International Summary

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International Summary May 26th, 2015

News Trading Desk International Summary

International Summary

posted by Matthew Kiselica on 05/26/2015 at 6:59 am
by Matthew Kiselica on 05/26/2015

Asian Headlines China once again led the region as Hong Kong returned from Buddha’s Birthday holiday to play catch up with the Mainland.  The same themes from yesterday continued to propel the markets: approval of HK/Mailland cross border mutual fund sales and the announcement of over 1,000 infrastructure projects.  Add to that mix, the reduction in certain import duties.  Therefore,  financials, infrastructure plays and shipping stocks continued to move higher i.e.: HK Exchange (+5.4%),    Citic Secs. (+2.5%), & China Shipping Cont (+1.8%).  Renhe Commercial Hold. (+24.5%)  stated it is unaware of any reason for recent price movement and volume in the shares.  Orient Overseas (-4.0%) was cut to neutral at Credit Suisse.  Well after the close, the IMF stated the Yuan is NO longer undervalued.  The currency has moved from c. 6.2065 to 6.2035. Japanese stocks vacillated after yesterday’s gains despite the ¥ weakening further to the 122 level.  Suntory Bev. (-1.7%) and Japan Tobacco (-0.15%) were in focus following Suntory’s purchase of JT’s beverage unit.  Nippon Paper (+3.5%) sees OP will more than double between FY ’18 and FY ’15.  The Nikkei alleges Toshiba (+0.15%) will not declare a final dividend due to the current accounting probe.    April Services PPI was…

Asian Headlines China once again led the region as Hong Kong returned from Buddha’s Birthday holiday to play catch up with the Mainland.  The same themes from yesterday continued to propel the markets: approval of HK/Mailland cross border mutual fund sales and the announcement of over 1,000 infrastructure projects.  Add to that mix, the reduction in certain import duties.  Therefore,  financials, infrastructure plays and shipping stocks continued to move higher i.e.: HK Exchange (+5.4%),    Citic Secs. (+2.5%), & China Shipping Cont (+1.8%).  Renhe Commercial Hold. (+24.5%)  stated it is unaware of any reason for recent price movement and volume in the shares.  Orient Overseas (-4.0%) was cut to neutral at Credit Suisse.  Well after the close, the IMF stated the Yuan is NO longer undervalued.  The currency has moved from c. 6.2065 to 6.2035. Japanese stocks vacillated after yesterday’s gains despite the ¥ weakening further to the 122 level.  Suntory Bev. (-1.7%) and Japan Tobacco (-0.15%) were in focus following Suntory’s purchase of JT’s beverage unit.  Nippon Paper (+3.5%) sees OP will more than double between FY ’18 and FY ’15.  The Nikkei alleges Toshiba (+0.15%) will not declare a final dividend due to the current accounting probe.    April Services PPI was…

Capis European Close May 22, 2015

News Trading Desk International Summary

International Summary

posted by Matthew Kiselica on 05/22/2015 at 12:34 pm
by Matthew Kiselica on 05/22/2015

European Close   The region was mixed with a number of indices posting scant moves on the day.   An uninspiring Wall Street open along with little to no concrete Greek news from meetings in Riga  contributed to the lackluster day.  No sector moved by 1% but financials and healthcare led while tech and energy lagged. Volumes were lower by more than 30.0%; however, that was an improvement over earlier in the session when they were lower by more than 40.0%.   The lower volumes were impacted by the approaching U.S. holiday along with 3 day weekends in the U.K., Austria, Denmark,  Hong Kong, S, Korea, Norway, Sweden and Switzerland. The U.K. closed to the upside helped by Vodafone (+4.5%) and HSBC (+0.9%).   Vodafone continues to move on the potential for a link up with Liberty Global.  HSBC is exploring “options” regarding its Brazilian operations.  These helped offset weakness in the energy sector which declined due a pull back in crude. Elsewhere on the M&A front, Areva (-1.7%) carries on talks with EDF (+0.5%) and other other investors regarding some type of tie up and/or asset sales.  Dragon Oil (+0.7%) shrugged off initial profit taking following yesterday’s offer from Emirates National.   Richemont…

