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- Varchev Finance: Trading day in one post 28.11.2017
Varchev Finance: Trading day in one post 28.11.2017
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Loading...Asian Stock Market: Japanese Nikkei rose 0.32%, Korean Kospi was 0.36% in green territory. Australian ASX did not stay behind and added 0.19% to its value. Big Australian mining companies Rio Tinto and BHP Billiton dropped 0.36% and 1.9%. Chinese markets on the other hand generated declines. Hang Seng was 0.27% in red territory, and Shanghai composite declined by 0.07%. The reason for the decline in Chinese indexes is that a South China Morning Post report said Beijing will limit its Stock Connect capital transfer. China's mutual funds will not be able to relinquish most of their capital as it has been, and this has negatively affected the indices.
Forex market: USD: The dollar has managed to return some of its losses as the dollar index has pushed back from its support at 92.5. For now, moods around the US dollar are improving. Today we are expecting statements from several FOMC members who will tune in to the movement of the US currency for the next few days. EUR: The common currency remains under pressure mainly because of the uncertainty surrounding the formation of a coalition in Germany. For the moment, we remain negative towards the EUR as we wait for more clarity around the German elections. GBP: The pound retains its gains, and despite rising inflation in the country and speculation that BoE will not raise the interest rate soon, it is able to hold about 1.33 against the dollar. Today we expect a statement by BoE President Mark Carney at 9:30. We will follow up on what the next steps of the central bank will be on monetary policy and the interest rate. CAD: The Canadian dollar continues to weaken. The bad economic data that the country presents over the past few months weighed the currency. S. Poloz's words "The interest rate will be raised again according to economic data" are currently negatively impacting and evaporating the confidence of CAD investors. Another reason for the decline in the currency is the falling price of black gold days before the OPEC meeting in Vienna.
Commodities market: OIL continues its decline. Brent oil fell 0.17% to 64.73 dollars a barrel and WTI down 0.46% to 57.84 dollars a barrel. Oil prices have declined in recent days for the announcement that the keystone oil platform will start working again. Investors expect the OPEC meeting in Vienna on 30.11. Expectations are that the agreement for the reduction of the yield will be prolonged after 03.2018. GOLD: Still moving in consolidation $ 1295- $ 1260. For now, precious metal has no direction, and it will probably not change soon unless we see an aggressive FED or North Korean action.
European stock market: European stock indices will start Tuesday's session with small declines. The German DAX will open about 5 points down slightly above the psychological level of 13,000. The French CAC will start with a 5 point decrease and the UKX UK will open without change. Investors expect information from Germany on the establishment of a parliamentary coalition in the country. For the moment, indecision scares investors and we see a withdrawal from DAX, but in general we can stay positive. According to market analysts, the likelihood of a coalition is large.
American Stock Market: Today, the US stock exchange will give FOMC members who will make statements later today. US benchmark futures are making fresh highs almost every day, and investors are asking how long it will last. The market's expectations are that after the Trump tax reform, the indices will "explode" by at least 4-5% in 2018. We remain positive towards the US market, with the "buy the dip" rule in place.
