Dec 7 Asian Macro Initial Thoughts Asia to open higher , US Futures opened higher

07 Dec

Asian Futures Nikkei Chicago Futures pts,  HK ADR’s +10pts and Australia trading higher in early trades.  

US Futures opened higher; Dow +50pts (+0.2%), S&P +0.2% and NDX +0.3%

Only 2 more Monday’s until Christmas

JAPAN Nikkei futures opened higher +57pts but have eased to +30pts.  Yen closed Friday 104.14. Upside may be muted as investors watch to see if the US can agree a new stimulus package.  Also some caution ahead of this mornings China trade data and tomorrows GDP Growth data.

Data due today Foreign Exchange Reserves and Later Leading Economic Index and Coincident Index

Sunday Govt reported 327 new covid cases  (vs 257 Saturday). Nation-wide cases were 1,998 with 26 deaths reported.

Japan’s government will decide on a fresh economic package early this week by finalising its size, PM Suga said on Friday. Which would include an unprecedented 2 trillion yen ($19 billion) fund to promote carbon neutrality in 2050, among a slew of steps to cope with the economic impact of COVID-19.  Japan to set aside 1 trillion yen to promote digital transformation in the stimulus package. He also defended continuing the domestic travel campaign saying it was necessary to keep businesses going but have been halted in areas where virus cases were rising.

Govt considering inbound tourism in the Spring from countries that have covid under control

Japan, France, and the United States will hold joint military drills on land and sea for the first time in May next year as the Chinese military steps up activity in the region, the Sankei newspaper said on Sunday. The exercises, conducted on one of Japan’s uninhabited outlying islands, will focus on providing relief efforts during a natural disaster, but parts could also form the basis for a defence against attack, the paper said, without citing sources.

Sony Corp will close a factory in Malaysia next year to consolidate its operations in its other plant in the state for efficiency, the Japanese electronics giant said on Saturday.

Sony may also see weakness as its fantasy action movie 'Monster Hunter’  has been pulled from cinemas in China a day after its release after a backlash over a pun on the word “Chinese” that viewers said was derogatory. -VE

Nissan Motor  on Friday joined General Motors in exiting a group of automakers that had backed President Trump in his bid to prevent California from imposing its own vehicle emissions rules.“We are confident that productive conversations among the auto industry, the Biden administration and California can deliver a common-sense set of national standards that increases efficiency and meets the needs of all American drivers,”

Govt considering emissions trade system for carmakers; setting an upper limit for each automaker.  If they exceed their quota they would be able Toby quota from others.

Kansai Electric and other power companies -VE after a Japanese court on Friday revoked the operating permits of two nuclear reactors for having inadequate earthquake safeguards, a ruling that challenges safety assessments conducted by the nuclear regulator and could influence the outcome of other court cases.

Vegetable prices have dropped significantly +VE consumers but -VE for farmers and retailers. Driven by good weather and a decline in demand from the restaurant sector.

The largest Muji household goods store in the Kanto region opened on Thursday in Tokyo’s Koto Ward. The new store occupies the first three floors of Ariake Garden, a large-scale commercial facility, and covers an area of about 4,600 square meters.

SOUTH KOREA Expect markets to open higher following the US on Friday but upside may be limited as Kospi hit 2,700 Friday led by Chip makers and Kosdaq at 914. KRW continues to strengthen vs USD.  The recent rise in domestic covid cases has not impacted the markets. Key this week likely to be Futures and Options expiry on Thursday

No data due

President Moon reshuffled his cabinet on Friday as his approval rating sank to a record low amid a backlash over housing policies, rising coronavirus cases, and a scandal involving the justice ministry and top prosecutors. He nominated new ministers of interior, health, land and housing, and gender as he sought to refresh his administration, with roughly two years of his presidency to run.

Govt reported 631 new covid cases to Midnight Saturday vs 583 to Midnight Friday (the highest since a peak in  the spring).  Seoul and surrounding to see increased social distancing measures officials said Sunday that comes after Friday’s announcement of shuttering most establishments and shops at 9 pm and cutting back public transportation operations by 30% in the evenings.

A majority of South Korean exporters expect their business conditions to improve in the Q1 2021 on the back of the growing hope over the post-pandemic economic recovery.  The country's export business survey index (EBSI) for the January-March period in 2021 came to 112.1, according to a survey carried out by the Korea International Trade Association (KITA). Exporters, however, expected weaker global demand for electronics and agricultural goods during the January-March period.

