Lunes 21/11/16 Semana de Thanksgiving

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Copper November 21,08:19
Bid/Ask 2.5101 - 2.5110
Change +0.0585 +2.39%
Low/High 2.4571 - 2.5286
Charts

Nickel November 21,08:19
Bid/Ask 5.0394 - 5.0439
Change +0.1550 +3.17%
Low/High 4.8844 - 5.0727
Charts

Aluminum November 21,08:19
Bid/Ask 0.7833 - 0.7835
Change +0.0109 +1.41%
Low/High 0.7724 - 0.7865
Charts

Zinc November 21,08:19
Bid/Ask 1.1595 - 1.1602
Change +0.0183 +1.60%
Low/High 1.1412 - 1.1723
Charts

Lead November 21,08:19
Bid/Ask 0.9823 - 0.9832
Change +0.0132 +1.37%
Low/High 0.9672 - 0.9922
Charts

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Igual que Trump
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Primera ministra británica quiere bajar los impuestos corporativos: Daily Telegraph

LONDRES (Reuters) - La primera ministra británica, Theresa May, comunicará el lunes a dirigentes empresariales que quiere bajar los impuestos corporativos al nivel más bajo de las 20 principales economías del mundo, informó el Daily Telegraph.

El diario dijo que May desea reducir los impuestos corporativos por debajo del 15 por ciento prometido por Donald Trump antes de las elecciones presidenciales de Estados Unidos.

Un recorte de impuestos de este tipo podría atraer a compañías desde otros lugares de la Unión Europea a Reino Unido y desafiar la preeminencia de Irlanda como el lugar con impuestos más bajos de Europa para las grandes compañías internacionales.

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Fillon y Juppé buscan respaldo para segunda ronda de primarias en Francia

Por Richard Lough

PARÍS (Reuters) - François Fillon es el favorito para las primarias de los conservadores franceses tras obtener el respaldo del ex presidente Nicolas Sarkozy, que quedó fuera de la carrera después de la primera ronda tras un impresionante repunte tardío en los sondeos.

Analistas del mercado dicen que el resultado incrementa la incertidumbre sobre el resultado de la elección presidencial del próximo año, lo que podría aumentar un riesgo aún remoto de que la líder de extrema derecha Marine Le Pen pueda ganarla.

Sin embargo, antes de eso Fillon tendrá que medirse con otro ex primer ministro, Alain Juppé, en una segunda ronda de primarias el 27 de noviembre. Juppé tiene una semana para dar un giro a su campaña que ha perdido impulso y ganar el respaldo de los partidarios de otros candidatos.

Dado que a Fillon quedó a sólo seis puntos del umbral de 50 por ciento necesario para ganar en primera ronda y Sarkozy está de su lado, parece una tarea difícil para Juppé. Un sondeo de Opinionway mostró que Fillon ganaría la segunda ronda de primarias el domingo con un 56 por ciento, pero Juppé no se da por vencido.

Cualquier votante francés puede participar en la segunda ronda de primarias y las opiniones de encuestadoras y comentaristas han fallado bastante en votaciones este año en todo el mundo. El más reciente ejemplo se dio el domingo pasado, cuando a Fillon le fue mucho mejor a lo esperado.

Lo que está en juego es un lugar casi seguro en la segunda ronda de la elección presidencial de la próxima primavera boreal, dicen encuestadoras, con la izquierda francesa golpeada debido al impopular presidente François Hollande.

En la elección decisiva de mayo, con toda probabilidad el contendor conservador enfrentará a la líder del Partido Nacional Marine Le Pen. Según un sondeo de BVA de septiembre, Fillon derrotaría a Le Pen por un margen de 61 por ciento contra un 39 por ciento.

"Hasta algún punto, creemos que la ventaja de Fillon introduce una incertidumbre adicional en lo que se refiere a la elección presidencial", dijo Raphael Brun-Aguerre, de JP Morgan, en una nota.

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Stocks Rise With Advancing Metals

A steep ascent in oil and metals prices boosted shares of energy and mining companies

By Riva Gold Updated Nov. 21, 2016 8:40 a.m. ET
Rising commodity prices helped lift stock markets on Monday, while the dollar was on track for its first loss in 11 sessions as a postelection rally faded.

