^N225 - Nikkei 225
| Previous close | 21,960.71 |
| Open | 22,064.46 |
| Volume | 0 |
| Day's range | 22,003.30 - 22,255.56 |
| 52-week range | 18,948.58 - 24,448.07 |
| Avg. volume | 60,601 |
- Bloomberg
U.S. Futures Dip, Yen Rises Most in Four Weeks: Markets Wrap
(Bloomberg) -- U.S. stock futures dipped and European contracts were little changed as investors assessed the outlook for growth following the Federal Reserve’s interest-rate cut.The yen climbed the most in almost four weeks after the Bank of Japan left its policy settings unchanged while noting rising risks from overseas. Australia’s dollar slumped after the unemployment rate rose. Hong Kong shares slumped and China’s yuan dropped as traders took stock of the odds for the People’s Bank of China to lower borrowing costs. Equities edged up in Shanghai.Failing to follow the Fed and European Central Bank in easing policy interest rates, the BOJ nonetheless flagged that it needs to pay more attention to the risk of lost momentum toward its inflation target. Officials aim to “reexamine” growth and price developments next month.In a mixed session in Asia, Japan’s shares pared gains after the BOJ. A late-session rebound in American stocks -- following comments from Chairman Jerome Powell that the Fed is “prepared to be aggressive” if growth faltered -- failed to follow through to S&P 500 futures Thursday.“There’s no cohesive narrative” at the moment, said Hannah Anderson, a global market strategist at JPMorgan Asset Management. The Fed rate cut and Powell briefing “doesn’t really change the narrative that investors are going to need more than that from some governing body to give a central thesis that they feel comfortable sticking with for a while,” she said.U.S.-China trade talks still loom, while the geopolitical situation in the Middle East remains unclear after Saudi Arabia blamed Iran for last Saturday’s attack on its oil installations.Still to come Thursday are monetary policy decisions in Indonesia, Taiwan and the U.K. And BOJ Governor Haruhiko Kuroda briefs on the policy decision.These are some key events to keep an eye on this week:Bank Indonesia and Bank of England decide policy Thursday.Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.Here are the main moves in markets:StocksFutures on the S&P 500 Index slid 0.3% as of 7:19 a.m. in London.Japan’s Topix index rose 0.6% after gaining as much as 1.2% earlier.Hong Kong’s Hang Seng fell 1.1%.The Shanghai Composite climbed 0.2%.South Korea’s Kospi added 0.4%.Euro Stoxx 50 futures fell 0.1%.CurrenciesThe Bloomberg Dollar Spot Index was flat after increasing 0.2% on Wednesday.The yen rose 0.4% to 107.97 per dollar.The offshore yuan fell 0.2% to 7.0976 per dollar.The euro bought $1.1044.The Aussie fell 0.6% to 67.87 U.S. cents.BondsThe yield on 10-year Treasuries was at 1.78%.Australia’s 10-year bond yield slid about eight basis points to 1.05%.CommoditiesWest Texas Intermediate crude added 0.5% to $58.37 a barrel.Gold was at $1,496.65 an ounce.\--With assistance from Katherine Greifeld, Vildana Hajric and Brendan Walsh.To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Gregor Stuart Hunter in Hong Kong at ghunter21@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
Asian shares turn lower on guarded Fed, yen rises after BOJ
Asian shares turned lower on Thursday after the U.S. Federal Reserve cut interest rates as expected but signaled a higher bar to further policy easings. Treasury yields rose broadly and the curve flattened as Fed Chairman Jerome Powell took a cautious approach to any further reductions in borrowing costs, while division among central bankers has increased uncertainty over how much further rates might fall. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.36%.
- Reuters
Global Markets: Asian shares turn lower on guarded Fed, yen rises after BOJ
Asian shares turned lower on Thursday after the U.S. Federal Reserve cut interest rates as expected but signalled a higher bar to further policy easings. Treasury yields rose broadly and the curve flattened as Fed Chairman Jerome Powell took a cautious approach to any further reductions in borrowing costs, while division among central bankers has increased uncertainty over how much further rates might fall. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.36%.
