Musks xAI is looking to fund $1 billion, U.S. market news Dec 06

Musks xAI

Dow Futures

 Dow Futures contract was up 40 points, or 0.1%, the S&P 500 Futures contract was up 8 points, or 0.2%, and the Nasdaq 100 Futures contract was up 26 points, or 0.2%.

1. What’s influencing markets? The ADP report is coming up, and Musk’s xAI is looking to fund $1 billion.
2. Reuters survey shows that Canadian dollar estimates are becoming less positive as the Bank of Canada considers rate cuts.
3. Governments are snooping on Apple and Google users via push notifications, according to a US senator.
4. Delta Air confirms its profit and revenue projections for 2023.
5. Yum Brands’ KFC will acquire 218 locations from EG Group in the United Kingdom and Ireland.
6. SentinelOne increases their yearly revenue projection due to increased cybersecurity spending (Dec. 5).
7. ExxonMobil announced plans to accelerate share repurchases following the completion of the Pioneer transaction.
8. The dollar is edging down, while the euro is being weighed down by dismal German manufacturing orders.
9. In 2024, airlines expect stable profits and record traveler numbers.
10. Elon Musk’s AI business, xAI, has filed for a $1 billion equity sale.
11. Futures prices rise on prospects of a Fed turn, as jobs data is in focus.
12. The US FTC attempts to halt Microsoft’s already-completed acquisition of Activision.
13. Gasoline prices in the United States are at an 11-month low, just in time for holiday shopping.
14. US authorities tighten their grip in an effort to avert more bank disasters.
15. At COP28, US envoy Kerry announces a worldwide nuclear fusion scheme.
16. Actors agree to a three-year contract, putting an end to Hollywood’s labor unrest.
17. According to the Financial Times, Apple has instructed component suppliers to source iPhone 16 batteries from India.
18. Nvidia is collaborating closely with the US to guarantee that new chips for China comply with tariffs.
19. Elon Musk’s AI business, xAI, has filed for a $1 billion equity sale.
20. Peloton shares are down 6.94%, bucking the NASDAQ increase.
21. PVH Corp. shares outperform peers despite a general market decline.
22. NVR Inc. shares fall as the market falls overall, while competitors climb.
23. Equity Residential shares falls as the market deteriorates
24. The MSCI index falls as markets close lower on Tuesday.
25. In the most recent Roundup weedkiller trial, Bayer was sentenced to pay $3.5 million.
26. Smithfield Foods cancels contracts with 26 pig farms in the United States, citing overstock.
27. Tech Titans: The approach that outperformed the S&P 500 by 950% in the last decade

GLOBAL NEWS 

1. At the close of trading, Australian stocks were higher; the S&P/ASX 200 was up 1.65%.
2. Japan’s markets are up at the close of trade, with the Nikkei 225 up 2.01%.
3. The Nifty 50 is up 0.40% at the closing of trade in India.
4. The EU is planning to postpone stricter limits on electric vehicle commerce with the United Kingdom.
5. Rising conflict risks force property insurers to reconsider coverage.
6. German coalition parties are at odds as the country’s fiscal crisis worsens.
7. Sweden’s ICA food merchants have been found guilty of insider trading.
8. Moody’s modifications Hong Kong’s outlook has shifted from stable to negative.
9. European markets rise; German manufacturing orders fall; Tui considers delisting
10. Despite China worries, Taiwan equities jump as investors pile in ahead of the election.
11. Rakuten, a Japanese company, plans to raise up to $433 million through the sale of a bank unit.
12. Following the Xinjiang audit, Volkswagen shareholders have demanded increased inspection.
13. Sberbank of Russia will invest more than $4.8 billion in information technology over the next three years.
14. The UK construction sector contracted substantially in November, according to the PMI.
15. Nissan and Mitsubishi have confirmed their intention to invest in Renault EV unit Ampere.
16. Journalists from the Washington Post intend to a 24-hour strike in the midst of protracted contract negotiations
17. The dollar is steady, while the euro is weak, as speculators expect rate cuts to begin in Q1.
18. Safran considers protesting Rome’s defense agreement veto.
19. BAT deducts $31.5 billion from the value of its cigarette brands in the United States.
20. Asian markets are surging as Fed rate drop bets overcome China concerns.
21. Asia FX outperforms China as markets turn to a less hawkish Fed.
22. Australia’s third-quarter GDP falls slightly short of projections as exports contract.
23. According to a Reuters poll, China’s export downturn is expected to ease as pockets of demand emerge.
24. Australia’s economy is slowing, and consumer spending is relatively low.
25. China’s blue-chip stocks have fallen to five-year lows, and the yuan has weakened as a result of Moody’s decision.
26. Twitch will close in South Korea because to excessive prices.
27. Toyota will sell its full share in Japan’s Harmonic Drive Systems, according to a document.
28. The leading investor in Perpetual makes a $2 billion deal to buy the Australian fund manager.
29. Rakuten Group plans to sell 15% of its stake in Rakuten Bank in the offshore market.

Economic Data

Job openings declined to 8.733M in October from 9.350M in September and lower than the 9.4M consensus, according to the U.S. Labor Department’s Job Openings and Labor Turnover Survey. The September figure was revised from the 9.553M previously reported.

ISM Non-Manufacturing Services PMI advanced to 52.7, topping the 52.0 consensus, and above 51.8 in October, signaling economic activity in the services sector saw a faster rate of expansion during the month.

World News

Japan’s Tankan Survey shows Dec manufacturers’ sentiment index +12 versus +6 in Nov; Service sector index +26 versus Nov’s +27. 

Latest API figures show a build of 594,000 barrels vs. expectations of 2.267-million-barrel draw; Gasoline inventories rose this week by 2.83 million barrels; Distillate inventories also rose this week, with a gain of 890,000 barrels. 

Economic Calendar

7:00 AM ET                  MBA Mortgage Applications Data

8:15 AM ET                  ADP Private Payrolls for November

8:30 AM ET                  International Trade for October

8:30 AM ET                  Nonfarm Productivity for Q3

8:30 AM Et                   Unit Labor Costs for Q3

10:30 AM ET                Weekly DOE Inventory Data

Other Key Events

Deutsche Bank 8th Annual Lithium and Battery Supply Chain Conference, in NY

Goldman Sachs 15th Annual Industrials Week, 12/4-12/7, in London

Goldman Sachs First Annual “Year-Ahead” Catalyst Clinic, 12/4-12/8 (virtual)

Goldman Sachs Financial Services Conference, 12/5-12/6, in New York

Raymond James TMT Conference, 12/4-12/6, in New York

Roth MKM 6th Annual Sustainability Private Capital Event, 12/6-12/7 (virtual)

San Antonio Breast Cancer Symposium, 12/5-12/9, in San Antonio, TX

China Imports and Exports for November

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