CURRENCY MARKET WRAP
As of Fri Nov 22nd, Singapore Time zone UTC+8
U.S. Dollar Index, +0.09%, 97.96
USDJPY, +0.03%, $108.58
EURUSD, -0.07%, $1.1065
GBPUSD, -0.03%, $1.2919
USDCAD, -0.17%, $1.3281
AUDUSD, -0.21%, $0.6788
NZDUSD, -0.22%, $0.6405
U.S. Initial claims for the week ending November 16 came in at 227,000 (consensus 216,000). Continuing claims for the week ending November 9 were up 3,000 to 1.695 million.
Yesterday’s trade news had little to do with actual progress and didn’t help clarify any uncertainty. Chinese Vice Premier Liu He reportedly extended an invitation to host another round of talks in Beijing and is “cautiously optimistic” about a deal. It was also speculated that the Dec. 15 tariffs could be delayed, even if a deal gets pushed back to next year.
The recent advance in the Treasury market was halted, sending yields higher across the curve. The 2-yr yield increased four basis points to 1.61%, and the 10-yr yield increased three basis points to 1.77%. The U.S. Dollar Index was little changed at 97.96.
STOCK MARKET WRAP
S&P500, -0.16%, 3,103.54
Nasdaq, -0.24%, 8,506.21
Nikkei Futures, -0.44%, 23,038.0
Perhaps the biggest story of the day, though, was Charles Schwab (SCHW 48.03, +3.28, +7.3%) holding talks to acquire TD Ameritrade (AMTD 48.38, +7.00, +16.9%). CNBC and FOX Business both broke the news, with the latter placing a $26 billion price tag on the potential deal. Both stocks rose considerably, while shares of E*Trade (ETFC 41.58, -4.28, -9.3%) fell 9%.
On the earnings front, the retail space remained in focus. L Brands (LB 17.17, +1.58, +10.1%) was in demand after the company guided Q4 EPS above consensus, while Macy’s (M 14.67, -0.35, -2.3%) and BJ’s Wholesale (BJ 23.84, -2.09, -8.1%) went on sale following their discouraging results and guidance.