Weekly Market Snapshot1

News Last Week

  • The Bank of England raised its base interest rate from 0.25% to 0.50% to curb inflation. This marks the first increase since 2007. Monetary Policy Committee meeting minutes reveal limited expectations for future increases.
  • Home construction company, Lennar Corporation, announced their acquisition of CalAtlantic Group for $9.3b. The combined entities will form the largest home builder in the America as measured by market capitalization and revenue.
  • Aetna announced 3rd quarter results, beating on earnings, missing on revenues and raising their 2017 view.
View More View Less
  • BP reported better-than-expected profit for its 3rd quarter and announced plans to buy back shares.
  • Sony beat expectations for its latest quarter and raised forecasts. Results were in part due to improved sales for video game consoles and image sensors. Shares rose 11% after the announcement.
  • GoPro announced mixed results, beating on earnings, missing on revenues. Shares of the stock slipped – down more than 10 percent – in after-hour trading as a result.
  • U.S. Steel strongly beat quarterly earnings expectations and revenue forecasts. Results were in part due to prices strengthening and improved mill operations. Shares were up nearly 16% after the announcement.
  • Alibaba Holding Group, the Chinese e-commerce company, announced 2nd quarter results that beat expectations and revealed a net income that more than doubled from the year prior. Results were driven in part by Alibaba’s ability to use consumer data in order to drive spending and grow online advertising.
  • Monday: Personal Income and Outlays for September showed that personal income increased month-over-month by 0.4% as estimated. Consumer spending increased 1.0% for the month slightly above the 0.9% estimated. The annual rate of personal consumption expenditures (PCE) was up 0.4% from the prior month to 1.6%. Core PCE, which excludes the more volatile categories of food and energy, was unchanged at 1.3%.
  • Tuesday: Consumer confidence levels rose to a 17-year high jumping 5.3 points to 125.9.
  • Wednesday: ISM Manufacturing Index for October was 58.7 falling short of the consensus estimate of 59.5. The previous month index value was 60.8.
  • Wednesday: The FOMC Announcement did not include a change in policy rates or guidance, as was expected but did signal that a rate increase could occur in December.
  • Friday: The Employment Situation Report for October showed 261,000 new jobs were added to non-farm payrolls versus a consensus estimate of 325,000. The unemployment rate move 0.1% lower to 4.1% – the lowest rate in 17 years.
  • Friday: International Trade for September came in at a deficit of $43.5 billion versus a consensus estimate of a $43.4 billion deficit. Exports and imports both increased from the month prior.
View Full Report

News Next Week

  • It will be a relatively quiet week for economic indicators. The most significant report of the week will be the Jobless Claims report on Thursday at 8:30am.
View More View Less

You are now leaving the BMO Global Asset Management web site:

The link you have selected is located on another web site. Please click OK below to leave the BMO Global Asset Management site and proceed to the selected site. BMO Global Asset Management takes no responsibility for the accuracy or factual correctness of any information posted to third party web sites.

Thank you for your interest in BMO Global Asset Management.

You are now leaving the BMO Global Asset Management web site:

The link you have selected is located on another web site. Please click OK below to leave the BMO Global Asset Management site and proceed to the selected site. BMO Global Asset Management takes no responsibility for the accuracy or factual correctness of any information posted to third party web sites.

Thank you for your interest in BMO Global Asset Management.

You are now leaving the BMO Global Asset Management web site:

The link you have selected is located on another web site. Please click OK below to leave the BMO Global Asset Management site and proceed to the selected site. BMO Global Asset Management takes no responsibility for the accuracy or factual correctness of any information posted to third party web sites.

Thank you for your interest in BMO Global Asset Management.

You are now leaving the BMO Global Asset Management web site:

The link you have selected is located on another web site. Please click OK below to leave the BMO Global Asset Management site and proceed to the selected site. BMO Global Asset Management takes no responsibility for the accuracy or factual correctness of any information posted to third party web sites.

Thank you for your interest in BMO Global Asset Management.