- Bloomberg
Dollar Rallies, Stocks Erase Losses After Fed Move: Markets Wrap
(Bloomberg) -- The dollar rallied and Treasuries pared gains as Federal Reserve policy makers cast doubt on the need for further easing after lowering their main interest rate for a second time this year. Stocks erased losses as financial companies that benefit from higher rates rallied.The S&P 500 Index ended little changed, wiping out a drop that at one point reached the biggest in four weeks, as Fed Chair Jerome Powell promised at a press conference to be vigilant against any signs of economic slowdown. Banks were the best performers. Ten-year Treasury yields dipped just below 1.8%.While Fed policy makers were widely expected to reduce their benchmark rate by a quarter-point, investors were more focused on the outlook for further cuts this year. Five officials think the rate at year end should be higher than it is after today’s cut, five wanted the rate cut today but are not projecting any more cuts, and seven are projecting one more quarter-point cut by December.“I view the guidance we received as mixed,” said Eric Winograd, senior U.S. economist at AllianceBernstein. “They want to stop the economy from slipping into a recession but aren’t going to do anything to push growth higher.”Elsewhere, FedEx Corp. tumbled after the company slashed its profit outlook, blaming a global economy weakened by trade tensions. Stocks were mixed in Asia. Europe’s equity benchmark barley budged. Precious metals fell.Oil ticked lower after tumbling Tuesday, when Saudi Aramco said it had revived 41% of capacity at a key crude-processing complex days after a devastating aerial attack that wrecked vital equipment and rocked global energy markets.These are some key events to keep an eye on this week:The Bank of Japan monetary policy decision is Thursday, followed by a briefing from Governor Haruhiko Kuroda.Bank Indonesia and Bank of England also decide policy Thursday.Australia jobs figures are out Thursday.Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.Here are the main moves in markets:StocksThe S&P 500 Index was little changed at the close of trading in New York.The Stoxx Europe 600 Index was little changed.The MSCI Emerging Market Index advanced 0.2%.The Nikkei-225 Stock Average fell 0.2%CurrenciesThe Bloomberg Dollar Spot Index increased 0.2%.The British pound fell 0.1% to $1.2493.The euro declined 0.3% to $1.1035.The Japanese yen fell 0.3% to 108.4 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.79%.Germany’s 10-year yield fell four basis points to -0.51%.Japan’s 10-year yield slipped three basis points to -0.20%CommoditiesWest Texas Intermediate crude fell 2.1% to $58.11 a barrel.The Bloomberg Commodity Index decreased 0.5%.Gold fell 0.4% to $1,495.14 an ounce.\--With assistance from Adam Haigh, Todd White, Robert Brand and Nancy Moran.To contact the reporters on this story: Brendan Walsh in Austin at bwalsh8@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Market Realist
Apple’s Investment in India: Did Trump Compel It?
In a well-strategized move, Apple (AAPL) is relocating its production base to India. Apple's investment in India will be around $1 billion.
- Reuters - UK Focus
GLOBAL MARKETS-Caution rules oil, financial markets due to Middle East worries, Fed
Oil prices steadied on Wednesday as Middle East events kept investors nervous, while caution ahead of an expected U.S. interest rate cut kept wider financial markets in tight ranges. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.08% while Japan's Nikkei dipped 0.18% after 10 straight days of gains and China's blue-chip share index rose 0.49%. Brent crude futures dipped 0.26% to $64.38 a barrel, having conceded about 65% of their gains made after the weekend attack on Saudi Arabia's oil facilities.
- FX Empire
Asian Indexes Mixed; Energy Shares Drop on Crude Oil Weakness
Crude oil prices plunged on Tuesday after the Saudi energy minister said the kingdom’s oil supply will soon be back online. The drop in crude oil prices spread weakness throughout the Asia Pacific region on Wednesday.
- Reuters
Stocks reverse losses, Treasury yields dip following remarks by Fed's Powell
The S&P 500 and the Dow reversed losses to close higher on Wednesday and U.S. Treasury yields slipped after remarks by Federal Reserve Chair Jerome Powell tempered the market's initial reaction to the U.S. central bank's policy statement. All three major U.S. stock indexes initially extended earlier losses following the release of the Fed's policy decision after the close of a two-day meeting, which dimmed hopes for further rate cuts and fell short of the more aggressive reduction in borrowing costs that President Donald Trump had demanded.
- Reuters - UK Focus
GLOBAL MARKETS-Oil trims gains but Middle East risks keep stocks on back foot
Oil shed some of its massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure. Investors otherwise broadly remained on the sidelines ahead of an expected interest rate cut from the U.S. Federal Reserve on Wednesday and the next round of U.S.-China trade talks on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6%.
- FX Empire
China’s Weak Industrial Production, Retail Sales Highlight Need for Easing Monetary Conditions
Chinese retail sales and investment gauges also worsened, reinforcing views that China is likely to cut some of its key interest rates this week for the first time in over three years to prevent a sharper slump in activity.
