Market Outlook - 21st - 25th November

Market Outlook

- WALL STREET:
US indices lost ground last week. On the economic front, leading indicators rose 0.9% MoM (+0.6% exp.) in October according to the Conference Board while housing starts fell 0.3% MoM (-7.3% exp.) in October. Advance retail sales rose 0.5% MoM (+0.3% exp.) in October. Also, the Empire Manufacturing index jumped to 0.61 in November from -8.48 in October. Regarding US stocks, Salesforce.com (posted 3Q non-GAAP EPS of $0.34 vs $0.32 a year ago. Dell posted 3Q EPS of $0.54 vs $0.47 expected ($0.41 a year ago) and Wal-Mart's 3Q net sales were $109.5B, up 8.2% YoY. All sectors declined over the past week, with diversified financials (-8.04%) and automobiles (-8.34%) being the worst performers. From a technical perspective, the S&P500 is now pulling back to test its key support at 1188, and a technical rebound is therefore expected to 1290, as long as the nearest support is not broken.

- EUROPE:
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