The Stoxx Europe 600 was up 0.2% in afternoon trade, following gains in Asia. Futures pointed to a 0.3% opening gain for the S&P 500, inching closer to its all-time high.

A steep ascent in oil and metals prices boosted shares of energy and mining companies, driving most of the day’s gains in the U.S., Europe and Asia.

Brent crude oil was up 2.2% at $47.90 a barrel after Iraq’s oil minister said Sunday the country would offer new proposals at next week’s meeting of the Organization of the Petroleum Exporting Countries where officials are expected to discuss a supply cut.

Metals prices also rose, buffeted by a 0.4% retreat in the dollar. Gold was up 0.6% at $1,216 an ounce, while copper futures in London were up 2.4% at $5,566 a metric ton following Chinese President Xi Jinping’s statement over the weekend that his government would support a Free Trade Area of the Asia Pacific. Many investors expect this to mean increased imports by China, the world’s largest metal consumer.

Shares of energy companies Murphy Oil Corp. and Chesapeake Energy Corp. and mining company Freeport-McMoRan Inc. were among the best performers in U.S. premarket trading.

Europe’s basic resources sector advanced 2.1%, leading markets higher, even as the health-care sector sold off. Some companies were catching up with falls in their Wall Street counterparts last week, when U.S.-listed pharmaceutical companies pulled back from a postelection rally, which had been driven by hopes for less regulation of drug pricing.

In government bond markets, the yield on the 10-year U.S. Treasury note was little changed at 2.326% from 2.337% on Friday. The 10-year note had posted its steepest two-week yield gain since 2001.

“Our bond guys said the implementation of Trump’s platform will result in stronger economic growth, stronger inflation, and the Fed will tighten rates,” said Phil Orlando, chief equity market strategist at Federated Investors.
”When we saw that, we immediately increased our equity allocation and took it out of Treasurys,” he said, favoring economically sensitive U.S. stocks such as financials and industrials instead.

U.S. stocks have outperformed most of their global counterparts since the election, attracting a surge of new money. ETF fund flows through last week ”saw a spectacular flight toward U.S. equities and away from everything else,” according to J.P. Morgan.

In the week after Mr. Trump’s victory, investors pulled more cash out of U.S. fixed-income funds than at any time over the last three years, according to EPFR Global.

German bond yields were unmoved at 0.278% on Monday, while the yield on 10-year Japanese bonds hovered around 0.028%.

Japan’s economy beat economists’ expectations in the three months through September, data showed Monday. The Nikkei Stock Average added 0.8% to reach its highest close since January.

Shanghai stocks also advanced modestly to their highest close since January, even as the Chinese yuan was fixed lower for a 12th straight session, hit by a recent appreciation of the dollar.

Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt earlier this year. German bond yields were little changed. ENLARGE
Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt earlier this year. German bond yields were little changed. Photo: Reuters

Currency markets have tracked the bond market closely since the election, with the dollar mostly rising alongside a decline in the price of the 10-year Treasury note.

“It’s all about yield,” said Simon Derrick, chief currency strategist at BNY Mellon.

The WSJ Dollar Index cooled on Monday from its longest winning streak since 2009, with the dollar last down 0.3% against the yen and 0.4% against the British pound.

The dollar was also down 0.4% against the euro after advancing against the common currency for a record 10 consecutive sessions.

The euro’s decline has coincided with the divergent monetary policy expectations from the Federal Reserve and European Central Bank. ECB President Mario Draghi will present the bank’s annual report to the European parliament later Monday.

Local politics have also started to take a toll, strategists said. With the euro, ”For the first time in quite a while, people are focusing on something other than pure-yield,” Mr. Derrick said, adding “there’s been a realization that political uncertainty is perhaps greater.”

Italian 10-year bond yields rose to as high as 2.111% from 2.017% on Friday, ahead of a coming referendum on constitutional reform. They later pulled back to 2.004%.

Investors in Europe were also watching the weekend’s political developments in France and Germany. Nicolas Sarkozy’s campaign to reclaim the French presidency ended abruptly after a surge of support for his former prime minister, leaving François Fillon and Bordeaux Mayor Alain Juppé set to advance to a runoff next Sunday.

