I Read The News So You Don’t Have To – Market News (Dec. 04, 2018)

by ogordained

UNITED STATES

  • Futures are down slightly as investors confidence in a trade deal subsides
  • The ISM Manufacturing Report for November beat expectations (Expected 57.5 | Actual 59.3)
    • New orders were up sharply
    • and cost pressures have eased – PMI Prices Paid (Expected 70.0 | Actual 60.7)
  • Construction spending fell for the third straight month

OTHER

  • France is suspending plans to increase tax on fuel after extensive protesting/rioting
  • Royal Dutch Shell announced that it would become the first energy company to tie executive pay to carbon reduction
  • GlaxoSmithKline said it would buy Tesaro, a cancer-drug maker, for $4.1bn to $5.1bn. (different sources reporting different figures)
    • GSK’s shares had their biggest daily fall in a decade on the news
  • Altria, Marlboro’s maker, was reported to be in talks to buy Cronos, a medical cannabis company
  • Alberta ordered an 8.7% decrease in oil production to combat oversupply and low prices

CHINA

  • Bond yields continue to fall
  • The yuan continued its rally

 

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