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C | GLOBAL MARKETS Stocks oil rise on renewed recovery hopes | Global stocks rally as China data revive recovery hopes
Oil edges higher on economic recovery optimism
Bonds rise as weak labor data spurs safe haven buying
Dollar yen fall as data erode safe haven demand
Updates with close of U S markets
By Herbert Lash
NEW YORK Aug 20 Reuters Global stocks rallied and oil
prices edged higher on Thursday after an equity rebound in
China some solid corporate results and a bright spot in mixed
U S economic data all helped to reassure investors about the
recovery outlook
Both the U S dollar and yen edged lower in thin trade as
gains in global stock markets and upbeat U S regional
manufacturing data eroded the safe haven demand for the two
currencies
But yields on U S Treasury debt mostly fell in choppy
trade as weak U S labor market data offset the surprise rise
in mid Atlantic factory activity renewing doubts about how
strong or sustained any U S economic rebound might be
Crude prices rose slightly to near a seven week high as
optimism over the U S economy and signs of rising fuel demand
outweighed the increase in new U S jobless claims
Global sentiment improved after Chinese stocks
jumped 4 5 percent in their second biggest daily percentage
gain this year easing concerns about an almost 20 percent
slide in China s equity markets over the past two weeks
Investor sentiment appears to be oscillating between risk
aversion and relief on a session by session basis said
Sreekala Kochugovindan a strategist at Barclays Capital
However the past month has been characterized by
declining volumes typical of the summer holiday season History
suggests that trends established during periods of low trading
volumes have swiftly petered out once volumes picked up
World stocks as measured by MSCI were up
1 4 percent U S stocks rose for a third straight session
after the S P 500 and Nasdaq suffered their worst day in about
seven weeks on Monday
Financial stocks contributed the most to gains in U S
stocks Citigroup the most active stock on the New York
Stock Exchange rose 8 5 percent after an analyst said some
investors bet the share price will triple in three years
AIG Inc surged 21 percent to 32 30 after newly
appointed Chief Executive Robert Benmosche told Bloomberg the
bailed out insurer may be able to repay its federal debts and
boost value for shareholders ID nN20484709
Just the fact that the more important jobless claims were
overshadowed by the manufacturing data and rebound overseas
shows how much optimism there is in the market now said Dan
Faretta a senior market strategist at Lind Waldock in
Chicago
The Dow Jones industrial average closed up 70 89
points or 0 76 percent at 9 350 05 The Standard Poor s 500
Index was up 10 91 points or 1 09 percent at 1 007 37
The Nasdaq Composite Index was up 19 98 points or 1 01
percent at 1 989 22
U S crude for September delivery which expired at
Thursday s close settled 12 cents higher at 72 54 a barrel
Crude prices earlier rose to 72 88 the highest level since
June 30 October Brent futures settled down 1 26 a
barrel at 73 33
Oil markets have been tracking stocks and the U S dollar
as well as broad economic indicators for signs the recession
may end which could foreshadow rebounding fuel demand
Treasuries gains were mostly modest with shorter maturity
notes unchanged
The mixed news kind of leaves Treasuries paralyzed
said Kim Rupert managing director of global fixed income
analysis at Action Economics in San Francisco
The benchmark 10 year note was trading up 8 32
in price to yield 3 42 percent near its lowest yield levels in
more than a month
Britain s leading share index advanced in a broad based
rally and European shares closed higher as construction stocks
gained after Holcim results pleased investors
The FTSE 100 rose 1 4 percent to 4 756 58 while
the pan European FTSEurofirst 300 index of top shares
also closed 1 4 percent higher at 944 94 points
Gold futures ended lower amid light trading as bullion
investors focused on beaten down gold jewelry demand but
economic uncertainties also provided underlying support
U S December gold futures settled down 3 10 at
941 70 an ounce in New York
The Chinese snap back boosted Asian stocks Japan s Nikkei
average ended 1 8 percent higher while the MSCI
benchmark of Asia Pacific shares outside Japan
gained 1 3 percent
Reporting by Edward Krudy Wanfeng Zhou Joshua Schneyerand
Chris Reese in New York Joanne Frearson and Ian Chua in
London writing by Herbert Lash Editing by Leslie Adler |
WMB | Williams struggles but advances to quarters in Auckland | WELLINGTON Reuters Top seed Serena Williams NYSE WMB was made to work hard against fellow American Christina McHale before she prevailed 3 6 6 2 6 3 to advance to the quarter finals of the Auckland Classic on Thursday
The 23 times Grand Slam champion looked a completely different player from the person who smashed her way into the semi finals of the doubles with Caroline Wozniacki on Wednesday but managed to do just enough to beat the 86th ranked McHale
McHale who had not beaten Williams in their three previous matches kept her compatriot off balance with clever use of angled returns and chased down everything the 38 year old hammered back at her
Williams only seized control of the match in the fifth game of the decider when she broke the 27 year old before she wrapped up the win in two hours
She will now face Germany s Laura Siegemund who upset American teenager Coco Gauff 5 7 6 2 6 3 in a two hour 14 minute match that opened Thursday s action on the main court at the Auckland Tennis Centre
While the 15 year old Gauff won the first set she had to fight back from two breaks of serve and she never really settled as the 31 year old German capitalised on the American s shaky service game
Gauff became increasingly frustrated throughout the match as her game fell apart as Siegemund worked her around the court and upset her power hitting tempo and the American admitted afterwards she was still learning how to play at the top level
I m still learning and that s the problem that I have she told reporters
I didn t play the right way and if I lost playing the right way it would have been fine but I don t think I was playing the right way
You have bad days you can t play your best tennis everyday I learned a lot from this match and for this next week I ll work on the things I need to work on to get ready for the Australian Open |
WMB | NY Fed s Williams says central bank can avert downward trend in inflation expectations | Reuters U S central bank officials need to hold themselves accountable and boost communication of their strategy as they grapple with the challenge of preventing inflation and inflation expectations from falling too low a senior Fed official said Thursday
The goal is in sharp contrast to the obstacles experienced by previous generations when policymakers battled inflation that was undesirably high New York Federal Reserve President John Williams NYSE WMB said Thursday according to remarks prepared for a Bank of England conference in London
Interest rates are lower now than they were before the recession because of slow productivity growth demographic changes and increased demand for safer assets Williams said Those lower rates limit Fed officials ability to reduce interest rates during a downturn he said A downward spiral in inflation expectations could lead to more constraints
If inflation continues to underrun target levels similar to the past six years the downward trend in inflation expectations will likely continue Williams said But there is still time to avert this fate
Younger consumers including millennials and Generation Z cannot relate to people who lived through the high inflationary periods of the 1970s and 1980s Williams said But policymakers can use clear communication of their goals and strategy to shape future inflation expectations he said
Keeping inflation expectations anchored at the right point will depend not just on policymakers holding themselves accountable for inflation but on their ability to clearly execute and communicate their policies he said
Williams did not comment on current monetary policy during his prepared remarks Fed officials unanimously agreed to leave rates unchanged at last month s policy meeting and signaled that rates are likely to stay pat for the time being without a substantial change in their economic outlook |
WMB | Take 5 Texans aim for another upset of Chiefs | The Houston Texans can be rightfully confident when they visit Arrowhead Stadium on Sunday having overcome a 17 3 deficit to upset the Kansas City Chiefs 31 24 in October
But much has changed on both sides and the Texans only narrowly reached the divisional round after surviving Buffalo at home in overtime last week
They ll face a healthier Chiefs squad this time around though they could reproduce some effective tactics
1 What s changed what Houston can replicate
The Chiefs offense is much healthier now than back in Week 6 starting with its triggerman Patrick Mahomes aggravated an ankle injury in that game and struggled to the finish but he s clearly healthy now
Likewise Tyreek Hill entered with a shoulder issue and played just 28 snaps though he still managed five grabs for 80 yards and two touchdowns Sammy Watkins and left tackle Eric Fisher also sat out On defense stalwart defensive tackle Chris Jones and linebacker Anthony Hitchens were out
The Texans weren t fully healthy either as wideout Kenny Stills and cornerback Jonathan Joseph were out Bradley Roby left early with a hamstring issue and Houston hadn t yet acquired cornerbacks Gareon Conley and Vernon Hargreaves
Despite Hill s stat line Roby handled him very well in man coverage as he often did while with Denver In direct coverage Roby limited Hill to one catch for 8 yards on six targets notching two pass breakups He was not involved in either touchdown one of which was a free play third and 21 jump ball that Hill somehow stole from safety Justin Reid
Expect Texans coordinator Romeo Crennel to lean on man coverage and put Roby on Hill with some help of course again That likely would leave Travis Kelce on Reid who shared those duties with Tashaun Gipson now on IR in the first meeting and held up OK