The US has decided to reduce anti-dumping duties on S Korean oil pipelines to between 9.33% and 15.1%  (from 22.7% to 38.87%)  Slight +VE

Samsung Electronics on Friday announced a large-scale personnel reshuffle, the biggest in three years, owing to a strong performance this year despite the COVID-19 impact.   The tech giant promoted a total of 214 executives, the largest number since 2017.  It is expected to hold a global strategy meeting this week.

11 logistics firms fined W5.45b over price collusion over transportation of agricultural products.   CJ Logistics, its rival Lotte Global Logistics and 10 other firms colluded to fix their quotations in 2006-2018 -VE

Kia Motors Corp is recalling nearly 295,000 vehicles in the US because their engines might stall or catch fire.  The recall comes just a week after Kia and affiliated Korean automaker Hyundai Motor Co were fined by the US government for allegedly delaying recalls. Slight -VE

Uniqlo will close its outlet in Seoul's popular shopping district next month, after a sharp fall in sales stemming from the new coronavirus outbreak and a trade dispute between Seoul and Tokyo.

TAIWAN Expect market to open higher with the positive outlook for Tech the driver. But upside limited as investors wait to see if US can agree a new stimulus package.

Data due after market 

Balance of Trade, Exports and Imports

After Market Friday 

Foreign Reserves Nov $513.4b vs 501.24b Oct (F/cast was 503b)

The US Congress on Thursday unveiled a defense bill that reaffirms the US’ commitment to Taiwan and includes provisions to explore a medical partnership between the nations. The bill also reaffirms the US’ Taiwan Relations Act and the “six assurances” as the foundation of ties between Washington and Taipei, which serve as the bedrock for the nations to “fully pursue the deepening of the extensive, close and friendly relations” and “facilitate greater cooperation and the broadening and deepening of United States-Taiwan relations.”  The act defines Washington’s relations with Taipei, requiring the US to make available “defense articles and services” to enable Taiwan to maintain sufficient self-defense capabilities.

HTC Corp Friday reported revenue of NT$555 million (US$19.46 million), +0.96% YoY and +29.3% MoM, the filing showed. Snapping 13 months of decline, backed by strong demand for its mid-range phones, it said in a filing with the Taiwan Stock Exchange. +VE

Largan Precision on Saturday reported that its Nov revenue +2% MoM @ NT$5.24 bn (US$183.7 mn), thanks to the October launch of iPhone 12 models.  But was -21% YoY, which analysts attributed to a loss of orders from China’s smartphone brand Huawei.  While Largan’s customers have brought new products to market, the effects of the COVID-19 pandemic have prompted some to cut orders, resulting in a moderate month-on-month sales rise, despite the presence of the latest iPhones. +VE

TSMC on Thursday pledged to forge closer ties with its suppliers to boost efforts in developing 3-nanometer (nm) process technology. “While the global economy has been ravaged by the COVID-19 pandemic, TSMC still leads the world in the development of 5nm process technology, with strong support from its suppliers,”.  “As TSMC has started development of the more sophisticated 3nm process, it is determined to strengthen its cooperation with suppliers to enhance its global competitive edge,” Lin said.  Mass production of 5nm process technology started in the second quarter and accounted for 8% of TSMC’s total sales in Q3.TSMC has started developing the 3nm process by building a production site in Tainan and expects to start commercial production in 2022. The chipmaker added that it is already eyeing development of 2nm process technology.  +VE  It also underlines the issues that China will have in trying to catch up in the sector.

BANKS -VE as Non-performing construction loans at local banks as of the end of October doubled from a month earlier to NT$6.1 billion (US$213.9 million), the highest in the past seven years, while the non-performing loan (NPL) ratio surged to 0.23 percent, Financial Supervisory Commission (FSC) data showed.  Partly due to Taiwan Business Bank recognizing as problematic its loans to a construction company operated by Chang Kang-wei.

Global PMX a provider of dual-clutch transmissions and direct-injection parts for gasoline motors, said that it is cautiously optimistic about its business outlook for next year due to a recovery in the global auto market and the electrification trend.  Sales contributions from the automotive segment account for 60 to 70% of the company’s total revenue, the company said in a statement on Friday.

Danish firm Copenhagen Infrastructure Partners K/S (CIP) yesterday announced six proposed sites for offshore wind farm projects for its phase 3 development. Together, the six sites add up to 6.3 gigawatts (GW) in potential capacity.  Four of the proposed sites are in waters more than 50m deep — the limit for fixed-bottom turbine technology. CIP wants the Govt to initiate a pilot project for floating wind farms.

