MARKET SUMMARY WEEK ENDING 14 NOVEMBER 2014
17th November 2014
Market Highlights - G-20 Plans $2 Trillion Growth Boost to Uneven Global Economy. Group of 20 leaders agreed to take measures that would boost their economies by a collective $2 trillion by 2018 as they battle patchy growth and the threat of a European recession.
Australia Opens China’s Services Market With Free Trade Accord. Australia hailed a free-trade agreement with China that it says provides unparalleled access to the services market of the world’s second-largest economy. The deal, once signed in 2015, will mean 85 percent of Australian goods exports to China will be tariff free, rising to 95 percent when fully implemented.
Commodities in Review - Gold traded near the highest level in two weeks as some investors ended bets on lower prices after the metal posted the first back-to-back weekly gain in a month. Platinum fell while palladium advanced.
WTI Drops After Biggest Gain in Two Months on OPEC Speculation. West Texas Intermediate resumed its decline after the biggest gain in almost two months as investors weighed the likelihood that OPEC will cut output when the group meets this month. Brent fell in London.
US - Index Futures Follow Asia Lower on Japan Recession. Standard & Poor’s 500 Index (SPX) futures slid 0.3 percent. Contracts on the Dow Jones Industrial Average weakened 0.3 percent and those on the Nasdaq 100 Index slipped 0.3 percent.
Pfizer to Buys Merck KGaA Cancer Drug Rights. Pfizer Inc. (PFE) will pay $850 million for rights to a cancer drug being developed by Merck KGaA (MRK), in a move that will accelerate the German company’s move into oncology treatments in the U.S.
UK - London House Prices Increase 0.8% as U.K. Declines Amid Slowdown. Asking prices for London homes barely rose this month and values across the U.K. declined as the property market paused for breath, according to Rightmove Plc.
Continental Europe - European Stocks Decline as Japan Falls Into Recession. European stocks fell, after a third weekly gain in four, amid global economic growth concerns as Japan unexpectedly slipped into a recession. The Stoxx Europe 600 Index lost 0.6 percent to 333.49 at 8:15 a.m. in London, following a gain of 0.1 percent last week. The gauge rebounded 8.3 percent from this year’s low on Oct. 16 through the end of last week as the Bank of Japan unexpectedly boosted its stimulus and most lenders in Europe passed capital strength tests.
Asia Pacific - Shanghai Stock Buying Through Exchange Link Reaches Limit. Investors piled into Shanghai shares on the first day of exchange-link trading, buying the maximum amount allowed in a sign of global demand for mainland equities as China opens up its $4.2 trillion market.
Emerging Markets - Emerging Stocks Drop as Hong Kong-Traded Chinese Shares Slide. Emerging-market stocks fell as technology companies slid and mainland investors left more than 80 percent of an equity-buying quota for Hong Kong shares unfilled on the first day of the exchange link with Shanghai. The MSCI Emerging Markets Index lost 0.3 percent to 988.01 at 3:08 p.m. in Hong Kong, poised for the lowest close since Nov. 7.
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