Crude oil prices jump over 9%

ASX set to open higher

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U.S. stocks were mixed on Wednesday after OPEC members reached anagreement to cut petroleum production.

Earlier, the Organization of Petroleum Exporting Countries reached anagreement to curtail oil supply by 1.2 million barrels, the first cut ineight years.

The S&P 500 Index soared at the market’s open and surpassed itsrecord, but then fell back and closed 0.3 per cent lower. The DownJones traded flat and the Nasdaq Composite retreated 1.1 per cent.

Energy stocks climbed 5 percent as a groups. Devon Energy Corp. gained14 percent and Marathon Oil Corp. rose 22.3 percent, both hitting 52-week highs.

A rally in oil-and-gas shares sent European stocks to a second day ofgains. The Stoxx Europe 600 Index closed 0.3 percent higher, after risingas much as 0.7 percent.

Oil Prices Soar Over 9% as OPEC Reaches Deal

YESTERDAY IN THE INTERNATIONAL MARKETS Global Ticker Daily Change

S&P 500 -0.27%

Dow Jones +0.01%

NASDAQ -1.05%

STOXX 600 +0.31%

FTSE 100 +0.17%

DAX30 +0.19%

Crude Oil +9.06%

Gold -1.21%

The local share market eased on Wednesday despite gains in bankstocks as miners and energy shares declined. BHP Billiton and Rio Tintofell over 4 per cent each, while all of the ‘big four’ banks advanced. TheASX traded steadily in the morning but losses accelerated in theafternoon.

The benchmark S&P/ASX 200 index and the All Ordinaries Index fell 0.3per cent each while the Small Ordinaries declined 0.5 per cent. Thesectors were mixed as Financials, Telecommunications, Utilities andDiscretion gained. Materials was the worst performer down 2.8 per centwhile Energy eased 1.9 per cent.

Australian building approval slumped to the lowest in two years. InOctober 16,279 homes were approved which is a 12.5 per cent declinecompared to September. The biggest contributor to the decline wasapartment approvals which fell over 20 per cent month-on-month.

Private sector credit in Australia rose 0.5 percent month-on-month inOctober from 0.4 percent in the previous three months. Private SectorCredit measures the change in the total value of new credit issued toconsumers and businesses.

Bank Gains Offset by Losses in Miners

THE ASX YESTERDAY IN REVIEW AUS Ticker Change

ASX 200 -0.31%

ALL ORDS -0.33%

CBA +1.14%

BHP -4.12%

NAB +0.59%

WOW -0.69%

CXX +12.50%

PSQ +2.38%

MNF -2.53%

DAILY PRICE ACTIVITY AUSTRALIA

ASX200 price action yesterday

UPCOMING DIVIDENDS

Courtesy of http://www.morningstar.com.au/Stocks/UpcomingDividends

Tasty dividends & distributions

DATE CODE COMPANY ANNOUNCEMENTCODE COMPANY NAME EX DIVIDEND PAY DATE AMOUNT FRANKING %

GCS Global Construction Services 30 Nov 2016 03 Jan 2017 2.00 100.00

FPH Fisher & Paykel Hlth 06 Dec 2016 21 Dec 2016 7.84 0.00

IANG CBND 3M PER X 06 Dec 2016 15 Dec 2016 100.17 --

MSG MCS Services 07 Dec 2016 16 Dec 2016 0.32 0.00

PPCHA S BND 7.50% 6M 06-21 07 Dec 2016 16 Dec 2016 394.52 --

YTMNA1 -- 07 Dec 2016 21 Dec 2016 200.00 0.00

AMPHA BND 3M 12-23 Q RD T 08 Dec 2016 19 Dec 2016 109.20 --

BTT BT Investment Mgmt 08 Dec 2016 21 Dec 2016 24.00 35.00

GTK Gentrack Group 08 Dec 2016 16 Dec 2016 7.32 0.00

NABHB BND 3M 06-22 Q RD T 08 Dec 2016 19 Dec 2016 111.69 --

YTMMG1 -- 08 Dec 2016 22 Dec 2016 275.00 0.00

WHATS HOT?

DATE CODE COMPANY ANNOUNCEMENT

WHATS NOT?

