|Bid||80.11 x 900|
|Ask||81.99 x 800|
|Day's range||77.32 - 84.35|
|52-week range||63.51 - 101.93|
|Beta (5Y monthly)||0.43|
|PE ratio (TTM)||23.76|
|Earnings date||29 Apr 2020|
|Forward dividend & yield||1.20 (1.50%)|
|Ex-dividend date||14 Jun 2020|
|1y target est||99.35|
(Bloomberg) -- Two weeks after investors dumped everything they could to hoard U.S. dollars, some are now starting to sell.Intercontinental Exchange Inc.’s U.S. Dollar Index sank 4.4% this week, the biggest weekly drop since 1985. Traders point to a confluence of reasons, ranging from less stress in funding markets, the repatriation of funds as the quarter ends and the worsening coronavirus outbreak in the U.S.“The sell-off in the U.S. dollar is a reaction to the liquidity measures announced by the Federal Reserve and other central banks,” said Jane Foley, a currency strategist at Rabobank. “Fear may have subsided for now.”A separate gauge of the greenback, the Bloomberg Dollar Spot Index, fell 4.1% on the week, the largest weekly loss since its inception in 2005. It had surged 8.3% over the previous two weeks. The greenback slumped against most of 16 major peers this week, weakening more than 7% against the Norwegian krone and the British pound.The decline comes after the Federal Reserve expanded currency swap lines with central banks, ramped up cash offered to the repurchase-agreement markets and introduced a series of tools to unfreeze credit markets. Stress in cross-currency basis markets, a key funding channel, has eased.Funding Markets See Glimmer of Light With Dollar Stress EasingThe three-month dollar-yen basis is now back to levels seen in early March, while the euro equivalent has swung into positive territory. In foreign-exchange swap markets, the costs to borrow dollars is back to about 1.86% after it printed at more than 2.5% last week.“It’s 100% a dollar-funding story -- the mean reversion of the dollar liquidity crunch is prompting all other FX to rally against the dollar,” said Margaret Yang, a strategist at CMC Markets Singapore Pte.Asia GainsThe dollar weakened as much as 1.7% against the yen Friday amid broad greenback losses and in part by repatriation flows ahead of the nation’s fiscal year-end on March 31, according to Takuya Kanda, general manager at Gaitame.com Research Institute in Tokyo.Other currencies in Asia bounced off multi-year lows. The Australian dollar had dropped to the weakest since 2002 last week and has rebounded.Traders also pointed to the rising virus count in the U.S. and a jump in jobless claims to 3.28 million last week as sapping the greenback. Forecasters expect data next week to show the U.S. unemployment rate climbed.To be sure, the dollar weakness may be temporary.As the new quarter starts Wednesday, repatriation funds will slow and the haven bid from a worsening global pandemic may fuel a resurgence in demand.And while risk appetite returned to markets this week to spur a rebound in equities, Nomura’s Jordan Rochester says that sentiment may ebb next week and the dollar is likely to “regain some ground.”In equities, “it’s natural to see a rebound, but bear markets are marathons not sprints, so it’s not clear to us that the positive momentum can be sustained, especially with the potential for more lay-offs, credit downgrades and potential for defaults.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Regulators will continue to cooperate closely to keep financial markets orderly and open during disruptions caused by the impact of coronavirus on the global economy, global securities watchdog IOSCO on Wednesday. "The fundamental purpose of equity, credit and hedging markets is to support the real economy, and the IOSCO Board is absolutely determined to ensure that they will remain open and functional throughout this difficult period," Ashley Alder, chair of the International Organization of Securities Commissions said in a statement.
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced that today’s auction of 1,669,000 EU Aviation Allowances (EUAAs) held on behalf of the UK Government’s Department for Business, Energy & Industrial Strategy (BEIS) was cancelled as a result of the total volume of bids falling short of the volume of the allowances being auctioned.
Oil inventories rose by 1.6 million barrels for the week ended March 20, the EIA said. That compared with expectations for a build of about 2.8 million barrels, according to forecasts compiled by Investing.com.
Britain's markets watchdog is assessing how the coronavirus epidemic is affecting industry efforts to scrap the Libor interest rate benchmark, but there was no change to the deadline for now. The Financial Conduct Authority (FCA) wants markets to stop using the London Interbank Offered Rate or Libor by the end of 2021. "A successful transition from Libor is a long-planned and essential task," the FCA said.
