Analytics, 26 December 2019
Daily comment Dec 26
- Wall St opens higher on trade hopes
- TSLA +0.5% on target upgrade
- TIF showed strong holiday sales driven by China demand
- US e-commerce holiday sales top last year record
- Gold advanced
- WTI +0.3%
Market movers:
- The US e-commerce retail sales during the holiday period grew 18% y/y, setting a record high. https://reut.rs/2EUGrE9
- Tesla (+0.5%): Wedbush analyst raised his PT to $370 from $270, citing increasing Model 3 demand and profitability. https://bloom.bg/2MvklfT
- Tiffany (+0.1%): The Co. posted holidays season preliminary results showing sales rose 1%-3% y/y in the period 1 Nov -24 Dec. APAC sales rose 5%-7%. https://bit.ly/2t8Bncz
- Gold rose above $1,500 per ounce. https://bloom.bg/2scWSsX
Macro:
- According to China commerce ministry, The US and China are working closely to sign “phase one” agreement. Earlier, Donald Trump said, he and his Chinese counterpart would have a signing ceremony. https://reut.rs/37cW6L0
- China’s soybeans import from the US for Nov: 2.56mn tones vs 0 y/y and 1.47mn in Oct. https://reut.rs/34Y5dOv
- US initial jobless claims fell 13k to 222k in the week to Dec 21. https://bloom.bg/34U7dah
Commodities:
- WTI (+0.3%): US crude inventories fell 7.9mn bls last week: API report.
- Russia plans to finish the Nord Stream 2 pipeline within a few months, according to EnMin Novak. https://reut.rs/34TJqHH
- China set crude import quota for non-state companies at 103.83mn tons. https://reut.rs/351B9RL
Coming up:
- On Thu: (12/26): Boxing Day: Markets Closed in UK, France, and Germany, among others.