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STOCKS DECLINE AS COMMODITY PRICES FALL

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US FINANCIAL MARKET
| US ECONOMY & POLITICS
 EUROPE & WORLD | TODAY IN HISTORY

DAILY MARKET REPORTS

  • U.S. stocks broadly fell Tuesday, led by declines among energy and materials companies.
  • IEA said the oil-price rally could be short-lived and global oil demand would be weaker than expected this year and next.
  • Data late Monday showed that growth in M2, the broadest measure of money supply in China, was lower than expected at 8.8% in October.
  • U.S. crude oil was off 1.1% at $56.14 a barrel.

US FINANCIAL MARKET

Home Depot Beats Estimates, Raises Guidance for Year

  • Earnings at the Atlanta-based company were $2.17 billion up from $1.97 billion a year ago, the company said.
  • Net sales rose 8.1% to $25.03 billion.
  • Comparable store sales growth was helped by $282 million by the hurricanes.
  • The company also increased its guidance and expects comparable-store sales growth for the year to increase 6.5%.

TJX Companies Shares Slide as Retailer Misses Sales Estimate

  • Consolidated same-store sales, which includes results from TJ Maxx, Marshalls, HomeGoods and non-U.S. stores, were flat from a year before.
  • The company’s third-quarter revenue increased 7% to $8.76 billion.
  • TJX’s net income was $641 million, or $1 a share, in line with analysts’ expectations.

Roku hits record high on Philips licensing deal

  • The company said the licensing partnership with Japan’s Funai Electric, which manufactures Philips televisions for North American, would place its operating system on Philips’ smart TVs.
  • Roku also said that it would give a $20 discount on its $69.99-priced streaming stick for the Black Friday weekend.
  • Roku’s stock has now more than tripled from its IPO price of $14 on Sept. 27.

AT&T, Verizon strike tower agreement in effort to diversify vendors

  • The U.S. cell tower market is currently dominated by three companies: American Tower, SBA Communications, and Crown Castle.
  • AT&T and Verizon said on Monday they have agreed to lease hundreds of new cell towers from owner and operator Tillman Infrastructure.
  • As part of the agreement, Tillman will construct the towers and AT&T and Verizon will serve as anchor tenants.
  • Construction will begin in the first quarter of 2018.

Oil-Price Recovery Threatened by Weak Demand, Says IEA

  • International Energy Agency lowers its crude demand forecasts for this year and next, in contrast to OPEC, which has just raised them.
  • The IEA cut its crude demand growth outlook by 100,000 barrels a day for 2017 and 2018.
  • The agency now expects demand to grow by 1.5 million barrels a day this year and 1.3 million barrels a day next year.
  • The IEA noted that oil prices have risen roughly 20% since early September—with Brent crude sustaining gains above $60 a barrel in recent weeks—on the back of supply disruptions and geopolitical tensions in the Middle East.

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US ECONOMY & POLITIC

U.S. producer prices surge 0.4% in October

  • Another measure preferred by economists, known as core PPI, rose 0.2% for the third straight month.
  • The core rate strips out food, energy and trade margins.
  • The increase in the PPI pushed the 12-month rate of wholesale inflation up to 2.8%, the highest since February 2012.

Tax Overhaul Bills Keep ‘1031 Exchange’ and Add Other Commercial Property Perks

  • The Senate bill, unveiled last week, also would shorten the depreciation period for commercial property to 25 years from 39 years.
  • Owners of office buildings, malls, warehouses and other commercial property would benefit from lower taxes on their profits and would be able to avoid a 30% limit on deductions for interest expense that would be imposed on other businesses, based on two separate bills originating in the House and the Senate, respectively.

U.S. Ran $63 Billion Budget Deficit in October

  • The S. government ran a $63 billion budget deficit in October, as government spending outpaced revenue collection at the start of the fiscal year.
  • Federal government outlays last month totaled $299 billion, exceeding $235 billion in total receipts, the Treasury Department said Monday.
  • The Congressional Budget Office had estimated the government recorded a deficit of $62 billion in October.
  • The monthly deficit was about $17 billion wider than a $46 billion budget gap in October 2016.
  • The budget shortfall rose to $666 billion in the fiscal year that ended on Sept. 30, up $80 billion, or 14%, from fiscal year 2016.

Millions More Millionaires Around the World, Led by U.S

  • The number of dollar-based millionaires around the world rose in the year through mid-2017 by 2.3 million, with nearly half of them residing in the U.S.
  • There were over 15 million U.S.-based millionaires in 2017, up 1.1 million from a year earlier.
  • Globally, there were just over 36 million of them.
  • Japan and the U.K. were a distant second and third, respectively, though their millionaire ranks fell in the past year due to declining values in their currencies, a particular issue for the U.K. in the wake of Brexit.

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EUROPE & WORLD

German, Italian Growth Add Fuel to Eurozone Recovery

  • The German and Italian economies moved up a gear in the third quarter, aided by an increase in demand for their exports.
  • The eurozone’s $10 trillion economy remained on course for its strongest year since 2007.
  • Germany’s gross domestic product grew at a quarter-to-quarter rate of 0.8% in the three months through September, or 3.3% in annualized terms, the Federal Statistical Office said.

U.K. Inflation Rate Holds at Five-Year High

  • Consumer prices grew 3.0% in October, unchanged from September, but still recorded the joint-fastest annual increase since March 2012.
  • Growth in input prices paid by factories, however, slowed to its lowest rate since the immediate aftermath of the Brexit vote last year, and stood at 4.6% in October.

Vodafone raises outlook as customers ditch wifi for mobile

  • Vodafone Netherlands and foreign exchange movements resulted in a 1 percent dip in total revenue to 23.1 billion euros.
  • It has recently announced a 2 billion euro investment in fiber connections in Germany and a strategic partnership with CityFibre in Britain to improve its fixed-line position.
  • Chief Executive Vittorio Colao lifted guidance for the first time in Vodafone’s recent history after reporting a 13 percent rise in first-half adjusted core earnings to 7.4 billion euros ($8.7 billion), comfortably ahead of market forecasts.

Foxconn’s Profit Down 39% Amid iPhone Production Woes

  • The iPhone X, which Foxconn assembles in China, went on sale this month after it was plagued by a series of production problems among Apple’s suppliers.
  • Taiwan-based Foxconn, known formally as Hon Hai Precision posted 21 billion New Taiwan dollars (about $695.5 million) in net profit.
  • Quarterly revenue was NT$1.1 trillion, nearly flat from a year before.

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TODAY in HISTORY

  • The British Broadcasting Corporation began its domestic radio service. (1922)
  • The first regular UK Singles Chart published by the New Musical Express. (1952)
  • American physicist Theodore Maiman is given a patent for his ruby laser systems, the world’s first laser. (1967)
  • Apollo program: NASA launches Apollo 12, the second crewed mission to the surface of the Moon. (1969)
  • Mariner 9 enters orbit around Mars. (1971)
  • The most distant object ever found in our solar system, named Sedna, was discovered by astronomers at the Mount Palomar Observatory. (2003)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

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