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U.S. STOCKS ON TRACK FOR FRESH RECORDS

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US FINANCIAL MARKET
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DAILY MARKET REPORTS

  • The S&P and the Dow hit records at the open on Tuesday, led by gains in technology stocks.
  • Jerome Powell heads into confirmation hearing to become next Federal Reserve Chairman.
  • The global economy is on course for its best year since 2010, the OECD said.
  • In Europe, shares of Royal Dutch Shell led an advance Tuesday after the Anglo-Dutch oil-and-gas company said it would begin paying its dividend only in cash because its free cash flow forecasts had risen.
  • Buffalo Wild Wings jumped 6.4 percent as Roark Capital Group, owner of restaurant chain Arby‘s, announced it had agreed to buy the company for about $2.4 billion.

US FINANCIAL MARKET

Buffalo Wild Wings to Be Acquired by Arby’s in Deal Worth $2.9 Billion

  • Arby’s, which is controlled by Roark Capital Group, will buy the Minneapolis-based restaurant chain for $157 a share. Including debt, the deal is worth about $2.9 billion.
  • Buffalo Wild Wings, which is known for its sports-bar atmosphere and wide selection of chicken flavors, was founded in 1982 and went public in 2003. The company had 220 restaurants in the U.S. when it debuted as a public company and now it operates more than 1,200 locations worldwide.

Emerson Electric pulls Rockwell Automation bid off table

  • Automation-systems maker Emerson Electric abandoned its bid for Rockwell Automation after its smaller rival snubbed several of its buyout offers.
  • Emerson, looking to be an industrial automation giant, first made an offer of $200 per share for Rockwell in August. It then raised its offer twice – to $215 per share and $225 per share, but was rejected.

Oil Prices Chase $60 After a Year of Surging Demand

  • West Texas Intermediate crude is poised to top $60 a barrel, up more than 36% from a low in June.
  • The milestone would mark a drastic shift in sentiment compared with five months ago, when prices languished in a bear market despite efforts by global producers to limit output.
  • Oil prices have been depressed for more than three years—prices are still down more than 45% from their 2014 high.

Wells Fargo Fires Four Foreign-Exchange Bankers as Woes Spread to Investment Bank

  • Problems at Wells Fargo have extended to its investment bank, prompting the firm to fire with cause four foreign-exchange bankers, according to people familiar with the matter.
  • The bank has launched an internal investigation and regulators are also probing the foreign-exchange business.
  • Until now, issues at the bank have centered on its retail-banking operation.
  • The issues in the foreign-exchange business emerged separately from the review of business practices sparked by the sales-practices scandal.
  • Separately, the Office of the Comptroller of the Currency earlier this week sent a confidential report to Wells Fargo about the auto-insurance product issues.
  • The report said the bank may need to refund to customers more than the $80 million the bank had previously cited.

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US ECONOMY & POLITIC

Consumer Confidence Remains at a 17-Year High

  • The Conference Board said its index of U.S. consumer confidence increased to 129.5 in November from 126.2 in October.
  • The index hit the highest mark since registering 132.6 in November 2000.

Home Price Growth Gained Momentum in September

  • The S&PCoreLogic Case-Shiller National Home Price Index, which covers the entire nation, rose 6.2% in the 12 months ended in September, up from a 5.9% year-over-year increase reported in August.
  • Seattle reported the largest annual gain, at 12.9%, followed by Las Vegas at 9% and San Diego at 8.2%.
  • Month-over-month, the U.S. Index rose 0.4% in September before seasonal adjustment.

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EUROPE & WORLD

OECD Sees Global Economic Growth Reaching Seven-Year High

  • Overall, it now expects the global economy to expand 3.6% this year, up from 3.5% forecast in September, while the 2018 growth projection was unchanged at 3.7%.
  • The OECD raised its growth forecasts for the U.S. and the eurozone this year and next.
  • It now sees the former growing 2.2% this year and the latter 2.4%.
  • If the OECD is right, it would be second straight year in which the eurozone has outpaced the U.S.
  • The OECD left its growth forecasts for China unchanged from September, and cut its forecasts for Canada.

Shell to Pay Its Dividend in Cash in Latest Sign of Health for Big Oil

  • Shell said Tuesday it would begin paying its dividend only in cash, a fresh sign that big oil companies are trying to reward investors after struggling with three years of falling oil prices.
  • Shell said it had shored up its dividend program because its free cash flow forecasts had risen to $25 billion to $30 billion by 2020 at Brent crude prices of $60 a barrel—$5 billion more than the company predicted in June 2016.

Siemens, Airbus, Rolls-Royce team up on hybrid-electric propulsion

  • Dubbed the E-Fan X program, the three companies anticipate flying a demonstrator aircraft in 2020 after ground tests, provisionally on a BAe 146 aircraft.
  • Airbus will be responsible for the control architecture of the hybrid-electric propulsion system and batteries, and its integration with flight controls. Rolls-Royce will be responsible for the turbo shaft engine and 2 megawatt generator, while Siemens will deliver the 2 MW electric motor.

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TODAY in HISTORY

  • Portuguese explorer Ferdinand Magellan passed through the strait which bears his name to the Pacific Ocean (1520)
  • American-born Lady Astor became the first woman to take a seat on the British Parliament (1919)
  • Churchill, Roosevelt, and Stalin met in Tehran for their first meeting during World War II (1943)
  • The U.S. spacecraft Mariner 4 launched—on its way to the first successful mission to Mars (1964)

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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