European Close   The region was mixed with a number of indices posting scant moves on the day.   An uninspiring Wall Street open along with little to no concrete Greek news from meetings in Riga  contributed to the lackluster day.  No sector moved by 1% but financials and healthcare led while tech and energy lagged. Volumes were lower by more than 30.0%; however, that was an improvement over earlier in the session when they were lower by more than 40.0%.   The lower volumes were impacted by the approaching U.S. holiday along with 3 day weekends in the U.K., Austria, Denmark,  Hong Kong, S, Korea, Norway, Sweden and Switzerland. The U.K. closed to the upside helped by Vodafone (+4.5%) and HSBC (+0.9%).   Vodafone continues to move on the potential for a link up with Liberty Global.  HSBC is exploring “options” regarding its Brazilian operations.  These helped offset weakness in the energy sector which declined due a pull back in crude. Elsewhere on the M&A front, Areva (-1.7%) carries on talks with EDF (+0.5%) and other other investors regarding some type of tie up and/or asset sales.  Dragon Oil (+0.7%) shrugged off initial profit taking following yesterday’s offer from Emirates National.   Richemont…

CAPIS International Summary May 22, 2015

News Trading Desk International Summary

International Summary

posted by Clayton Duff on 05/22/2015 at 7:00 am
by Clayton Duff on 05/22/2015

Asian Headlines China finished off the week strong with South Korea nicely higher as well. Japan and Australia finishing just above flat. Shanghai hit a new 7 year high driven by Materials, Energy, and Consumer Staples. TTN noting margin debt rose 5% this week with the composite up over 7%. Easing hopes also still continue the weak PMI number and expectations for a soft summer. Li & Fung -2.3% after Walmart pulled some goods sourcing biz from the firm with concern other retailers may do the same. China Railway Construction +1.4% higher as consortium that it has 51% control of won a 4.99B yuan Israel rail project. BOC Hong Kong Holdings +8.2% as it will sell a bank unit and invest into banking ops/assets held currently by its parent. The Nikkei closed up small as the BoJ did as expected and gave a somewhat better economic assessment revision. They noted the economy “continues to recovery moderately” adding consumption and investment is improving. On this, concern over further easing.  Although the CPI rate is still flat, they reiterated inflation expectations are rising longer-term.  Canon -1.7%% shares were downgraded at Deutsche Bank to Sell. Australia –flat.  Cardno +19% an undisclosed investor bought…

Asian Headlines China finished off the week strong with South Korea nicely higher as well. Japan and Australia finishing just above flat. Shanghai hit a new 7 year high driven by Materials, Energy, and Consumer Staples. TTN noting margin debt rose 5% this week with the composite up over 7%. Easing hopes also still continue the weak PMI number and expectations for a soft summer. Li & Fung -2.3% after Walmart pulled some goods sourcing biz from the firm with concern other retailers may do the same. China Railway Construction +1.4% higher as consortium that it has 51% control of won a 4.99B yuan Israel rail project. BOC Hong Kong Holdings +8.2% as it will sell a bank unit and invest into banking ops/assets held currently by its parent. The Nikkei closed up small as the BoJ did as expected and gave a somewhat better economic assessment revision. They noted the economy “continues to recovery moderately” adding consumption and investment is improving. On this, concern over further easing.  Although the CPI rate is still flat, they reiterated inflation expectations are rising longer-term.  Canon -1.7%% shares were downgraded at Deutsche Bank to Sell. Australia –flat.  Cardno +19% an undisclosed investor bought…

