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DOW INDUSTRIALS HIT NEW INTRADAY HIGH

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US FINANCIAL MARKET
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DOW INDUSTRIALS HIT NEW INTRADAY HIGH

  • In bond markets, investors were betting expansive fiscal spending and tax cuts translate to higher yields.
  • The yield on the 10-year U.S. Treasury note rose to as high as 2.118%, above 2% for the first time in nine months. Yields move inversely to prices.
  • Macy’s rose 6% after the department store operator raised its full-year sales forecast and announced a partnership to monetize some of its real-estate assets.
  • IBM rose 3% after Bank of America upgraded the stock and raised its price target.

US FINANCIAL MARKET

The All-Powerful Bond Market Is Getting Rocked by Trump

  • Bonds fall as investors see more stimulus under Trump.
  • Investors reacted to the prospect of increased fiscal stimulus under a Donald Trump presidency.
  • Moves in the $13 trillion U.S. Treasury market typically echo through global debt markets.
  • Treasuries are used as a benchmark to price the foreign-currency sovereign debt of emerging-market economies and some corporate debt.
  • A rise in U.S. yields would mean higher funding costs for many of these borrowers.

Silicon Valley Braces for Uncertainty after Donald Trump’s Victory

  • President-elect’s campaign lacked specific plan for how he would tackle technology policy.
  • Donald Trump’s election victory is seen as a blow to Silicon Valley, putting the presidency in the hands of a vocal critic of several big technology companies and an advocate of policies tech executives have said could hurt the industry’s development.

Macy’s Makes Real-Estate Pact with Brookfield; Profit Falls

  • Shares rise as executives indicate improving retail trends.
  • Macy’s said it would shut 100 more stores, about 15% of its base, on top of 40 closures announced earlier this year.
  • Activist investors have called for Macy’s to generate more value from its real estate by spinning it off.
  • Over all, Macy’s reported a profit of $17 million, down from $118 million a year earlier.
  • Sales fell 4.2% to $5.63 billion.

Kohl’s Profit Rises on Strong Back-to-School Season

  • Kohl’s posted better-than-expected profit in its third quarter, propelled by its back-to-school season.
  • Kohl’s reported a profit of $146 million, compared with $120 million a year earlier.
  • Revenue fell 2.3% to $4.32 billion.

Mylan Posts Loss, Hurt by Lower EpiPen Volumes, Charge Related to Settlement

  • Company books $465 million charge in the quarter to settle a Justice Department investigation.
  • Mylan posted a quarterly loss of $119.8 million, compared with a profit of $428.6 million a year ago.
  • Revenue climbed 13% to $3.06 billion.

Russia May Block LinkedIn if Company Loses Court Case on Personal-Data Law

  • Russia’s communications regulator is threatening to block professional social network LinkedIn Corp. in Russia if the company loses a court battle for failure to comply with a controversial personal-data law.
  • Experts see the case as a crucial test of a new data-privacy law.
  • LinkedIn has become the first foreign company to publicly clash with the regulator over the controversial law that took effect on Sept. 1, 2015 that requires both foreign and local companies to keep Russians’ personal data on Russia-based servers.

MetLife board approves $3 billion buyback program, its biggest ever

  • If the company bought shares at Wednesday’s closing price of $51.28, it would be able to repurchase about 58 million shares.
  • MetLife has about 1.1 billion shares outstanding.

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US ECONOMY & POLITICS

U.S. Jobless Claims Fell to 254,000 Last Week

  • Initial jobless claims, a proxy for layoffs, declined by 11,000 in the week ended Nov. 5 to a seasonally adjusted 254,000, the lowest level in four weeks.
  • Initial claims have remained below 300,000 for longest streak since 1970.

Donald Trump’s Financial Advisory Team Stocked with Wall Streeters

  • People close to Mr. Trump have said he is considering Steven Mnuchin, a former Goldman Sachs banker who became his national campaign finance chairman in May, as his pick for Treasury secretary.
  • John Paulson, a hedge-fund billionaire, was tapped as an adviser because of his understanding of housing.

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EUROPE & WORLD

EU Downgrades 2017 Growth Forecast, Sees Modest Growth This Year

Pierre Moscovici: “European growth will hold up in 2017 against a more challenging backdrop than in the spring”

  • The European Union will grow less than previously forecast in 2017.
  • The commission said growth in the 28-country EU was expected to be 1.8% this year, in line with earlier forecasts.
  • But it slashed its forecast for 2017, and now expects growth of 1.6% —0.3% lower than forecast earlier this year.
  • In 2018, the bloc is expected to grow 1.8%.

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TODAY in HISTORY

crown_prince_hirohito_and_lloyd_george_1921

Hirohito was crowned Emperor of Japan (1928)

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The first long distance telephone call without operator assistance took place (1951)

Sesame Street premiered on PBS TV (1969)

The Great Wall of China opened to the world for tourism (1970)

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