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By Lawrence White LONDON (Reuters) - European stocks crept sluggishly higher on Tuesday as investors sought safety in defensive names, while risk aversion likewise lifted the safe haven dollar following weak Chinese and U.S. economic data that stoked fears of a global recession. The dollar briefly hit a one-week high as investors piled back in having ditched the greenback last week following lower-then-expected U.S. inflation data, while the Aussie, euro and Chinese yuan buckled. Europe's benchmark STOXX index climbed 0.3% to hit a 10-week high and mark a fifth straight session of gains, led by mining companies as London-listed BHP Group (NYSE:BHP) reported strong results. But S&P 500 futures and Nasdaq futures dipped, indicating a likely weaker direction for U.S. markets when they open later. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.03% after gains earlier in the day. MSCI's benchmark index has gained 5% from the year's lows but is still down 15% this year. Just as investors were taking heart from a four-week rally in global equities that pushed markets to their highest in more than three months, Monday's weak Chinese activity data spanning industrial output and retail sales hit sentiment. Also, U.S. single-family homebuilders' confidence and New York state factory activity fell in August to their lowest since near the beginning of the COVID-19 pandemic, a further sign the world's largest economy is softening as the Federal Reserve raises interest rates. The picture was mixed across Asian bourses on Tuesday, with Tokyo and Taiwan benchmarks flat, while South Korean stocks put on 0.2%. Chinese stocks gave up early gains as growth concerns remained after data showed economic activity and credit expansion slowed sharply in July, prompting the central bank to unexpectedly cut interest rates. The blue-chip CSI 300 index slipped 0.2% after dipping on Monday. Bond markets, meanwhile, continued their tussle between fears over inflation and recession, which are particularly acute in the euro zone. Germany's 10-year yield, the benchmark for the euro zone, was up 3 basis points (bps) to 0.932%, holding below a two-week high of 1.025% touched last Friday. DOLLAR HAVEN Investors' latest move to the safety of the dollar came after the raft of weak global economic indicators. The U.S. economy contracted in the first and second quarters, amplifying a debate over whether the country is, or will soon be, in recession. On Tuesday, the dollar index, which measures the greenback against six major peers, rose as high as 106.87, its strongest since Aug. 8. The euro, the most heavily weighted currency in the dollar index, dropped 0.28% to 1.01305. The Australian and New Zealand dollars were put on the defensive by frail global data. Brent crude futures fell 1% to $94.11 as the bleak economic data from top crude buyer China renewed concerns of a global recession, and the market monitored talks on a reviving deal that could allow more Iranian oil exports. WTI crude futures shed 0.98% to $88.52 a barrel. Spot gold dipped slightly to $1,775.6 per ounce as the stronger dollar dented bullion's appeal and investors watched for signs of future rate hikes by the federal reserve.
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UK Market Mixed day yesterday, as gains in telecom sector stocks were offset by worries over tightening Covid-19 related restrictions in Europe. BHP Group advanced 3.1%, after the company signed a A$40 billion petroleum merger deal along with Woodside Petroleum, under which the latter would acquire BHP’s petroleum assets in return for a 48% stake in the combined company. BT Group added 2.5%, after a top broker increased its target price on the stock to 185.0p from 175.0p. Marks & Spencer Group rose 2.0%, following reports that the US private equity firm, Apollo Global Management, was considering a buyout. On the other hand, Hochschild Mining sank 27.2%, after Peru's government ruled out any operational extensions for its flagship Inmaculada silver mine. The FTSE 100 advanced 0.4%, to close at 7,255.5, while the FTSE 250 fell 0.3%, to end at 23,429.7. . European Market Were lower yesterday, amid concerns about growing Covid cases and fresh lockdown restrictions in several countries in Europe. Vestas Wind Systems dropped 2.5%, after the wind turbine maker was hit by a cyberattack. On the contrary, Telecom Italia surged 30.3%, after receiving a proposal from the US private equity giant KKR to acquire the company for a consideration of $12.0 billion. Telenor advanced 1.5%, after the company agreed to merge its telecom unit with Thailand's Charoen Pokphand Group in a deal worth $8.61 billion. Vinci added 1.0%, following news that the company has signed a deal to purchase a group of public works contractors in Canada from Northern Group of Companies. Renault rose 0.8%, after the automaker inked a supply agreement for the second time with lithium developer, Vulcan Energy Resources. The FTSEurofirst 300 index slipped 0.2%, to settle at 1,878.8. The German DAX Xetra fell 0.3%, to settle at 16,115.7, while the French CAC-40 shed 0.1%, to close at 7,105.0. . US Market Closed mostly lower yesterday, led by losses in technology sector stocks. Teladoc Health declined 6.8%, after a top broker downgraded its rating on the stock to ‘Neutral’ from ‘Buy’. On the other hand, Vonage Holdings surged 27.0%, following news that the company would be acquired by the Swedish telecom firm, Ericsson, for a consideration of $6.2 billion. Astra Space jumped 17.2%, after the company’s rocket successfully reached orbit for the first time. General Motors advanced 3.7%, following reports that the company acquired a 25% stake in the Seattle-based boating start-up, Pure Watercraft. Tesla rose 1.7%, after Chief Executive Officer, Elon Musk, revealed in a tweet that the company’s Model S Plaid electric sedan would “probably” launch in China early next spring. The S&P 500 slipped 0.3%, to settle at 4,682.9. The DJIA marginally rose, to settle at 35,619.3, while the NASDAQ shed 1.3%, to close at 15,854.8. . Asian Market We’re trading lower this morning. Markets in Japan are closed today on account of a public holiday. In Hong Kong, Sino Biopharmaceutical, Geely Automobile Holdings and Alibaba Health Information Technology have dropped 1.4%, 1.5% and 2.4%, respectively. Meanwhile, Hang Seng Bank, New World Development and Hong Kong & China Gas have advanced 0.9%, 1.0% and 1.4%, respectively. In South Korea, Isupetasys, Seoul Broadcasting System and Celltrion have declined 5.0%, 5.3% and 5.8%, respectively. Meanwhile, Digital Power Communications, POSCO Coated & Color Steel and Hanssem have climbed 6.2%, 6.4% and 7.2%, respectively. Yesterday, the Nikkei 225 index rose 0.1% to close at 29,774.1. Today, the Hang Seng index is trading 1.0% down at 24,698.5, while the Kospi index is trading 0.5% lower at 2,998.5.
