Week 48 2017

Week 48 2017

27 November – 01 December

 

27 November

 

The outgoing Mexican central bank governor, a leading figure in global finance, has urged the US to maintain its “openness and leadership in the world economy” and warned that weaker international rules would hurt business in the US and worldwide.

 

Another day, another bolt-on deal for consumer goods giant Unilever. The Anglo-Dutch group on Monday said it has struck a deal to acquire US skincare maker Sundial Brands, as part of a wider effort to refashion itself and appease shareholders after rebuffing a $143bn approach from rival Kraft Heinz.

 

Allianz, the German insurance company, will spend almost €2bn buying out minority shareholders in Euler Hermes, the trade credit insurer.

 

Asia Pacific equities had a poor start to the week on Monday despite yet another record closing high for the S&P 500 and Nasdaq Composite indices on Wall Street.

 

28 November

 

Shares of some of the largest US retailers advanced, propelling the S&P 500 retail sub-index to an all-time high on Monday buoyed by indications of a strong start to the holiday shopping season.

 

Chinese Communist party policymaking may, at first glance, appear to have little bearing on what happens in American, Canadian and French factories, where most of the world’s large business jets are assembled. Yet some observers believe that a crackdown on corruption in China over recent years has helped to damp demand from the wealthiest Chinese for the biggest and most prestigious private aircraft.

 

Sales of helicopters are on an upward trend after years of flagging demand from operators in the energy sector. Helicopter makers report a rise of 7.7 per cent in civil deliveries in the first three quarters of 2017, compared with the same period in 2016, to 661 aircraft, according to figures from the General Aviation Manufacturers Association released this month.

 

The Central Bank of Egypt has removed caps on deposits and withdrawals of foreign currency for importers of non-essential goods in a sign of improving dollar liquidity in Egyptian banks.

 

29 November

 

Tech stocks are dropping like a rock on Wednesday morning, amid a wide-ranging sell-off that has affected a number of major companies.

 

One-off costs hurt full-year profits at Britvic, as the soft drinks maker cautioned about uncertainty in the year ahead from the levy on sugary drinks due to be introduced in April.

 

Uber’s adjusted losses widened to $743m during the third quarter of this year, up 14 per cent from the previous quarter, according to new documents sent to shareholders, underscoring the long road ahead for the transportation company as it tries to reach profitability.

 

Price growth in Spain failed to pick up this month, in the latest sign that the levelling out in global energy prices is slowing the European Central Bank’s efforts to lift inflation across the eurozone.

 

30 November

 

A global sell-off of technology stocks has nibbled at Europe, and wider sentiment remains cautious after more falls for Chinese stocks.

 

Juniper Networks shares advanced nearly 20 per cent in after-hours trading on Wednesday following a report that Finnish telecoms and technology group Nokia was preparing to make an offer for the US-based maker of networking products.

 

LG Electronics has reshuffled its top executives, including the head of its struggling mobile division, in an attempt to breathe new life into the South Korean company as its mobile business remains in the red despite a sharp increase in overall earnings.

 

China’s manufacturing sector picked up unexpectedly in November as construction growth rose markedly, according to official figures.

 

01 December

 

Italy’s economic rebound proceeded at a slightly weaker pace than previously thought in the third quarter, according to new data, but a closely-watched survey suggested the outlook is still bright in the eurozone’s third-largest economy, with factories reporting their best month of new orders for more than 17 years.

 

Games Workshop, the best performing stock this year on the London market, said its revenues and earnings climbed significantly over the past six months, pushing shares up a further 9 per cent at the open on Friday.

 

On the fourth floor of the Tiffany flagship store overlooking Central Park, Audrey Hepburn fans can now salute her famed breakfast for $29. Since opening last month, tourists have flocked to the restaurant, snapping photos as they dine on truffle eggs and vegan avocado toast and sip locally sourced tea. The café is drenched in Tiffany’s trademark blue, making every angle look like Instagram brought to life.

 

The world’s biggest oil producers have agreed to extend a deal to curb oil production throughout 2018 to shrink swollen stockpiles and keep prices above $60 a barrel.