BEN.asx - steaming hot KGN.asx - cooling down

Regional lender Bendigo and Adelaide Bank hasbeen the best performing bank over the pastfew months. Bendigo Bank’s shares haverecovered 50 per cent since hitting a three-yearlow in March 2016. Recently the bankannounced that it would acquire a residentialmortgage portfolio worth $1.35billion fromKeystart. BEN was last traded at $12.05.

Through the Kogan.com brand the companyearns revenue via the sale of goods to domesticconsumers. Although the company exceeded itsprospectus earnings forecasts, the stock hascontinued to fall. With a market cap of over$130 million, the valuation appears somewhatinflated in light of low margins. Earningsvolatility, regulatory risks and Amazon’s launchin Australia next year are additional hurdles.

ECONOMIC NEWS

What to look out for:

DATE CODE COMPANY

Today’s focus is manufacturing activity. We expect data from Australia, China, Germany, the U.K., the Eurozone and the U.S.

LATEST UPDATE FROM WISE-OWL

Watermark Global Leaders Fund (WGF)

CODE COMPANY ANNOUNCEMENTFloat Watch: Watermark Global Leaders Fund (WGF) Watermark Global Leaders Fund Limited ("Watermark", "the Company") will be aListed Investment Company ('LIC') focused on international securities. The portfoliomanager is Watermark Funds Management Pty Ltd which has funds undermanagement of over $570m, including two ASX listed LICs being the AustralianLeaders Fund (ALF) and Watermark Market Neutral Fund Ltd (WMK). The Companywill employ a market neutral strategy which involves both long and short portfolios.

The Watermark Global Leaders Fund offers diversified exposure to internationalequities. The portfolio manager has demonstrated its capability to deliver long-termshareholder value having outperformed the All Ordinaries Index with its flagshipfund. However, general market risks, short-selling and the risk of poor stock selectionare hurdles. The Company is projected to distribute semi-annual dividends whichmakes the LIC a suitable investment opportunity for investors seeking income whilstincreasing their exposure to international equity markets.

IPO | Price: $1.10 | Listing: 21 December | Rating: 3/5

Click here to view full report | Click here to bid into this IPO

ASX:WGF

LATEST UPDATE FROM WISE-OWL

Deutsche Bank AG (DBK.ETR)

CODE COMPANY ANNOUNCEMENTInternational Equities: Deutsche Bank AG (DBK.ETR) Deutsche Bank AG ("Deutsche Bank", "the Bank") is a multinational banking and financialservices company with a geographical presence in over 70 countries. Deutsche Bank's fourcore businesses are corporate banking & securities, private & business clients, asset &wealth management and global transaction banking. The bank is headquartered inFrankfurt, Germany and is dual listed on the German and U.S. stock exchanges. The stockis trading on the Xetra platform (Frankfurt) with the ticker code DBK.

Deutsche Bank offers speculative exposure to a turnaround in one of the world's largestinvestment banks. We are attracted to its funding position and the progress made onrestructuring the bank. As Deutsche Bank continues to divest non-core assets and reduceits exposure to risk weighted assets, we believe that return on investment may improveover the next 12 months. Hurdles include reputation risks and legal charges. DeutscheBank is exposed to significant risks and faces numerous challenges, however trading at a60% discount to its book value and with new management aiming to restructure the bank,we believe that the balance of risk is attractive. We resume coverage with a 'buy'recommendation.

Buy | Last Price: $4.88 | Target: $6.35 | Stop: $3.90 | Outlook: 12m+ Click here to view full report

ETR:DBK

OUR VIEWS AT A GLANCE

Find below a summary of Wise-owl’s current market views

CODE COMPANY ANNOUNCEMENT

We continue to focus on small-mid cap stocks

There are individual opportunities on the ASX 200

We have recently decided to reduce exposure to the gold sector

We believe there are long-term opportunities in the oil & gas sector

We see little upside for US stocks in the medium-term

A WISE-OWL PUBLICATION

Presented by Simon Herrmann

DATE CODE COMPANY ANNOUNCEMENT

Wise-owl.comDiscovering the Bluechips of Tomorrowwww.wise-owl.com

Wise owl specializes in identifying emerging companies and financial market trends very early in their life cycle. The significant capital growth that often follows has earned wise owl a formidable reputation for discovering ‘the bluechips of tomorrow’. Investors, executives, and institutions harness this expertise through wise owl’s research, and capital market services.

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