CPC Corp, and Formosa Petrochemical Corp yesterday announced that they would increase their gasoline and diesel prices for a second straight week, effective today. +VE

CHINA Markets likely to open lower on continued concerns about US/China relations with the China Daily saying 'Some Sino-U.S. relations damage 'beyond repair’’ but key will be the Trade data. 

Data due 11am HK time

Balance of Trade (Oct was $58.44b, F/cast is $49.6b),

Exports (Oct was +11.4% F/cast is 10%),

Imports (Oct was +4.7% F/cast is +5.2%)

and later Foreign Exchange Reserves Oct was $3.128T F/cast is 3.11T

Provincial governments across China are placing orders for experimental, domestically made coronavirus vaccines, though health officials have yet to say how well they work or how they will be rolled out to reach the country's 1.4 billion people.  At present there is little news on how the distribution will take place.  So far more than 1m people have been vaccinated in China under emergency approval raising questions about why that has been needed if the outbreak is under control in China.Indonesia receives first 1.2m doses of COVID vaccine from China's Sinovac as it prepares for a mass inoculation programme.

AUTO’s -VE Chip shortages could slow automotive production and increase prices, VW and suppliers say. But +VE for Chipmakers (many of them European like Infineon and NXP Semi) who say they are raising prices and expanding their production in response.  Continental and Bosch also warned of the shortage of semiconductor components.

China Daily saying 'Some Sino-U.S. relations damage 'beyond repair’’ after Trump added four more companies to the entity list on Friday. Also the growing rancour underlined by an ugly Twitter spat between US senator  Blackburn and Chinese journalists after he tweeted China “has a 5,000 year history of cheating and stealing.”. The China Daily said there were “worrisome signs” like the US decision to limit visitor visas for members of the Chinese Communist Party and their families and a ban on Xinjiang cotton imports. It warned that even if Biden wanted to repair them some damage was beyond repair. China’s ambassador to the US indicated a desire to reset the increasingly confrontational relationship as Biden prepares to take office in January.  

I think the publication reflects Beijing’s awareness that it faces a tougher negotiations under Biden, especially if future negotiations are on a group basis (the US and allies which would probably include Australia, Japan, S Korea and Europe).  But Beijing seems to be implying that it is the US that needs to make concessions in order to improve relations.  That could be a mistake.  It will be interesting to see if the so called ‘wolf warrior’ diplomacy is rolled back, especially with regard to Australia.

China Banking and Insurance Regulatory Commission has recently toughened up its investigation into insurers' foreign investment and connected transactions, Cailianshe citing insiders.

China’s Clover Biopharmaceuticals said two coronavirus vaccine candidates it has developed triggered strong immune responses in an early-stage human trials and appeared to be safe, +VE

Qi Yumin, former Chairman of Huachen Automotive Group Holdings Co. Ltd., is under disciplinary review and regulatory probe over alleged severe violations of law and discipline, according to the website of Central Commission for Discipline Inspection.

FTSE Russell will remove shares of eight Chinese firms from certain index products (including FTSE Global Equity Index Series) following the US ban on trading with "companies tied to the Chinese military". The deletion will take effect from 21 December. The said firms include HIKVISION (002415.SZ), CRCC (601186.SH) and China Spacesat (600118.SH)

PBoC and The Hong Kong Monetary Authority are looking at expanding the current Bond Connect scheme to develop a southbound scheme to compliment the existing northbound one which allows foreign investors easier access to the mainland's onshore bond market through Hong Kong.

Shenzhen Stock Exchange announced to launch cross-market (Shenzhen, Shanghai and Hong Kong) bond ETFs tracing index constituents, including those traded in the inter-bank bond market. Equally, SZSE revised relevant terms under the detailed implementation rules on the trading and redemption of securities investment funds on the SZSE.

US prosecutors are discussing a deal with lawyers for Huawei finance chief Meng Wanzhou to resolve criminal charges against her, a person familiar with the matter said, signalling a potential end to a case that has strained ties between the United States, China and Canada.  But it is likely that Canada will still face issues in dealing with China and the release of two of its citizens arrested in what was seen as a ’tit for tat’ arrest has not been agreed.

