to the lender after losses caused by a rogue trader. In London, Premier Foods climbed after the company expressed confidence about the remainder of the financial year after reporting a drop in sales and earnings in the second quarter. Intermediate Capital Group jumped after the company proposed to implement a progressive dividend policy after reporting a 2 percent rise in its first-half assets.
British American Tobacco was higher. Reynolds American is seeking a higher price from the company after rejecting a $47 billion buyout offer as too low according to Bloomberg. EasyJet increased after the budget carrier blamed “unprecedented events” for its first fall in annual profit in six years. Tesco advanced after sales grew 2.3 percent during the 12 weeks to November 5. Morrisons and Sainsbury’s also were higher. Vodafone was higher after reporting better-than-expected first-half earnings and confirming its full-year goals.
Third quarter Eurozone gross domestic product was up 0.3 percent on the quarter and 1.6 percent from a year ago. Germany advanced 0.2 percent and 1.7 percent on the year. Italy grew 0.3 percent on the quarter and 0.9 percent on the year. The September Eurozone merchandise trade surplus increased to a 5-month high, at a seasonally adjusted €24.9 billion from €23.4 billion in August.
Asia Pacific
Stocks were mixed in cautious trading. The Shanghai Composite slipped 0.1 percent as investors await October FDI figures due out later in the day. The Hang Seng added 0.5 percent. China’s yuan hit its lowest level in nearly eight years on expectations of faster growth, higher US inflation and interest rates under President-elect Donald Trump.
The Nikkei was virtually unchanged while the Topix was 0.2 percent higher in choppy trading. Mitsubishi UFJ Financial Group, Mizuho Financial and Sumitomo Mitsui Financial were higher when 10-year Japan government bond yields hit zero, climbing out of negative territory for the first time since September 21.
Both the S&P/ASX and the All Ordinaries were down 0.4 percent with mining and healthcare stocks pacing the decliners. Miners Rio Tinto, BHP Billiton and Fortescue Metals declined. Blood products company CSL and private hospital operator Ramsay Health Care retreated. The big four banks ended narrowly mixed as minutes from the Reserve Bank of Australia’s November 1 meeting revealed little new information. OZ Minerals jumped after the company decided to extend the life of its Prominent Hill copper and gold mine. Oil Search and Santos climbed.
The Kospi was down 0.3 percent on foreign investor selling. The Sensex dropped 1.9 percent thanks to a weakening rupee and heavy selling by foreign investors amid the spike in US bond yields and the Modi government’s black money crackdown.
Looking Forward
October labour market report for the UK will be released. In the US, October industrial production and November housing market index will be reported along with September Treasury international capital and weekly EIA petroleum status report.
Global Stock Markets

*Note — all releases are listed in local time.

Source: Fidelity

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