2 Can Watson solve Spagnuolo s defense
We noted last week that Deshaun Watson has played a bit loose of late Despite his magical overtime escape to set up the winning field goal the trend continued against the Bills
Watson didn t read the field clearly for the most part He was primarily responsible for five or six of Buffalo s seven sacks A similar performance probably won t be enough in Kansas City especially with coordinator Steve Spagnuolo s defense playing at a very high level
We discussed Spagnuolo s complexity in our Week 13 preview and he s only ramped up the volume He s not shy about early down blitzes whether with linebackers or safety Tyrann Mathieu off the edge Spagnuolo s third down disguise package is also growing with several variations of zones that feature a safety in a robber like position while also keeping other defenders eyes on the ball
Spagnuolo could scale back somewhat with safety Juan Thornhill out but Mathieu s versatility he can basically play anywhere should keep plenty of options on the table Either way Watson should expect more surprises than in Week 6
The best way to pick on Kansas City s defense might be the linebackers as Anthony Hitchens Damien Wilson and passing downs specialist Ben Niemann are all exploitable in coverage Duke Johnson had one touchdown vs Wilson and nearly another in Week 6 but he could be featured more after garnering just four targets
3 How complex will Titans be vs Jackson
One of the toughest things about facing Lamar Jackson and the Baltimore Ravens offense is maintaining assignments against a litany of personnel packages formations shifts and motions
Presnap shifts and motions especially jet motion during the snap bring corresponding changes in run gaps but they also affect coverage assignments Play action only complicates matters Imagine jet motion changing both your run fit and coverage assignment mid snap then having to process a fake handoff or two before diagnosing pass and trying to scurry back to your new coverage assignment
Given it s difficult to play man coverage vs Jackson s rushing ability the Ravens face a lot of vanilla zones But vanilla zones are not the Tennessee Titans identity
Head coach Mike Vrabel and defensive coordinator Dean Pees play many traditional Cover 2 and Cover 3 zones but often via disguise and rotation Tennessee might send slot corner Logan Ryan as a fourth rusher and drop edge rusher Harold Landry into a hook curl zone with several other players rotating post snap to properly balance the coverage
Playing that way against Baltimore will require plenty of on the fly adjustments a challenge even for a veteran group Will Vrabel and Pees trust their players to execute those disguises and rotations properly
4 Vikings must have a better answer for Kittle
The Minnesota Vikings and San Francisco 49ers last meeting a 24 16 Vikings home win in the 2018 season opener served as George Kittle s breakout game
The then second year tight end had five grabs for 90 yards despite leaving a ton of meat on the bone One was Kittle s fault he dropped a wide open bomb on a leak concept that would have gained 40 plus yards but Jimmy Garoppolo also failed to see him or missed the throw on three potential touchdowns Kittle gave linebacker Eric Kendricks trouble and even beat All Pro safety Harrison Smith a few times
He ll surely draw more attention Saturday in Santa Clara Calif but the Vikings are a bit more exploitable in coverage than before Kendricks is outstanding in coverage but Kittle is a tough matchup for any linebacker and Smith has slipped ever so slightly from his peak Kittle could give Minnesota s cornerbacks trouble too
Keep an eye on the Vikings approach in the slot With nickel corner Mackenzie Alexander out last week in New Orleans Minnesota played third safety Andrew Sendejo in that spot an odd fit for a physical safety
Sendejo held up OK but with Alexander out again Kyle Shanahan could play with more three WR packages than normal to target him Because the 49ers weapons play all over the formation Shanahan could get Kittle Emmanuel Sanders and Deebo Samuel facing Sendejo at different times
5 Spotlight on Jones vs Seahawks
Despite a five game winning streak the Green Bay Packers offense was inconsistent down the stretch averaging 20 1 points over the final eight games and failing to score more than 23 points in the final four That might not cut it vs the Seattle Seahawks on Sunday
The Packers most consistent weapon is running back Aaron Jones whose volume expanded over the final two weeks with Jamaal Williams NYSE WMB injured While Williams is expected back this week Jones should remain the focal point as Matt LaFleur continues to build around his ground game
Jones excels in zone run schemes but he ll have his work cut out for him against linebackers Bobby Wagner and K J Wright Expect LaFleur to use plenty of split zone with a fullback or tight end crossing the formation behind the line to cut the backside edge defender while incorporating jet and orbit motion to keep Wagner and Wright thinking
Jones will also be critical as a receiver both short and deep The Seahawks style of zone coverage tends to provide underneath cushion giving Jones opportunities on screens and checkdowns LaFleur also likes to use him vertically both out of the backfield and from a slot or wide alignment in concepts that break down zone coverage
By David DeChant DavidDeChant Field Level Media |
WMB | NFL notebook Ingram getting closer to return | Baltimore Ravens running back Mark Ingram II returned to practice Thursday and participated for the first time since injuring his calf in Week 16 albeit mostly limited work with the rehab group
Ingram is listed as questionable for Saturday s AFC divisional game against the Tennessee Titans Tight end Mark Andrews ankle also is questionable
Ingram told reporters he felt some tightness during the bye week but was able to run during the special teams portion of Wednesday s practice He was hurt Dec 22 against the Cleveland Browns and had since been unable to participate in practice
The Titans ruled out inside linebacker Jayon Brown shoulder and receiver Adam Humphries ankle Brown was injured during last weekend s victory over the New England Patriots Receiver Cody Hollister ankle is listed as questionable
San Francisco 49ers linebacker Kwon Alexander torn pectoral defensive end Dee Ford quad hamstring safety Jaquiski Tartt ribs and right guard Mike Person neck are all on track to return for San Francisco s first playoff game in six years when the 49ers host Minnesota on Saturday
Ford who is listed as questionable on the injury report is likely to need some pregame testing before he s pronounced fit to play Alexander will be activated off injured reserve before the 1 p m Friday deadline for roster moves head coach Kyle Shanahan said
Vikings receiver Adam Thielen however sat out practice and is officially questionable after hurting his ankle during Wednesday s practice According to multiple reports Thielen s injury included a cut significant enough to require stitches
Coaching updates
The Philadelphia Eagles fired offensive coordinator Mike Groh and wide receivers coach Carson Walch The Philadelphia Inquirer reported head coach Doug Pederson wanted the coaches back but owner Jeffrey Lurie did not
Former Cleveland Browns head coach Freddie Kitchens is a candidate to join the coaching staff of new Giants first year head coach Joe Judge The two worked together at Mississippi State in the mid 2000s Kitchens 45 was fired after one season as coach of the Browns He previously served as an offensive assistant in Cleveland and was promoted to offensive coordinator in 2018 when Todd Haley was fired midseason
The Dallas Cowboys are eyeing University of Texas associate head coach and running game coordinator Stan Drayton as a possible candidate to be their running backs coach multiple outlets reported Drayton coached Ezekiel Elliott in college
Longtime NFL coach Mike Mularkey announced his retirement after more than 25 years on the sidelines Mularkey 58 coached the tight ends for the Atlanta Falcons last season and previously served as head coach of the Buffalo Bills Jacksonville Jaguars and Tennessee Titans going a collective 36 53
The Browns interviewed Minnesota offensive coordinator Kevin Stefanski for their head coaching vacancy according to multiple reports Stefanski is the seventh person to interview for the post New England Patriots offensive coordinator Josh McDaniels is slated to interview Friday and he will be the final candidate to meet with club brass
Around the league
The NFL is reportedly investigating whether the Buffalo Bills violated injury reporting rules after defensive end Jerry Hughes tweeted he played with torn ligaments in his wrist The Bills lost 22 19 in overtime to Houston in the wild card round last weekend Hughes wrist was not mentioned on the injury report prior to the game
The Washington Redskins announced the departure of salary cap expert Eric Schaffer while moving Doug Williams NYSE WMB into the role of senior vice president of player development Replacing Shaffer as new senior vice president of football administration will be Rob Rogers who has been executive of player finance for the Carolina Panthers Rogers and Williams whose previous title with the Redskins was senior vice president of player personnel will report directly to new head coach Ron Rivera
The Oakland Raiders signed guard Denzelle Good to a one year contract extension preventing him from hitting free agency Good who earned 1 8 million on a one year deal with Oakland last season started five games this season
The first wave of injury replacements for the Pro Bowl were announced Thursday Among them
Cowboys WR Amari Cooper for Bucs WR Mike Evans
Cowboys LB Jaylon Smith for Panthers LB Luke Kuechly
Bears CB Kyle Fuller for Rams CB Jalen Ramsey
Browns OG Joel Bitonio for Steelers OG David DeCastro
Panthers OG Trai Turner for Eagles OG Brandon Brooks
Colts OG Ryan Kelly for Steelers OG Maurkice Pouncey
Field Level Media |