German Chancellor Angela Merkel also said Sunday she would run for a fourth term next year, ending months of speculation.

—Biman Mukherji, Christopher Whittall and William Horobin contributed to this article

Write to Riva Gold at riva.gold@wsj.com

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18106.02 138.61 0.77%
Stoxx Europe 600 340.09 0.70 0.21%
UK: FTSE 100 6781.72 5.95 0.09%
CURRENCIES9:00 AM EST 11/21/2016
LAST(MID) CHANGE
Euro (EUR/USD) 1.0637 0.0047
Yen (USD/JPY) 110.77 -0.13
Pound (GBP/USD) 1.2476 0.0130
Australia $ (AUD/USD) 0.7376 0.0041
Swiss Franc (USD/CHF) 1.0086 -0.0014
WSJ Dollar Index 91.17 -0.47
GOVERNMENT BONDS9:00 AM EST 11/21/2016
PRICE CHG YIELD
U.S. 10 Year 12/32 2.314
German 10 Year -3/32 0.286
Japan 10 Year 3/32 0.028
FUTURES8:50 AM EST 11/21/2016
LAST CHANGE % CHG
Crude Oil 46.91 1.22 2.67%
Brent Crude 48.18 1.32 2.82%
Gold 1214.3 5.6 0.46%
Silver 16.750 0.029 0.17%
E-mini DJIA 18872 19 0.10%
E-mini S&P 500 2186.75

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Japan: Nikkei 225 18106.02 138.61 0.77%
Hang Seng 22357.78 13.57 0.06%
Shanghai Composite 3218.15 25.29 0.79%
S&P BSE Sensex 25765.14 -385.10 -1.47%
Australia: S&P/ASX 5351.30 -8.10 -0.15%
UK: FTSE 100 6782.03 6.26 0.09%
DJIA 18867.93 -35.89 -0.19%
Asia Dow 2886.58 17.39 0.61%
Global Dow

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6782.34 6.57 0.10%
Germany: DAX 10702.24 37.68 0.35%
France: CAC 40 4527.28 22.93 0.51%
Stoxx Europe 600 339.97 0.58 0.17%
Hang Seng 22357.78 13.57 0.06%
Japan: Nikkei 225 18106.02 138.61 0.77%
DJIA 18867.93 -35.89 -0.19%
Europe Dow 1477.28 11.26 0.77%
Global Dow

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Metal Prices Climb as China Backs Free-Trade Zone

Hopes that President-elect Donald Trump will boost infrastructure spending also pushed prices higher

By Biman Mukherji Nov. 21, 2016 4:24 a.m. ET
A worker at a nickel-processing plant in Sorowako, Indonesia, March 1, 2012. ENLARGE
A worker at a nickel-processing plant in Sorowako, Indonesia, March 1, 2012. Photo: Reuters

Metal prices rallied Monday, despite a strengthening dollar, as a pledge by China’s president to support a free-trade area in the Asia-Pacific boosted optimism about Chinese demand.

Typically, a strong dollar weighs on metal prices because it makes sales to China and other emerging markets more expensive. But positive sentiment around China along with hopes that U.S. President-elect Donald Trump will boost infrastructure spending pushed prices higher.

Three-month copper futures on the London Metal Exchange rose 2.5% to $5,560 a ton, zinc gained 2.1% to $2,596.5 a ton and nickel was up 3.2% to $11,165 a ton.

“Normally a higher dollar value is not good for commodity prices, but this time around it is different because dollar strength is on account of hopes of U.S. economy getting better,” says Helen Lau, analyst with Argonaut Research. “Now that is good for commodities consumption.”

Hopes of freer trade flows and the prospect of more imports by China, the world’s largest consumer of metals, buoyed investor sentiment, Ms. Lau said.

In a speech to the Asia-Pacific Economic Cooperation forum in Lima, Peru, on Saturday, Chinese President Xi Jinping said his government would support a Free Trade Area of the Asia-Pacific and was pushing forward with the Regional Comprehensive Economic Partnership, a trade pact that includes 16 countries.