Intercontinental Exchange statement on news reports related to transactions by Jeffrey Sprecher and Sen. Kelly Loeffler
(Bloomberg Opinion) -- Of the many things taking place in Washington that make your blood boil, the — how should I put this? — timely stock trades by senators during the coronavirus outbreak has to go right to the top of the list. Two of them have tried to explain them away, but the details are just so … suspicious.At least three Republicans and one Democrat(1)sold stock before the country got serious about Covid-19, but let’s focus on one: Kelly Loeffler. A Republican from Georgia, Loeffler has been in the Senate for less than three months; she was appointed to fill the seat of Senator Johnny Isakson, who retired early for health reasons. She has a Wall Street background — she was in investor relations at the New York Stock Exchange, where she married the boss, Jeffrey Sprecher, the chief executive officer of Intercontinental Exchange Inc., which owns NYSEOn Jan. 24, Loeffler attended a Senate briefing on the coronavirus, which she tweeted about. That same day, she and her husband began selling stock. By the time they were finished, they had dumped 27 companies, including Exxon Mobil and AutoZone, saving millions of dollars when the market later tanked. (Senate financial disclosure forms don’t give exact numbers.)A month later, she sent out this tweet:In other words, Loeffler sold stock after learning about the virus in a private briefing — and then played it down a month later to score political points. In 2012, Congress passed a law explicitly making it a crime for legislators to trade on information they were privy to as a result of their position.For her part, Loeffler returned to Twitter to defend the stock sales:If we still had a real Justice Department, it would have already opened an investigation into the stock trades of Loeffler, Senator Richard Burr of North Carolina and other lawmakers who appear to have put their personal interests before everyone else’s.*Here’s outrage No. 2: Mitch McConnell’s new $1 trillion emergency stimulus bill. Without question it is great that it will put money directly into the hands of Americans — $1,200 for most people who report less than $75,000 on their 2018 income tax (plus $500 for each child). There is hardly anything more important right now. But his bill has two huge flaws.First, anyone who made more than $75,000 in 2018 receives a reduced amount, and anyone who made more than $90,000 gets nothing. This is incredibly shortsighted. Consider a barber. He or she might have made a good living two years ago but have no business now and won’t be able to get back to work until the crisis passes. There are lots of people in that kind of situation: contractors, architects, restaurateurs, really just about anyone who doesn’t work for a big corporation. This one time, the government should forget about means testing and just hand out money to everybody. It’s the only thing that makes sense.The second flaw isn’t so much dumb as it’s offensive. McConnell is proposing that poor people get half of what the middle class gets. Why? Apparently it’s because they pay little or no income tax, and therefore don’t “deserve” the same federal help as the rest of the country. But it is hard to think of people who need the money more than the poor. It’s just another way for the Republicans to display their contempt for the less fortunate.*In an earlier column, I argued that companies looking for a federal bailout should have to give equity stakes to the government and agree to ban stock buybacks. In the case of the cruise-ship industry, I would add another condition. If they want money from the U.S. government, they should be required to give up their flags of convenience and agree to sail under a U.S. flag. That would require them to pay U.S. taxes and abide by U.S. regulations. Flying under the flag of, say, Liberia is a scam the cruise industry has deployed for decades, and this is the perfect time to put an end to it.*Can we talk about basketball? At a time when coronavirus tests are so scarce, how is it that at least 25% of the players in the National Basketball Association — and many team officials — have been tested? So far, 13 players have tested positive, but most of them are asymptomatic — and let’s face it, most people who are showing no signs of illness have no hope of being tested for the virus.This has aroused a fair amount of anger, with people like New York Mayor Bill de Blasio complaining that their wealth and status allowed them to move to the head of the line. Even President Donald Trump noticed. When asked whether asymptomatic athletes should be tested, he said, “I wouldn’t say so, but perhaps that’s been the story of life.”That’s not the only story of life, though. When you look into it more closely you soon realize that it wasn’t just their fame and wealth that caused so many players to be tested. Unlike the federal government, the NBA has been preparing for a pandemic for years.According to ESPN, NBA Commissioner Adam Silver began closely monitoring the virus in January, when it was largely confined to China. This makes sense because the NBA has 200 employees there. But it also turns out that the NBA has long had pandemic protocols in place. In 2016, the league even brought in a former surgeon general, Vivek Murthy, to speak to the NBA board of governors about the possibility of a pandemic. When the virus hit U.S. shores, the NBA was ready.Would things be different now if the Trump administration had taken the pandemic as seriously as Adam Silver? It is a question definitely worth asking.*I’d like to close on a happier note.The New York City school system closed down on Monday, but that doesn’t mean school is over. For three days this week, teachers went to their schools, where they were given instruction on how to teach virtual classes. That’s going to begin next week.On Thursday, my son’s school, P.S. 187 in the Washington Heights neighborhood, held a webinar for parents so that we would know how to get our children online not just for the instruction itself but also for homework, projects and the like. Hundreds of us took part in the webinar, and it was something to see. When someone bumped up against a problem, someone else more tech-savvy would jump in with an answer. Although the webinar took a long time — because so many of us had questions — there was none of that New York rudeness we’re so famous for. Everyone was patient and polite — and grateful that our teachers had pulled this all together so quickly.It was one of those moments when you realize that while we may be socially isolated physically, it’s been a long time since we’ve been so socially together as a country.(1) Senator Dianne Feinstein of California. The sale, of a biotech company, appears to be her husband’s trade. He’s Dick Blum, the president of Blum Capital, a private equity firm. The senator tweeted that her assets are in a blind trust.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Keeping markets open in the United States during the coronavirus epidemic is critical for maintaining investor confidence, exchanges and market industry bodies said in a joint statement on Friday. "Keeping all U.S. financial markets open is essential to the well-being of the general economy and vital to maintaining and bolstering investor confidence, particularly once the economy recovers from the effects of this pandemic," the statement said. Signatories to the statement included the American Bankers Association, CBOE, Nasdaq, CME, the Institute of International Finance and the International Swaps and Derivatives Association.