CAPIS International Summary May 21, 2015

News Trading Desk International Summary

International Summary

posted by Clayton Duff on 05/21/2015 at 8:02 am
by Clayton Duff on 05/21/2015

Asian Headlines. Markets generally higher overnight in Asia with Hong Kong a small laggard as IT and Consumer Staples fell.  Focus of course was on the HSBC Manufacturing PMI data in China which again disappointed. Chinese manufacturing remained stagnant with HSBC’s Flash PMI reading at 49.1 just shy of the 49.3 estimate. New export orders declined with both domestic and overseas demand softening.  On the contractionary number (the 5th month in a row), Chinese names advanced again on speculation the government will step up efforts to stimulate the economy. Additionally, Premier Li noted the country still has the ability to meet their FY target of 7%.  China Cosco +8.6% and China Shipping Dev. +4.5% form a JV to buy 4 ships from Vale for $445m. Chalco -1.2% BI reports China’s aluminum surplus may worsen on direct power sales. Tomorrow, the BoJ will release its monetary policy statement with the Nikkei expecting an upward revision post Tuesday’s GDP surprise. Today, the Markit/JMMA May Flash Manufacturing PMI was released at 50.9 vs April’s 49.9 reading. Panasonic +2.3% Nomura raised the shares to Buy from Neutral. The firm will also focus funds towards the auto biz. Tokyo Electric +6.7% to revise business plan…

Asian Headlines. Markets generally higher overnight in Asia with Hong Kong a small laggard as IT and Consumer Staples fell.  Focus of course was on the HSBC Manufacturing PMI data in China which again disappointed. Chinese manufacturing remained stagnant with HSBC’s Flash PMI reading at 49.1 just shy of the 49.3 estimate. New export orders declined with both domestic and overseas demand softening.  On the contractionary number (the 5th month in a row), Chinese names advanced again on speculation the government will step up efforts to stimulate the economy. Additionally, Premier Li noted the country still has the ability to meet their FY target of 7%.  China Cosco +8.6% and China Shipping Dev. +4.5% form a JV to buy 4 ships from Vale for $445m. Chalco -1.2% BI reports China’s aluminum surplus may worsen on direct power sales. Tomorrow, the BoJ will release its monetary policy statement with the Nikkei expecting an upward revision post Tuesday’s GDP surprise. Today, the Markit/JMMA May Flash Manufacturing PMI was released at 50.9 vs April’s 49.9 reading. Panasonic +2.3% Nomura raised the shares to Buy from Neutral. The firm will also focus funds towards the auto biz. Tokyo Electric +6.7% to revise business plan…

CAPIS International Summary May 20th, 2015

News Trading Desk International Summary

International Summary

posted by Clayton Duff on 05/20/2015 at 8:04 am
by Clayton Duff on 05/20/2015

Asian Headlines Mixed overnight in Asia with mainland China and the Nikkei rallying while Hong Kong and Australia fell small. GDP data in Japan a nice surprise with further reform in China buoying name there. China’s stocks rallied ahead of tomorrow’s HSBC flash PMI data. The gov unveiled a “Made in china 2025” plan as they will focus on aerospace, robotics, efficient energy and transportation.  BYD +2.2% to invest $50m to build a Brazilian solar panel factory. Wynn Macau -.8% Credit Suisse said Macau casino stocks have not seen the bottom. Sands China -.3%. Tencent -1.7% Goldman removed the name from its Conviction Buy List after a 30% gain in the shares. China Mobile -1.4% down despite adding 578k net customers in April Japan’s Q1 2015 GDP rose an annualized 2.4% ahead of the +1.6% estimate. Export growth slipped to 2.4% from 3.2% while imports ticked up to 2.9%, well ahead of the 1.4% growth.   Japanese shares rose as the GPD data showed the economy was expanding faster than expected with the ¥ weakening as well. Takata -10% agreed to double its U.S. airbag recall to about 34m cars. Nomura +1.10% to buy back as much as 0.7% or up…