- Reuters
Japan to eliminate tariffs on U.S. wine in trade deal: Nikkei
Japan has agreed to phase out tariffs on U.S. wine imports as part of a bilateral trade deal expected to be signed at the end of the month, t1he Nikkei newspaper reported on Sunday. Japan will eliminate the tariffs on U.S. wine within five to seven years after the trade agreement goes into effect, the Nikkei reported without giving its sources. Japan taxes imported wine at a rate of 15% or 125 yen ($1.16) per litre, whichever is cheaper, according to the Nikkei.
- Bloomberg
U.S. Stocks End Mixed as Dollar, Bonds Decline: Markets Wrap
(Bloomberg) -- U.S. stocks finished the week mixed as Treasury yields jumped to six-week highs and the dollar slipped.All three major U.S. indexes still closed higher for a third consecutive week after being whipsawed by a rotation from growth to value shares by some investors. Apple weighed on the Nasdaq Friday. Equity indexes in Europe and Asia finished the week in the green thanks to easing trade fears and a new round of central bank stimulus.“We’re going to see volatility in the market,” said Alan Adelman, a senior fund manager at Frost Investment Advisors, which oversees $4.7 billion. “We’ve seen it this week -- it may not come in absolute price moves -- but we’re going to see volatility.”The pound posted the biggest weekly gain since May after the Times reported possible progress in Brexit negotiations related to the contentious Irish backstop. Prime Minister Boris Johnson will meet EU President Jean-Claude Juncker next week. The euro strengened this week and most government bonds retreated in the wake of the European Central Bank’s moves to support growth, with one policy maker saying a new easing package was a possible mistake.Optimism over a trade deal is growing ahead of expected high-level talks next month between the world’s two largest economies.“With holiday spending on the horizon and inflation at bay, we could continue to see momentum in the retail sector,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial Corp. “A healthy consumer can help inject some energy into other sectors of the economy. That said, trade tensions are a key focal point and rising tariffs between the U.S. and China could threaten this critical indicator.”Elsewhere, WTI crude fluctuated around $55 a barrel, poised for a weekly drop following a warning from the International Energy Agency of a “daunting” surplus of crude in 2020.Here are the main moves in markets: \--With assistance from Andrew Cinko and Laura Curtis.To contact the reporters on this story: Vildana Hajric in New York at vhajric1@bloomberg.net;Sarah Ponczek in New York at sponczek2@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- FX Empire
New Records For U.S. Indices In Sight, Cautious Markets Rise On Trade Hope, Retail Sales Are Hot
Global markets rise on trade hopes but new records for the indices and a trade deal may be elusive.
- Reuters
Nikkei climbs to new four-month high on U.S.-China trade hopes, ECB stimulus
Japan's Nikkei share average rose to a fresh four month-high on Friday, as hints of progress in the U.S.-China trade dispute and stimulus from the European Central Bank helped to counter lingering worries about a global economic slowdown. The benchmark Nikkei average gained 0.9% to 21,947.53 by the midday break, marking its highest since May 7. U.S. President Donald Trump later told reporters he may consider an interim trade deal with Beijing.
- Reuters
BOJ seen ramping up stimulus this year, some bet on action next week: Reuters poll
An increasing number of economists expect the Bank of Japan to ramp up stimulus this year, with well over a third of them polled by Reuters betting the central bank would act next week. Japan is not alone in having to consider more stimulus, with central banks globally facing increasing pressure over the past few months to top up monetary support for their economies as the U.S.-China trade war hurts trade and business sentiment. Sources have told Reuters BOJ policymakers are more open to discussing the possibility of expanding stimulus at their Sept. 18-19 board meeting, and are also discussing ways of deeping negative rates at minimal cost.
- Reuters
Toyota using Tesla-style Panasonic batteries for China hybrids - sources
Toyota Motor Corp has started using the same type of battery that Panasonic Corp designed for Tesla Inc in some of its plug-in hybrids sold in China, sources familiar with the matter said. Toyota is using Panasonic's cylindrical batteries in its new Corolla and Levin plug-in hybrid sedans launched in China this year, one of the people said. The batteries are the same size as those that Panasonic makes for Tesla, but the composition is different, said the sources, who declined to be identified as the matter is private.
