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Pence Wealth Management Financial Markets Reports

US FINANCIAL MARKET

  • Wall Street rose modestly at the open on Monday, supported by inflation data from China, but gains were likely to be capped with a number of top Federal Reserve officials speaking throughout the day.
  • McDonald’s reported weaker-than-expected global sales at established restaurants for November, hurt by a sharp drop in comparable-store sales in the United States. Worldwide sales at restaurants open at least 13 months rose 0.5 % last month. Same-restaurant sales fell 0.8 % in the US.
  • Sysco agreed to acquire closely held US Foods for $3.5 billion. The transaction is the largest in the food wholesale and distribution industry since Albertsons was sold to several buyers for $16.1 billion in 2006. KKR agreed to buy US Foods for $7.1 billion from Royal Ahold NV in 2007. With the assumption of US Foods’ $4.7 billion in debt, today’s deal is valued at about $8.2 billion.
  • Struggling teen apparel retailer Abercrombie & Fitch said it will extend Chief Executive Mike Jeffries contract by a year, days after a shareholder urged the company to replace him.
  • A U.S. Supreme Court justice on Saturday night denied a last-ditch effort by a group of consumers and travel agents to stop the merger of American Airlines and US Airways.
  • Top U.S. cable provider Comcast has tapped JPMorgan for advice as it evaluates a potential bid for Time Warner Cable, people familiar with the matter said. Comcast currently has 23 million video subscribers while Time Warner Cable has about 12 million. In comparison, third-ranked Cox Communications has 4.5 million and No.4 player Charter has 4.2 million.

US ECONOMY & POLITICS

  • Charles Evans, the president of the Federal Reserve Bank of Chicago, said that a strong report on November jobs growth on Friday has brought the Fed closer to reducing its third round of quantitative easing, known as QE3. “Everything else (being) equal, I would like to see a couple of months of good numbers. But this was improvement.”
  • The Federal Reserve will start reducing its massive bond-buying program no later than March, according to a Reuters poll on Friday. The poll canvassing 18 of the 21 primary dealers – those banks who are permitted to deal securities directly with the Fed – found that eight of them expect the first so-called tapering of bond purchases to begin in March.

EUROPE & WORLD

  • China’s annual consumer inflation unexpectedly slowed in November. Annual consumer inflation unexpectedly slowed to 3 % in November from an eight-month high of 3.2 %.
  • The World Trade Organization (WTO) agreed to its first ever worldwide trade reform on Saturday after Cuba dropped a threat to veto the package of measures, diplomats said.
  • Mexican Senate committees on Sunday debated an energy bill that would open up the world’s 10th-biggest oil producer to private investment by allowing new types of contracts, marking the industry’s most dramatic overhaul in 75 years.
  • Greece’s parliament approved a budget plan on Saturday filled with over 3 billion euros of austerity cuts that sees the debt-laden country emerging from a six-year recession next year.
  • Iranian President Hassan Rouhani presented his first budget to parliament on Sunday, vowing to bring down inflation and boost growth to lift an economy reeling from sanctions and what he says was mismanagement by predecessor Mahmoud Ahmadinejad. Iran’s GDP had contracted by 6 % over the past year.
  • Russia cast doubt that Ukraine may soon join its customs bloc, a plan that has sparked the ex-Soviet republic’s biggest protests in almost a decade and fueled calls for President Viktor Yanukovych to resign.
  • German industrial production unexpectedly dropped for a second month in October. Output decreased 1.2 % from September, when it fell a revised 0.7 %.
  • Japan’s growth slowed more than initially estimated in the third quarter. GDP expanded an annualized 1.1 % from the previous quarter, a revision from 1.9 %.
  • Big banks see rich opportunities in world’s poorest. Half the world’s adults, over 2.5 billion people, do not have a formal bank account, according to the World Bank. Between 2010 and 2020, the world’s poorest 40 % will nearly double their spending power to $5.8 trillion from $3 trillion.
  • Airbus confirmed on Monday that Kuwait Airways had signed a provisional agreement to buy 25 new aircraft, 10 A350-900 and 15 medium-haul A320neo jets, in the biggest overhaul of its fleet since the 1990 Iraqi invasion.
  • Chinese company debt twice the size of Ireland’s economy will come due in 2014, spurring concern the nation is on the cusp of its first corporate bond default. A record 2.6 trillion yuan ($427 billion) of interest and principal on securities issued by non-financial companies must be repaid next year.

TODAY in HISTORY

  • U.S. astronauts completed repair work on the Hubble Space Telescope (1993)

Sources: Reuters, Yahoo Finance, Google Finance, Bloomberg, CNN Money.

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly. 

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