NewsWare Morning Highlights

Commentary, News

S&P’s this morning High 315.80 Low 314.79 Change higher by 0.21%.

Tokyo +235.59 Hong Kong +98.23 London -8.14 Germany -31.18

Futures indicate a higher opening this morning. S&P futures have pulled back after President Trump sends a message indicating that he is planning to place steel tariffs on Brazil and Argentina this morning. The market will be paying close attention to the PMI reports due out this morning. Overnight the Asian market displayed gains due to positive economic reports. Chinese shares rose as upbeat factory activity reports helped offset investor anxiety over the prospects of a proposed Sino-U.S. trade deal. The Shanghai Composite index inched up 0.13 percent to 2,875.81 while Hong Kong’s Hang Seng index rose 0.37 percent to 26,444.72. In European trading this morning, the major indices have pulled back from their earlier gains on Trumps latest tariff threat. Euro area manufacturing sector continued to contract in November but the pace of decline slowed from October. The factory Purchasing Managers’ Index improved to 46.9 from 45.9 in October and above the flash 46.6.

OIL PRICES: Oil prices jumped more than 2 percent on Monday as Chinese manufacturing PMI data beat forecasts and reports suggested that OPEC and its allies may agree to deepen output cuts at a meeting this week. Throughout the week, oil markets will be focused on the OPEC meeting, which is scheduled for Thursday, while non-OPEC ministers (Russia) will meet on Friday. As it stands, the consensus is for OPEC to stick with its current production quotas of 1.2mbpd. Saudi Arabia is said to be looking to deepen oil cuts by another 400k bpd through June 2020, given that OPEC’s analysis expect a significant oil and inventory build in the first half of 2020.

WTI is at $56.40 a barrel, Brent Crude is at $61.82 a barrel.         

For news on oil type in .OIL or “OPEC” into NewsWare

Economic: Today’s manufacturing reports will be watched closely this morning. China’s economy showed signs of stabilizing and a key European survey signaled better-than-expected manufacturing conditions.While manufacturing has been weak this year due to the Trumpadministration’s trade policies, economists have spotted possible signs of stabilization in recent weeks through other survey-based data. The Federal Reserve Bank of New York added $88.45 billion in temporary liquidity to the financial system on Friday. The NY Fed’s interventions are aimed at ensuring that the financial system has enough liquidity and that short-term borrowing rates remain well-behaved, with the central bank’s federal-funds rate staying within the 1.5%-to-1.75% target range.

Economic Reports: .At 09:45 am ET PMI Manufacturing Index.At 10:00 am WT ISM Manufacturing Index.

Fed Speak:

To access Economic news type .Economic into NewsWare.

Options Activity:

Bullish option activity in AMBY, BBBY & BMRN
Bearish option activity in APO, DDOG & HUYA
To access news related to options type .OPTIONS into NewsWare

Sector Update: Headlines to Note-

CVS .MA To acquire IlliniCare Health subsidiary from Centene.
HIBB .REC BofA raised its price target to $19 from $16.
JPM .REC JP Morgan is said to be building a position ahead of Thursdays earnings.

FDA / Drug Makers:
ASLN P/SGN Reports positive preliminary study from proof of concept Atopic Dermatitis.
AMRN P/SGN EMA to validate marketing authorization application for Icosapent Ethyl.
MRK P/SGN FDA has granted Priority Review for new sBLA for Keytruda.

Dow 30:
DIS P/SGN Frozen II breaking Thanksgiving box office record
NKE .REC Morgan Stanley raises its price target to $118 from $108.
WMT P/SGN Retailers state Black Friday sales increased 4.2% as compared to 2018.

GOOG Peri.Fly EU anti-trust probing GOOG data collection practices.
GOOG .Vol UK is investigating GOOG buyout of Looker Data Sciences.
AMZN P/SGN Delivery issues are likely to plague AMZN this holiday season.

SPY P/SGN Trump said that he will be bring back steel tariffs on Brazil & Argentina
LE .ERN Earnings due out tomorrow morning. Prices for a $1.87 move.
BAX .MA Baxter to buy Seprafilm Adhesion Barrier and related assets from Sanofi.

Upcoming Earnings Expected dollar move
Ticker Release date Expected $ move
COUP Dec 2 $14.00
LE Dec 3 $1.80
MRVL Dec 3 $1.50
CRM Dec 3 $7.30
WDAY Dec 3 $12.60
ATHM Dec 4 $5.20
HRB Dec 4 $2.00
CPB Dec 4 $3.25

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