09.23.2022 11 new Morning Note posts under Morning Note (10) and CAPIS Insights (1)

International Summary

News Trading Desk

International Summary

"CAPIS Global Markets"

posted by CAPIS on 08/26/2019 at 7:46 am


08/26/2019 at 7:46 am

Markets Overview

It should come as no surprise Asia traded lower following all the trade headlines that prompted the markets in the West to sell-off on Friday.  The Mainland Chinese markets fared better then peers.   India was the standout with tax on foreign investors being scaled back.  Money moved to safety with the ¥ strengthening today, through 105 vs the dollar before paring the advance later.

Geopolitics also kept investors on the back foot.  Iran has fired a new missile.  Iran showed at the G7 and met with Macron apparently with Pres. Trump’s blessing.  North Korea launched more missiles.  Hong Kong protesters were met with teargas and bullets as sensor-equipped lampposts were toppled in their anti-surveillance rally.

All the major sectors end the day in the red.  Telcos and IT are lower by 1.5% followed by energy, utilities and real estate.

Initially, Europe was adding to last week’s losses.  However, the markets have made some progress following supportive comments from Pres. Trump.   He claims Chinese representatives called over the weekend to resume trade talks.  He also spoke about Pres. Xi in glowing terms.  He also stated he does not want to impose tariffs on European autos.  Volumes are decidedly lower with the U.K. closed.

Most sectors are trading well and autos are higher by more than 1%.   Media, travel and financials are down small.

Corporate Headlines

  • Sinopec -2.6% 1H IFRS Net fell 24% YoY.  Their refining business is a culprit with the unit seeing operating profit down 51% even while exploration & production moved back into the black.
  • H1 Anta Sport -1.4% revenues and NI are better than expected.   This was the first report which included Amer Sports information.
  • China Hongqiao -2.6% is cutting guidance and recommending against payment of an interim dividend.

On Our Side of the Pond

  • Way south of the border, keep an eye on Brazil.  Pres. Bolsonaro is coming under increasing pressure from global leaders for his handling of the fires ranging in the Amazon.
  • PDC Energy has agreed to purchase SRC Energy for $971.5m.

Markets & Macro


Event Survey Actual Prior Revised
JN Leading Index CI Jun F 93.3 93.3
JN Coincident Index Jun F 100.4 100.4
SP PPI MoM Jul 0.50% -0.80% -1.10%
SP PPI YoY Jul -0.80% -0.60% -0.80%
GE IFO Business Climate Aug 95.1 94.3 95.7 95.8
GE IFO Expectations Aug 91.8 91.3 92.2 92.1
GE IFO Current Assessment Aug 98.8 97.3 99.4 99.6
HK Exports YoY Jul -8.20% -5.70% -9.00%
HK Imports YoY Jul -8.30% -8.70% -7.50%
HK Trade Balance HKD Jul -42.8b -32.2b -55.2b
US Chicago Fed Nat Activity Index Jul 0 -0.36 -0.02 0.03
US Durable Goods Orders Jul P 1.20% 2.10% 1.90% 1.80%
US Durables Ex Transportation Jul P 0.00% -0.40% 1.00% 0.80%
US Cap Goods Orders Nondef Ex Air Jul P 0.00% 0.40% 1.50% 0.90%
US Cap Goods Ship Nondef Ex Air Jul P 0.10% -0.70% 0.30% 0.00%
CA Bloomberg Nanos Confidence 23-Aug 57.3
US Dallas Fed Manf. Activity Aug -4 -6.3

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