ASIA
Asia’s benchmark stock index posted the first monthly loss since August as GrainCorp Ltd. (GNC) plunged by a record (-22%) after the Australian government rejected a takeover bid by a foreign rival.
The MSCI Asia Pacific index jumped 9.8% this year, while falling 0.2% in November and rising 0.6% last week.
Japan’s Topix index fell 0.2% after a measure of inflation in October rose by the most in 15 years, while a gauge of industrial production missed analyst forecasts. Data showed Japan’s core consumer price index rose 0.9%, in line with expectations, as the government works to rid the country of deflation.
Hong Kong’s Hang Seng Index gained 0.4% to close at its highest since April 2011, while China’s Shanghai Composite rose 0.1%. Elsewhere in the region, Chinese stocks traded higher after Asia’s biggest economy reported a 15% increase in October industrial profits, outpacing a 13.5% increase the previous month.
Ryoyo Electro surged 9.4%, the most in two years, after operating profit jumped 86%.
Friday trade was muted elsewhere in Asia after a U.S. market holiday Thursday left traders with few cues for the session.
Property issues were mixed after Asia’s richest man, Li Ka-shing, said property sales are the worst in 13 years, hurting his business. Cheung Kong Holdings Ltd., owned by Li, fell 0.6% in Hong Kong trade. But shares of Hong Kong property developer Henderson Land Development Co. tacked on 0.3%, and Sun Hung Kai Properties Ltd., edged up 0.1%.
EUROPE
European stocks posted their biggest weekly gain since October, completing a third consecutive monthly increase, after reports on consumer confidence and the unemployment pointed to a strengthening economy in the region.
The Stoxx Europe 600 Index rose 0.7% last week, its largest increase since Oct. 18.
German Chancellor Angela Merkel reached a coalition agreement with the Social Democrats this week, putting her on track for a third term to lead Europe’s biggest economy. The pact signaled the coalition will oppose joint liability for euro-area nations’ debt.
National benchmark indexes rose in every western European markets last week, except the U.K. and Finland. Germany’s DAX gained 2%, while France’s CAC 40 added 0.4%. The U.K.’s FTSE 100 slid 0.4% for its fourth consecutive weekly retreat.
BTG surged 22% last week. The London-based biotechnology company will probably begin selling its Varithena injectable treatment in the second quarter of 2014, according to a statement on Nov. 26.
Algeta rallied 33%. Bayer is in early talks to acquire its Norwegian partner for about 14.8 billion kroner ($2.42 billion), or 336 kroner a share, Algeta said in a statement on Nov. 26.
Thomas Cook increased 17%. The travel operator posted a 49% jump in earnings.
PSA Peugeot Citroen advanced 14%, leading European carmakers higher, after the French manufacturer’s board approved hiring former Renault SA Chief Operating Officer Carlos Tavares as chief executive officer to replace Philippe Varin in 2014.
A gauge of banks rose 2.3% for its biggest weekly rally since September. Barclays Plc added 5.7%, it largest gain in six months, while Societe Generale SA climbed 4.4%. Portugal’s Banco Comercial Portugues SA surged 14% to a two-year high.
USA
The Dow Jones industrial average and the Nasdaq both ended November with a gain of about 3.5%. The S&P 500 advanced almost 3%. The Dow and S&P 500 are near record highs, while the Nasdaq rose above 4,000 last week for the first time in 13 years.
So far this year, the S&P 500 has soared nearly 27%.
The retail sector will be in focus this week as results from the first weekend of the holiday shopping season are announced. An early report from the research firm ShopperTrak showed sales in much of the country on Thursday and Friday up slightly over last year.
Wal-Mart (WMT, Fortune 500), Macy's (M, Fortune 500), J.C. Penney (JCP, Fortune 500), Kohl's (KSS, Fortune 500) and Sears (SHLD, Fortune 500) all opened their doors a day early this year, offering shoppers a head start on Thanksgiving day.
Investors are also eager to see how consumers responded to promotions by Best Buy (BBY, Fortune 500), Apple (AAPL, Fortune 500) and Amazon (AMZN, Fortune 500).
The US markets were closed Thursday in observance of Thanksgiving Day.
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