Daily Market Update

Daily Market Update

Daily Market Update Mixed sentiment in Asia, Europe falls on oil and Greece
The week is ending on a turbulent note as the price of oil edges lower again hitting energy stocks and fueling uncertainty. Yesterday’s positive jobs and retail sales data from the US was not enough to spark optimism in Asia. China’s economy continues to show weakness with new data today showing industrial output hit a three-month low in November. Another report showed an easing of government spending on infrastructure while China’s inflation, imports and exports are also declining. In Europe energy stocks once again dominate the markets which are all in the red so far this morning. There is also concern over Greece, with an election looming and the incumbent warning that if his government is not returned there could be another debt catastrophe in the country. US stock futures are edging lower, along with gold and oil so far.
 
Today’s data
Producer Price Index at 8.30am ET
Consumer Sentiment at 9.55am ET
Liberty Energy and Value Line are among those reporting today.
 
IEA predicts growing oil glut in 2015
Oil prices are edging lower again and there will be no respite the concern of the energy sector after a report by the International Energy Agency this morning. The agency’s latest outlook for 2015 is for oversupply to intensify as demand falls and non-OPEC countries show healthy production. The IEA suggests that demand for OPEC supplies will be 1 million barrels a day lower than current output.
 
Retail sales boom as gas prices help drive consumer spending
While energy firms are feeling the pain, Americans are enjoying a few extra dollars in their pockets thanks to lower gas prices. That spare cash seems to be making its way into retailers with November’s spending figures showing a 0.6 per cent increase after 0.5 per cent in October. Wall Street had been predicting a 0.4 per cent rise.
 
House passes spending bill, now it’s down to the Senate
The spending bill was passed yesterday by a 219-206 majority in the House despite a last minute attempt by Nancy Pelosi to block it. There will likely be some opposition to the banking provisions and immigration element of the bill but experts expect the Senate to pass without too much delay.
 
Banks play the villain in a $43.5 million toy story
US regulators have fined 10 Wall Street banks for giving Toys R Us a more favorable rating in return for its business. Citigroup, Goldman Sachs, Barclays and JP Morgan are among those that have been hit with fines totalling $43.5 million by the Financial Industry Regulatory Authority.
 
Big fish leaves Seaworld
James Atchison has resigned as CEO of Seaworld and will leave in January. He will exit with shares worth around $8 million plus a pay-off of at least $2.4 million. It’s been a tough year for the firm following a backlash after a CNN documentary showed the attraction in poor light and insiders say it may be time for some new ideas at the top.