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Monday, November 8, 2021 Futures Up/Down % Last Dow 72.00 0.20% 36,287 S&P 500 4.25 0.09% 4,694 Nasdaq 9.00 0.06% 16,360 U.S. futures are looking to open at new record highs (again) after Washington passed a smaller form of its highway, broadband and other infrastructure improvement spending deal this weekend, as the $1 trillion infrastructure bill passed through Congress on Friday. A very important week of economic data coming up with monthly CPI, PPI inflation data mid-week. Crypto assets rising to records ahead of the inflation reports as Bitcoin up 8% nearing $66K, Ethereum record highs up over 6% above $4,700, Litecoin tops $200, up over 5.75% as crypto assets surging again. Tech futures underperform following weakness in Tesla (TSLA) after its CEO Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10% of his Tesla stock. The world’s richest person had previously said he could face a “massive” tax bill this year as he has to exercise a large number of stock options coming due next year. In Asian markets, The Nikkei Index fell -100 points to 29,507, the Shanghai Index rose 0.2% to just under 3,500, and the Hang Seng Index declined 100 points to 24,763. In Europe, the German DAX is down about -0.1% at 16,035, while the FTSE 100 is flat holding just above 7,300. Last week the S&P 500, Nasdaq and Dow notched their fifth straight weekly advances (longest streak for the S&P since Aug 2020); for the week, the S&P 500 rose 2%, the Dow added 1.42%, the Nasdaq gained 3.05% and the Russell 200o over 6%. The Nasdaq 100 (QQQ) notched its 10th winning session in a row on Friday while the S&P 500 scored another record high on Friday and booked a week of solid gains following a strong U.S. jobs report and positive data for Pfizer’s experimental pill against COVID-19, which helped boost travel and other economic reopen sectors. The news kept the run going for equities after investors earlier in the week digested the Federal Reserve’s decision to start reducing its monthly bond purchases put in place to support the economy. Market Closing Prices Yesterday The S&P 500 Index gained 17.47 points, or 0.37%, to 4,697.53 The Dow Jones Industrial Average rose 203.72 points, or 0.56%, to 36,327.95 The Nasdaq Composite climbed 31.28 points, or 0.20%, to 15,971.59 The Russell 2000 Index advanced 34.65 points, or 1.44% to 2,437.08 Events Calendar for Today No major U.S. economic data Earnings Calendar: Earnings Before the Open: ATRO, AXSM, BKI, COTY, DS, EDIT, EHTH, GATO, GTES, HLIO, KOS, LINC, NERV, NSSC, RDNT, RDUS, RETA, THS, TTD, USFD, VAC, VUZI, WOW, ZIXI Earnings After the Close: ACAD, AEIS, AEL, AMBC, AMC, AMPH, AMRS, APEI, APPF, APTS, ASUR, ATER, AVEO, BAND, BRP, CARA, CBT, CHRS, CLRS, CLOV, CSSE, CSTL, CXW, DDD, DOOR, ENV, FIVN, FLDM, FRPT, FSK, FTK, GOSS, HIL, IEA, IFF, IIN, INST, IPAR, JKHY, KERN, LMND, LOTZ, MRC, MRTX, MWA, NCMI, NEWR, NNI, NVRO, NVTA, OCIUL, OUST, PRA, PRI, PRIM, PYPL, RBLX, REAL, SANM, SCOR, SDC, SNCR, SPCE, SWSP, SWAV, SWX, TCMD, TREX, TRIP, TWO, XNCR, ZIOP, ZNGA Other Key Events: Credit Suisse 30th Annual Healthcare Conference, 11/8-11/11 (virtual) JPMorgan Global Consumer, Retail & Luxury Conference, 11/8-11/21 (virtual) EEI Financial Conference, 11/7-11/9 (virtual) REITWorld 2021 Annual Conference, 11/9-11/12 (virtual) Macro Up/Down Last Nymex 1.22 82.49 Brent 1.09 83.83 Gold -0.50 1,818.50 EUR/USD -0.0002 1.1564 JPY/USD 0.05 113.46 10-Year Note +0.032 1.485% World News China’s export growth moderated slightly to 27.1% yoy in October, above the 22.8% consensus expectation, implying a sequential gain of 2.6% in October (a modest slowdown from +3.0% in September) despite electricity constraints in October. At the same time, imports rose 20.6% yoy in October, missing expectations of a 26.2% surge, but fell 3.2% sequentially in October (vs. -0.7% in September). As a result of the far bigger growth in exports over imports, the monthly trade surplus rose further to a record high of $84.5bn in October, supporting the appreciation of the Chinese yuan in October, even as China’s economy has slowed down sharply in recent months. China’s trade surplus with the United States was $40.75 billion in October based on customs data showed on Sunday, down from $42 billion in September. For the first ten months of the year, the surplus was $320.67 billion – Reuters Highway, broadband and other infrastructure improvement spending deal this weekend, as the $1 trillion infrastructure bill passed through Congress on Friday and among parts of the deal, allows for $7.5 billion spending for building out a network of electric vehicle chargers and another $7.5 billion for low or zero-emission buses and ferries. Sector News Breakdown Consumer Tesla Inc ($TSLA) CEO Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10% of his Tesla stock. The world’s richest person had previously said he could face a “massive” tax bill this year as he has to exercise a large number of stock options coming due next year. “Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock,” Musk said on Twitter on Saturday. Rivian Automotive ($RIVN) raises IPO price range to $72.00-$74.00 from $57.00-$62.00. Separately, Barron’s noted Rivian Automotive (RIVN) is set to go public this coming week at a market value that could exceed that of Honda Motor (HMC) despite having sold just a handful of vehicles, with a market cap around $64 billion Haverty’s (HVT) announces special cash dividend, quarterly cash dividend, and additional authorization under stock repurchase program Peloton ($PTON) has halted hiring across all departments effective immediately, CNBC reported late Friday, a day after it slashed its full-year outlook amid slowing momentum for its fitness products Coty ($COTY) agrees to sell additional partial stake in Wella to KKR in exchange for about 56% of Preferred Coty shares owned by KKR Marriott Vacations ($VAC) Q3 adjusted EPS $1.60 vs. est. $1.42; Q3 revs $1.05B vs est. $1.07B; said occupancies at our resorts this quarter were very strong despite the Delta variant and contract sales were within 3% of 2019 levels, driving 25% sequential growth in Adjusted EBITDA Energy China’s crude oil imports plunged in October to the lowest since September 2018, as large state-owned refiners withheld purchases because of rising prices while independent refiners were restrained by limited quotas to import. The world’s biggest crude oil importer brought in 37.8 million tonnes last month, data from the General Administration of Customs showed on Sunday, equivalent to 8.9 million barrels per day (bpd). – Reuters FirstEnergy ($FE) agrees to sell a 19.9% stake in its three regulated transmission businesses to Brookfield Asset Management (BAM) for $2.4B Financials Berkshire Hathaway Inc ($BRK/A) said that global supply chain disruptions kept a lid on its ability to generate profit; Q3 operating profit rose 18% but missed analyst forecasts amid goods shortages that crimped consumer spending; net income, meanwhile, fell 66%, reflecting lower gains from stock holdings such as Apple Inc and Bank of America Corp. Alleghany ($Y) mentioned positively in Barron’s saying shares should not be overlooked noting under CEO Weston Hicks, Alleghany has used a similar strategy to create an attractive, smaller-scale version of Warren Buffett’s Berkshire Hathaway ($BRK.A) R. Berkley ($WRB) announced that its Board of Directors has declared a special cash dividend on its common stock of $1.00 per share to be paid on December 22 to stockholders of record at the close of business on December 7 Healthcare Cannabis stocks rose late Friday after Marijuana Moment reported a fresh Republican-led attempt to legalize marijuana. The States Reform Act led by Rep. Nancy Mace (R-SC) is still in the preliminary stage, and a final version is expected to be filed later this month. As U.S. health authorities expand use of the leading Covid-19 vaccines, researchers investigating heart-related risks linked to the shots are exploring several emerging theories, including one centered on the spike protein made in response to vaccination. Researchers aren’t certain why the messenger RNA vaccines, one from Pfizer Inc. ($PFE) and partner BioNTech SE ($BNTX) and the other from Moderna Inc., are likely causing the inflammatory heart conditions myocarditis and pericarditis in a small number of cases. – WSJ https://on.wsj.com/3mQqCVY Alcon ($ALC) has acquired Ivantis, developer and manufacturer of the novel Hydrus Microstent, a minimally-invasive glaucoma surgery (MIGS) device designed to lower intraocular pressure for open-angle glaucoma patients in connection with cataract surgery for $475M in upfront consideration Genetron Holdings ($GTH) has formed a strategic partnership with oncology laboratory solution provider NeoGenomics (NEO) to drive global oncology drug research and development. Industrials & Materials Boeing ($BA) directors agreed to a $237.5 million settlement of claims that they turned a blind eye to safety issues related to 737 Max jetliners whose crashes have cost the company more than $20 billion, according to court documents Blade Air Mobility ($BLDE) is bringing ride-sharing to helicopters-just don’t call it the Uber ($UBER) of the sky. The stock can take off without that comparison, Barron’s reported. Blade Air Mobility is a less risky way to invest in the eVTOL future, though certainly not risk-free BHP is close to a deal to sell its controlling interest in two Australian coal mines to Stanmore Resources Ltd. ($STMRF) for ~$1.25B, the Wall Street Journal reports. Technology, Media & Telecom New Oriental Education & Technology ($EDU), Gaotu Techedu ($GOTU), and Tal Education ($TAL) shares all rising over 20% after the WSJ reported that China plans to issue more than a dozen licenses that would allow companies to offer after-school tutoring. The report said Gaotu Techedu (GOTU) and Yuanfudao, a unit of Tencent ($TCEHY), have held talks about resuming tutoring to students in the ninth grade and below https://on.mktw.net/3EVcxg5 Trinseo ($TSE) has begun work to explore the divestiture of its Styrenics businesses and plans to launch a formal sales process in Q1 of 2022. The scope of this potential divestiture is expected to include the Feedstocks and Polystyrene reporting segments as well as the company’s 50% ownership of Americas Styrenics AU Optronics ($AUOTY) reports October revenue of NT$30.38B (+18.1% Y/Y, -9.9% M/M); the total panel area shipment reached around 2.08 million square meters in October 2021, down by 4.3% month-over-month. ChipMOS ($IMOS) reports October revenue of $82.3M (-2.3% M/M; +10.7% Y/Y).
