Market Headlines – 30/11/2017

US

• US. equities were unchanged as investors mulled over better-than-expected GDP data and reports of a missile launch in North Korea.
• Bank stocks climbed on hopes for tax-reform progress while technology shares came under pressure.
• The Senate Budget Committee sent the tax bill to the full chamber which will be voted on as soon as this afternoon.
• The Commerce Department released updated figures for third-quarter U.S. GDP, which showed the economy expanded at an annualized rate of 3.3%. The number matched estimates and surpassed an initial read of 3.0% growth.
• Later on today the October personal income and spending data in the US will be released. This will also provide the latest reading for the Fed’s preferred inflation metric – the core PCE deflator.

Europe

• European stocks advanced for a second day as investors looked beyond a rout in technology firms, which slumped with their U.S. counterparts amid concern about how they’ll fare under a proposed tax overhaul.
• In the UK, the FTSE 100 fell 0.9% following gains in the currency. The U.K. benchmark typically has an inverse relationship with the pound as its members get 3/4 of their revenues from outside the country.
• In Irish political news, the Taoiseach is expected to announce the appointment of Simon Coveney as Tánaiste in the Dáil today.
• In economic news, this morning we’ll receive the November CPI report for the Euro area where the consensus expect a small pickup in the core to +1.0% yoy from +0.9%.

Asia

• In Asia overnight, Japanese equities gained 0.6%, lead by gains in names such as Mitsubishi UFJ Financial Group Inc., which climbed 2.8%. Chinese equities retreated 0.6% following weakness in Tech names.