04.18.2019 21 new posts under Morning Note (9), International Summary (7), General (3), and 1 more category

International Summary

News Trading Desk

International Summary

"TGIF Global Markets 9/14/2018"

posted by Matthew Kiselica on 09/14/2018 at 7:20 am

by Matthew Kiselica

09/14/2018 at 7:20 am

Asian Markets

Following the solid advance in the States, the region gained.  The mainland Chinese markets lagged following mixed macroeconomic data.  August retail sales were ahead of expectations and industrial production was inline.  Fixed asset investment raised concerns missing consensus and hitting new multi-year lows. (All figures in our macro section below.)

Despite the down tick in China, most sectors traded to the upside across the region.  IT and consumer discretionary gained more than 1%.  Apple suppliers helped provide the uptick in IT.  The Macau gaming sector was ante’d up following bullish comments from Morgan Stanley.  They noted if the sector followed a previous historical pattern, it has 50.0% upside.

Other Important Headlines

  • Sun Hung Prop +2.2% traded well following yesterday’s post close earnings that saw FY NI c. 2.6% ahead of estimates.  That was a 17.0% y/y increase and the company made upbeat comments regarding the current FY.
  • Takeda Pharma +0.7% saw a sharp decline in credit default swaps.  The company is contemplating the sale of Shire’s +2.6% eye care unit.  Projections indicate that could raise c. $5b offsetting come of the angst surrounding the merger.  Separately, China gave its thumbs up to the deal.
  • Fujifilm +4.6% snapped to its highest level in four years as JPMorgan raised the stock to overweight.  The broker believes its instant film cameras will overtake digital compact cameras.

European Headlines

Europe has been trading to the upside since the open.  The region hit a high of c. 0..5% but then pared some of the gains.  Most sectors have been in the green.  Autos were up more than 1% earlier but have given back some of the advance.  Currently, they lead along with basic resources on gains of more than 0.5%.  Retail, banks and health care are down small.


  • UK builders lag following comments from BoE Gov. Carney.  While discussing the impact of a No-Brexit deal scenario, Mr. Carney warned it may result in housing price declines of more than 35.0%!
  • Investec +7.5% has leapt to the top of the Euro Stoxx 600.  While reporting H1 results, the company also announced it will spin-off its asset management unit.  It will be dual listed in London and Johannesburg.
  • The FDA approved AstraZeneca’s -0.6% Lumoxitil to treat a form of leukemia.


On Our Side of the Pond

  • Goldman Sachs announced a number of changes to its C level executives.
  • Later yesterday, Peru’s central bank left is reference rate at 2.75%.


To all in the path of Florence, while the storm weakened, you remain in our thoughts and prayers.  A good and safe weekend to all.

Markets and Macro Data

Markets Snapshot

Event Survey Actual Prior Revised
SK Import Price Index YoY Aug 10.00% 12.20%
SK Import Price Index MoM Aug -0.20% 1.70%
SK Export Price Index YoY Aug 2.10% 2.60% 2.80%
SK Export Price Index MoM Aug -0.10% 2.30% 2.50%
CH Surveyed Jobless Rate Aug 5.00% 5.10%
CH Bloomberg Sept. China Economic Survey (Table)
CH Retail Sales YoY Aug 8.80% 9.00% 8.80%
CH Retail Sales YTD YoY Aug 9.30% 9.30% 9.30%
CH Industrial Production YoY Aug 6.10% 6.10% 6.00%
CH Industrial Production YTD YoY Aug 6.50% 6.50% 6.60%
CH Fixed Assets Ex Rural YTD YoY Aug 5.60% 5.30% 5.50%
JN Industrial Production MoM Jul F -0.10% -0.10%
JN Industrial Production YoY Jul F 2.20% 2.30%
JN Capacity Utilization MoM Jul -0.60% -2.20%
IN Wholesale Prices YoY Aug 4.62% 4.53% 5.09%
IT CPI EU Harmonized YoY Aug F 1.70% 1.60% 1.70%
IT CPI FOI Index Ex Tobacco Aug 103 102.9 102.5
IT General Government Debt Jul 2341.7b 2323.3b 2323.3b
EC Trade Balance SA Jul 16.2b 12.8b 16.7b 16.5b
EC Trade Balance NSA Jul 17.6b 22.5b
EC Labour Costs YoY 2Q 2.20% 2.00% 2.10%
US Retail Sales Advance MoM Aug 0.40% 0.50%
US Retail Sales Ex Auto MoM Aug 0.50% 0.60%
US Retail Sales Ex Auto and Gas Aug 0.50% 0.60%
US Retail Sales Control Group Aug 0.40% 0.50%
US Import Price Index MoM Aug -0.20% 0.00%
US Import Price Index ex Petroleum MoM Aug -0.20% -0.10%
US Import Price Index YoY Aug 4.10% 4.80%
US Export Price Index MoM Aug 0.00% -0.50%
US Export Price Index YoY Aug 4.30%
US Industrial Production MoM Aug 0.30% 0.10%
US Capacity Utilization Aug 78.20% 78.10%
US Manufacturing (SIC) Production Aug 0.30% 0.30%
US Business Inventories Jul 0.60% 0.10%
US U. of Mich. Sentiment Sep P 96.6 96.2
US U. of Mich. Current Conditions Sep P 110.3
US U. of Mich. Expectations Sep P 87.1
US U. of Mich. 1 Yr Inflation Sep P 3.00%
US U. of Mich. 5-10 Yr Inflation Sep P 2.60%

About the Author

MatthewKiselicaFVP,Manager of International Trading

Matthew Kiselica joined CAPIS in 2010 and has over twenty-five years of industry experience. Prior to CAPIS, he was vice president of Cazenove’s global sales trading desk in New York. Matthew is a board member for the National Psoriasis Foundation. He earned his bachelor’s degrees in fina...

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