WMB | Tennis Wozniacki ends Goerges Auckland run | WELLINGTON Reuters Caroline Wozniacki ended not only her hex at the hands of Julia Goerges but also the German s 12 match unbeaten run in New Zealand s largest city on Friday to join good friend Serena Williams NYSE WMB in the semi finals of the Auckland Classic Wozniacki who has been ever present at the tournament since 2015 had lost her two previous matches in Auckland to the two time defending champion Goerges including in the final in 2018 The Dane however showed no signs of fatigue from a two hour 19 minute three set match against 2017 champion Lauren Davis that went late into Thursday s evening session to beat the 31 year old Goerges 6 1 6 4 in just 75 minutes I have had some tough matches against Julia in the past and I knew this one would be tough as well Wozniacki said Even though it was 6 1 in the first set I still felt a lot of pressure because she has big serves and big shots so I needed to fight for every point Wozniacki will now face Jessica Pegula in the semi finals after the American became the first player to qualify for the last four when France s Alize Cornet retired with a leg injury in the second set of their quarter final Pegula had been leading 6 0 3 2 when Cornet retired Wozniacki s victory came about two hours after her Auckland doubles partner Williams overcame tricky winds to beat Germany s Laura Siegemund 6 4 6 3 Top seed Williams will next meet either third seed Amanda Anisimova or Canada s Eugenie Bouchard Williams had little trouble against the 31 year old German although the gusty breezes at Auckland Tennis Centre played havoc with her ball toss especially when she was serving for the match at 5 3 in the second set She saved one break point in the final game but served an ace to get to match point then sealed it after an hour and 28 minutes when a Siegemund forehand return went wide while she was under pressure She was an incredibly tricky player Williams said The conditions definitely didn t help so it s good to get through that
Wozniacki and Williams are also scheduled to play their doubles semi final against the Belgian pair of Kirsten Flipkens and Alison Van Uytvanck in the evening session |
WMB | Top 25 college basketball roundup No 9 Oregon edges No 24 Arizona | Payton Pritchard stole an inbounds pass with 2 1 seconds to play and Will Richardson scored 21 points off the bench to lead No 9 Oregon to a 74 73 overtime win over No 24 Arizona in their Pac 12 matchup Thursday night in Eugene Ore
The Wildcats had two chances to win in the final four seconds but Nico Mannion a freshman who led the Wildcats with 20 points and six turnovers missed a jumper and threw a bad pass
Pritchard had 18 points seven rebounds six assists and three steals and Richardson scored seven of Oregon s eight overtime points The Ducks 13 3 2 1 have won four straight against the Wildcats Josh Green had 17 points and Zeke Nnaji added 11 points with 14 rebounds for Arizona 11 4 1 1
Chris Duarte has 17 points and eight rebounds for the Ducks who never led by more than three points throughout the game
No 1 Gonzaga 94 San Diego 50
Joel Ayayi recorded 20 points and six rebounds as the Bulldogs steamrolled the host Toreros in their West Coast Conference matchup
Filip Petrusev scored 17 points on 7 of 10 shooting as the Bulldogs 17 1 3 0 won their ninth straight contest Admon Gilder tallied 12 points and Corey Kispert added 10 as Gonzaga defeated San Diego for the 11th consecutive time and 22nd in the past 23 meetings
Braun Hartfield recorded nine points and seven rebounds and Yauhen Massalski and Jared Rodriguez also scored nine points for the Toreros 7 11 0 3 San Diego shot just 32 8 percent from the field including 3 of 16 from 3 point range Gonzaga shot 48 6 percent and was 8 of 19 from behind the arc
No 8 Michigan State 74 Minnesota 58
Junior Xavier Tillman scored 19 points and pulled down a career high 16 rebounds to lead the Spartans past the Golden Gophers in East Lansing Mich to remain unbeaten in the Big Ten
Senior Cassius Winston took over late in the game and finished with 27 points and six assists for Michigan State 13 3 5 0
Minnesota 8 7 2 3 never let the game get out of hand thanks to the play of sophomore big man Daniel Oturu He scored 22 points and grabbed 10 rebounds for the Golden Gophers who had won four of their previous five games Marcus Carr chipped in 11 points and Alihan Demir added 10 points
No 19 Michigan 84 Purdue 78 2OT
Zavier Simpson had 22 points and nine assists and the Wolverines survived a double overtime scare and a career night from sophomore forward Trevion Williams NYSE WMB to top the Boilermakers in Ann Arbor Mich
Jon Teske supplied 18 points and nine rebounds for Michigan 11 4 overall 2 2 Big Ten and freshman Franz Wagner contributed 15 points David DeJulius chipped in 11 points
Williams scored a career high 36 points and grabbed 20 rebounds Isaiah Thompson added 14 points for the Boilermakers 9 7 2 3
No 23 Wichita State 76 No 21 Memphis 67
Big runs early in both halves powered the host Shockers to a defeat of the Tigers in their American Athletic Conference matchup in Wichita Kan
Jamarius Burton led the Shockers 14 1 2 0 with 16 points Erik Stevenson knocked down three 3 pointers en route to 12 points Tyson Etienne scored 11 points and led the defensive effort with four steals
Precious Achiuwa finished with 22 points 12 rebounds and four blocked shots to lead Memphis 12 3 1 1 Tyler Harris finished with 17 points off the bench
Field Level Media |
WMB | Treasury Bulls Swagger Undiminished as Focus Shifts to Growth | Bloomberg Bond investors may get a chance next week to contemplate the soft spots in the U S economy rather than a geopolitical precipice Either way Treasury bulls have little to fear
For now haven buying of government debt has subsided as the U S and Iran appear to have backed away from escalating their conflict The 10 year Treasury yield the world s borrowing benchmark is around 1 82 the midpoint of its roughly 20 basis point range this month Yields sank on Friday with the trigger coming from weaker than expected American jobs data
The coming week features the signing of the so called phase one of a U S China trade deal and the expected beginning of President Donald Trump s Senate impeachment trial Both are unfinished business but they may not have much market moving potential That puts the spotlight on economic news even the best of which such as strong services sector figures hasn t done much to roil Treasuries lately Next up inflation data and an update on retail sales
The market has increasingly come around to the view that some of the forces that have pulled down rates in other developed markets have been at work in the U S as well said Steven Friedman senior macroeconomist at MacKay Shields LLC So any backup in yields could certainly see buying interest
Concern over the growth outlook has dissipated since trade war anxiety peaked in early September but Treasuries still seem more sensitive to disappointing data than to positive surprises Ten year yields fell about 3 basis points Friday after the U S jobs report and Friedman said lackluster wage growth was the driving force
In his view the next crop of price indexes poses little threat to yields at these levels given that the Federal Reserve has signaled it will take a pretty profound swing in the inflation trend to shift to a more hawkish stance
It s becoming increasingly clear just how patient the FOMC is going to be when it comes to inflation Friedman said They want to see a sustained and meaningful pickup in inflation before they would consider raising rates
Consumer prices are expected to have risen at a 2 4 annual clip in December While that would be the fastest pace in more than a year the Fed s preferred gauge is still running well below its 2 target
Friedman said market expectations for inflation over the longer term are likely to remain low until the Fed demonstrates it s prepared to tolerate stronger pressures to make up for a decade of weakness In his view that could take another rate cut this year
Markets are really in a show me the money mood when it comes to inflation he said
What to Watch
Price dominate the economic schedule next week which also brings the Jan 15 signing at the White House of the phase one trade agreement between the U S and ChinaThe New York Fed will release its new schedules on Jan 14 for Treasury purchases and repo operationsHere s the economic calendar Jan 13 Monthly budget statementJan 14 NFIB small business optimism consumer price index real average earningsJan 15 MBA mortgage applications producer price index Empire manufacturing Fed s Beige BookJan 16 Import export prices retail sales Philadelphia Fed business outlook jobless claims Bloomberg consumer comfort business inventories NAHB housing market index Treasury international capital flow dataJan 17 Building permits housing starts capacity utilization industrial production University of Michigan sentiment JOLTS job openingsIt s a full slate of speeches by regional Fed presidents Jan 13 Boston Fed s Eric Rosengren on the economic outlook Atlanta Fed s Raphael Bostic discusses economic outlook and monetary policyJan 14 New York Fed s John Williams NYSE WMB discusses behavioral science at a London event Kansas City Fed s Esther George on economic monetary policy outlookJan 15 Philadelphia Fed s Patrick Harker on monetary policy normalization Dallas Fed s Robert Kaplan addresses Economic Club of New YorkJan 17 Harker on the economic outlookAnd the auction schedule Jan 13 42 billion of 13 week bills 36 billion of 26 week billsJan 16 4 8 week bills |
WMB | Warne Ponting to play Twenty20 bushfire match Serena donates winnings | MELBOURNE Reuters Former Australian cricketing greats Ricky Ponting and Shane Warne will temporarily come out of retirement to play in a charity Twenty20 match next month as sports organizations and athletes seek ways to raise funds for bushfire relief
Since October thousands of Australians have faced repeat evacuations as huge and unpredictable fires scorched more than 10 3 million hectares 25 5 million acres an area roughly the size of South Korea
