Recap 2014-11-24

Commentary:

Interesting post on short term S&P price action from Quantifiable Edges:

But via @NautilusCap, the strong breadth is very supportive over a longer time frame.

Notable:

  • German IFO business climate index printed 104.7 versus 103 expected.
  • US Markit Services PMI declined to 56.3 vs 57.3 exp and 57.1 prev
  • An overwhelming 75% of Japanese voters said they hadn’t felt the impact of an economic recovery over the last two years but a majority still plan on backing Abe’s party in the upcoming elections. That being said a large piece of the electorate (45%) is undecided and thus up for grabs. Nikkei
  • voter turnout may be extremely low at the Dec 14 elections according to Reuters. Many Japanese citizens are confused as to why Abe is now calling an election – Reuters
  • According to news reports (Spiegel news magazine, November 24, 2014), the German and French government are working on a joint proposal that foresees further French structural reforms against more fiscal easing in Germany. The current proposal specifies a relaxation of the French 35-hour week regulation and €20 billion of additional infrastructure spending in Germany
  • The WSJ notes how hedge funds are anticipating bankruptcies across the coal industry. WLT could be one of the first to file for protection. WSJ

Upcoming:

  • Mon: BoJ Minutes, BoJ Deputy Governor Nakaso speaks
  • Tue: Canada Retail Sales, US House Prices, Consumer Confidence
  • Wed: UK 3Q GDP, US Durable Goods Orders, Us Jobless Claims, Personal Income, Core PCE, Chicago PMI, Pending Home Sales, AU 3Q Capex
  • Thu: US Holiday, German Employment, Consumer Confidence, Japan Employment, CPI, NZ Business Confidence, UK Consumer Confidence
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