Analytics, 02 December 2019
Daily comment Dec 2
- Wall St opens higher amid upbeat economic data, strong consumer spending
- US restore tariffs on metals from Brazil, Argentina
- Disney posted Thanksgiving sales record
- JPM raised iPhone sales estimate
- GOOG -0.6% on EU antitrust probe
- WTI +2.4%
Market movers:
- Disney (+0.1%): The Frozen II movie totally gathered $738mn over the long weekend, including $124 in the US. (https://cnb.cx/2RcQGey)
- Apple (+0.1%): JPM analyst raised its PT on security to $296 (~10% upside), maintaining “Outperform” rating. The bank also raised iPhone sales forecast for 2020/2021 to 203mn and 205mn from 199mn and 201mn respectively. (https://bit.ly/2RdAOIy)
- Alphabet (-0.6%): EU antitrust regulators are investigating Google’s collection of data. (https://reut.rs/2LdcT8v)
Macro:
- US online sales reached a record $7.4bn (+19.6% y/y) over the Black Friday: Adobe Analytics. (https://cnb.cx/2Rcibog)
- China Caixin/Markit manufacturing PMI for Nov: 51.8 vs est. 51.4. China’s National Bureau of Statistic PMI came at 50.2 vs est. 49.5. (https://cnb.cx/37Y23gh)
- Euro-area manufacturing PMI for Nov: 46.9 vs 45.9 m/m. (https://bit.ly/2Rd0oO2)
- President Trump reassumed tariffs on aluminum and steel imports from Argentina and Brazil. (https://bloom.bg/37Zjr48)
Commodities:
- WTI (+2.4%): OPEC+ is reportedly plans to deepen production cuts ahead of Aramco IPO. (https://reut.rs/2Y9B4d8)
- US posted a positive net export of crude oil (89k bpd) in Sep for the first time since 1949, according to EIA.
Coming up:
- US ISM manufacturing activity survey for Nov. due at 10:00 AM EST
- On Tue (3/12): Saudi Aramco IPO is scheduled to be priced