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hopefully BHP continues ala AA
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By Tom Westbrook and Anushka Trivedi SINGAPORE (Reuters) - Asian stocks struggled to shake off contagion fears on Tuesday and selling pressure persisted amid concern that troubles at indebted developer China Evergrande could ripple across the world economy, markets and financial system. Hong Kong's Hang Seng hit a fresh 11-month low and was down 0.3% by midsession, with a early gains in banks and property stocks paring a little. Japan's Nikkei returned from a market holiday with a drop of almost 2%. (T) Currency, commodity and bond markets steadied, but overall demand for riskier assets remained low especially as the Federal Reserve is expected to step closer to tapering on Wednesday. European futures rose 0.5% in the Asia session. FTSE futures advanced 0.7% and S&P 500 futures climbed 0.6% a day after selling hit banks on both sides of the Atlantic and tipped the S&P 500 to its steepest fall in two months. "For markets to bounce we need to see concrete actions from the authorities to stem any wide spread contagion," said Dave Wang, a portfolio manager at Nuvest Capital in Singapore. Though China is on holiday, and mainland markets closed, there was little evidence of that yet, with no mention of Evergrande's troubles in major Chinese state media. Evergrande, struggling for cash, owes $305 billion and investors are on edge at the risk a messy failure reverberates through China's property sector and everything exposed to it - primarily banks and then the broader economy. China's yuan steadied in offshore trade to recoup some of the losses that sent it to a three-week low on Monday. Evergrande shares fell 4% as focus there shifts to Thursday when the company is due to make bond interest payments. Australia's stock market was also barely better than flat as iron ore miners BHP and Rio Tinto (NYSE:RIO) scraped from nine-month troughs plumbed on Monday. Copper hovered near a one-month low on demand fears. [MET/L] "There is market caution," said George Boubouras, head of research, at K2 Asset Management in Melbourne. "However the profit and earnings cycle is far from a bear market," he said. "Evergrande is a sentiment issue, no doubt. But no Lehman event ... it will be addressed, bailed out or restructured if it becomes a notable mainland China problem." FED WATCH The next few days present yet more tests, with the Federal Reserve concluding a two-day meeting on Wednesday and likely to offer some guidance on the tapering outlook and with Evergrande due to meet its bond interest payments on Thursday. In the currency market, traders took solace from the relative calm in Hong Kong after Monday's plunge. The euro traded at $1.1730, after having touched a near-one-month low of $1.1700 while the safe-haven yen slipped to 109.57 yen to the dollar. The 10-year U.S. Treasury yield crept up to 1.3277%, with moves capped as markets have an eye to the Fed. Investors are looking for the tapering timeline on its bond purchases as well as its board members' long-term rates and economic projections. "I think the Fed will calm things down and I guess defer their tapering decision till November, said Jarrod Kerr, chief economist at Kiwibank. This week will also see policy decisions from many other central banks spanning Brazil, Britain, Hungary, Indonesia, Japan, Norway, the Philippines, South Africa, Sweden, Switzerland, Taiwan and Turkey. Oil prices also rebounded a tad in Asia after falling the previous day. U.S. crude futures traded at $70.98 per barrel. [O/R] Wobbling cryptocurrencies also found a floor, with bitcoin bouncing from a 1 1/2-month low of $40,193 to trade just shy of $43,000. (Additional reporting and writing by Tom Westbrook; Editing by Shri Navaratnam and Ana Nicolaci da Costa)
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@everyone Monday, September 20, 2021 Futures Up/Down % Last Dow -529.00 1.54% 33,933 S&P 500 -56.75 1.28% 4,365 Nasdaq -154.00 1.00% 15,172 U.S. indices are trading down over 1% in pre-market trading and touching their lowest levels in almost 2 months this morning as large Chinese real estate developer Evergrande’s debt crisis is weighing on Asian markets and several macroeconomic factors are making investors wary. The Federal Reserve’s two-day September meeting begins tomorrow where they may lay out plans to begin tapering bond purchases and its quarterly dot plot will provide a forecast on when the central bankers expect to hike interest rates from their current levels of 0-0.25%. Additionally, the federal government is currently facing the threat of running out of money October 1 unless Congress raises the debt ceiling, and Treasury Secretary Janet Yellen wrote an op-ed in the Wall Street Journal over the weekend imploring Congress to raise it as the Treasury will exhaust its cash reserves and borrowing capacity sometime next month if no action is taken. Today’s move lower comes after the S&P closed below its 50-day moving average for the 1st time since June 18th on Friday with materials and technology companies struggling. Late Friday, an FDA panel decided not to recommend a booster for the Pfizer vaccine for people 16 years and older by a vote of 16-3 saying there was not enough data to determine the step-up effectiveness of the third shot. However, the panel unanimously approved a narrower vote of authorizing booster dose of Pfizer/BioNTech covid-19 vaccine at least 6 months after full vaccination for people 65 and older and those at high risk for severe disease (a narrower approval than markets were hoping for). The University of Michigan’s preliminary sentiment index edged up in August, but buying conditions for household durables, homes and motor vehicles all fell to the lowest in decades due to complaints about high prices. The dollar rose while precious metals mostly fell, as gold posted a second straight weekly drop ahead of the FOMC meeting later this week. A potential hike in corporate taxes could eat into earnings also weigh on markets, with leading Democrats seeking to raise the top tax rate on corporations to 26.5% from the current 21%. In Asian markets, the Hang Seng Index is plunging 821 points while Tokyo and Shanghai markets are closed for holiday. In Europe, the German DAX is down 367 points and the FTSE 100 is lower by 118 points. Market Closing Prices Yesterday The S&P 500 Index dropped -40.76 points, or 0.91%, to 4,432.99 The Dow Jones Industrial Average fell -166.44 points, or 0.48%, to 34,584.88 The Nasdaq Composite sunk -137.96 points, or 0.91%, to 15,043.97 The Russell 2000 Index advanced 3.96 points, or 0.18% to 2,236.87 Events Calendar for Today 10:00 AM ET NAHB Housing Market Index for Sept Earnings Calendar: Earnings Before the Open: none Earnings After the Close: $LEN Other Key Events: European Society for Medical Oncology (ESMO) 2021 Virtual Congress, 9/16-9/21 Oppenheimer Fall Healthcare Life Sciences & MedTech Summit (virtual), 9/20-9/23 Roth Capital 8th Annual Solar Symposium (virtual), 9/20-9/23 Stephen’s 11th Annual Bank Forum, in Little Rock, AR, 9/20-9/22 Macro Up/Down Last Nymex -1.49 70.33 Brent -1.29 74.05 Gold 8.10 1,759.50 EUR/USD -0.0012 1.1713 JPY/USD -0.42 109.53 10-Year Note -0.039 1.331% World News Chinese real estate developer Evergrande is facing a default on $150M in bond payments this week and officials have refused to commit any rescue cash to the country’s 2nd largest developer who currently has more than $310B in debt. Sector News Breakdown Consumer Barron’s noted the sell-off in Wynn Resorts ($WYNN) and Las Vegas Sands ($LVS) the past couple of days amid jitters that the Macau government will impose more onerous concession, or licensing, agreements when they expire next year could be setting up a buying opportunity for investors who are patient and have a bankroll to withstand the unlucky streak S. auto safety investigators have opened a new probe into 30 million vehicles built by nearly two dozen automakers with potentially defective Takata air bag inflators – Reuters Three investigators with the National Transportation Safety Board are traveling next week to Coral Gables, Florida to investigate a fatal accident in which a Tesla ($TSLA) Model 3 left the roadway and collided with a tree. NTSB officials say the investigation will focus on the operation of the vehicle and the post-crash fire that consumed the car Energy, Industrials and Materials Boeing ($BA) has been awarded a $1.62B indefinite-delivery/indefinite-quantity contract for missile guidance repair. BHP Group ($BHP), Rio Tinto ($RIO), Anglo American ($NGLOY), Glencore ($GLNCY), and Vale ($VALE) are in the best shape ever, Barron’s reported for mining companies. Their shares, however, trade cheaply amid worries that the good times in industrial commodities are ending. For investors willing to accept some risk, the Big Five miners offer a rich opportunity Financials A senior U.S. trade official privately criticized India’s July decision to ban Mastercard Inc ($MA) from issuing new cards, calling it a “draconian” move that caused “panic”, according to U.S. government emails seen by Reuters. Healthcare Astellas Pharma ($ALPMY) and Pfizer ($PFE) announced ahead of the European Society for Medical Oncology Congress 2021 that XTANDI improved overall survival in the ARCHES study in men with metastatic hormone-sensitive prostate cancer. Exelixis ($EXEL) announced that the U.S. FDA approved CABOMETYX for the treatment of adult and pediatric patients 12 years of age and older with locally advanced or metastatic differentiated thyroid cancer that has progressed following prior vascular endothelial growth factor receptor-targeted therapy and who are radioactive iodine-refractory or ineligible White House medical adviser Anthony Fauci said on Sunday that data needed to determine the advisability of booster shots of the Moderna Inc (MRNA) and Johnson & Johnson ($JNJ) COVID-19 vaccines is just weeks away Quidel ($QDEL) has been awarded a maximum $710.57M indefinite-delivery/indefinite-quantity contract for over-the-counter antigen test kits AstraZeneca ($AZN) reported updated Phase 3 trial results for Imfinzi that showed the drug combined with chemotherapy tripled patient survival at 3-year in extensive-stage small cell lung cancer Technology, Media & Telecom Brooks Automation ($BRKS) agreed to sell its semiconductor solutions group business to Thomas H. Lee Partners for $3B in cash and will no longer pursue a separation into 2 independent and publicly traded companies