Asian Headlines Mixed overnight in Asia with mainland China and the Nikkei rallying while Hong Kong and Australia fell small. GDP data in Japan a nice surprise with further reform in China buoying name there. China’s stocks rallied ahead of tomorrow’s HSBC flash PMI data. The gov unveiled a “Made in china 2025” plan as they will focus on aerospace, robotics, efficient energy and transportation.  BYD +2.2% to invest $50m to build a Brazilian solar panel factory. Wynn Macau -.8% Credit Suisse said Macau casino stocks have not seen the bottom. Sands China -.3%. Tencent -1.7% Goldman removed the name from its Conviction Buy List after a 30% gain in the shares. China Mobile -1.4% down despite adding 578k net customers in April Japan’s Q1 2015 GDP rose an annualized 2.4% ahead of the +1.6% estimate. Export growth slipped to 2.4% from 3.2% while imports ticked up to 2.9%, well ahead of the 1.4% growth.   Japanese shares rose as the GPD data showed the economy was expanding faster than expected with the ¥ weakening as well. Takata -10% agreed to double its U.S. airbag recall to about 34m cars. Nomura +1.10% to buy back as much as 0.7% or up…

CAPIS International Summary May 19, 2015

News Trading Desk International Summary

International Summary

posted by Clayton Duff on 05/19/2015 at 8:11 am
by Clayton Duff on 05/19/2015

 Asian Highlights Asian markets finished higher on the session with mainland China up +3.14%.  TTN noted high-margin speculative buying accounted for much of today’s move post a couple lower prior sessions. China’s State Council released its list of economic reforms with focus on growth, promoting FX convertibility, deregulating central power while allowing for more freedom of investment.  Boosting reforms for state owned entities is also a concern. China’s mutual funds managed a record 6.2t yuan in assets at the end of April reported the Securities Times. Esprit -3.2% forecast a “substantial” loss for the year as they cited weak sales and poor performance in China. PICC Property +2.8% higher despite their premium growth slowing to +7.7% in April.  China Railway Group +3% unit signs agreement on light-rail project in Kazakhstan. Japanese stocks advanced with Consumer Staple and Discretionary names leading gains with a weaker yen boosting exporters. Sanrio +.3% to produce a Hello Kitty movie series for China. Stanley Electric +2.8% to buy back as much as 0.5% of shares for ¥2B. Fast Retailing +2% Credit Suisse raised the shares to Neutral. South Korea’s +.34% PPI fell 3.6% in April y/y vs. the 3.7% drop in March. Hyundai Heavy +8.1%…

 Asian Highlights Asian markets finished higher on the session with mainland China up +3.14%.  TTN noted high-margin speculative buying accounted for much of today’s move post a couple lower prior sessions. China’s State Council released its list of economic reforms with focus on growth, promoting FX convertibility, deregulating central power while allowing for more freedom of investment.  Boosting reforms for state owned entities is also a concern. China’s mutual funds managed a record 6.2t yuan in assets at the end of April reported the Securities Times. Esprit -3.2% forecast a “substantial” loss for the year as they cited weak sales and poor performance in China. PICC Property +2.8% higher despite their premium growth slowing to +7.7% in April.  China Railway Group +3% unit signs agreement on light-rail project in Kazakhstan. Japanese stocks advanced with Consumer Staple and Discretionary names leading gains with a weaker yen boosting exporters. Sanrio +.3% to produce a Hello Kitty movie series for China. Stanley Electric +2.8% to buy back as much as 0.5% of shares for ¥2B. Fast Retailing +2% Credit Suisse raised the shares to Neutral. South Korea’s +.34% PPI fell 3.6% in April y/y vs. the 3.7% drop in March. Hyundai Heavy +8.1%…

European Close May 18th, 2015

News Trading Desk International Summary

International Summary

posted by Clayton Duff on 05/18/2015 at 12:04 pm
by Clayton Duff on 05/18/2015

Headlines  *A rare and varied finish to European markets today with returns from -1.17% to +1.29%. *With oil down today, Energy led lower, off .55% while Autos and Healthcare both finished better by over a percent.  *A supposed deal with the EU offering Greece a compromise to unlock EFSF funding may be in the works.  There are conditions of course which may or may not be agreeable to Athens.  The IMF though said they will not be a party to a new deal. Luxury firm Kering +1.1% is suing Alibaba, claiming the firm is facilitating the sale of counterfeit merchandise. Swatch +3.1% higher as Credit Suisse said they see growth prospects for the year set at a more realistic level with the pullback  of late a good place to get long. Fiat +1.5% post the close, the US National Highway Safety admin issued a special order on the firm’s Chrysler recall performance. German autos specifically higher post a local broker upgrade for Porsche +3% and Volkswagen +3.1%. Tomorrow, Japanese GDP due with Westpac Consumer Confidence data due.  EU27 New Car Registrations expected, along  UK CPI, and German ZEW Survey #’s.  Earnings from Vodafone, Land Secs, and Aveva.  