The S&P 500 was up more than 2% in afternoon trading on Thursday after policymakers around the world took further emergency actions to try to help financial markets and stave off a deep and lasting coronavirus-driven recession. The European Central Bank pledged late Wednesday to buy 750 billion euros ($820 billion) in sovereign debt through 2020. President Donald Trump, in another now-regular update for Americans hunkered down in their homes, said there were therapies that he believed could be rolled out quickly to treat COVID-19, the disease caused by the coronavirus, and sounded upbeat on the chances of agreeing hundreds of billions of dollars of aid with Congress.
Wall Street pushed into positive territory on Thursday as policymakers pulled out all the stops to try and stave off a deep and lasting coronavirus-driven recession and its damaging fallout on corporate America. President Trump, in a now regular update for Americans hunkered down in their homes, said there were therapies that he believed could be rolled out quickly, and sounded upbeat on the chances of agreeing hundreds of billions of dollars of aid with Congress. Ford Motor Co was the latest major U.S. corporation to bolster its cash reserves to ride out the virus impact, drawing down more than $15 billion from existing credit lines.
U.S. Treasury Secretary Steven Mnuchin has sparked a global debate by suggesting New York's trading day could be shortened for a time to help calm stock markets rocked by coronavirus. Greece shut its stock market for nearly five weeks in 2015 at the height of its debt crisis.
Intercontinental Exchange (ICE) is set to shut The New York Stock Exchange trading floors due to coronavirus pandemic and shift to electronic trading.
The S&P 500 was on course to sink close to three-year lows at open on Thursday, as another round of sweeping emergency action from policymakers across the globe failed to convince panic-stricken stock markets that a global recession could be averted. American Airlines secured another $1 billion in bank credit to help its fight against the crisis, but still saw its shares fall another 4% in response. Hotel operator Marriott International Inc and Darden Restaurants both dropped more than 10% in premarket after pulling their 2020 financial outlook.
(Bloomberg) -- The New York Stock Exchange will temporarily shut its trading floors starting Monday and move to fully electronic trading after an employee and a person who worked on the floor both tested positive for coronavirus this week.The exchange’s equities and options trading floors in New York will close, as will its options trading pit in San Francisco, according to a statement by NYSE owner Intercontinental Exchange Inc.The company said in a notice to traders that two individuals were screened on Monday and tested positive for coronavirus. The NYSE employee and the person who worked on the trading floor both were barred from entering the building this week and were last inside on Friday.“Our markets are fully capable of operating in an all-electronic fashion to serve all participants, and we will proceed in that manner until we can re-open our trading floors to our members,” said NYSE President Stacey Cunningham. “While we are taking the precautionary step of closing the trading floors, we continue to firmly believe the markets should remain open and accessible to investors. All NYSE markets will continue to operate under normal trading hours despite the closure of the trading floors.”The site will remain open this week. On Tuesday, it was “thoroughly sanitized using treatments recommended by federal agencies” and will be again Wednesday evening.“This is a big deal,” said independent analyst Larry Tabb. “The question is, does the floor provide a differentiated process or just differentiated marketing? I guess we will find out, if after this is over, the floor opens back up, or if they stay electronic and save the tremendous cost of operating.”The U.S. equity market closed for two days in 2012 in the aftermath of Hurricane Sandy. NYSE had previously shut for four trading days after the terrorist attacks on Sept. 11, 2001.Wild swings in equity markets and thousands in the financial industry working from home have led to questions about whether stock exchanges should remain open. But top regulators -- including Treasury Secretary Steven Mnuchin and Securities and Exchange Commission Chairman Jay Clayton -- and executives of exchange firms have come out in favor of keeping markets open.The NYSE is home to 25% of share-trading for companies listed there. It also hosts more than 36% of block trades comprising 10,000 shares or more, according to the company.(Updates with analyst comment, trading volume starting in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The facilities to be closed include the equities and American options trading floors in New York and Arca options trading floor in San Francisco. "Our markets are fully capable of operating in an all-electronic fashion...and we will proceed in that manner until we can re-open our trading floors to our members," NYSE President Stacey Cunningham said in a statement.