- Reuters
Toyota using Tesla-style Panasonic batteries for China hybrids: sources
Toyota Motor Corp has started using the same type of battery that Panasonic Corp designed for Tesla Inc in some of its plug-in hybrids sold in China, sources familiar with the matter said. Toyota is using Panasonic's cylindrical batteries in its new Corolla and Levin plug-in hybrid sedans launched in China this year, one of the people said. The batteries are the same size as those that Panasonic makes for Tesla, but the composition is different, said the sources, who declined to be identified as the matter is private.
- Bloomberg
Stocks Edge Higher on Trade Optimism, ECB Stimulus: Markets Wrap
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Stocks eked out a gain on optimism about the outlook for a trade agreement between the U.S. and China and after Europe’s central bank announced a fresh round of stimulus.The S&P 500 Index closed just 0.5% below its all-time high after a report that American officials have discussed offering a limited trade agreement to China. That followed a decision by the European Central Bank to cut its main rate to minus 0.5% and buy 20 billion euros ($22 billion) of bonds a month. The euro gained and sovereign bonds were mixed.Any steps by China and the U.S. to ease tensions ahead of face-to-face talks in Washington in the coming weeks would support sentiment as investors await monetary decisions from more of the world’s major central banks. The ECB changed its guidance on interest rates to say they’ll stay at present or lower levels until the outlook for inflation “robustly” converges to its goal of just below 2%.“It’s a perfect storm of good news,” said Chris Gaffney, president of world markets at TIAA. “Investors are feeling relief now and feeling that perhaps things aren’t quite as bad as they seemed two months ago.”The Federal Reserve is due to meet next week as economic indicators give mixed signals about whether the record-long expansion will end soon. The dollar weakened.Elsewhere, European equities edged higher. Turkey’s lira rallied after its policy makers cut interest rates by more than forecast. Oil turned lower as the International Energy Agency warned OPEC it faces a “daunting” surplus of crude in 2020.Hong Kong equities bucked the advance in Asia, dragged lower by shares of the city’s exchange following a surprise takeover bid for its London counterpart.Here are the main moves in markets:StocksThe S&P 500 Index climbed 0.3% at the close in New York.The Stoxx Europe 600 Index rose 0.2%.The Nikkei-225 Stock Average rose 0.8% for its eighth straight gain, the best streak in a yearCurrenciesThe Bloomberg Dollar Spot Index slipped 0.2%.The euro rose 0.5% to $1.1065.The British pound rose 0.1% to $1.2339.The Japanese yen fell 0.3% to 108.14 per dollar.BondsThe yield on 10-year Treasuries rose four basis points to 1.78%.Germany’s 10-year yield rose five basis points to -0.52%.Britain’s 10-year yield rose three basis points 0.67%.Italy’s 10-year yield decreased 11 basis points to 0.86%.CommoditiesGold added 0.1% to $1,499.21 an ounce.West Texas Intermediate crude dipped 1.3% to $55.05 a barrel.Silver fell 0.2% to $18.08 per ounce.\--With assistance from Yakob Peterseil and Reade Pickert.To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Brendan Walsh, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- FX Empire
Global Markets Rise On Trade Thaw, ECB Cuts Rates And Buys Bonds, Hong Kong Down On LSE Deal Scrutiny
Global markets rise on trade hopes and stimulus plans, the S&P; 500 is striking distance from new all-time highs.