China, the world’s second-biggest economy after the U.S., could take on a greater role in global trade if Mr. Trump’s administration pulls out of U.S.-led accords, analysts say. In the next five years, China will import $8 trillion of goods and invest $750 billion abroad, Mr. Xi said.

In the lead-up to the U.S. presidential election, Mr. Trump vowed to review trade pacts and impose across-the-board tariffs on imports from China, a large exporter of metals to the U.S.

“Of course, I think there is a certain element of uncertainty going forward, especially as we are not sure about the policies of the U.S. president-elect,” said Ms. Lau.

Metal prices have zigzagged over the past two to three weeks. Most base metal prices, including copper, zinc, aluminum, nickel and lead, tumbled when it became clear that Mr. Trump was headed to a surprise victory because traders were unclear about his policy positions. Those price moves later reversed course.

Analysts expect metal prices to be volatile in the near term. If the U.S. Federal Reserve raises rates next month, the rally in metals prices would likely be capped by dollar strength.

Mr. Trump’s election coincides with a global metals glut. In recent months, Chinese metal producers have added to the oversupply by stepping up output, which has partly been supported by a pickup in China’s housing market and infrastructure spending.

Chinese cities have recently taken measures to curb speculation in the property market.

“The Chinese construction sector is likely to experience headwinds because of restrictions that are now being imposed, though overall the investment climate [in the nation] appears to be far more stable,” said Eugen Weinberg, head of commodities research at Commerzbank.

Write to Biman Mukherji at biman.mukherji@wsj.com

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+50.07

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A algo mas de 80 puntos de los 19,000 puntos para el Dow Jones.

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Oil up 46.93

Au up 1,213

Europa al alza

Ag down 16.72

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Banco do Brasil recorta 18.000 empleos y busca ahorros por 900 mln dlrs con plan de reestructuración
lunes 21 de noviembre de 2016 07:52 GYT Imprimir [-] Texto [+]
Agencia del Banco de Brasil en el centro de Rio de Janeiro. Banco do Brasil busca ahorrar hasta 3.050 millones de reales (900 millones de dólares) con la eliminación de 18.000 empleos, dijo el lunes el presidente ejecutivo del prestamista, Paulo Rogêrio Caffarelli, en un plan que pretende convertir a la entidad en un actor digital más fuerte, impulsar los retornos y recuperar terreno frente a sus rivales. 15/12/2014 REUTERS/Pilar Olivares/File Photo
1 de 1Tamaño Completo
SAO PAULO (Reuters) - Banco do Brasil busca ahorrar hasta 3.050 millones de reales (900 millones de dólares) con la eliminación de 18.000 empleos, dijo el lunes el presidente ejecutivo del prestamista, Paulo Rogêrio Caffarelli, en un plan que pretende convertir a la entidad en un actor digital más fuerte, impulsar los retornos y recuperar terreno frente a sus rivales.

El banco controlado por el Estado planea cerrar 402 sucursales, reducir otras 379 y jubilar de forma anticipada a los empleados que acepten los términos propuestos durante un período de oferta que termina el 9 de diciembre.

Los ahorros anuales esperados, excluyendo los costos de personal, podrían ser de 750 millones de reales.

(1 dólar = 3,3769 reales)

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+52.05

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LAST(MID) CHANGE
Euro (EUR/USD) 1.0620 0.0030
Yen (USD/JPY) 111.01 0.11
Pound (GBP/USD) 1.2479 0.0133
Australia $ (AUD/USD) 0.7356 0.0021
Swiss Franc (USD/CHF) 1.0097 -0.0003
WSJ Dollar Index 91.30 -0.34
Futures9:47 AM EST 11/21/2016
LAST CHANGE % CHG
Crude Oil 47.01 1.32 2.89%
Brent Crude 48.35 1.49 3.18%
Gold 1214.4 5.7 0.47%
Silver 16.775 0.054 0.32%
E-mini DJIA 18891 38 0.20%
E-mini S&P 500 2190.75 10.00 0.46%

Government Bonds9:56 AM EST 11/21/2016
PRICE CHG YIELD
U.S. 10 Year 6/32 2.333
German 10 Year -1/32 0.280
Japan 10 Year 3/32 0.028

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+23.22