The new US Defence Bill includes plans to require the Defence Department to reconsider sending military equipment or troops to a country if it uses Chinese 5G communications technology.  It appears designed to put even more pressure on Huawei and ZTE.  -VE

US moves swiftly to enforce ban on cotton products linked to forced labour.  US customs has already detained shipments connected to a ban on Xinjiang Production & Construction Corps’ cotton. They are also requesting American importers provide documentary evidence that they have full visibility of every stage of their cotton supply chain -VE for cotton exporters.  One issue will be the fact that often raw cotton is blended so being able to prove it is not from Xinjiang will be difficult. -VE

The U.S. State Department said late on Friday it has terminated five cultural exchange programs with China, calling them "soft power propaganda tools."

Orchestrated fake accounts pushed doctored image tweeted by Chinese official Zhao Lijian  said Cyabra, an Israeli cybersecurity firm. It found 57.5% of accounts that engaged with Zhao's tweet were fake, a large number were created in November and used once, to retweet Zhao's tweet.  China called Cyabra's statement "unwarranted."

The fantasy action movie Monster Hunter has been pulled from cinemas in China a day after its release after a backlash over a pun on the word “Chinese” that viewers said was derogatory.  The film, produced by Sony and Tencent Pictures and others, was released on Friday and video clips of the offending joke quickly spread on Chinese social media platform Weibo. In one scene, a white soldier asked an Asian soldier, played by Asian-American rapper and actor MC Jin “what knees are these?” Jin’s character answered with “Chi-knees”.  

HONG KONG  ADR’s +10pts to open at 26,846 with weakness in Chinese Financials, Tencent and Alibaba.

Data due Foreign Exchange Reserves

Govt reported Sunday 95 new covid cases vs 102 on Saturday 8 imported and 87 local infections (36 from unknown sources).  There were also 50 preliminary cases.
IPO YUE KAN HOLDINGS (02110.HK), to debut on Monday, closed at $0.295 ingray market, up 31.1% or 7 cents against the listing price of $0.225, on volume

of 277 million shares and turnover of $73.2 million. Excluding the handling fee, the book gain is $700 per board lot size of 10,000 shares
SHORT SELLING Friday 14.9% vs 17.8% Thursday 

Top Shorts Wharf REIC (1997) 43%, Ping An (2318) 38%, NWD (17) 37%,  Country Garden (2007) 25%, MTRC (66) 21%, Techtroncis (669) 21%.


FIH (02038.HK) PROFIT WARNING , expecting the Group to record a consolidated net loss of around US$124 million for YTD October 2020 (vs consolidated net loss of around US$48.29 million for YTD October 2019).  The Group expected to record a consolidated net loss for FY 2020 which is likely to be materially higher than the Group’s consolidated net loss of around US$12.178 million for the year ended 31 December 2019.

EMPEROR CAPITAL (00717.HK)  PROFIT WARNING expects to record a net loss of not more than HK$700 million for the year ended 30 September 2020, against a loss of HK$259 million over a year ago.  This was mainly attributable to a decline of approximately 15% in total revenue amid the weakening investment sentiment due to market uncertainties during the Year.

MELBOURNE ENT (00158.HK) PROFIT WARNING  the Group is expected to record a loss of approximately HK$1.18 billion for the year ended 30 September 2020, as compared with a loss of approximately HK$549 million for the year ended 30 September 2019

Ant Group and a consortium including Greenland Financial, the investment unit of Chinese state-owned property group Greenland, acquired Singapore wholesale digital banking licences, allowing them to only serve corporate clients. +VE

PROPERTY Henderson Land Development (0012) launched 17 units in Arbour in Jordan at a minimum price of HK$6.66 million. The price of some units is 2% more expensive than the previous batch. The developer sold 30 out of 33 homes released last Friday, pocketing HK$270 million.

Kaisa Group (1638) and Choice Holdings received around 200 checks for The Concerto in Sham Shui Po. The developers released the first price list last Friday, offering 30 homes at an average price of HK$19,658 per sq ft.

Secondary deals in 10 major real estates in Hong Kong rose 26% to 19 over the weekend, a six-week high, as some property owners slashed prices by up to 5%, according to Centaline Property.

SMIC (00981.HK) announced that the Company, China IC Fund II and E-Town Capital jointly established the Joint Venture Company in Beijing for the manufacturing of 12-inch integrated circuit wafers and integrated circuit packaging series. The registered capital of the Joint Venture Company is US$5 billion, of which SMIC agreed to contribute US$2.55 billion in cash, representing 51% of the registered capital of the Joint Venture Company.

TRULY INT'L (00732.HK) net turnover of the Group was HK$2.075 billion for November 2020, -2.4% from the same period in 2019.