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By Alun John and Tom Westbrook HONG KONG/SINGAPORE (Reuters) - Asian stocks slumped to their lowest levels this year and the dollar hit 10-month highs on Thursday as a double-whammy of worries about global growth and an end to central bank support drove nervous investors toward safety. Commodities were also sold with oil down for a sixth straight session and at three-month lows, while growth bellwether copper fell to a two-month trough. [O/R][MET/L] MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.5% to its lowest level since December. S&P 500 futures fell 0.1% and Euro STOXX 50 futures were off 0.63% by midway through the Asia day. "You can't find a bull out there," said Kay Van-Petersen, a global macro strategist at Saxo Capital Markets in Singapore. He said "an accumulation of things," from the spread of the Delta virus variant to a tech crackdown in China and the impression from Federal Reserve minutes that a slowdown in asset purchases looms was enough to sink fragile sentiment in Asia. The dollar rose 0.3% to $1.1665 per euro, hitting its highest since November 2020 along with the dollar index as the greenback made 2021 peaks on the Australian and New Zealand dollars. [FRX/] Selling pressure in stock markets extended from Chinese tech shares to semiconductors and miners. The Hang Seng tech index fell 1.8% to its lowest level since its launch last year. The broader Hang Seng dropped 1.6%. (HK) Alibaba (NYSE:BABA)'s Hong Kong shares fell to a record low. Chip giant TSMC fell 2% and had Taiwan's benchmark on course for its worst session since May, while tumbling iron ore prices pushed shares in global miners BHP and Rio Tinto (NYSE:RIO) to their lowest in months. The two miners look set for their worst weekly drops since the height of pandemic panic in markets last year, even after BHP reported its best profit in almost a decade on Tuesday. "The spreading Delta variant is pushing down economic growth," said Ayako Sera, market strategist at Sumitomo Mitsui (NYSE:SMFG) Trust Bank. "But on the other hand, in the grand scheme of things, the Federal Reserve and some other central banks are starting to remove stimulus they began to deal with the pandemic ... so the balance is tilting in the direction of risk-aversion." The CBOE Volatility index, also known as Wall Street's fear gauge, jumped 3.66 points to its highest level in about a month overnight and the S&P 500 index fell 1% to a two-week low. (N) Minutes from the Fed's July meeting published on Wednesday showed officials expect they could ease stimulus this year, though there was division over recovery in the labour market and the level of risk posed by new rises in cases. "The minutes show a Fed that is pretty split on most things, but recognises that we are getting much closer to the point of tapering," wrote ING analysts in a note. Focus now shifts to the Fed's annual research conference in Jackson Hole, Wyoming, next week for any read about the central bank's next steps. U.S. Treasury yields held near recent lows in Asia. Benchmark 10-year notes were last at 1.2650% with growth wobbles driving demand for bonds. [US/] Oil extended losses into a sixth day on Thursday, falling to three-month lows. ANZ analysts said rising U.S. inventories had fuelled fears of weaker demand amid a spike in COVID-19 cases worldwide. [O/R] Brent crude was last down 1% at $67.54 a barrel, U.S. crude lost 1.2% to trade at $64.42 a barrel. The stronger dollar also dragged on gold, with the spot price dropping 0.55% to $1778.87. [GOL/]
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UK Markets Closed mixed yesterday, as concerns about the impact of the Delta variant overshadowed gains in energy and healthcare sector stocks and upbeat UK economic data. Plus500 climbed 5.1%, after the online trading platform projected its annual revenue to exceed “significantly ahead” of analysts’ expectations. BHP Group advanced 3.4%, after the miner reported a jump in its annual net profit and confirmed the sale of its petroleum business. Just Eat Takeaway.com rose 2.9%, even though the company reported operating losses in the first half of the year. Genuit Group edged up 2.0%, after the company reported better than expected revenue and profit in the first half of the year and raised its full year outlook. On the flipside, Beazley fell 2.2%, after a top broker downgraded its rating on the stock to ‘Sell’ from ‘Neutral’. Glencore shed 1.6%, after the company agreed to acquire a stake in UK battery maker, Britishvolt. The FTSE 100 rose 0.4%, to close at 7,181.1, while the FTSE 250 fell 0.1%, to end at 23,693.5. . European Markets Closed mostly lower yesterday, as investors remained worried over the spread of Delta variant of Covid-19 and its potential impact on the global economic recovery. Prosus fell 3.2%, as Chinese regulators issued a long set of draft rules for the internet sector, banning unfair competition and restricting the use of user data. Swiss Life Holding shed 1.7%, after the financial services firm reported a drop in its premiums in the first half. On the other hand, Pandora rose 3.3%, after the jewelry maker reported an increase in its sales to its pre-pandemic levels in the second quarter and launched a new share buyback program. The FTSEurofirst 300 index gained 0.2%, to settle at 1,827.7. The German DAX Xetra marginally fell to settle at 15,922.0, while the French CAC-40 dropped 0.3%, to close at 6,819.8. . US Markets Finished lower yesterday, following dismal US retail sales data. Home Depot dropped 4.3%, after the company reported weaker than expected sales in the second quarter. Stanley Black & Decker fell 3.0%, after the tool maker announced that it has agreed to acquire the remaining 80% of MTD Holdings for a cash consideration of $1.6 billion. Roblox shed 1.1%, after the video game company reported lower than expected revenue in the second quarter, following a drop in bookings. Walmart eased 0.03%, despite reporting better-than-expected results in the second quarter and raising its full year forecast The S&P 500 slipped 0.7%, to settle at 4,448.1. The DJIA fell 0.8%, to settle at 35,343.3, while the NASDAQ dropped 0.9%, to close at 14,656.2. . Asian Markets Trading higher this morning. In Japan, Taisei and Fujikura have advanced 2.5% and 3.1%, respectively. Meanwhile, Shiseido and Nikon have dropped 1.7% and 2.7%, respectively. In Hong Kong, China Life Insurance and Meituan have risen 1.7% and 4.2%, respectively. Meanwhile, HSBC Holdings and China Resources Land have fallen 0.6% and 2.0%, respectively. In South Korea, LF and Jico have climbed 9.6% and 29.7%, respectively. Meanwhile, Samsung Publishing and STX have declined 8.4% and 17.0%, respectively. The Nikkei 225 index is trading 0.6% higher at 27,579.8. The Hang Seng index is trading 0.6% up at 25,898.1, while the Kospi index is trading 0.9% higher at 3,170.4.
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UK Markets Closed lower yesterday, led by losses in mining sector stocks, amid disappointing data by China. Burberry Group dropped 3.4%, after the luxury fashion brand reported lower than expected first quarter retail sales in one of its primary markets. Just Group fell 2.4%, after the retirement specialist announced that it sold a portfolio of lifetime mortgages to Rothesay for a consideration of £334.0 million. BHP Group shed 1.8%, after the company confirmed that it has begun talks regarding a potential merger of its petroleum business with Australia’s Woodside Petroleum. Meggitt slid 0.4%, even though the aerospace and defence group announced that it has recommended a £6.3 billion takeover by Parker Hannifin. On the flip side, Ultra Electronics Holdings advanced 6.0%, after the company agreed upon £2.5 billion deal to be purchased by the defence group, Cobham. Future rose 5.0%, after the company announced that it has acquired consumer media company, Dennis, for a cash consideration of £300.0 million from Exponent Private Equity. The FTSE 100 slipped 0.9%, to close at 7,154.0, while the FTSE 250 fell 0.3%, to end at 23,712.7. . European Markets Also closed lower yesterday, following a surprise slowdown in China’s economic data and amid concerns over economic growth. Deutsche Lufthansa fell 3.6%, after the German finance agency announced that it would sell up to a quarter of its stake in the airline operator over the next few weeks. AXA slid 0.3%, after the insurance company announced the sale of its operations in Singapore to HSBC