Pre-Market Report: Analyzing the Global Markets on November 29 PART 2 OF 4
Pre-Market Update on North American Markets for November 29
- After rising for four straight days, US stocks closed lower on November 28 amid the pull back.
- The utilities and telecom sectors were the biggest outperformers, while the finance sector was the top loser.
- The S&P 500 fell by 11.63 points and closed at 2,201.72 (-0.53%) on November 28. The Dow Jones Industrial Average fell by 54.24 points to 19,097.90 (-0.28%).
- Major economic releases such as the US GDP (Q3) and US CB Consumer Confidence will release on November 29.
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- Mexican stocks rose on November 28 due to support from consumer goods and services, telecom services, and consumer staples.
- The IPC index closed at more than a two and a half week high on November 28. It ended the day at 45,470.61—a gain of 0.25%.
NYSE sector performance
- The energy sector moved lower on November 28.
- Speculations about the successful execution of the supply cut deal are weighing on the market.
- British Petroleum (BP), a major multinational oil and gas company, fell 1.6% to $33.72 on November 28. As a move to spread its position in Egyptian oil and gas market, British Petroleum is buying a 10% share of interest in the Zohr gas field—one of Egypt’s biggest gas fields.
Base metal sector:
- The base metal sector weakened on November 25 because of a pull back in respective metals.
- BHP Billiton (BHP), the Anglo-Australian miner, fell 1.0% to $38.34 on November 29. BHP Billiton approved another $181 million for remedial work and compensation programs at the Samarco iron ore mine. The mine was damaged by a dam burst in 2015.
- The SPDR S&P Metals & Mining ETF (XME) and the PowerShares DB Base Metals (DBB) fell 0.81% and 1.6%.
- The precious metal sector moved higher on November 28 amid the weaker dollar that supported underlying metal prices. The SPDR Gold Trust ETF (GLD) rose 1.0%.
- Barrick Gold (ABX), the world’s largest gold miner, fell 4% last week. Barrick Gold is looking for a buyer for its stake in the Kalgoorlie “Super Pit.” According to recent reports, a bid higher than $540 million above any other offering was received from an unknown Chinese company.