Headlines  *A rare and varied finish to European markets today with returns from -1.17% to +1.29%. *With oil down today, Energy led lower, off .55% while Autos and Healthcare both finished better by over a percent.  *A supposed deal with the EU offering Greece a compromise to unlock EFSF funding may be in the works.  There are conditions of course which may or may not be agreeable to Athens.  The IMF though said they will not be a party to a new deal. Luxury firm Kering +1.1% is suing Alibaba, claiming the firm is facilitating the sale of counterfeit merchandise. Swatch +3.1% higher as Credit Suisse said they see growth prospects for the year set at a more realistic level with the pullback  of late a good place to get long. Fiat +1.5% post the close, the US National Highway Safety admin issued a special order on the firm’s Chrysler recall performance. German autos specifically higher post a local broker upgrade for Porsche +3% and Volkswagen +3.1%. Tomorrow, Japanese GDP due with Westpac Consumer Confidence data due.  EU27 New Car Registrations expected, along  UK CPI, and German ZEW Survey #’s.  Earnings from Vodafone, Land Secs, and Aveva.  

International Summary May 18th, 2015

News Trading Desk International Summary

International Summary

posted by Matthew Kiselica on 05/18/2015 at 6:45 am
by Matthew Kiselica on 05/18/2015

Asian Headlines Greater China was mixed with a combination of factors contributing to the performance. Over the weekend, the CSRC Chairman stressed “liquidity risk control.”  This created pressure on brokers.  Also, a Shenzhen-H.K. link update provided few details with an indication it will commence during the H2.  Shenzhen (+2.4%) outperformed.  Developers fell as April Home prices  declined 6.1% y/y in a total of 69 of 70 cities vs. 70 previously and m/m in 47 vs. 49 in March.  Late Friday, Chalco (-5.8%) stated rare earths are not part of their business “scope.”  China Mobile (-2.8%) following last week’s mobile data price cuts announcement. In Taiwan (+0.3%), Hon Hai (+4.0%) on Friday’s results. Japanese shares led the region helped by a weaker ¥ along with earnings and capital return to shareholders.  MUFG’s (+4.6%)  earnings and buyback from Friday helped push the banking sector along with positive comments by Nomura.   Dai-Ichi Life (+10.6%) also responded well to capital return announcements.  Mitsubishi Elec. (+2.5%) forecast Co’s annual dividend of 35 yen vs. the 28 yen est. for the year ending in March.  March core machine orders rose 2.9% m/m surpassing the +1.5% estimate.  Keep in mind the BoJ will hold a two day rate meeting with the announcement due Friday…

Asian Headlines Greater China was mixed with a combination of factors contributing to the performance. Over the weekend, the CSRC Chairman stressed “liquidity risk control.”  This created pressure on brokers.  Also, a Shenzhen-H.K. link update provided few details with an indication it will commence during the H2.  Shenzhen (+2.4%) outperformed.  Developers fell as April Home prices  declined 6.1% y/y in a total of 69 of 70 cities vs. 70 previously and m/m in 47 vs. 49 in March.  Late Friday, Chalco (-5.8%) stated rare earths are not part of their business “scope.”  China Mobile (-2.8%) following last week’s mobile data price cuts announcement. In Taiwan (+0.3%), Hon Hai (+4.0%) on Friday’s results. Japanese shares led the region helped by a weaker ¥ along with earnings and capital return to shareholders.  MUFG’s (+4.6%)  earnings and buyback from Friday helped push the banking sector along with positive comments by Nomura.   Dai-Ichi Life (+10.6%) also responded well to capital return announcements.  Mitsubishi Elec. (+2.5%) forecast Co’s annual dividend of 35 yen vs. the 28 yen est. for the year ending in March.  March core machine orders rose 2.9% m/m surpassing the +1.5% estimate.  Keep in mind the BoJ will hold a two day rate meeting with the announcement due Friday…