Current national coach Justin Langer will also play in the game on Feb 8 along with former captain Michael Clarke and vice captain Adam Gilchrist Cricket Australia CA said in a statement on Sunday
I m delighted to confirm the Bushfire Cricket Bash will be Cricket Australia s major fundraising initiative to support Australians impacted by the recent unprecedented bushfire emergency CA Chief Executive Kevin Roberts said
The match will be played on the same day as a women s Twenty20 international between Australia and India in Melbourne and the men s domestic Twenty20 Big Bash final
The charity game would act as a curtain raiser for the Big Bash match with the venue not confirmed until the two teams for the final are determined
Also on Sunday former world tennis number one Serena Williams NYSE WMB said after she won her first title in nearly three years at the Auckland Classic that she would donate her prize money from the tournament
She also donated her match worn dresses to be auctioned to help raise money
Williams won 42 000 for clinching the singles title over American compatriot Jessica Pegula and was set to add to that tally after the doubles final with good friend Caroline Wozniacki
I ve been playing in Australia for more than 20 years and it has been hard for me to be watching the news with all the fires Williams said at the on court presentation
So much has happened that I decided I d donate all my dresses from my matches and all my prize money for a great cause So thank you guys
She was one of many domestic and international athletes from cricketers and tennis players to Australian NBA players to have pledged to support the fundraising for bushfire victims
Warne raised more than A 1 million 690 000 on Friday when he auctioned off his prized baggy green cap for bushfire relief efforts |
WMB | Williams breaks three year title drought to win in Auckland | WELLINGTON Reuters Serena Williams NYSE WMB won her first title since the 2017 Australian Open with a 6 3 6 4 victory over Jessica Pegula at the Auckland Classic on Sunday but was unable to complete the perfect week in New Zealand when she lost the doubles final
The 38 year old Williams who said she would donate all her prize money to Australian bushfire relief funds and good friend Caroline Wozniacki were beaten by American duo Asia Muhammad and Taylor Townsend 6 4 6 4
The result meant that Wozniacki was unable to complete her own fairytale farewell to a tournament with which she has become synonymous having played in New Zealand s largest city every year since 2015
The 29 year old Dane who was beaten by Pegula in the singles semi finals is retiring after the Australian Open which runs from Jan 20 to Feb 2
I have loved coming back here Wozniacki said after tournament organizers made a special presentation before the doubles trophy was given to Muhammad and Townsend
Serena thank you playing doubles with me it has been so much fun and the only regrets I have is that we didn t do this sooner
I have had such a blast and it is rare that I have this much fun on court and it was a really fun way to finish off in Auckland
Williams singles victory however gave the American her 73rd WTA title and broke a near three year drought despite having appeared in five finals since she clinched her 23rd Grand Slam crown with a win at the Australian Open in 2017
She is chasing Australian Margaret Court s record 24 Grand Slam singles titles but has lost two Wimbledon and two U S Open finals since her 6 4 6 4 victory over elder sister Venus in Melbourne
It feels good it has been a long time Williams said I played an incredible opponent in Jessica and honestly it was a great match
Williams had struggled for consistency earlier in the week but sent an ominous message to the Australian Open field when she demolished promising teenager Amanda Anisimova 6 1 6 1 in their semi final and then beat an impressive Pegula on Sunday
I was definitely improving as the week went on and I needed to because I had some tough matches Williams said
I feel fortunate and blessed to be out here and to be healthy and to play I have been playing for so long and been through so much and I m happy to be doing something I love |
WMB | Federer responds to Thunberg s wake up volley | Reuters Roger Federer has responded to criticism from teenaged climate change activist Greta Thunberg saying he is happy to be reminded of his responsibilities
The Swiss 20 times Grand Slam champion came under fire from Swede Thunberg last week when she criticized bank Credit Suisse SIX CSGN for its record of loans to fossil fuel industries
Federer who has a sponsorship deal with Credit Suisse was urged to wake up in a Twitter post by Thunberg last week
The 38 year old preparing for the Australian Open issued a statement saying he had a great deal of respect and admiration for the youth climate movement inspired by Thunberg
I take the impacts and threat of climate change very seriously particularly as my family and I arrive in Australia amidst devastation from the bushfires Federer said
As the father of four young children and a fervent supporter of universal education I have a great deal of respect and admiration for the youth climate movement and I am grateful to young climate activists for pushing us all to examine our behaviors and act on innovative solutions
We owe it to them and ourselves to listen I appreciate reminders of my responsibility as a private individual as an athlete and as an entrepreneur and I m committed to using this privileged position to dialogue on important issues with my sponsors
Federer will join other top players including Serena Williams NYSE WMB at charity event Rally for Relief in Melbourne next week raising funds for the efforts to tackle the devastating bushfires that have killed at least 28 people destroyed hundreds of homes and decimated wildlife
Credit Suisse says it is committed to leading the way in supporting its clients in the transition to low carbon and climate resilient business models and recently announced in the context of its global climate strategy that it will no longer invest in new coal fired power plants |
C | Is financial oppression coming to the eurozone | I would like to explore the long term options for the EU and the eurozone out of this crisis Most observers have offered two options for Europe but I would like to raise a third of financial repression The options which I list from the least likely to most likely are
Exit from the eurozone Greece and perhaps Portugal and other weaker economies of the eurozone exit the euro either individually or as a group This would be a disaster not only for Europe but for the global economy and financial system
A fiscal union When the euro experiment began it was acknowledged that this was a monetary union without a political union A fiscal union in which individual member states give up some degree of sovereignty to a greater EU authority is the next step towards a politcal union Taking such a step requires constitutional change by all eurozone member states which is a long and involved process and may not be successful in the end
Financial repression If you read Reinhart and Rogoff first comes the financial crisis then the sovereign crisis The next step is financial repression where the authorities try to extract greater wealth from its citizenry Given Europe s predilections towards muddle through solutions that kick the can down the road and its tolerance towards higher taxation I believe that this is the most likely solution for Europe Though such a path will impose a significant constraints on its engine of long term economic growth
Eurozone exitI am getting tired of writing about gloom and doom so I won t dwell on this option too much I wrote about it before and extensively elsewhere The worst case scenario is the Argentina one as described by John Hempton of Bronte Capital
When Argentina defaulted not only did the government default but they forced a private default If you had a debt in US Dollars in Argentina prior to the default you were forced to pay it back in Peso Indeed it was illegal to make payment in US dollars Likewise if you had a US dollar asset you got back Peso A dollar deposit in Citigroup in Buenos Aires became a peso deposit If you really wanted to keep your dollars you needed to make your Citigroup deposit in New York The forced private sector default was necessary for Argentina The Argentine banks all had lots of US dollar funding If you devalued without forcing their default then they would all have uncontrolled defaults a true disaster and the country would lose its institutions Telefonica Argentina would have failed too failing to replay USD debts The same applies in Greece If the Greek Government were to devalue the new Drachma to perhaps a third the value of the Euro then the banks which are loaded with Greek Sovereign paper would default Even Hellenic Telecom would default because they would be forced to repay their billions of Euro borrowings whilst collecting only Drachma phone bills
If Greece did that it would mean the end of the eurozone banking system in the weaker countries
Now if you are Irish or Italian or Portuguese or even Spanish you know the rules You get to get your Euro out of the PIGS and into the core Germany as fast as possible So max all your credit cards for cash draw all your bank deposits and load them in the boot of your car and make the drive to Switzerland or Germany Somewhere safe Otherwise you are going to lose half the value the day that the rest of the PIGS do a Greece And this bank run a run including tens of thousands of Italians driving their Fiats will surely blow apart every Italian bank And their Euro skeloritic compatriots will sign the death knell for for all their banks too
You get the idea Pulling an Argentina would create chaos in the financial markets
Canada as a model for fiscal union What about a fiscal union A fiscal union would mean individual eurozone states ceding some form of taxation power to a central authority sort of a Brussels on the Rhine What would a fiscal union look like Well it would sort of look like Canada columnist for the Globe and Mail explains
