Closing Wrap – Tuesday, November 12, 2019

In European Equity Markets the pan-European Stoxx 600 ended up by 0.5%, with telecoms stocks leading gains. Iliad was the top driver in the sector, up 20% on the back of strong earnings and the unveiling of a new share buyback plan. Infineon shares gained 6% after the firm reported a fourth-quarter post-tax profit of 161 million euros ($177.66 million), in line with expectations. Fellow chip-maker Dialog Semiconductor jumped nearly 7% after updating its long-term guidance. Electrocomponents saw its stock slide by around 11% after reporting a 4.3% fall in fiscal 2020 first-half pretax profit.

In Currency Markets, sterling inched down from a six-month high against the euro and was a touch softer against the dollar on Tuesday, as a boost from the Brexit Party’s decision not to contest previously Conservative-held seats in Britain’s upcoming election faded. The pound rallied as much as 1% versus the dollar on Monday after Brexit Party leader Nigel Farage said that to better tackle anti-Brexit forces he was standing down candidates in seats won by the Conservatives in 2017. The pound was down 0.1% on the day at $1.2840, having flirted with $1.29 on Monday. The U.S. currency was broadly firmer ahead of a key speech by U.S. President Donald Trump later this session.

In Commodities Markets oil rose about 1% on Tuesday as markets from stocks to bonds to commodities were supported by hopes that U.S. President Donald Trump may signal progress on trade talks with China. Brent crude, the global benchmark, was up 67 cents, or 1.1%, at $62.85 a barrel, after falling as low as $61.90. West Texas Intermediate (WTI) crude rose 68 cents, or 1.2%, to $57.54. Adding further support, U.S. data showed that crude inventories at Cushing, the delivery point for WTI, fell by about 1.2 million barrels in the week to Nov. 8, traders said, citing market intelligence firm Genscape.

In US Equity Markets the S&P 500 and Nasdaq indexes rose to record highs on Tuesday as trade-sensitive technology stocks gained ahead of a much-awaited speech by President Donald Trump, which was likely to provide some clarity on the U.S.-China tariff talks. The S&P 500 rose 0.38%, at 3,098.66 and the Nasdaq Composite added 0.50%, at 8,506.95. Walt Disney Co rose 1.62% as the company launched its widely awaited streaming service, Disney+. Netflix shares were down 0.6%. Rockwell Automation Inc jumped 12.5% as the factory automation equipment maker beat fourth-quarter profit expectations.

In Bond Markets Spanish government bond yields rose to nearly four-month highs on Tuesday after the country’s Socialist party reached a preliminary coalition deal with the far-left Unidas Podemos following an inconclusive election on Sunday. Yields on benchmark 10-year Spanish government debt rose three basis points to 0.45%. Spreads over comparable French debt widened to a one-month high of around 40 bps. Meanwhile, Italian government bonds outperformed, with the 10-year benchmark down 4 bps on the day after a hefty decline on Monday that saw the yield rise 7 bps.

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Update from Institute Portfolio Management 22 April 2019