MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI: GERMANY NOV UE RATE (SA) 6.1% (FCST 6.1%); OCT 6.1%

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

MNI BRIEF: Trump Tariffs To Push China, EU Cooperation - BOC

MNI: PBOC Net Drains CNY156.1 Bln via OMO Friday

MNI: ITALY NOV FLASH HICP +0% M/M, +1.6% Y/Y

MNI: EUROZONE NOV FLASH HICP +2.3% Y/Y

MNI: UK OCT M4 MONEY SUPPLY -0.1% M/M, +3% Y/Y

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MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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Stocks Rally Further as Candle Pattern Points Up

EQUITIES
  • Equity markets traded solidly for a second session, with the S&P500 rising close to 1% to narrow the gap with the alltime high to just 40 points. Futures were similarly positive, with the e-mini S&P rallying sharply following the formation of a bullish Harami candle on Monday/Tuesday.
  • Energy and financials were behind the rally in US indices, rising sharply after being the distinct underperformers at the beginning of the week. Recovering oil prices (aided by a sharp draw in distillate reserves) buoyed oil & gas explorers while a re-steepening of the Treasury yield curve worked in favour of banks and lenders.
  • Volatile trade in stocks related to a post-pandemic recovery continued, with Carnival Cruiselines, Live Nation Entertainment and Host Hotels amongst the strongest in the S&P500. Mixed earnings for Netflix worked against the stock, which dropped 4%.
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