The great virtue of real federalism is the sharing of risks which is why Canada is a much sturdier federation than Europe Canada s central government raises far more revenue as a share of the national total than Europe s central institutions redistributes far more of it to less well off regions and takes a large share of borrowing In Europe member states must pay their entire debts in Canada provinces pay some of their debt the whole country pays the rest The difference means when highly indebted European economies falter or interest rates skyrocket they face burdens that the European Central Bank and member states try to ease with Band Aid solutions In Canada weaker provinces and or highly indebted ones Quebec and the four Atlantic provinces don t have to pay both their debts and their per capita share of the national debt Ottawa pays the per capita share The sharing of risk opportunity burdens and good fortune is what makes a federal system The European Union was never a federal structure like Canada It worked best in sharing good fortune and some risk it worked badly as we now see in sharing burdens because it lacks the central resources of a federal system
The Canadian system is workable but not perfect We have seen our share of constitutional crises over the years and the Quebec sovereignty movement continues to lurk as a threat in the background In Canada the stronger provinces send money to the weaker ones in the form of equalization payments via Ottawa This arrangement works because it isn t just welfare but a form of counter cyclical stabilizer Simplistically speaking Canada is economically divided between resource based regions which are mostly in the west and the manufacturing heartland in southern Ontario and parts of Quebec When resource prices are low the manufacturing base booms and when resource prices are high manufacturing margins suffer Equalization is a therefore a form of counter cyclical stabilization for provincial economies and budgets
In the eurozone however such counter cyclical arguments fall flat The perennially weak countries are not resource producers nor does it appear that their economies are in any shape or form counter cyclical to the industrial heartland Consider how some of the more troublesome PIIGS countries achieved their recent success Spain saw a property boom which subsequently collapsed Ireland became the Celtic Tiger because of its low corporate tax rate which encouraged offshoring Italy remains a world class centre of manufacturing and design think Ferrari and Gucci as examples but suffers from competitive problems While some of the PIIGS problems are cyclical the root cause appear to be a lack of competitiveness that is usually solved by currency devaluation
Such an arrangement leaves the industrial heartland permanently digging into their pockets to support their poorer cousins The Germans get this concept quite clearly German finance minister Wolfgang Sch uble has stated that Germany does not want to rule Europe and by extension be permanently on the hook for support payments
For the recipient of EU largesse the consequences of giving up fiscal sovereignty to a Brussels on the Rhine can have governance effects that appear to be heavy handed It may feel like your country is under occupation Ambrose Evans Pritchard of the wrote about this problem when the EU presented Italy with an ultimatum emphasis added
The EU has woven itself into this drama by presenting Italy with an ultimatum last week giving the country barely 48 hours to commit to very specific and radical reforms It is in effect taking sides in an intensely polarized debate within Italy intruding in the most sensitive matters of how society organizes itself It is demanding ideological changes in this case in favour of employers and against unions as a condition for further action to shore up Italy s bond markets We have three deaths in front of us democracy politics and the Left said Fausto Bertinotti the elder statesman of Rifondazione Communista and one of Italy s great post war figures We are living in a neo Bonapartist financial system Not a single decision has been taken by the Italian parliament since the end of August except those imposed by the foreign power that now us under administration
Those of us who live under an Anglo Saxon economy may not find it odd that we demand our partners to end the labor friendly practices that seem outrageous to us in return for financial support but Evans Pritchard wrote that in a democracy you have to get the populace to make the decision freely The two bones of contention are Article 18 protecting workers from being sacked for economic reasons and firm level agreements that undercut the power of trade unions to craft deals across sectors Those of us in Anglo Saxon cultures may find it remarkable that Italy still has laws that make it extremely hard for companies to lay off workers when needed It is clearly a reason why the country has struggled to adapt to the challenge of China rising Asia and Eastern Europe But that is not the point Are such changes to be decided by Italy s elected parliament by proper process or be pushed through by foreign dictate when the country is on its knees Political ownership is of critical importance The EU is crossing lines everywhere forgetting that it remains no more than a treaty organization of sovereign states Democratic accountability is breaking down
Today we have Troika monitors in Greece and How far will it go before the people of the peripheral countries feel like they are under occupation Jim O Neill of Goldman Sachs Asset Management has stated that he believes that a number of countries ranging from Greece to Finland would rather pull out of the euro than live under the rule of a Brussells on the Rhine Financial repression
The most logical solution given a willing populace is then financial repression Governments practice forms of financial repression all the time CLSA s lays it all out
So far only a small section of the private sector has been forced to pay up for the follies of the public the depositors whose saving are being destroyed by negative real interest rates and those on fixed incomes they can t force up to meet inflation But the extension of this theft is likely to mean forcing institutions to buy government debt on previously unimagined scales In India the banks have a standard liquidity ratio of 25 the explicit aim of which is to augment the investment of the banks in Government securities Why not Italian banks too And why not the pension funds
The template was laid out by Carmen Reinhart and Ken Rogoff
If you want to see how all this unfolds you should simply read or re read what appears to be the best road map of the crisis so far Reinhart and Rogoff s or the paper Reinhart co wrote this year titled The Liquidation of Government Debt As they say first comes financial crisis then comes sovereign debt crisis then comes financial repression
Already such proposals are being floated FT Alphaville wrote last week that while the Italian government is in debt Italian households are remarkably debt free and have an abundance of liquid assets
There is 8 600bn of household wealth vs the 1 900bn public debt mountain Around 50 per cent of Italian government bonds are already in domestic hands according to Credit Suisse but there still could some firepower left in theory thanks to the country s decent stock of financial assets at a tidy 3 565bn according to the Italian central bank
The solution sounds a lot like financial repression to me
Here s one thought experiment floated by Tullio Jappelli economics professor at the University of Naples Federico II who told us via email that if the government decided to launch a raid on savings it could seize a part of our checking saving accounts and convert this cash into bonds In 1992 under the Amatao Government there was a wealth tax passed in 24 hours 0 6 percent of deposits were seized by the government The above proposal is better from the consumers standpoint because you convert cash into bonds not into taxes But you need to do it VERY quickly otherwise you risk a bank run and deposits to disappear All these things are dangerous objects so please be careful with how you handle them
Governments have long practiced this form of financial repression As an example pension funds under certain regimes have been mandated to hold a certain portion of their assets in government bonds for prudent reasons
Given the alternatives this solution is probably the least politically painful for the authorities and will kick the can down the road for a few years So watch for financial repression coming soon to your European neighbourhood |
JPM | JPMorgan hack exposed data of 83 million among biggest breaches in history | Reuters Names addresses phone numbers and email addresses of the holders of some 83 million households and small business accounts were exposed when computer systems at JPMorgan Chase Co N JPM were recently compromised by hackers making it one of the biggest data breaches in history
The bank revealed the scope of the previously disclosed breach on Thursday saying that there was no evidence that account numbers passwords user IDs birth dates or Social Security numbers had been stolen
It added that it has not seen unusual customer fraud related to the attack which exposed contact information for 76 million households and 7 million small businesses
The people affected are mostly account holders but may also include former account holders and others who entered their contact information at the bank s online and mobile sites according to a bank spokeswoman
Security experts outside of the bank warned that the breach could result in an increase in crime as scammers will likely attempt to use the stolen information to engage in various types of fraud
The bank s customers should be on heightened alert for fraud said Mark Rasch a former federal cyber crimes prosecutor
All of this data is useful to hackers and identity thieves he said The kind of information that was stolen is not sensitive itself but is frequently used to validate people s identities