Economic calendar for the European and American trade sessions 28.11.2017
9:00 UK - Financial stability report
9:00 Germany - Price index of import and export
9:30 UK - BoE Gov Carney speaks
11:00 EU - Private sector loans
14:00 Germany - Gfk German consumer climate
15:30 USA - Trade balance
15:30 Canada - RMPI
15:55 USA - Red book
16:14 USA - FOMC member Dudley speaks
16:45 USA - FOMC member Powell speaks
17:00 USA - CB Consumer confidence
17:15 USA - FOMC member Harker speaks
18:15 Canada - BoC gov Poloz speaks
22:45 USA - Treasury secretary Mnuchin speaks
23:35 USA - API crude oil stock
US Equity Upgrades
ARROWHEAD (ARWR) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT PIPER JAFFRAY
CIENA (CIEN) UPGRADED TO BUY FROM NEUTRAL AT BOFA/MERRILL
CONSTELLIUM (CSTM) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT COWEN
EVEREST RE (RE) UPGRADED TO MARKET PERFORM FROM UNDERPERFORM AT KEEFE BRUYETTE
GERDAU (GGB) UPGRADED TO BUY FROM NEUTRAL AT BOFA/MERRILL
LOWE'S (LOW) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT RAYMOND JAMES
NATIONAL GRID (NGG) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT CREDIT SUISSE
SABESP (SBS) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
SIERRA WIRELESS (SWIR) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT RAYMOND JAMES
VALE (VALE) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
US Equity Downgrades
BUFFALO WILD WINGS (BWLD) DOWNGRADED TO NEUTRAL FROM BUY AT UBS
CUBIC (CUB) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
HIMAX (HIMX) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
KIMCO REALTY (KIM) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT BAIRD
MAA (MAA) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT BMO CAPITAL
NORFOLK SOUTHERN (NSC) DOWNGRADED TO SELL FROM HOLD AT LOOP CAPITAL
SOLAREDGE (SEDG) DOWNGRADED TO HOLD FROM BUY AT DEUTSCHE BANK
SQUARE (SQ) DOWNGRADED TO SELL FROM NEUTRAL AT BTIG
TSMC (TSM) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
WESTERN DIGITAL (WDC) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
US Equity Initiations
ALLENA PHARMACEUTICALS (ALNA) INITIATED WITH A BUY AT JEFFERIES
ALLENA PHARMACEUTICALS (ALNA) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
ALLENA PHARMACEUTICALS (ALNA)INITIATED WITH AN OUTPERFORM AT COWEN
ALLERGAN (AGN) RESUMED WITH AN OUTPERFORM AT LEERINK
ALTAIR (ALTR) INITIATED WITH A BUY AT DEUTSCHE BANK
ALTAIR (ALTR) INITIATED WITH A HOLD AT CANACCORD
ALTAIR (ALTR) INITIATED WITH A SECTOR PERFORM AT RBC CAPITAL
ALTAIR (ALTR) INITIATED WITH AN OUTPERFORM AT WILLIAM BLAIR
APPIAN (APPN) INITIATED WITH AN OUTPERFORM AT WILLIAM BLAIR
APPTIO (APTI) INITIATED WITH AN OUTPERFORM AT JMP SECURITIES
CAREDX (CDNA) INITIATED WITH A BUY AT H.C. WAINWRIGHT
EVOQUA WATER (AQUA) INITIATED WITH A BUY AT CITI
EVOQUA WATER (AQUA) INITIATED WITH AN OUTPERFORM AT RAYMOND JAMES
EVOQUA WATER (AQUA) INITIATED WITH AN OUTPERFORM AT RBC CAPITAL
FUNKO (FNKO) INITIATED WITH A BUY AT BOFA/MERRILL
FUNKO (FNKO) INITIATED WITH A BUY AT JEFFERIES
FUNKO (FNKO) INITIATED WITH A BUY AT STIFEL
FUNKO (FNKO) INITIATED WITH A BUY AT SUNTRUST
FUNKO (FNKO) INITIATED WITH AN OUTPERFORM AT BMO CAPITAL
FUNKO (FNKO) INITIATED WITH AN OVERWEIGHT AT JPMORGAN
IRSA PROPIEDADES (IRCP) INITIATED WITH AN OVERWEIGHT AT JPMORGAN
LOMA NEGRA (LOMA) INITIATED WITH AN EQUAL WEIGHT AT MORGAN STANLEY
REVANCE (RVNC) INITIATED WITH AN OVERWEIGHT AT BARCLAYS
SPERO THERAPEUTICS (SPRO) INITIATED WITH A NEUTRAL AT BOFA/MERRILL
SPERO THERAPEUTICS (SPRO) INITIATED WITH AN OUTPERFORM AT COWEN
ZOGENIX (ZGNX) INITIATED WITH AN OUTPERFORM AT JMP SECURITIES
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