European Close May 15th, 2015

News Trading Desk International Summary

International Summary

posted by Clayton Duff on 05/15/2015 at 11:20 am
by Clayton Duff on 05/15/2015

Headlines *Earlier strength in Europe gave way to a disappointing finish to the day with most indices finishing lower. *Travel/Leisure, Financials, and Media saw small gains with the balance of sectors lower.  Autos fell 1.56% with Energy down 1.55%. *Weak US data  weighed on markets. Empire Manufacturing, Industrial Production, and University of Michigan Sentiment all missing estimates. As we mentioned earlier, Roche +1.8% higher on a positive lung-cancer study result.  Goldman noted early ASCO data portends to 2018 eps estimates to be 5-7% better. SABMiller +.7% today announced they will enter the craft beer biz via their purchase of London-based Meantime Brewing Co. Julius Baer +1.9% higher on spec that Intesa Sanpaolo may be interested in the name. Royal DSM +4.5% higher post announcing they will repurchase 2.3M shares to cover employee option commitments. Despite Goldman raising the European auto sector to Overweight, most names fell on the day.  Daimler -1.8%, BMW -2.5%, VW -2.3%. Sunday, China to release April Property Prices with Japan out with Machine Orders, Industrial Production, and the Tertiary Industry Index reading.  UK Rightmove House Pxs expected. All Asian and European markets will be open Monday with Canada closed for Victoria Day.

Headlines *Earlier strength in Europe gave way to a disappointing finish to the day with most indices finishing lower. *Travel/Leisure, Financials, and Media saw small gains with the balance of sectors lower.  Autos fell 1.56% with Energy down 1.55%. *Weak US data  weighed on markets. Empire Manufacturing, Industrial Production, and University of Michigan Sentiment all missing estimates. As we mentioned earlier, Roche +1.8% higher on a positive lung-cancer study result.  Goldman noted early ASCO data portends to 2018 eps estimates to be 5-7% better. SABMiller +.7% today announced they will enter the craft beer biz via their purchase of London-based Meantime Brewing Co. Julius Baer +1.9% higher on spec that Intesa Sanpaolo may be interested in the name. Royal DSM +4.5% higher post announcing they will repurchase 2.3M shares to cover employee option commitments. Despite Goldman raising the European auto sector to Overweight, most names fell on the day.  Daimler -1.8%, BMW -2.5%, VW -2.3%. Sunday, China to release April Property Prices with Japan out with Machine Orders, Industrial Production, and the Tertiary Industry Index reading.  UK Rightmove House Pxs expected. All Asian and European markets will be open Monday with Canada closed for Victoria Day.

International Summary May 15th, 2015

News Trading Desk International Summary

International Summary

posted by Matthew Kiselica on 05/15/2015 at 7:21 am
by Matthew Kiselica on 05/15/2015

Asian Headlines The majority of the region advanced with China and S. Korea being the two major exceptions.  In Greater China, Mainland markets succumbed to profit taking and money coming out of the markets for IPOs.  Investors generally ignored statements by Permier Li calling for measures to support the economy.  Also, China’s April FDI rose 10.5% y/y surpassing the 2% estimate.  Hong Kong shares fared better than the mainland with Hutchison Whampoa (+4.2%) continuing to gain on the VimpleCom Italian Mobile unit news. Warren Buffett is a happy man this morning with  BYD (+3.1%) as China cut some bus fuel subsidies to boost new energy bus usage. After the close, China Mobile and China Telecom announced they would be decreasing data fees by at least 35.0%.  Hon Hai’s NI surpasses estimates. Japanese stocks rose thanks to the U.S. gains along with a weaker ¥.  Despite the gains on the day the majority of headline movers were weaker.  Sharp (-7.0%) post yesterday’s earnings, job cuts and funding announcements.  Nikon (-11.0%) forecast OP that was well below expectations and Morgan Stanley cut the shares to Underweight. Takata (-2.6%) reportedly will pay the cost of recalls through installments.  A bright spot was Dentsu (+13.6%) on capital return to investors.…