Tal Klein vice president with the cybersecurity firm Adallom said that the breach could undermine confidence in the security of banks and other companies that people assume are well protected from hackers
Criminals could literally take on the identities of these 83 million businesses and people That s the biggest concern he said
Until now the assumption has been that the companies that get breached are the ones that have poor security practices but we know that JPMorgan had a good security program and that they invest heavily in this area he said So what we are waking up to is that the fundamental nature of security is broken
Still JPMorgan advised customers on its website that it does not believe they need to change their passwords or account information
Company spokeswoman Patricia Wexler said that the bank is not offering credit monitoring to its customers because no financial information account data or personally identifiable information was compromised
At the end of August JPMorgan said it was working with U S law enforcement authorities to investigate a possible cyber attack As with home break ins it can take victims of data attacks months to discover what if anything is missing
Reporting by Tanya Agrawal in Bangalore David Henry in New York and Jim Finkle in Boston Editing by Ted Kerr and Bernard Orr |
JPM | Connecticut attorney general probing JPMorgan breach source | By Karen Freifeld NEW YORK Reuters Connecticut Attorney General George Jepsen is investigating the massive data breach at JPMorgan Chase Co N JPM according to a person familiar with the matter
The office has been in contact with JPMorgan Chase about the incident since it first surfaced in August the person said
On Thursday JPMorgan revealed the scope of the breach saying names addresses phone numbers and email addresses of the holders of some 83 million households and small business accounts were exposed when its computer systems were compromised by hackers
Other state attorneys general are very concerned and sharing information about the incident amongst themselves another source said although a multi state group to probe the matter has not yet formed
Reporting By Karen Freifeld Editing by Meredith Mazzilli |
JPM | Exclusive Iberdrola hires JPMorgan for asset sales to fund U S buy | By Andr s Gonz lez and Arno Schuetze MADRID FRANKFURT Reuters Spanish power firm Iberdrola MC IBE has hired JPMorgan Chase Co N JPM to sell some foreign renewable assets which could raise up to 2 billion euros to help fund an acquisition in the fast growing U S market three sources with knowledge of the matter said
Iberdrola a world leader in wind turbines joins other European companies including Germany s Siemens DE SIEGn which has agreed to buy U S turbine maker Dresser Rand N DRC hoping to grow through purchases outside sluggish home markets
Iberdrola s earnings suffered in Europe s economic crisis and from energy reforms in Spain where new power generation taxes and renewable cuts dented profits
It has already mandated Morgan Stanley to explore the sale of a minority stake in its Spanish distribution business as part of its boldest move to boost earnings since 2011 a strategy aimed at cutting exposure to Spain and investing abroad
Iberdrola is looking for a purchase in the United States They re not going to sell anything unless they have an adequate acquisition target said one financial source who asked to remain anonymous
Iberdrola which has been mentioned as a possible suitor of both Louisiana s electricity supplier Cleco Corp s N CNL and Oncor the power distribution unit of Texas s biggest power company declined to comment
The JPMorgan mandate is for a sale of minority stakes in several renewable energy assets such as mature wind farms or solar plants that could be worth about 2 billion euros two sources with knowledge of the matter said JPMorgan declined to comment
Iberdrola has assets capable of producing 14 400 megawatts MW of renewable energy across the world with 5 700 MW in Spain and 5 457 MW in the United States
The sale of the Spanish distribution business that Morgan Stanley is exploring could raise about 3 billion euros said UBS analyst Alberto Gandolfi in a note to clients Two sources with direct knowledge of this process confirmed this valuation
They are on off mandates that Iberdrola activates or deactivates according to its needs another source said
The two sales could free up funds for a major U S acquisition a sign that confidence has returned at the company after it was forced to put an international expansion drive on hold in 2011 during the euro zone debt crisis which made it harder for Spanish companies to borrow
Iberdrola would like to add more electricity distribution assets to its U S portfolio two of the sources said Such assets are attractive because they offer a recurring income and their performance is less dependent on energy prices moves
Spain s energy reforms which aimed to cut a massive tariff shortfall in the regulated power system have added to the company s pain wiping 1 4 billion euros from Iberdrola s earnings since 2011 It has 26 billion euros in debts
Funding an acquisition through sales would allow the company based in northern Bilbao to avoid borrowing more money and diluting its share capital by bringing in new shareholders
U S PREDATOR
Iberdrola has ruled out bidding for Cleco and the size of Oncor valued at 20 billion including debt could be hard to digest One option could be to buy some of Oncor s assets
If an acquisition were done it d be a small deal 20 billion is an outrageous sum said one source close to Iberdrola with a market value of about 35 billion euros
Yet Oncor appears the type of business that would fit Iberdrola s asset rotation strategy fully regulated in a country with a visible framework and which could feature good organic growth UBS said in a note to clients
During 2010 13 Oncor delivered core earnings growth of 21 5 percent while Iberdrola s Ebitda EPS fell 5 percent largely due to the impact of Spanish regulatory measures
Angry over the painful reforms Iberdrola Chairman Ignacio Sanchez Galan has vowed to slash domestic investments and boost exposure abroad The company already owns Scottish Power and U S Energy East bought in 2006 and 2007 before Spain s financial crisis
Still a large chunk of its earnings before interest taxes depreciation and amortization EBITDA continue to come from Spain including 71 percent from its generation business 46 percent from its renewable arm and 42 percent from power grids
Additional reporting by Sophie Sassard and Freya Berry in London Writing by Tracy Rucinski Editing by Julien Toyer and Anna Willard |
JPM | JPMorgan Chase hackers tried infiltrating other institutions WSJ | Reuters Hackers who breached JPMorgan Chase Co s N JPM computer network earlier this year also tried to infiltrate other financial institutions the Wall Street Journal reported citing people familiar with the investigation
Federal officials had asked financial institutions last month to check whether they had seen indications of cyberattack the Journal said citing the unnamed sources
An undisclosed number of financial institutions responded that they had seen traffic from the suspect computer addresses linked to the hackers but that they did not believe their systems had been breached the newspaper said quoting the sources
Even among the many agencies investigating and responding disagreements and unanswered questions remain about the extent of the hackers access at the U S financial institutions the newspaper said quoting federal officials
It is unclear which financial institutions were targeted by the hackers
Reporting By Sudarshan Varadhan Editing by Ken Wills |
BMY | Roche Announces Positive Data On Venclexta Venclyxto At ASH | Roche Holding AG OTC RHHBY announced new data from the phase III MURANO study on Venclexta Venclyxto venetoclax in patients with previously treated chronic lymphocytic leukemia CLL at the American Society of Hematology ASH 2018 Annual Meeting
Share price of the company has increased 6 2 year to date compared with the s growth of 13 8
We remind investors that the FDA approved Venclexta in combination with Rituxan for second or later line CLL small lymphocytic lymphoma SLL and in combination with a hypomethylating agent azacitidine or decitabine or low dose cytarabine for newly diagnosed acute myeloid leukemia in elderly patients
An analysis showed that the combination Venclextaplus MabThera reduced the risk of disease progression or death by 84 compared to standard of care in relapsed refractory chronic lymphocytic leukemia r r CLL Teva Pharmaceutical s NYSE TEVA Treanda bendamustine plus Rituxan BR after a median three year follow up Follow up data from the study showed that the Venclexta combination achieved superior results as 71 of patients achieved progression free survival PFS at 36 months versus 15 of patients in the BR arm
The patients were treated for a fixed duration of 24 months and treatment was stopped thereafter The three year estimated overall survival rate was 87 9 for Venclexta combination and 79 5 for standard of care
A separate analysis showed higher rates of minimal residual disease MRD negativity observed with Venclexta Venclyxto plus MabThera Rituxan compared to BR were sustained after patients completed treatment 62 versus 13 These results were observed in majority of patients in the Venclexta Venclyxto arm including patients in high risk subgroups and were consistent with the maintained PFS benefit seen with longer follow up
The company also announced updated data from two phase Ib II phase Ib M14 358 and phase I II M14 387 studies in people with previously untreated acute myeloid leukaemia AML ineligible for intensive chemotherapy due to coexisting medical conditions These results showed that among patients who were dependent upon blood transfusions at baseline about half were able to achieve transfusion independence the absence of transfusions during any consecutive 56 days during the study treatment period
Based on earlier results from the M14 358 and M14 387 studies the FDA granted accelerated approval to Venclexta in combination with a hypomethylating agent azacitidine or decitabine or low dose cytarabine LDAC for the treatment of people with newly diagnosed acute myeloid leukaemia AML who are age 75 years or older or for those ineligible for intensive induction chemotherapy due to coexisting medical conditions