I.T (0999) will be taken private by founder and chairman Sham Kar-wai and CVC Funds in a HK$1.31 billion deal, the company announced last night. The offer price is HK$3 per share, representing a 54.6 percent premium over the closing price on November 30, the last trading date of the stock. That came after shares of I.T surged 83 percent in November.  After the takeover deal, Sham, who also is chairman and chief executive of the company, will reduce his shareholding to 50.6 percent from 63.61 percent without paying anything. And CVC Funds, which will pay HK$1.31 billion in full, will raise its stake to 49.35 percent.

NETJOY HOLDINGS (02131.HK), the short video marketing solution provider in China, will stage IPO in Hong Kong on Monday and present to six cornerstone investors.  The CEO Wang Chen said the company intends to partner with XIAOMI-W (01810.HK) in digital marketing given the latter's behemoth position in China's internet industry.  Meanwhile, NETJOY HOLDINGS also wishes to beef up the cooperation with SenseTime in R&D and commercial because AI technology is part and parcel in future development of short video production.

SUNAC (01918.HK) November 2020, the Group achieved contracted sales value amounted to RMB69.35 billion, +4.1% yearly.

CHINA OVERSEAS (00688.HK) November 2020, the contracted property sales of the China Overseas Series of Companies amounted to RMB34.828 billion +65.2% YoY and the corresponding gross floor area (GFA) sold was 1.729 million square meters, +56.2% YoY

SHIMAO GROUP (00813.HK)  Nov contracted sales RMB31.52 billion +3.3% yearly.

CHINA SCE GROUP (01966.HK) November 2020, the Group achieved a contracted sales  amount of RMB10.217 billion  +6% YoY and a contracted sales area of 1.0207 million square metres, +81% YoY

SEAZEN (01030.HK) November 2020, contracted sales of RMB29.061bn +20.1% year-on-year.

GREENTOWN MGMT (09979.HK)  that the contracted sales approx RMB9.2 bn in November 2020.

CONCORD NE (00182.HK) announced that the power generation output attributable to the Group during November was 456.76 GWh, +23.9% yearly.

The HKMA  and the Digital Currency Institute of PBOC are discussing the technical pilot testing of using e-CNY, the digital renminbi issued by the PBOC, for making cross-border payments, and are making the corresponding technical preparations, wrote HKMA Chief Executive Eddie Yue in inSight.  As the renminbi is already in use in Hong Kong and the status of e-CNY is the same as cash in circulation, it will bring even greater convenience to Hong Kong and Mainland tourists.

Lufthansa's LSG Sky Chefs announced Friday layoff of around 45% of its work force, or about 285 positions, as part of its business reshuffle in Hong Kong. The aircraft catering giant explained the coronavirus pandemic has struck it hard and while Cathay Dragon, its biggest client in Hong Kong, has suspended operation, market resurgence is hardly foreseeable in a near future -VE for senitment

Centa-City Leading Index (CCL) last posted at 175.54, -0.08% weekly. 

CCL Mass dipped 0.01% weekly to 178.86, CCL (small-and-medium units) sagged 0.04% weekly to 176.33. The three indices plunged for two weeks altogether.

The 4th COVID-19 outbreak has yet to be factored in this week's index, opined the research department of Centaline Property. They expected home prices to struggle at the current level and start reflecting changes in the coming weeks.

CNOOC (00883.HK)   has noted that the U.S. Department of Defence announced that four Chinese companies (including China National Offshore Oil Corporation, the controlling shareholder of the Company) were added to the list of companies with alleged ties to the Chinese military and that an executive order was signed by the U.S. President on 12 November to prohibit any transaction by any United States person in publicly traded securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of companies with alleged ties to the Chinese military as defined in the executive order. The Company is comprehensively assessing the impact of the situation on the Group and will close monitor relevant follow-up developments.

Friday’s close.

DOW +0.83%, NDX +0.7%, S&P +0.88%, Russel 2K +2.37% Markets opened higher and basically traded sideways at record levels.  The weak jobs report didn’t really impact the market with many saying the weak number would pressurise politician’s to strike a stimulus deal and a number of the job losses were due to the ending of the Government census.  Also the falling unemployment rate was +VEInteresting to see the Russell having a strong day, suggests that the rotation out of big tech is continuing.