for a consideration of $575.0 million. On the other hand, Faurecia climbed 12.1%, after the car parts supplier indicated that it has won the bid to acquire a majority stake in German automotive lighting group, Hella. The FTSEurofirst 300 index slipped 0.6%, to settle at 1,824.8. The German DAX Xetra fell 0.3%, to settle at 15,925.7, while the French CAC-40 dropped 0.8%, to close at 6,838.7. . US Markets Bucked the trend finishing mostly higher yesterday, helped by gains in healthcare sector stocks. Sonos advanced 4.7%, following reports that International Trade Commission judge ruled that Alphabet’s Google unit violated audio technology patents of some of the high-end speaker company. Seagate Technology Holdings edged 0.4% up, after a broker upgraded its rating on the stock to ‘Buy’ from ‘Neutral’. On the other hand, Rocket declined 5.0%, after the company’s second quarter revenue and earnings came in below analysts’ forecast. Tesla dropped 4.3%, after the National Highway Traffic Safety Administration announced a formal investigation into the electric vehicle maker’s autopilot partially automated driving system. T-Mobile US fell 2.9%, after the company announced that it is investigating a forum post in which a hacker claimed to be selling personal data. The S&P 500 gained 0.3%, to settle at 4,479.7. The DJIA rose 0.3%, to settle at 35,625.4, while the NASDAQ fell 0.2%, to close at 14,793.8. . Asian Markets In line with UK and Europe are trading mostly lower this morning. In Japan, Mitsui Chemicals and Nippon Yusen have advanced 2.3% and 2.7%, respectively. Meanwhile, Nippon Steel and M3 have dropped 2.6% and 2.8%, respectively. In Hong Kong, PetroChina and Tencent Holdings have fallen 2.1% and 3.7%, respectively. Meanwhile, BYD and CSPC Pharmaceutical Group have risen 0.9% and 3.8%, respectively. In South Korea, Tapex and Sempio Foods have declined 8.5% and 9.2%, respectively. Meanwhile, Inbiogen and Central Insight have climbed 10.4% and 18.3%, respectively. The Nikkei 225 index is trading 0.2% higher at 27,569.8. The Hang Seng index is trading 0.5% down at 26,041.0, while the Kospi index is trading 1.1% lower at 3,137.7. . Commodity Brent crude oil one month futures contract is trading 0.06% or $0.04 higher at $69.55 per barrel, ahead of the American Petroleum Institute’s weekly oil inventory data, scheduled to be released later today. Yesterday, the contract declined 1.53% or $1.08, to settle at $69.51 per barrel, amid speculations by the OPEC and other oil producers that the crude demand would not be more than their planned supply in the coming months. . Gold futures contract is trading 0.09% or $1.60 higher at $1788.50 per ounce. Yesterday, the contract climbed 0.66% or $11.70, to settle at $1786.90 per ounce, amid decline in the US treasury yields. . Currency The EUR is trading 0.08% lower against the USD at $1.1768, ahead of the Euro-zone’s second quarter GDP data and construction output data for June, due in a few hours. Additionally, investors await the US Federal Reserve Chairman, Jerome Powell’s speech along with the US retail sales data and industrial production data, both for July, slated to release later today. Yesterday, the EUR weakened 0.16% versus the USD, to close at $1.1778. In other economic news, the US NY Empire State manufacturing index fell more than anticipated in August. . GBP is trading 0.24% lower against the USD at $1.3816, ahead of UK’s unemployment rate and average earnings data, both for June, slated to release in a few hours. Yesterday, the GBP weakened 0.12% versus the USD, to close at $1.3849. . Bitcoin BTC is trading 1.05% higher against the USD at $46560.05. Yesterday, BTC declined 3.22% against the USD to close at $46078.11. In a key development, Audius, one of the first streaming platforms announced that it has joined forces with TikTok to allow users to share tracks to the popular app. In another development, fintech company, Leonteq announced that it has launched a collaborative effort with ICF bank to bring crypto assets to institutional investors throughout Germany and Austria. . Economic News . US NY Empire State manufacturing index dropped more than expected in August In the US, the NY Empire State manufacturing index fell to 18.30 in August, compared to a level of 43.00 in the previous month. Markets were expecting the index to fall to a level of 30.00. . RBA minutes: spread of Delta variant raises uncertainty about outlook Minutes from the Reserve Bank of Australia (RBA), in its August meeting, indicated that the spread of the delta variant of the coronavirus and the accompanying lockdowns to curb the spread have raised uncertainty towards the economic outlook for the second half of 2021.
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Monday, August 16, 2021 Futures Up/Down % Last Dow -104.00 0.29% 35,316 S&P 500 -12.25 0.29% 4,449 Nasdaq -41.50 0.27% 15,084 U.S. futures are pulling back from all-time highs as investors await Tuesday’s town hall event by Fed chair Jerome Powell where they’ll be looking for clues as to whether recent economic data is sufficient progress for the central bank to consider tapering stimulus, while geopolitical market concerns also weighing. Several Fed officials lately have discussed just when the central bank might begin its tapering of bond purchases. The Fed has been buying $120 billion a month in Treasury, agency and mortgage bonds to keep interest rates low and support the economy during the pandemic. The concerns come after the Dow and the S&P 500 both pushed to their fourth straight record closes Friday as Wall Street looked beyond falling U.S. consumer sentiment in July. U.S. consumer sentiment fell in early August to the lowest level in nearly a decade as Americans grew more concerned about the economy’s prospects, inflation and the recent surge in coronavirus cases. The University of Michigan’s preliminary sentiment index fell by 11 points to 70.2, the lowest since December 2011, data released Friday showed. In Asian markets, The Nikkei Index tumbled -453 points (1.62%) to 27,523, the Shanghai Index was little changed at 3,517 and the Hang Seng Index dropped -210 points to 26,181. In Europe, the German DAX pulls back -85 points from record highs to 15,890, while the FTSE 100 slips -80 points (1.1%) to 7,140. Oil prices hitting 15-month lows as WTI crude futures fall below $67 per barrel. Cryptocurrency-exposed stocks rise with Bitcoin edging higher. Chinese large cap stocks listed in the U.S. fall in premarket trading on Monday amid another round of criticism from state media over online games Market Closing Prices Yesterday The S&P 500 Index gained 7.17 points, or 0.16%, to 4,468.00 The Dow Jones Industrial Average rose 15.53 points, or 0.04%, to 35,515.38 The Nasdaq Composite edged higher 6.64 points, or 0.04%, to 14,822.90 The Russell 2000 Index declined -20.96 points, or 0.93% to 2,223.11 Events Calendar for Today 8:30 AM ET Empire Manufacturing for Aug 4:00 PM ET Net Long-term TIC flows for June Earnings Calendar: Earnings Before the Open: BLDE, CBLI, DLPN, MICT, MLSS, ONDS, RAIL, SGBX, TLGT, TSHA, UAVS, UWMC, VEI, VYNT, YOU Earnings After the Close: ACRX, ATCX, BIOC, BKYI, CTEK, CVV, DNMR, DPW, EDR, ETON, EVLV, GERN, GOEV, IDEX, MBII, NVGS, OSMT, POWW, QRHC, QSI, $RBLX, RMO, SMTI, SSKN, TLS, XSPA, ZEV Other Key Events: EnerCom Oil & Gas Conference (virtual), 8/15-8/18 BWS Financial Growth and Value Conference (virtual), 8/16-8/17 Needham MedTech and Diagnostics Conference (virtual), 8/16-8/17 Truist Atlanta Bank Summit (virtual) 8/16-8/17 Macro Up/Down Last Nymex -0.90 67.54 Brent -0.83 69.76 Gold -4.25 1,775.50 EUR/USD -0.0012 1.1785 JPY/USD -0.29 109.30 10-Year Note -0.029 1.268% World News Taliban fighters on Sunday took over the Afghan capital and President Ashraf Ghani fled abroad, leaving the government in collapse, as a U.S.-led military operation began to airlift Western diplomats, civilians and Afghans likely to be targeted by the country’s new rulers, the WSJ reported. By evening, the main road to the Kabul airport was packed with Afghans desperately trying to escape and with thousands of U.S. troops protecting the evacuation effort China July Industrial Output missed: y/y 6.4% vs 7.8% consensus; China July Retail Sales missed: y/y 8.5% vs 11.5% consensus; China July House Price Index lower: y/y 4.6% vs 4.7% previous Japan Q2 GDP beat: q/q 0.3% vs 0.2% consensus; Japan Q2 GDP Annualized beat: 1.3% q/q vs 0.7% consensus Sector News Breakdown Consumer Carvana ($CVNA) still has room to run according to Barron’s noting shares went public in 2017 at $15 a share but has rocketed higher since then, including roughly quadrupling in price since just before the pandemic, to a recent $360. Barron’s noted Wall Street expects Carvana to continue to grow revenue at rates north of 30% vs. mid-single-digit rates for CarMax (KMX). Wendy’s ($WEN) mentioned positively in Barron’s saying it wasn’t that long ago that Wendy’s briefly became a meme stock, but on Wednesday, the company reported quarterly results, and even analysts who were lukewarm about the stock walked away impressed, Stitch Fix ($SFIX), a subscription service for clothing with over 4 million customers, could become the “Nordstrom of the future,” said Mario Cibelli of Marathon Partners Equity Management to Barron’s. Shares have fallen on concerns about potential churn, but the company has potential outside of the U.S. and U.K. markets. Marriott Vacations Worldwide ($VAC), one of the top companies in the timeshare industry with high exposure to Hawaii and