After Ukrainian President Viktor Yanukovych decided to put off
sighing an accord with the EU, protesters took to the streets in
what has become the nation's most dramatic uprising since Orange
Revolution took place nine years ago.
The EU pact is seen by many as the final step to secure
Ukraine's future as a Western nation, and Yanukovych's decision to
hold off on signing has created an uprising. Over the weekend,
protesters stormed Independence Square in Kiev calling for
Yanukovych's removal from office.
The Wall Street Journal reported that retail spending over the
weekend was lower than in previous years, despite some store's
decision to open early on Thanksgiving. Spending on Thanksgiving
day increased, but Black Friday sales suffered as a result. Data
from the National Retail Federation showed that estimated total
spending for the entire weekend was down 2.7 percent from last
year's figure at $57.4 billion. PMI data from China strengthened
the case for Beijing's decision to shift the nation's economy
towards domestic consumption rather than investment. China's HSBC
PMI dropped to 50.8 from 50.9 in October and the report showed that
the nation's new export orders growth fell to a three month low. By
contrast, China's official PMI remained steady at 51.4, an 18 month
high. Sunday was dubbed "Victory Day" by protesters in Thailand who
were working to oust the nation's Prime Minister. However, the
demonstrators were unsuccessful in their attempt to seize the
Government House over the weekend. On Monday protests resumed and
quickly escalated to violence as riot police threw teargas and stun
grenades to keep the rallies under control. The recent deal between
Western leaders and Iranian officials will likely benefit a range
of US and European companies as they regain trade options in Iran
when some of the nation's sanctions are eased next month. The two
sides agreed to lift sanctions on some goods like car and plane
parts as well as creating a financial channel which will allow
banks to accept payments for some goods including medical supplies
and agricultural products.
Asian markets began the week on a low note, the Japanese NIKKEI
was down 0.04 percent, China's Shanghai composite lost 0.59 percent
and the Shenzhen composite was down 3.81 percent. The South Korean
KOSPI was down 0.69 percent , but the Hang Seng index gained 0.50
European markets were mostly lower, the UK's FTSE was down 0.06
percent and the eurozone STOXX 600 lost 0.19 percent. France's CAC
40 was down 0.17 percent and the Spanish IBEX fell 0.23
Energy futures were higher on Monday, Brent futures were up 0.36
percent and WTI futures gained 0.59 percent. Gold lost 0.38 percent
and silver was down 1.01 percent and industrial metals were higher
with tin posting the largest gains, up 1.22 percent.
The dollar lost some ground on Monday, the euro was up 0.13
percent against the greenback and the pound gained 0.32 percent
against the American currency. The dollar lost 0.54 percent against
the Australian dollar, but gained 0.12 percent against the yen.
No Notable Earnings released on Friday
Stocks moving in the Premarket included:
Perrigo Co. (NYSE:
) gained 0.81 percent in premarket trade after a week of choppy
trading. MasterCard Inc. (NYSE:
) gained 0.30 percent in premarket trade after gaining 0.84 percent
over the past five days.
Notable earnings expected on Monday include:
Thor Industries, Inc. (NYSE:
) is expected to report first quarter EPS of $0.70 on revenue of
$844.74 million, compared to last year's EPS of $0.58 on revenue of
$875.61 million. FedEx Corporation (NYSE:
) is expected to report second quarter EPS of $1.63 on revenue of
$11.43 billion, compared to last year's EPS of $1.39 on revenue of
$11.11 billion. Ascena Retail Group, Inc. (NASDAQ:
) is expected to report first quarter EPS of $0.32 on revenue of
$1.18 billion, compared to last year's EPS of $0.39 on revenue of
PMI data will be the star of Monday's economic calendar;
manufacturing PMI figures are due out for the US, the UK, the
eurozone, Germany, France, Italy, Norway, Spain and India.
For a recap of Friday's market action, click .
Tune into Benzinga's pre-market info show with Dennis Dick and
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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