Moderna CEO Stephane Bancel said the biotech firm can produce 500 million doses of its COVID-19 vaccine next year, adding more resources will be needed to produce a billion doses of the shot. Comes as US on Thursday reported a record number of covid cases and deaths.  On Friday  US state and federal officials urged people to do more to combat the accelerating spread of covid. Local authorities in California’s Bay Area issued a “stay at home” order on Friday as the pandemic’s spread stoked fears about dwindling intensive care unit capacity.

The US House of Representatives could pass a bill offering protected status for Hongkongers fleeing political persecution as soon as today.

Congressmen are set to vote on the Hong Kong People's Freedom and Choice Act of 2020, which promises temporary protected status for Hongkongers who are in the United States and fear persecution if they return to the SAR.

Banks JPMorgan Chase +0.9%, Citigroup +3.6% and Wells Fargo +1.4%, AMEX +1.6%
Work from home names: 
Facebook -0.8%, Apple -0.6%, Amazon -0.8%, Netflix +0.2%, Disney +0.6%, Zoom Video -0.9%, Alphabet +1.9% and Microsoft +0.1%,
Nvidia +1.2%, Micron +4.9%, AMD +1.9%, Skyworks +4.5%
Re-opening stocks 
Boeing -1.9%, Caterpillar +4.3%, Simon Property +4.8%, Kohl’s +5.9%, Nordstrom +6.5%, Gap +1.3%, United Airlines -1.3%, Carnival +1.3%, Wynn Resorts +4.6%, Chevron +3.9%, Exxon Mobil +3.6%.
Lock down names 
Campbell Soup -0.5% General Mills unch, JM Smucker +0.8%


Balance of Trade Oct -63.1b vs 62.1b Sept revised (F/cast was -65b)

Exports Oct $182b vs 178b Sept (F/cast was 189.1b)

Imports Oct 245.1b vs 240.1b Sept revised (F/cast was 245.1b)

Non Farm Payrolls Nov +245k vs 610k Oct revised (F/cast was 500k)

Unemployment Rate Nov 6.7% vs 6.9% Oct (F/cast was 6.8%)

Ave Hourly Earnings Nov +0.3% MoM vs +0.1% Oct (F/cast was +0.1%)

Ave Hourly Earnings Nov +4.4% YoY vs +4.4% Oct revised (F/cast was +4.5%)

Ave Weekly Hours Nov 34.8 vs 34.8 Oct (F/cast was 34.8)

Factory Orders Oct +1% MoM vs +1.3% Sept revised (F/cast was +0.9%)

Factory Orders Ex Transport Oct +1% MoM vs +0.9% Sept revised (F/cast was +0.4%)

Baker Hughes Total Oil Rig Count 323 vs 320 prior

USD was slightly stronger vs Yen but weaker vs Euro. Bitcoin currently 18,887, VIX -2.3% @ 20.8, US T10 @ 0.973% hit a three week high after the jobs report.

OIL Brent +1.1%, WTI +1% as OPEC+ agrees a compromise on supply and hopes of a US stimulus package.

Gold flat, Silver +0.8%, Copper +1.1%

AHEAD Consumer Credit Change.

DAX +0.35%, CAC +0.62%, FTSE +0.92%  markets opened flat and DAX traded flat for most of the day, FTSE and CAC traded up small initially and then sideways after good Construction PMI data but markets cautious on Pfizer vaccine news, ahead of US payrolls and US discussions on a new stimulus package.  Still no Brexit deal which is an overhang on the market with FT reporting that France is making new last minute demands that could scupper the deal.  Petrochems +VE on OPEC+ compromise but Retail remained weak.The weak US report didn’t really impact the market with some saying the weak number was good as it increased pressure on politicians to strike a deal. H. Lundbeck +8.5% as UBS rated it as a top pick for 2021. Latour -12.6% after its majority owner announced the sale of 10 million shares.



Construction PMI Nov 45.6 vs 44.9 Oct (F/cast was 41.5)


Factory orders Oct +2.9% MoM vs +1.1% Sept (revised) (F/cast was +1.2%)

Construction PMI Nov 45.6 vs 45.2 Oct (F/cast was 42.5)


Budget Balance Oct Euro -159.9b vs -161.6b Sept (F/cast was -132b)

Construction PMI Nov 42.8 vs 42.7 Oct (F/cast was 38.8)


Construction PMI Nov vs 53.1 Oct (F/cast was 50.9)
New Car Sales Nov -27.4% vs -1.6% Oct (F/cast was -24%)
EUROZONE No data due
GERMANY No data due
FRANCE No data due
UK  Halifax House Price Index

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