Orlando, could produce 20% annual returns for shareholders in the coming years, according to Barron’s, as per David Baron, a manager of the Baron Focused Growth Hyatt Hotels ($H) announced that it has entered into a definitive agreement to acquire Apple Leisure Group from affiliates of each of KKR (KKR) and KSL Capital Partners for $2.7 billion in cash JELD-WEN Holding Inc. ($JELD) said its largest shareholder, Onex Corp. is selling off nearly half its stake in the building products company (14.88M shares of its 32.1M disclosed stake), equating to about 15% of the shares outstanding, with the company planning to buying back close to half of the shares being sold. JELD said it plans to repurchase about $200 million of the offering Energy, Industrials and Materials Boeing’s ($BA) shares could rise by 35% if they fix their problems noting shares trade nearly 50% below their March 2019 high of $440.62, and few if any Boeing watchers expect the stock, now around $238, to revisit that record in the next few years. If CEO Dave Calhoun takes bold steps to restore the company’s engineering supremacy and repair its balance sheet, shares could rise. Compass Minerals ($CMP) Q2 EPS loss (-$0.49) vs. est. loss (-$0.05); Q2 revs $199.4M vs. est. $221.77M; said expects Q3 Salt segment revenue to benefit from strong volume growth as well as year-over-year operating earnings improvement, partially offset by slightly lower pricing. Woodside Petroleum is in advanced talks to buy BHP’s (BHP) petroleum division in a ~A$20B (US$14.7B) deal – WSJ Financials Capital One Financial ($COF) July net-charge offs were 1.45% vs. 3.82% YoY and delinquencies 1.71%vs. 2.44% YoY Healthcare Enlivex Therapeutics ($ENLV) obtains authorization from Israel’s ministry of health to initiate a clinical trial evaluating the safety and effectiveness of its Allocetra therapy on Covid-19 patients Technology, Media & Telecom The U.S. International Trade Commission (ITC) issued a decision on a case involving Google ($GOOGL) and Sonos ($SONO), ruling that the Alphabet unit infringed five of Sonos’ patents DouYu ($DOYU) Q2 adj EPS loss (-$0.05) vs. est. loss (-$0.34); Q2 revs $361.92M; average mobile MAUs in Q2 increased by 3.9% to 60.7M from 58.4M in the same period of 2020; quarterly average paying user count in Q2 was 7.2M, compared with 7.6M in the same period of 2020 T-Mobile US ($TMUS) said it was investigating claims of a data breach that involves the personal data of 100 million users. T-Mobile said it was aware of the claims made by a hacker in a forum post and has been “actively investigating their validity.” Ping Identity ($PING) announces 6M share common stock offering for holders
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UK Markets Finished higher on Friday, amid optimism over economic recovery from the coronavirus pandemic. Babcock International Group climbed 6.4%, after the defence contractor agreed to sell its consultancy unit, Frazer-Nash for a cash consideration of £293.0 million. BHP Group rose 1.5%, amid rising speculation that the company would announce a decision on exiting its petroleum business next week. On the flipside, Venture Life Group tanked 30.9%, as the company’s revenue came in below analysts’ expectations in the first half of the year. Avon Protection plunged 27.7%, after the company lowered its revenue guidance for 2021 and 2022, due to delay in orders and disruption in supply chain. Murray International Trust slid 0.2%, even though the company swung to an interim profit. The FTSE 100 added 0.4%, to close at 7,218.7, while the FTSE 250 rose 0.2%, to end at 23,788.5. . European Markets Also closed higher on Friday, amid upbeat corporate earnings reports and hopes over economic recovery. Zooplus surged 41.1%, after private equity firm, Hellman & Friedman agreed to acquire the company for a consideration of around €3.0 billion. Deutsche Euroshop advanced 5.7%, after the real estate investment company swung to a profit in the second quarter. Adidas rose 2.3%, after the company agreed to sell its Reebok business to Authentic Brands Group for around €2.1 billion. On the other hand, Ipsen declined 12.7%, after the pharmaceutical company announced the withdrawal of the New Drug Application for palovarotene, following discussions with the US Food and Drug Administration. The FTSEurofirst 300 index gained 0.2%, to settle at 1,835.1. The German DAX Xetra rose 0.3%, to settle at 15,977.4, while the French CAC-40 added 0.2%, to close at 6,896.0. . US Markets Continued the trend finishing higher on Friday, amid optimism about strong corporate earnings reports and helped by gains in technology sector stocks. Rocket climbed 10.3%, after the company announced that it expects to report a rise in its 2021 mortgage origination closed loan volume. DoorDash advanced 3.5%, after the food ordering group reported better than expected revenue in the second quarter and lifted its full year guidance. Pfizer added 2.6%, after the US Food and Drug Administration authorised booster shots of the Pfizer/BioNTech and Moderna covid vaccines for immunocompromised people. Airbnb rose 1.1%, after the lodging-booking company’s second quarter revenue surpassed analysts’ estimates. Walt Disney edged up 1.0%, after the media and entertainment giant reported stronger than expected revenue and earnings in the third quarter. On the other hand, SoFi Technologies declined 14.2%, after the company reported wider than expected loss in the second quarter. The S&P 500 gained 0.2%, to settle at 4,468.0. The DJIA marginally rose to settle at 35,515.4, while the NASDAQ marginally added to close at 14,822.9. . Asian Markets Asia was lower this morning, following a series of disappointing Chinese economic data. In Japan, Amada and Nippon Sheet Glass have dropped 3.9% and 4.0%, respectively. Meanwhile, NH Foods and Japan Steel Works have added 0.4% and 0.5%, respectively. In Hong Kong, Haidilao International Holding and Sunny Optical Technology Group have fallen 1.9% and 2.0%, respectively. Meanwhile, China Overseas Land & Investment and Techtronic Industries have advanced 1.5% and 1.8%, respectively. Markets in South Korea are closed today on account of a public holiday. The Nikkei 225 index is trading 1.9% lower at 27,441.1, while, the Hang Seng index is trading 0.8% down at 26,178.8. On Friday, the Kospi index fell 1.2% to close at 3,171.3...
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Thursday, July 22, 2021 Futures Up/Down % Last Dow 83.00 0.24% 34,772 S&P 500 8.25 0.20% 4,359 Nasdaq 20.50 0.14% 14,848 Stock futures pointing higher, looking to make it a third straight day in a row of gains as optimism about earnings and the economic recovery outweighed Wall Street’s concerns about rising inflation and surging coronavirus cases. The yield on the benchmark 10-year Treasury rose early Thursday to 1.287% after touching lows below 1.13% earlier this week. President Joe Biden, at a town hall in Cincinnati hosted by CNN, said Wednesday night “there will be near-term inflation” as the economy recovers but said he has been advised by his economic team that current price increases won’t last as demand returns to normal levels. Stocks advanced Wednesday as strong corporate earnings and renewed optimism about the U.S. economic recovery stoked investor risk appetite. All three major U.S. stock indexes appeared set to build on the previous session’s gains, which delivered the S&P 500’s best day since March, while the Russell 2000 SmallCap outperformed for a second day after trading in correction territory on Monday (defined as 10% down off record highs). With Wednesday’s advance, all three are within 1% of their all-time closing highs. Economically sensitive SmallCaps, semiconductors and financials outperformed the broader market as investors prep for another busy day of earnings. In Asian markets, The Nikkei Index rose 159 points to 27,548, the Shanghai Index gained 12 points to 3,574 and the Hang Seng Index jumped nearly 500 points (1.83%) to settle at 27,723. In Europe, the German DAX is jumps 125 points to 15,550, while the FTSE 100 rises about 15 points to move above the 7,000 level. Market Closing Prices Yesterday The S&P 500 Index gained 35.63 points, or 0.82%, to 4,358.69 The Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798.00 The Nasdaq Composite jumped 133.08 points, or 0.92%, to 14,631.95 The Russell 2000 Index advanced 39.74 points, or 1.81% to 2,234.04 Events Calendar for Today 8:30 AM ET Weekly Jobless Claims 8:30 AM EST Continuing Claims 10:00 AM ET Existing Home Sales MoM for June 10:00 AM ET Leading Index MoM for June 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM ET Kansas City Fed Manufacturing for July Earnings Calendar: Earnings Before the Open: $AAL, $ABT, $AEP, $ALK, $AUB, $BANC, $BCO, $BIIB, $BKU, $BX, $CADE, $CLF, $CROX, $CSBR, $DGX, $DHI, $DHR, $DOW, $EWBC, $FAF, $FCX, $FITB, $GPC, $GTLS, $HRI, $HZO, $IIIN, $LUV, $MMC, $NEM, $NUE, $POOL, $RS, $SAFE, $SON, $T, $TPH, $TRN, $UNP, $VLY, $WBS, $WSO Earnings After the Close: $ABCB, $ASB, $BOOM, CBSH, $CE, $COF, $CSL, $CSTR, $GGBC, $INTC, $MMLP, $MSBI, $OZK, $RBNC, $SAM, $SBCF, $SIVB, $SNA, $SNAP, $TACO, $TWTR, $USX, $VRSN, $WRB, $WSFS Macro Up/Down Last Nymex 0.63 70.93 Brent 0.62 72.85 Gold -7.50 1,796.10 EUR/USD -0.0007 1.1787 JPY/USD -0.01 110.28 10-Year Note +0.013 1.295% World News The U.S. Treasury Department is projected to exhaust its borrowing authority in October or November, the Congressional Budget Office said on Wednesday, as a fight between Democrats and Republicans over raising