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MNI China Daily Summary: Friday, December 6

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BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Late Equity Roundup: Real Estate, Utilities Lead Late Recovery

US STOCKS
  • Still off early session highs, stocks have rebounded in late trade, no surprises following the September FOMC minute release (majority saw one hike, keeping rates higher for longer), while the nomination of Scalise to replace McCarthy as House speaker appeared to improve risk sentiment somewhat.
  • Currently, S&P E-Mini futures are up 6.75 points (0.15%) at 4398,DJIA up 2.5 points (0.01%) at 33741.96, Nasdaq up 58.9 points (0.4%) at 13622.06.
  • Leaders: Real Estate, Utilities and Communication Services outperformed, specialized and health care REITS buoying the former: American Tower +2.99%, Boston Properties +2.82%, SBA Communications and Invitation Homes both gained +2.5%. Meanwhile, independent power and electricity providers buoyed the Utility sector: AES +2.69%, NextEra Energy +3.3%, NRG Energy +2.7%. Media and entertainment shares buoyed the Communication Services sector: Match Group +1.88%, Warner Brothers +1.75%, Google +1.7%.
  • Laggers: Energy, Consumer Staples and Health Care sectors underperformed, oil and gas shares weighing on the Energy sector with crude weaker (WTI -2.17 at 83.80): Exxon Mobil -4.32% after announcing a merger with Pioneer Natural Resources earlier, Chevron -2.78%, EQT Corp -1.54%.
  • Meanwhile, food and beverage shares weighed on Consumer Staples: Lamb Weston -5.12%, Keurig/Dr Pepper -3.5%, Bunge -3.06%. Health Care weighed down by dialysis stocks: Davita -18.37%, Baxter -13.32%, Insulet -9.12% largely due to Novo Nordisk's successful diabetes treatment Ozempic.
  • Reminder, Q4 earnings cycle gets underway with several bank shares reporting this Friday: JP Morgan, Wells Fargo, Blackrock, PNC Financial and Citigroup expected.
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