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Drop in leading stocks pushes EGX30 to decline further, though expected to bounce back this week

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“On the other hand, the market capital was EGP 686.6bn during the last week, down 1.23% from the week before last” writes Fatma Salah for dailynewssegypt.com. The broader EGX100 index fell 1.57% to 1,360 points, and the EGX30 Capped index down 2.4%, closing at 15,784 points.Kamal expected the market to bounce back at the beginning of this week and test its resistance point at 13,500 points and then 13,700 points.Amin expected the index to move in the medium term between 13,000 and 15,000 points, predicting the market to rise again.…

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Live Nation, Zebra and Steris to join S&P 500, TripAdvisor among companies dropped

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“MAC, -1.70% “All companies moving to the S&P 500 have market capitalizations above $12 billion, and all companies moving to the S&P MidCap 400 have market capitalizations below $4.5 billion,” the announcement notes” writes Jeremy C for marketwatch.com. They will graduate from the S&P MidCap 400 and replace three companies that will drop down to that index: TripAdvisor Inc.The S&P 500 index SPX, +0.01% will have some new members in 2020, after S&P Dow Jones Indices announced a shuffle set to take place just before Christmas.ZBRA, -0.19% and Steris PLC…

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Stock market books tepid gains to end the week as market weighs merits of limited China trade-deal

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“Underpinning the week’s advance was the easing of fears –at least temporarily–surrounding two of the biggest points of friction for stock-market investors: U.K. elections and trade tensions” writes Mark Decambre for marketwatch.com. The Dow Jones Industrial Average DJIA, +0.01% closed up about 0.01% at 28,135, missing a record close at 28,164, while the S&P 500 index SPX, +0.01% advanced less than 0.01% to 3,169, enough for a fresh all time high.The S&P 500 and the Nasdaq Composite finished the week at records Friday but enthusiasm over an announced China-U.S. partial…

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News Stocks 

Broadcom stock declines as wireless chip stance confuses some analysts

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“For fiscal 2019, Broadcom reported revenue of $22.6 billion, up from $20.85 billion in fiscal 2018” writes Wallace Witkowski for marketwatch.com. Of the 33 analysts who cover Broadcom, 21 have buy or overweight ratings, while 12 have hold ratings.Of those, 16 analysts hiked price targets to an average $346.21, up from a previous $329.63, according to FactSet data.Initially, analysts surveyed by FactSet had forecast on revenue of $23.9 billion, and on Friday that consensus crept up to $24.74 billion. Source: marketwatch.com

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News Stocks 

U.S. stocks rise after China announces trade deal, offers few details

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“The Wall Street Journal later reported a limited trade deal had been agreed, citing sources” writes Markets Reporter for marketwatch.com. U.S. stocks rose Friday morning after Chinese officials confirmed a U.S.-China trade deal during a news conference, though neither U.S. nor Chinese officials have offered details on the exact nature of the agreement.Trump congratulated Johnson on his election victory early Friday via Twitter, and said Britain and the U.S. were now free to strike a “massive new trade deal” after Brexit.President Trump confirmed a deal had been reached by tweet…

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Futures News Stocks 

U.S. stocks set to climb as China trade deal gets closer and Conservatives take U.K. election

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“The Wall Street Journal later reported a limited trade deal had been agreed, citing sources” writes Markets Reporter for marketwatch.com. Trump congratulated Johnson on his election victory early Friday via Twitter, and said Britain and the U.S. were now free to strike a “massive new trade deal” after Brexit.CNBC reported Friday morning that disputes over a hard target for agricultural purchases could be holding up a final deal.Gold prices GCG20, +0.21%  were also edging higher, up $3.30, or 0.2%, to trade at $1,475.80 an ounce on Comex.Meanwhile, a decisive victory…

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Germany November wholesale price index -0.1% vs -0.1% m/m prior

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“The index measures the value of sales made by wholesalers in Germany, it provides an indicator of consumption and retail pattern” reports forexlive.com. Wholesale prices are falling at their quickest annual pace since May 2018 and this alludes to weaker price pressure in general that should flow through to consumers at the end of the day. Source: forexlive.com

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Asian stocks rally on apparent U.S.-China trade progress

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“Asian stock markets jumped Friday, reacting to U.S. market gains and general bullish sentiment as talk of a China-U.S. trade deal buoyed share prices” writes Rachel Koning Beals for marketwatch.com. Currency markets were also in play with the British pound surging as exit polls indicated a resounding election victory for Prime Minister Boris Johnson’s Conservative Party.The S&P 500 index SPX, +0.86% gained 26.95 points, or 0.9%, to close at 3,168.58, and the Nasdaq Composite Index COMP, +0.73% added 63.27 points, or 0.7%, to 8,717.32, both new records. Source: marketwatch.com

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Asia stocks jump as investors await signing of phase one US-China trade deal

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“The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.397 after earlier seeing highs above 97.2” writes Eustance Huang for cnbc.com. Shares in Asia jumped in Friday morning trade following news that Washington and Beijing have agreed to a phase one trade deal in principle, pending U.S. President Donald Trump’s approval.The Nikkei 225 gained 2.09% as shares of index heavyweight Fast Retailing soared more than 2%.Japanese stocks surged in early trade.South Korea’s Kospi also saw robust gains as it traded 1.26% higher,…

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Markets News Stocks 

Stocks close at fresh records on trade deal optimism

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“The Thursday trade optimism came after the Federal Reserve left interest rates unchanged on Wednesday while expressing optimism about U.S. economic health” writes Andrea Riquier for marketwatch.com. The S&P 500 index SPX, +0.86% gained 26.95 points, or 0.9%, to close at 3,168.58, and the Nasdaq Composite Index COMP, +0.73% added 63.27 points, or 0.7%, to 8,717.32, both new records. Source: marketwatch.com

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