the nation’s debt ceiling erupted in Congress. A failure to work out differences over whether government spending cuts should accompany an increase in the statutory debt limit, currently set at $28.5 trillion, could lead to a federal government shutdown – as has happened three times in the past decade – or even a debt default. Sector News Breakdown Consumer Las Vegas Sands ($LVS) 2Q EPS loss ($0.25) vs est. ($0.17), adj property EBITDA $244Mm, revs $1.17B vs est. $1.41B, net revs from Macao $855Mm Whirlpool ($WHR) Q2 adj EPS $6.64 vs. est. $5.93; Q2 revs $5.32B vs. est. $5.05B; raises FY21 adjusted EPS view to $26.00 from $22.50-$23.50 (est. $23.73); boosts FY21 net sales growth to ~16% from ~13%; sees FY21 cash provided by operating activities of $1.95B Stanley Black & Decker ($SWK) raises quarterly dividend 13% to 79c from 70c per share R. Horton ($DHI) Q3 EPS $3.06 vs. est. $2.81; Q3 revs $7.3B vs. est. $7.19B; Q3 net sales decreased 17% to 17,952 homes and increased 2% in value to $6.4 billion compared to 21,519 homes and $6.3 billion in the same quarter of the prior year; sees FY21 consolidated revenue $27.6B-$28.1B vs. est. $27.4B China is weighing an unprecedented penalty for Didi Global (DIDI) following its IPO last month, people familiar with the matter tell Bloomberg Energy Kinder Morgan ($KMI) Q2 adj EPS $0.23 vs. est. $0.19; Q2 revs $3.15B vs. est. $2.88B; expects to meet or exceed the top end of the range provided last quarter for DCF and Adjusted EBITDA; anticipates generating 2021 DCF of $5.4 billion and Adjusted EBITDA of $7.9 billion. TechnipFMC ($FTI) Q2 adj EPS ($0.06) vs est. ($0.01) on revs $1.669B vs est. $1.6B, qtr-end backlog $7.3B, qtrly inbound orders $1.56B; guides FY subsea revs $5.2-5.5B, guides surface tech revs $1.05-1.25B vs total revs est. $6.452 Precision Drilling (PDS) Q2 EPS loss (C$5.71) vs. (C$3.56) a year ago; Q2 revs C$201M vs. C$189.76M a year ago Chart Industries ($GTLS) Q2 adj EPS 80c vs. est. 79c; Q2 revs $322.0M vs. est. $317.45M; raises FY21 adjusted EPS view to $3.80-$4.25 from $3.65-$4.15 (est. $3.91); raises FY21 revenue guidance to $1.38B-$1.43B from $1.36B-$1.41B Financials Cohen & Steers ($CNS) Q2 adj EPS 94c vs. est. 86c; Q2 revs $144.27M vs. est. $131.17M; ending AUM of $96.2B, vs. $87.04B at previous quarter end – increase was driven by net inflows of $2.6B and market appreciation of $7.4B, partially offset by distributions of $769M Discover Financial ($DFS) 2Q EPS $5.55 vs est. $3.97, qtrly payment services volume $78.4B +22%, total loans ended qtr at $87.7B -1%, credit card loans ended qtr at $68.9B -2%, total net charge-off rt 2.12%; increases qtrly common stock dividend from $0.44-0.50/shr, approves share repurchase up to $2.4B Equifax ($EFX) 2Q adj EPS $1.98 vs est. $1.71 on revs $1.235B vs est. $1.16B; guides 3Q adj EPS $1.62-1.72 vs est. $1.65, raises FY adj EPS guide to $7.25-7.45 vs est. $7.05, sees FY revs $4.76-4.8B vs est. $4.675B Globe Life ($GL) 2Q EPS $1.92 vs est. $1.82; guides FY EPS $7.34-7.54 vs est. $7.29; says for FY at mid-point of guidance, estimate covid life claims between $53-55Mm Moelis ($MC) Q2 adj EPS $1.19 vs. est. $0.80; Q2 revs $360.9M vs. est. $273.8M; raises quarterly dividend by 9% to $0.60 and approves $100M share buyback OneMain Financial ($OMF) 2Q adj EPS $2.66 vs est. $2.19, NII $708Mm vs est. $769.1Mm; C&I managed receivables $18.3B, net charge-off ratio 4.41%, repurchased $35Mm in 2Q SEI Investments ($SEIC) 2Q EPS $0.93 vs est. $0.92 on revs $475.7Mm vs est. $464.7Mm SL Green Realty ($SLG) 2Q FFO/shr $1.60 vs est. $1.62, qtrly consolidated revs $218.1Mm vs est. $189.6Mm, op income $88.7Mm; same-store cash NOI including share of same-store NOI from unconsolidated JVs -3.7% yr/yr SLM Corp. ($SLM) Q2 core EPS $0.45 vs. est. $0.35; raises FY21 GAAP EPS view to $3.15-$3.25 from $2.95-$3.15; affirms FY21 private education loan origination y/y growth view of 6%-7% and lowers portfolio net charge-off view to $215M-$225M from $260M-$280M Texas Capital ($TCBI) 2Q EPS $1.31 vs est. $1.21; net interest income was $197.0 mln for q2 of 2021, compared to $200.1 mln for q1 of 2021 Triumph Bancorp. ($TBK) 2Q adj EPS $1.17 vs est. $1.02, NII $90.3Mm vs est. $89.2Mm, net int margin 6.47% Umpqua Holdings ($UMPQ) Q2 EPS $0.53 vs. est. $0.44; Q2 loan loss provision ($23M) vs. $87.08M a year ago; Q2 net charge-offs ($13.6M) vs. ($16.16M) a year ago; tangible book value per share was $12.49 at quarter end from $12.10 at previous quarter end; board approves to repurchase up to $400M of stock Ryan Specialty Group ($RYAN) 57M share IPO priced at $23.50 Travelers ($TRV) downgraded to Underperform from Buy at Bank America Healthcare Pfizer Inc. ($PFE) said the FDA has notified the company that it will not meet the Prescription Drug User Fee Act (PDUFA) goal dates for the New Drug Application for abrocitinib for the treatment of adults and adolescents with moderate to severe atopic dermatitis and the supplemental New Drug Application for XELJANZ/XELJANZ XR (tofacitinib) for the treatment of adults with active ankylosing spondylitis ICON Plc ($ICLR) Q2 adj EPS $2.12 vs. est. $2.09; Q2 revs $871.2M vs. est. $855.9M; sees FY21 EPS $9.10-$9.50 vs. est. $8.71; Record net business wins in the quarter of $1,106 million, an increase of 21.6% year on year; a net book to bill of 1.27; record closing backlog of $10.2 billion, an increase of 12.7% year on year Tenet Healthcare ($THC) Q2 EPS $1.59 vs. est. $1.07; Q2 revs $4.95B vs. est. $4.79B; Q2 Same-facility system-wide ambulatory surgical cases were up 68.2% from last year; year adj EBITDA Outlook range now $3.15B-$3.25B, up from prior view of $3.0B-$3.2B, which excludes the projected gain on the sale of the Miami-area hospitals; year adjusted diluted EPS $5.23-$5.73 up from $4.12-$5.46 prior – shares fell as Q3 guidance falls below consensus Absci ($ABSI)5M share IPO priced at $16.00 Natera ($NTRA)5M share Secondary priced at $113.00 Danaher ($DHR) Q2 adj EPS $2.46 vs. est. $2.05; Q2 revs $7.22B vs. est. $6.72B; for q3 2021, anticipates that non-GAAP core revenue growth will be in mid- to high-teens percent range; for full year 2021, now anticipates that non-GAAP core revenue growth rate including Cytiva will be about 20% Industrials & Materials CSX Corp. ($CSX) Q2 EPS $0.52 vs. est. $0.37; Q2 revs $2.99B vs. est. $2.93B; Q2 2021 operating ratio was 43.4% compared to 63.3% in prior year period; maintains full year revenue outlook and still sees year cap-ex $1.7B-$1.8B; Q2 expenses fall by 9% year-over-year to $1.30B Graco ($GGG) Q2 EPS $0.63 vs. est. $0.60; Q2 revs $507.2M vs. est. $475.94M; says initiating an outlook for full-year 2021 of mid-to-high teen sales growth on an organic, constant currency basis Dow Inc. ($DOW) Q2 EPS $2.72 vs. est. $2.30; Q2 revs $13.89B vs. est. $13.02B; qtrly packaging & specialty plastics segment net sales were $7.1 bln, up 78% versus year-ago period; industrial intermediates & infrastructure segment net sales were $4.2 bln, up 74% versus year-ago period; qtrly performance materials & coatings segment net sales were $2.5 bln, up 33% over year-ago BHP ($BHP) announced the signing of a nickel supply agreement with Tesla ($TSLA). Kaiser Aluminum ($KALU) Q2 adj EPS $1.00 vs. est. $1.44; Q2 revs $741M vs. est. $519.18M; qtrly shipments 337 mln lbs vs 119 mln lbs; said automotive business is temporarily dampened as ongoing shortages of semiconductor chips affects N. American light vehicle production Landstar ($LSTR) Q2 EPS $2.40 vs. est. $2.32; Q2 revs $1.57B vs. est. $1.46B; actual revenue per load on loads hauled via truck in 2021 q2 compared to 2021 q1 increased 7.5%; sees Q3 EPS $2.20-$2.30 and revs $1.55B-$1.6B UFP Industries ($UFPI) 2Q EPS $2.78 vs est. $1.81 on sales $2.7B vs est. $2.26B, expects all segments to benefit from more stable pricing in 2022 Valmont Industries ($VMI) Q2 adj EPS $3.06 vs. est. $2.50; Q2 revs $894.6M vs. est. $814.85M; sees FY21 adj EPS $10.40-$11.10 above consensus $9.89 and raises FY21 revenue growth view to 16%-19% from 9%-14%; expect meaningful sequential margin improvement in second half of 2021 as pricing becomes more aligned with steel cost inflation XL Fleet Corp ($XL) announced a battery and power electronics development and supply agreement and an investment in eNow, Inc., a provider of solar and battery power systems that enable fully-electric Transport Refrigeration Units for Class 8 commercial trailers
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thatta boy > @RedSunCap said: 108% in BHP, 85% in C, 110% in KHC
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108% in BHP, 85% in C, 110% in KHC
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BHP poppin off also
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UK Market Finished mixed yesterday. Hikma Pharmaceuticals climbed 2.8%, after the company resumed the launch of its generic version of GlaxoSmithKline's ‘Advair Diskus’ in the US. BP gained 1.4%, after Azerbaijan’s energy ministry said BP’s oil output was 5.9 million tonnes in the first quarter. BHP Group rose 0.5%, as the company forecasted that it would finish the year “strongly”, following a record production at its Western Australia iron ore business in the first nine months. On the other hand, Bunzl dropped 3.2%, after the company warned of a slight slowdown in the second half. Just Eat Takeaway.com declined 2.7%, amid reports that its peer Uber Eats’ is planning to start a food delivery service in Germany. The FTSE 100 advanced 0.5%, to close at 6,895.3, while the FTSE 250 fell 0.1%, to end at 22,085.7. .