- Bloomberg
London Stock Exchange Bid Is Latest in String of U.K. Deals
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.If the appetite for U.K. equities is still pretty weak among asset managers, that’s not the case for overseas companies. While Brexit has dominated headlines lately, another major theme has been the sale of U.K. Plc. The latest target is the venerable London Stock Exchange, which can trace its roots back to 1698. As Britain’s divorce appears to near its conclusion, the trend might continue.British stocks have fallen like dominoes, with Greene King, Cobham, Entertainment One, Just Eat, Inmarsat and BCA Marketplace all receiving bids in recent months. A Brexit-weakened currency, depressed equity valuations, cash-rich private equity buyers and yield hungry investors, are some of the reasons behind the M&A wave.“There is a broader story here,” says Edward Park, deputy chief investment officer at Brooks Macdonald Asset Management. Most mergers are driven by idiosyncratic factors, he says. However the depressed pound and the underperformance of U.K. equities have made the nation’s assets a fertile hunting ground, particularly for international businesses looking to diversify or expand into new markets, Park explains.By enfeebling the pound, Brexit has led to more foreign swoops on U.K. firms, says Chris Beauchamp, chief market analyst at IG. If the takeover of LSE is successful, which is far from certain with the FT reporting this morning the exchange is set to reject the offer, it would mark the departure of one of the best-performing shares on the FTSE since the Brexit vote in 2016, further shrinking the pool of firms successfully navigating the post-referendum world, he adds.Whatever happens politically, U.K. assets will probably be sought after by longer-term investors given their valuations and reasonable quality, says Roger Jones, head of equities at London and Capital Asset Management.The valuation discount between Britain and the rest of the world continues to widen, as the stocks never recovered from the Brexit vote. In terms of price-to-earnings, the MSCI UK is the cheapest among major indexes, even cheaper than emerging markets.A HKEX/LSE combination would create the third-largest operator globally. But the proposed takeover may head toward a dead-end, according to Mathias Lascar, an event-driven sales trader at Makor Securities. “This deal is highly political and we don’t see how -- since a deal with Deutsche Boerse failed to succeed partly on political grounds -- a deal with the HK exchange can succeed in the current environment," he said.Indeed, buying the LSE may not be a walk in the park. The government could choose to block the deal on national security or public interest grounds. Separately, the Competition and Markets Authority, the U.K. antitrust regulator, is studying whether the acquisition of Inmarsat by a consortium of funds led by Apax Partners raises public interest concerns or could endanger national security. There’s also been a plethora of calls for a similar treatment of defense company Cobham, which is subject to a bid from another private equity firm, Advent International.HKEX’s takeover proposal is also conditional on the termination of LSE’s planned acquisition of Refinitiv -- another thorny issue, given the warm welcome to that deal by shareholders and analysts.There’s yet another possible outcome for LSE. This takeover attempt could trigger a counter offer from a U.S. peer, such as Intercontinental Exchange, which could potentially realize higher synergies from a combination, according to analysts. That may come at a price though, as the LSE is the most expensive exchange out there.In the meantime, Euro Stoxx 50 futures are up 0.5% ahead of the European open, while S&P 500 contracts are up 0.2%.SECTORS IN FOCUS TODAY:Watch trade-sensitive stocks after U.S. President Donald Trump delayed the imposition of extra tariffs on Chinese goods by two weeks. The extra 5% tariffs will now be imposed on Oct. 15 instead of Oct. 1 as a “gesture of good will,” Trump wrote on Twitter. Watch miners, steelmakers, semiconductors, autos and other cyclical segments like industrials and chemicals.Watch tobacco stocks including BAT and Imperial Brands, following a vow for tougher U.S. scrutiny of vaping products and as Senate Democrats seek to raise taxes on e-cigarettes.Watch banks on ECB day, as a rate cut is widely expected, but question marks remain on the controversial restart to the bank’s bond-buying program and a tiering system to ease some pain for lenders.COMMENT:“While the likelihood of an imminent no deal Brexit has subsided, it remains a material risk,” Citi strategist Robert Buckland writes in a note. “We don’t think