The NYSE will initiate its business continuity plan ("BCP") and move, on a temporary basis, to fully electronic trading on Monday, March 23.
(Bloomberg) -- The Trump administration plans to keep U.S. stock markets open despite volatility, though trading hours may be shortened, Treasury Secretary Steven Mnuchin said.“We absolutely believe in keeping the markets open,” Mnuchin said at a Tuesday news conference at the White House. “Americans need to know they have access to their money.”Mnuchin said he has spoken to banks and the New York Stock Exchange, and they agree on the need to keep markets operating. The possibility of shorter hours caught some executives by surprise.“Shorter hours make no sense,” Terry Duffy, the CEO of CME Group Inc., the world’s largest futures exchange, said Tuesday in a statement. “We were quite surprised to hear Secretary Mnuchin say he is coordinating with the New York Stock Exchange on possible shortened trading hours, even though he has not reached out to all cash equity and futures markets including CME Group and Nasdaq.”The New York Stock Exchange said in an emailed statement Tuesday that it’s in constant dialogue with the U.S. government and regulators, and has “no current plans to shorten the trading day.” NYSE’s parent company, Intercontinental Exchange Inc., said in a separate statement that all of its platforms were operating normally.Wild swings in equity markets and thousands in the financial industry working from home have led to questions about whether stock exchanges should remain open. But top regulators and executives of exchange firms have come out in favor of keeping markets open.“We certainly would not be in favor of closing the market, we certainly wouldn’t be in favor of shortening the trading day,” Tal Cohen, Nasdaq Inc.’s head of North American market services, said in an interview Tuesday on Bloomberg Television. “That might just increase the intensity.”U.S. indexes climbed on Tuesday, a day after declines triggered circuit breakers that halted trading before the major indexes plunged to their biggest drop since 1987.Jim Toes, chief executive officer of the Security Traders Association, an industry group, said on Tuesday that markets need to remain open to “deal with the economy.”“They can’t close the markets,” Toes said. “They’re functioning, they’re working. Unless something breaks, why?”Spokespeople for the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority -- the main U.S. market regulators -- didn’t immediately respond to e-mailed requests for comment on Mnuchin’s remarks.SEC Chairman Jay Clayton said Monday that stock markets should continue to operate. Clayton said the current environment differs from previous market shocks, such as the 2008 credit crisis or the terrorist attacks of September 11, 2001, partly because of steps that have been taken to bolster the financial industry since then.“I think our banks are in a much stronger position today than they were then,” Clayton said on CNBC. “This is a demand and supply shock,” he said, adding that he’s concerned businesses might not have access to all the credit they need.Exchanges have largely held up amid surges in volume. That has helped most exchange operators’ stocks outperform the broader market amid the declines.In a Bloomberg Television interview Monday, Nasdaq CEO Adena Friedman said trading should continue for the sake of investors and to allow companies to raise needed capital. Closing markets would create more market anxiety, NYSE President Stacey Cunningham said in a tweet on Monday.(Updates with CME and NYSE comments starting in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges, clearing houses and provider of data and listings services, will hold its 2020 Annual Meeting of Stockholders on Friday, May 15, 2020 at 8:30 a.m. ET at The St. Regis Atlanta*. The proxy statement and admission procedures will be available in late March for stockholders of record as of March 17, 2020. A live audio webcast and replay of the annual meeting will be available on the company’s website www.theice.com in the investor relations and media section.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, is sharing this operational update for customers and other constituents as global financial systems manage through extraordinary volatility amid the spread of COVID-19.
The London Stock Exchange said it has no plans to suspend trading that has become volatile as investors dump shares in response to the coronavirus epidemic. "London Stock Exchange continues to operate as normal and there are no plans to suspend trading on our market," a spokeswoman for the exchange said in a statement. "It is important that markets remain open to support companies who will continue to need access to capital and to ensure pricing is conducted in a fair and transparent manner for retail and institutional investors who need ongoing access to liquidity."
The New York Stock Exchange does not currently plan to close its trading floor and the markets are functioning as expected, even as concerns over the coronavirus cause sharp spikes in volatility, NYSE President Stacey Cunningham said on Thursday. "We are not planning to close the floor at this time," she said of the NYSE, which is owned by Intercontinental Exchange Inc. On Wednesday, the exchange operator outlined measures to reduce the chance that the virus will affect the trading floor, according to an internal memo.
Intercontinental Exchange, Inc. (NYSE:ICE) stock is about to trade ex-dividend in 4 days time. Investors can purchase...