We remind investors that Venclexta Venclyxto is being developed by AbbVie NYSE ABBV and Roche It is jointly commercialized by AbbVie and Genentech a member of the Roche Group in the United States and commercialized by AbbVie outside of the United States Roche Holding SIX ROG AG Price
Zacks Rank Stock to Consider
Roche is a Zacks Rank 3 Hold stock
A better ranked stock worth considering is Bristol Myers Squibb Company NYSE BMY sporting a Zacks Rank 1 Strong Buy You can see
Bristol Myers earnings per share estimates have increased from 3 63 to 3 87 for 2018 and 3 92 to 4 08 for 2019 over the past 60 days The company delivered a positive earnings surprise in all the trailing four quarters with average of 11 99
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BMY | Bristol Myers Squibb BMY Stock Moves 0 32 What You Should Know | Bristol Myers Squibb BMY closed the most recent trading day at 53 08 moving 0 32 from the previous trading session This change was narrower than the S P 500 s 2 33 loss on the day Meanwhile the Dow lost 2 24 and the Nasdaq a tech heavy index lost 3 05
Prior to today s trading shares of the biopharmaceutical company had gained 0 83 over the past month This has lagged the Medical sector s gain of 1 22 and outpaced the S P 500 s loss of 1 93 in that time
Investors will be hoping for strength from BMY as it approaches its next earnings release which is expected to be January 24 2019 In that report analysts expect BMY to post earnings of 0 84 per share This would mark year over year growth of 23 53 Our most recent consensus estimate is calling for quarterly revenue of 5 99 billion up 9 85 from the year ago period
BMY s full year Zacks Consensus Estimates are calling for earnings of 3 87 per share and revenue of 22 58 billion These results would represent year over year changes of 28 57 and 8 68 respectively
It is also important to note the recent changes to analyst estimates for BMY These revisions typically reflect the latest short term business trends which can change frequently With this in mind we can consider positive estimate revisions a sign of optimism about the company s business outlook
Based on our research we believe these estimate revisions are directly related to near team stock moves We developed the Zacks Rank to capitalize on this phenomenon Our system takes these estimate changes into account and delivers a clear actionable rating model
Ranging from 1 Strong Buy to 5 Strong Sell the Zacks Rank system has a proven outside audited track record of outperformance with 1 stocks returning an average of 25 annually since 1988 Within the past 30 days our consensus EPS projection remained stagnant BMY currently has a Zacks Rank of 1 Strong Buy
Digging into valuation BMY currently has a Forward P E ratio of 13 76 This represents a discount compared to its industry s average Forward P E of 14 58
Also we should mention that BMY has a PEG ratio of 1 48 This popular metric is similar to the widely known P E ratio with the difference being that the PEG ratio also takes into account the company s expected earnings growth rate The Large Cap Pharmaceuticals was holding an average PEG ratio of 1 99 at yesterday s closing price
The Large Cap Pharmaceuticals industry is part of the Medical sector This group has a Zacks Industry Rank of 97 putting it in the top 38 of all 250 industries
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups Our research shows that the top 50 rated industries outperform the bottom half by a factor of 2 to 1
To follow BMY in the coming trading sessions be sure to utilize Zacks com |
C | Ship market users back central Baltic FFA screen | Freight users back central trading screen
Baltic to examine screen technologies
By Jonathan Saul
LONDON Aug 18 Reuters A majority of sea freight market
users support the Baltic Exchange setting up a central trading
screen for forward freight agreements FFAs a survey canvassed
among industry players found
The FFA market has grown in recent years from its beginnings
in 1985 and was estimated to be valued at 130 billion to 150
billion in 2008 freight derivatives brokers said
Stefan Albertijn dry bulk chairman of the advisory Freight
Market Information Users Group FMIUG said on Tuesday it had
polled members which included Deutsche Bank Citigroup and trade
houses such as Cargill Louis Dreyfus and Noble
Yesterday we got the results of our referendum where 87 5
percent of my members the principals decided to give the
Baltic a clear mandate to work together with the brokers and
possible third party providers to look at putting in place a
common electronic trading platform Albertijn told Reuters
This is the first time that the FMIUG has given a formal
written mandate to the Baltic Exchange he said
FFAs which allow a buyer to take a position over where
freight rates will stand at a point in the future are not
traded on an exchange
GFI Group Imarex and SSY currently provide three individual
screens for trading FFAs
Albertijn said regulators were looking more closely at the
over the counter market for exotic derivatives after last year s
financial crisis
The outcome of which might be that some classes of OTC
derivatives might be forced towards clearing and or to
centralised trading platforms he said
This is an attempt by users in the Baltic to stay ahead of
the legislative curve
The London Metal Exchange LME said last month it was
considering entry into the FFA market drawing criticism from
ship brokers ID nLF562666
Chris Reilly of the FFA Brokers Association told Reuters
last month freight derivatives brokers would support the idea of
a central trading screen on the Baltic Exchange ID nLO206868
Albertijn said there had been talks in the past between the
FMIUG the brokers association and the Baltic Exchange but
they always failed
This year we are having a more formal process which the
brokers are also a part of and where we are trying to give the
Baltic a clear mandate to get something done he said
CENTRAL SCREEN
John Banaszkiewicz managing director of freight derivatives
broker FIS said it was pleased the FMIUG agreed that the Baltic
Exchange was the central authority in our market
But I think the question still remains as to whether we
really need a central screen Banaszkiewicz said Building a
screen won t create liquidity by itself in fact it could
dilute it when it s at a delicate stage
The London based Baltic Exchange which is made up of over
550 member companies including ship brokers ship owners and
operators and freight derivatives traders suspended earlier
plans to introduce screen FFA trading
Shipping sources said it was in part due to opposition
previously from brokers
Our next step is to look at the available technologies and
work with the brokers and the users to see which ones deliver
what the market place wants Baltic Exchange Chief Executive
Jeremy Penn told Reuters
The first thing to do is to look carefully at what the
proposed technology should provide and then consider all the
potential suppliers in that context
In a letter sent to FMIUG members and seen by Reuters the
proposal mandates the Baltic Exchange to resume discussions with
last year s short listed technology providers
The LME was one of a number of technology providers that
the Baltic spoke to and held discussions with last year Penn
said without giving further details |
C | UPDATE 1 Ship market users back central Baltic FFA screen | Freight users back central trading screen
Baltic to examine screen technologies
Adds LME comment
By Jonathan Saul
LONDON Aug 18 Reuters A majority of sea freight market
users support the Baltic Exchange setting up a central trading
screen for forward freight agreements FFAs a survey canvassed
among industry players found
The FFA market has grown in recent years from its beginnings
in 1985 and was estimated to be valued at 130 billion to 150
billion in 2008 freight derivatives brokers said
Stefan Albertijn dry bulk chairman of the advisory Freight
Market Information Users Group FMIUG said on Tuesday it had
polled members which included Deutsche Bank Citigroup and trade
houses such as Cargill Louis Dreyfus and Noble
Yesterday we got the results of our referendum where 87 5
percent of my members the principals decided to give the
Baltic a clear mandate to work together with the brokers and
possible third party providers to look at putting in place a
common electronic trading platform Albertijn told Reuters
This is the first time that the FMIUG has given a formal
written mandate to the Baltic Exchange he said
FFAs which allow a buyer to take a position over where
freight rates will stand at a point in the future are not
traded on an exchange
GFI Group Imarex and SSY currently provide three individual
screens for trading FFAs
Albertijn said regulators were looking more closely at the
over the counter market for exotic derivatives after last year s
financial crisis
The outcome of which might be that some classes of OTC
derivatives might be forced towards clearing and or to
centralised trading platforms he said
This is an attempt by users in the Baltic to stay ahead of
the legislative curve
The London Metal Exchange LME said last month it was
considering entry into the FFA market drawing criticism from
ship brokers ID nLF562666
The LME on Tuesday welcomed FMIUG s vote in particular the
appreciation by the freight market of the significant benefits a
recognised investment exchange RIE can bring
As an RIE the LME provides strong regulatory oversight
proven trading and technology practices and a formal path to
clearing which greatly reduces counterparty risk it said
Chris Reilly of the FFA Brokers Association told Reuters
last month freight derivatives brokers would support the idea of
a central trading screen on the Baltic Exchange ID nLO206868
Albertijn said there had been talks in the past between the
FMIUG the brokers association and the Baltic Exchange but
they always failed
This year we are having a more formal process which the
brokers are also a part of and where we are trying to give the
