Denný komentár

In her first keynote speech, the new head of the ECB stated that the ECB would continue to support the economic growth of the euro area.

Absolute news        

Three weeks after taking office, the new head of the ECB said fiscal policy was a key element in overcoming the two major challenges currently facing the European bloc, the changing nature of world trade and declining domestic growth. Lagard also said she would “announce” a review of the central bank’s strategy in the near future. It is a step where she believes she can help after her predecessor Mario Draghi has moved on to the next stimulus package in recent weeks. Minutes after her speech was finished, fresh data was published showing that the current economic slowdown in Europe is getting worse.

Investors earned on:

Nordstrom Inc, whose shares increased by 10.58% during the trading day (performance over 5 years: – 56.59%). This steep growth was due to third-quarter results that exceeded expectations. The company earned $ 126 million, 81 cents a share, while analysts averaged 65 cents a share. Revenue of $ 3.67 billion also exceeded forecasts. Nordstrom, Inc. is a fashion retailer of clothing, footwear and accessories for men, women and children. The company operates through several retail channels, discount stores, boutiques, catalogs and the Internet. Nordstrom also offers credit and debit cards with private labels through its subsidiary.

Macro analysis of the day:

China’s statistical office corrected China’s nominal value of gross domestic product (GDP) last year up 2.1 percent to 91.93 trillion yuan. Office added that this revision will not have a major impact on the calculation of this year’s rate of economic growth. China wants to agree with the United States and is trying to avoid a trade war, said China’s president, Xi Jinping, on Friday, but is not afraid to retaliate in a case of emergency. China urged US trade negotiators for a new round of face-to-face talks in Beijing, the Wall Street Journal said, citing unidentified sources. As regards macroeconomic indicators, in Japan, core consumer prices rose by 0.4% year on year in October and met analyst’s expectations. Asian stock indices closed the trading day as follows: Nikkei + 0.32%, Hang Seng + 0.48%, CSI 300 – 1.02%.

European shares rose on Friday after reaching 3-week lows on Thursday following US statements on the situation in Hong Kong which could disrupt the planned trade negotiations between the world’s two largest economies. After the final figures of the IHS Markit Purchasing Managers Index, it turned out that German business conditions continued to decline in November at a slower pace than in previous months. Eurozone trading activity stopped almost completely as the November IHS Markit Purchasing Managers Index, considered a reliable indicator of economic health, fell to 50.3 from 50.6 in October and moved closer to the 50 points mark that separates growth from recession. European stock indices closed the trading day as follows: Eurostoxx 50 + 0.21%, CAC 40 + 0.20%, DAX + 0.21%.

US stocks grew on Friday, with the main driver being optimism for progress in US-China trade negotiations and hints of likely compensation to Huawei’s Chinese telecommunications company. In addition, US President Donald Trump offered to ease restrictions on China’s Huawei Technologies, while China agreed to unspecified new purchases of US agricultural products. The Consumer Confidence Index conducted by the University of Michigan was revised to 96.8 points in November from a preliminary 95.7 points in November. US stock indices closed the trading day as follows: Dow Jones Index + 0,39 %, S&P500 + 0,17 %, NASDAQ + 0,16 %.

Dominik Horváth, Analyst at Capital Markets, o.c.p., a.s.