that it would hit the FTSE 100’s EPS particularly hard and would buy into further weakness. Domestic-exposed stocks would likely be hit harder than the multinationals.”NOTES FROM THE SELL SIDE:Jungheinrich is initiated with an overweight rating, and is preferred over equal-weight rated Kion in the warehousing and forklift truck market sphere, Morgan Stanley says, setting PT at EU26.Future initiated at buy and Euromoney set at hold as Berenberg increases its U.K. mid-cap media coverage to 10 stocks, with most in this “eclectic mix” seen offering strong operating margins and high return on capital. Future named among top picks with Ascential and YouGov, with least-preferred Moneysupermarket the only sell, Berenberg says in note.COMPANY NEWS AND M&A:Morrison 1H Rev. Below Estimate; Firms Up Amazon Partnership (1)AB InBev Said to Target $5 Billion in Asian Unit IPO This MonthBouygues: 13% Alstom Stake Sold at EU37/Shr Vs EU39.38 CloseBAT to Cut 2,300 Jobs by 2020London Stock Exchange Set to Reject Hong Kong Bid, FT Says (1)HKEX Bid for LSE Could Face U.S. Scrutiny: TelegraphCapgemini Won’t Budge on Altran Price, CEO Says: Les EchosKnorr-Bremse Maintains FY Revenue EU6.88 Bln To EU7.08 BlnRovio Lowers 2019 Profit OutlookHSBC Prepares to Unload French Retail Bank, DJ SaysBBVA Seeks to Sell Almost EU5B of Unpaid Loans: ConfidencialUBS’s Weber Says France Legal Matter May Take Some TimeRemy Cointreau Names Richemont’s Vallat as CEO in Luxury PushNational Grid Cut Jobs Months Before U.K. Blackout: GuardianRio to Face Pressure on Scope 3 Emissions, Campaign Group SaysTelia Acting CEO Sees Bonnier Deal Closed Before Year-End: DISports Direct to Start GBP30m Buyback Program Sept. 12TECHNICAL OUTLOOK for Stoxx 600 index:Resistance at 395.1 (July high); 397.9 (June 2018 high)Support at 381.1 (50-DMA); 372.6 (200-DMA); 365.5 (50% Fibo)RSI: 66.3TECHNICAL OUTLOOK for Euro Stoxx 50 index:Resistance at 3,573 (July high); 3,596 (May 2018 high)Support at 3,435 (50-DMA); 3,403 (61.8% Fibo); 3,321 (200-DMA)RSI: 65.8MAIN RESEARCH AND RATING CHANGES:UPGRADES:4imprint upgraded to buy at BerenbergAIB Group upgraded to buy at Goldman; PT 3.40 EurosDNB upgraded to buy at Goldman; PT 200 KronerGenmab upgraded to overweight at JPMorgan; PT 1,500 KronerNornickel GDRs upgraded to overweight at JPMorgan; PT $28Zurich Ins. upgraded to buy at SocGen; PT 425 FrancsDOWNGRADES:Accor downgraded to underweight at JPMorgan; PT 35.50 EurosBank of Ireland downgraded to sell at Goldman; PT 3.50 EurosInterContinental Hotels cut to underweight at JPMorganLloyds downgraded to sell at Goldman; PT 47 PenceSAF Holland cut to sell at Quirin Privatbank AG; PT 7.40 EurosSkanska cut to sell at Handelsbanken; Price Target 175 KronorVeidekke downgraded to hold at Handelsbanken; PT 100 KronerINITIATIONS:Ascential rated new hold at Liberum; PT 3.80 PoundsEuromoney rated new hold at Berenberg; PT 14 PoundsFuture PLC rated new buy at Berenberg; PT 15.30 PoundsGarofalo Health Care rated new outperform at Mediobanca SpAJungheinrich rated new overweight at Morgan Stanley; PT 26 EurosMarzocchi Pompe rated new outperform at MainFirst; PT 5.80 EurosNorsk Hydro rated new underweight at Barclays; PT 26 KronerMARKETS:MSCI Asia Pacific up 1%, Nikkei 225 up 1% S&P 500 up 0.7%, Dow up 0.8%, Nasdaq up 1.1%Euro up 0.03% at $1.1013Dollar Index down 0.02% at 98.63Yen down 0.17% at 108Brent up 0.8% at $61.3/bbl, WTI up 1% to $56.3/bblLME 3m Copper up 1.2% at $5843/MTGold spot up 0% at $1497.9/ozUS 10Yr yield up 1bps at 1.75% ECONOMIC DATA (All times CET):8:45am: (FR) Aug. CPI EU Harmonized MoM, est. 0.5%, prior 0.5%8:45am: (FR) Aug. CPI EU Harmonized YoY, est. 1.2%, prior 1.2%8:45am: (FR) Aug. CPI MoM, est. 0.5%, prior 0.5%8:45am: (FR) Aug. CPI YoY, est. 1.1%, prior 1.1%8:45am: (FR) Aug. CPI Ex-Tobacco Index, est. 104.38, prior 103.919am: (SP) July House transactions YoY, prior -9.0%10am: (IT) 2Q Unemployment Rate Quarterly, est. 10.0%, prior 10.4%11am: (EC) July Industrial Production SA MoM, est. -0.1%, prior -1.6%11am: (EC) July Industrial Production WDA YoY, est. -1.4%, prior -2.6%\--With assistance from Namitha Jagadeesh, Ksenia Galouchko and Lisa Pham.To contact the reporters on this story: Michael Msika in London at mmsika4@bloomberg.net;William Canny in Amsterdam at wcanny3@bloomberg.netTo contact the editor responsible for this story: Blaise Robinson at brobinson58@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- FX Empire
Asia Stocks Higher as Trump Delays Tariffs on China
Hong Kong Exchanges and Clearing Limited (HKEX) said Wednesday it had made a proposal to the board of London Stock Exchange Group Plc (LSE) to “combine the two companies,” in a deal which values the (LSE) at about 29.6 billion Pounds or $36.6 billion.