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most recent adds for me in options... BHP CAT KDP OKE DE FB VUZI BA ORCL
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Najarian out here with the BHP and C pumps
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gonna get the BHP calls
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UK Market UK finished in the red yesterday, led by losses in pharmaceutical and construction sector stocks. Dunelm Group declined 6.8%, after Deputy Chairman, Will Adderley, sold 15 million shares in the company. AstraZeneca slid 1.2%. The company announced that the World Health Organisation approved AstraZeneca/Oxford Covid-19 vaccine for emergency use. On the contrary, Serco Group advanced 4.8%, after the company announced its decision to acquire Whitney, Bradley & Brown for a consideration of $295.0 million. Royal Mail gained 2.4%, after a top broker upgraded its rating on the stock to 'Hold' from 'Underperform'. Glencore rose 2.0%, after the company swung to a profit in the second half of the year and reinstated its dividend. BHP Group added 1.5%, as the mining company declared a record interim dividend, after reporting a rise in interim profit. The FTSE 100 declined 0.1%, to close at 6,748.9, while the FTSE 250 marginally fell to end at 21,416 .
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UK Market UK closed in the green yesterday, supported by gains in mining sector stocks. WH Smith rallied 10.4%, after reporting better than expected Christmas trading. Pearson jumped 8.6%, as the company’s annual sales and profit came in line with expectations. Hochschild Mining climbed 6.9%, as the company raised its annual production guidance. Burberry advanced 3.9%, as the retailer expressed confidence in its outlook amid robust sales growth in Asia. BHP Group added 2.8%, as the mining company raised its iron ore production forecast for 2021. International Consolidated Airlines Group rose 1.4%, after the company finalised an amended deal with Globalia to purchase Air Europa for a consideration of €500.0 million. On the flipside, Dixons Carphone dropped 3.3%. The company maintained its annual guidance and reported a rise in electrical revenue over the Christmas period. The FTSE 100 advanced 0.4%, to close at 6,740.4, while the FTSE 250 rose 1.4%, to end at 20,881.5. .
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UK Market UK finished in the green on Thursday, amid hopes for a post-Brexit trade deal. Coral Products skyrocketed 59.2%, after the company signed a share purchase agreement with One51 ES Plastics for the conditional sale of Coral Products (Mouldings) Limited and Interpack Limited for a cash consideration of about £7.9 million. Hargreaves Services climbed 6.1%, after the company announced the sale of its entire inventory of specialty coal to its German Joint Venture, HRMS. On the contrary, BHP Group slid 0.1%. The mining company announced that Samarco, a joint venture between the company and Vale in Brazil, has fulfilled the licensing requirements to restart operations at its Germano complex in Minas Gerais and its Ubu complex in Espírito Santo, Brazil. On Thursday, the FTSE 100 rose 0.1%, to close at 6,502.1, while the FTSE 250 gained 1.2%, to end at 20,546.7. .
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UK markets finished in the green yesterday, amid optimism surrounding Brexit talks. Watches of Switzerland Group surged 25.9%, as the company lifted its annual guidance, after reporting better than expected US and UK revenues in the second quarter. Restaurant Group advanced 4.5%, after the company reported improved like-for-like sales numbers for the period since the start of July. Oxford Biomedica rose 0.7%, after it received government approval for a fourth manufacturing suite within its Oxbox facility to be used to develop a potential Covid-19 vaccine. On the contrary, BHP Group dropped 1.4%, after the company signed an agreement with Hess Corporation to acquire an additional 28.0% working interest in the six lease Gulf of Mexico development Shenzi. The FTSE 100 advanced 0.1%, to close at 5,949.9, while the FTSE 250 rose 1.2%, to end at 17,797.4. .
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MINIERA DI CANNINGTON, Australia (produzione mineraria: 769 tonnellate). Situata nel Queensland, ha iniziato a produrre nel 1997. È di proprietà della South32, una società nata nel 2015 da una scissione della BHP Billiton, il gigante minerario globale che ha scelto di concentrarsi esclusivamente su ferro, rame, carbone e petrolio. La miniera produce anche piombo e zinco e i suoi costi sono i più bassi del mondo tra i produttori di argento. > @mario.bucciarelli said: chi mi sa dire quando finisce il rialzo dell'oro e argento
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UK markets closed in the green yesterday, amid gains in mining sector stocks, following upbeat industrial output data from China. Ocado Group climbed 10.7%, after the online grocer and technology company reported a jump in its third quarter revenue. William Hill jumped 10.6%, after the bookmaker announced that a deal between its US partner, Caesars Entertainment and broadcaster, ESPN, would feature its sports betting apps and sports book odds. Polypipe Group advanced 4.2%, despite reporting a drop in its interim revenue. Firstgroup rose 3.4%, after the company forecasted to report a profit in the first half of the year. BHP Group edged up 1.9%, after a top broker upgraded its rating on the stock to ‘Buy’ from ‘Neutral’. Next added 1.9%, after the company acquired a majority stake in the UK and Irish arm of L Brands’ Victoria's Secret unit as part of a joint venture agreement. The FTSE 100 advanced 1.3%, to close at 6,105.5, while the FTSE 250 rose 0.8%, to end at 17,815.4 .
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UK markets finished in the red yesterday, amid strength in the British Pound. Capita plummeted 20.0%, as the company swung to a loss in the first half of the year. Marks & Spencer Group declined 4.9%, after announcing plans to cut 7,000 jobs in response to the collapse in retail spending caused by the coronavirus pandemic. BHP Group dropped 2.6%, after the mining company reported a lower than expected annual profit and announced that it would widen plans to exit coal operations. Carnival fell 2.3%, after the company detected a ransomware incident in which the data of its guests and employees was accessed. On the flipside, Persimmon jumped 8.0%, after the company announced that it would restore its dividend. John Wood Group advanced 4.9%, despite a decline in its interim profits. The FTSE 100 declined 0.8%, to close at 6,076.6, while the FTSE 250 fell 0.8%, to end at 17,623.0.
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A roundup of what to expect this week : We have a steady economic calendar this week as well as Brexit talks and the US Democratic National Convention. The Federal Reserve and European Central Bank will release the details of their July meetings. Retail results round off the second-quarter earnings season in the US, with Walmart among the top names to follow. Some big hitters in Europe too this week — Norway’s $1tn oil fund reports, while the world’s largest container shipping line, Maersk, and the world’s biggest miner, BHP, also have results out. Britain and Japan have some key data points out through the week and flash purchasing managers’ index data from the UK and Europe will be in focus on Friday. Brexit talks between Britain and the EU are set to resume in Brussels this week, but no one close to the talks is expecting dramatic moves until September when UK negotiator David Frost has said “an agreement can be reached . . . and we will work to achieve this if we can.”
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BHP Group Limited is an Australian multinational mining, metals, natural gas petroleum public company that is headquartered in Melbourne, Victoria, Australia. The Broken Hill Proprietary Company was founded on 16 July 1885 in the mining town of Silverton, New South Wales.
CEO: Mike Henry
HQ: Shop 16 171 Collins St Melbourne, 3000 Victoria