Asian Headlines The majority of the region advanced with China and S. Korea being the two major exceptions.  In Greater China, Mainland markets succumbed to profit taking and money coming out of the markets for IPOs.  Investors generally ignored statements by Permier Li calling for measures to support the economy.  Also, China’s April FDI rose 10.5% y/y surpassing the 2% estimate.  Hong Kong shares fared better than the mainland with Hutchison Whampoa (+4.2%) continuing to gain on the VimpleCom Italian Mobile unit news. Warren Buffett is a happy man this morning with  BYD (+3.1%) as China cut some bus fuel subsidies to boost new energy bus usage. After the close, China Mobile and China Telecom announced they would be decreasing data fees by at least 35.0%.  Hon Hai’s NI surpasses estimates. Japanese stocks rose thanks to the U.S. gains along with a weaker ¥.  Despite the gains on the day the majority of headline movers were weaker.  Sharp (-7.0%) post yesterday’s earnings, job cuts and funding announcements.  Nikon (-11.0%) forecast OP that was well below expectations and Morgan Stanley cut the shares to Underweight. Takata (-2.6%) reportedly will pay the cost of recalls through installments.  A bright spot was Dentsu (+13.6%) on capital return to investors.…

European Close May 14th, 2015

News Trading Desk International Summary

International Summary

posted by Clayton Duff on 05/14/2015 at 11:28 am
by Clayton Duff on 05/14/2015

Headlines *European indices rallied throughout the session to end right at yesterday morning’s highs.  Volume was a dismal 50% lower. *While Basic Resources fell .27% the balance of sectors rallied, led by Autos +1.41%, Chemicals +1.29%, Personal Goods +1.2% and Insurers +1.07%.   *Greek officials are continuing to meet with the IMF, hoping to secure an agreement as funds quickly dissipate. With Greece back into recession even more emphasis is being placed on retirement reforms, privatizations, and union-restrictions.     British Land +.8% saw inline earnings noting rental growth is the highest in 7 years.  They see a 6% annual increase in construction costs with several hundred million in asset sales expected.      Gazprom -1.3% saw 1Q natgas exports fall 20% with UK importing 61% less.  France was off 27% and Italy down 31%.    Vedanta +1.6% saw revs unchanged from the prior year with margins coming in 7% tighter. They post a profit while citing an impairment of $4.5B on lower commodity prices.    ArcelorMittal +5.7% higher with the EU launching a competition investigation on non-stainless steel imports from China and Russia.     Tonight, Japan to report PPI with the BoK to announce their 7-day Repo Rate expected to remain unchanged at 1.75%.  UK Construction Output…

Headlines *European indices rallied throughout the session to end right at yesterday morning’s highs.  Volume was a dismal 50% lower. *While Basic Resources fell .27% the balance of sectors rallied, led by Autos +1.41%, Chemicals +1.29%, Personal Goods +1.2% and Insurers +1.07%.   *Greek officials are continuing to meet with the IMF, hoping to secure an agreement as funds quickly dissipate. With Greece back into recession even more emphasis is being placed on retirement reforms, privatizations, and union-restrictions.     British Land +.8% saw inline earnings noting rental growth is the highest in 7 years.  They see a 6% annual increase in construction costs with several hundred million in asset sales expected.      Gazprom -1.3% saw 1Q natgas exports fall 20% with UK importing 61% less.  France was off 27% and Italy down 31%.    Vedanta +1.6% saw revs unchanged from the prior year with margins coming in 7% tighter. They post a profit while citing an impairment of $4.5B on lower commodity prices.    ArcelorMittal +5.7% higher with the EU launching a competition investigation on non-stainless steel imports from China and Russia.     Tonight, Japan to report PPI with the BoK to announce their 7-day Repo Rate expected to remain unchanged at 1.75%.  UK Construction Output…

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