Baltic a clear mandate to get something done he said
CENTRAL SCREEN
John Banaszkiewicz managing director of freight derivatives
broker FIS said it was pleased the FMIUG agreed that the Baltic
Exchange was the central authority in our market
But I think the question still remains as to whether we
really need a central screen Banaszkiewicz said Building a
screen won t create liquidity by itself in fact it could
dilute it when it s at a delicate stage
The London based Baltic Exchange which is made up of over
550 member companies including ship brokers ship owners and
operators and freight derivatives traders suspended earlier
plans to introduce screen FFA trading
Shipping sources said it was in part due to opposition
previously from brokers
Our next step is to look at the available technologies and
work with the brokers and the users to see which ones deliver
what the market place wants Baltic Exchange Chief Executive
Jeremy Penn told Reuters
The first thing to do is to look carefully at what the
proposed technology should provide and then consider all the
potential suppliers in that context
In a letter sent by the FMIUG to its members and seen by
Reuters the proposal mandates the Baltic Exchange to resume
discussions with last year s short listed technology providers
The LME was one of a number of technology providers that
the Baltic spoke to and held discussions with last year Penn
said without giving further details |
C | Nikkei up 0 4 pct nudged up by resources and oil | Oil price surge buoys recovery hopes oil stocks gain
Eyes on China results of Japan election
TOKYO Aug 20 Reuters Japan s Nikkei stock average edged
higher on Thursday buoyed by gains in resource linked shares
such as Inpex after oil surged more than 4 percent and rekindled
economic recovery hopes
Truckmaker shares climbed after a brokerage upgrade with
Isuzu Motors up more than 5 percent and trading houses gained on
strong metals prices
But worry about Chinese shares was keeping gains capped after
the Shanghai Composite Index fell to its lowest close in two
months on Wednesday with trading volume in Tokyo lacklustre
People are definitely still worried about China and we re
not seeing a lot of enthusiastic buying with foreign investors
not much of a presence right now either said Koichi Ogawa
chief fund manager at Daiwa SB Investments
Until Japan s election is over stocks may find it hard to
move
The benchmark Nikkei rose 0 4 percent or 44 65 points to
10 248 65 up from the three week closing low hit on Wednesday
The broader Topix rose 0 4 percent to 947 37
Opinion polls have shown the opposition Democratic Party well
ahead of the conservative ruling Liberal Democratic Party LDP
in the Aug 30 race for the lower house of parliament raising
the prospect that the business friendly LDP will lose power for
only the second time in its 54 year history
The Asahi newspaper said on Thursday that the Democrats could
win about 300 of the 480 seats though it added that results
could shift in the final days of the race
In the face of predictions of such a sweeping victory some
voters could shift to the LDP meaning that uncertainty may
actually have increased Ogawa added
But at this point the market still isn t paying that much
attention it s much more concerned about China
China shares slid 4 3 percent on Wednesday led by recently
listed shares as nervous investors pulled out on worries the 20
percent slide in just two weeks would deepen more
I think there s no question that China was overbought and
for Japan to rise in tandem hasn t been all that good a thing
either said Nagayuki Yamagishi a strategist at Mitsubishi UFJ
Securities
Energy shares dominated in the wake of oil s Wednesday surge
after U S government data showed a steep drop in crude imports
and inventories though crude was drifting lower on Thursday
The surprising drop in stockpiles sent Wall Street edging up
on hopes that it could suggest an improving demand outlook
Oil and gas field developer Inpex gained 1 9 percent to
714 000 yen while distributor Nippon Oil rose 1 9 percent as
well to 531 yen
Trading houses rose on both the oil gains and a recovery in
metals prices with Marubeni gaining 1 5 percent to 468 yen and
Itochu Corp up 1 4 percent to 660 yen
Isuzu and Hino Motors climbed after Nikko Citigroup upgraded
them to hold from sell saying that truckmaker earnings could
turn around in the second half of the current financial year on
better overseas demand than the companies had originally planned
Isuzu climbed 5 4 percent to 197 yen and Hino Motors rose 2 4
percent to 381 yen
Reporting by Elaine Lies Editing by Hugh Lawson |
C | Nikkei up 0 7 pct boosted by resources and China | Oil price surge buoys recovery hopes oil stocks gain
Shanghai rebound a plus but investors wary
Truckmakers Mazda gain on brokerage upgrades
Eyes on Japan Aug 30 election
By Elaine Lies
TOKYO Aug 20 Reuters Japan s Nikkei stock average on
Thursday climbed from a three week closing low buoyed by
resource shares after crude oil surged and by rekindled recovery
hopes with a rebound in Chinese shares also giving a lift
Truckmaker shares climbed after a brokerage upgrade with
Isuzu Motors up more than 5 percent and trading houses gained on
strong metals prices
Investors took heart after the Shanghai Composite Index rose
1 8 percent after falling to its lowest close in two months on
Wednesday but many remained wary and trading volume was
lacklustre
People are definitely still worried about China and we re
not seeing a lot of enthusiastic buying with foreign investors
not much of a presence right now either said Koichi Ogawa
chief fund manager at Daiwa SB Investments
Until Japan s election is over stocks may find it hard to
move The market just wants a decision fast but if the LDP won
it d be quite a surprise and stocks would probably tumble
The benchmark Nikkei rose 0 7 percent or 75 19 points to
10 279 19 up from the three week closing low hit on Wednesday
The broader Topix rose 0 7 percent to 949 84
Opinion polls have shown the opposition Democratic Party well
ahead of the conservative ruling Liberal Democratic Party LDP
in the Aug 30 race for the lower house of parliament raising
the prospect that the business friendly LDP will lose power for
only the second time in its 54 year history
The Asahi newspaper said on Thursday that the Democrats could
win about 300 of the 480 seats though it added that things could
shift in the final days of the race
Though analysts said the article could actually have
increased uncertainty about the outcome by prompting some voters
to shift to the LDP most said China was still the big concern
Given that the world is looking to Asia and China in
particular to lead it out of recession any downward fluctuations
in Chinese stocks are keenly watched as a clue to what s going on
in its economy said Hiroichi Nishi general manager at the
equity division of Nikko Cordial Securities
China shares slid 4 3 percent on Wednesday led by recently
listed shares as nervous investors pulled out on worries the 20
percent slide in just two weeks would deepen more
I think there s no question that China was overbought and
for Japan to simply rise in tandem hasn t been all that good a
thing either said Nagayuki Yamagishi a strategist at
Mitsubishi UFJ Securities
ENERGY HOT
But most in the market said they felt Japan s dip this week
was probably still within the range of a natural fluctuation
with support set to hold around 10 100 roughly where the
25 day moving average comes in
Energy shares dominated in the wake of oil s Wednesday surge
after U S government data showed a steep drop in crude imports
and inventories though crude was drifting lower on Thursday
The surprising drop in stockpiles lifted Wall Street on hopes
that it could suggest an improving demand outlook and economy
but analysts said higher prices were a two edged sword
Oil and gas field developer Inpex gained 2 4 percent to
718 000 yen while distributor Nippon Oil rose 2 1 percent to 532
yen
Trading houses rose on both the oil gains and a recovery in
metals prices with Marubeni gaining 1 7 percent to 469 yen and
Itochu Corp up 1 4 percent to 660 yen
Isuzu and Hino Motors climbed after Nikko Citigroup upgraded
them to hold from sell saying that truckmaker earnings could
turn around in the second half of the current financial year on
better overseas demand than the companies had originally planned
Isuzu climbed 5 4 percent to 197 yen and Hino Motors rose 4 3
percent to 388 yen
Mazda Motor gained 2 3 percent to 266 yen after KBC
Securities raised its view to positive from neutral
Unicharm Corp the top Asian manufacturer of diapers and
sanitary goods gained 1 9 percent to 8 060 yen after the Nikkei
business daily reported the company would enter the U S diaper
market through a joint venture with Swedish peer Svenska
Cellulosa AB
Trade was moderate on the Tokyo exchange s first section
with 958 million shares changing hands compared with last week s
morning average of 932 million
Advancing stocks outnumbered declining ones by 859 to 616
Reporting by Elaine Lies Editing by Hugh Lawson |
WMB | Williams retain W Series champion Chadwick in development role | LONDON Reuters Inaugural W Series champion Jamie Chadwick will remain a development driver for the Williams NYSE WMB Formula One team this season with an increased simulator program as well as attending several races
The team said on Tuesday that the 21 year old Briton whose success in the all female series boosted her profile last year would continue to be fully immersed within the team both trackside and in the factory at Grove
Jamie has done an excellent job promoting women in motorsport and we are extremely proud of the work she has done said deputy team principal Claire Williams
Chadwick who joined the Williams Driver Academy last year has been talked of as a possible first female Formula One race driver since 1976 She will also race in the second season of W Series that starts in May
While Williams made no mention of a Formula One test Chadwick has made that a clear aim
In terms of getting in the car that s an ongoing discussion We re sort of pushing as hard as we can but we ll see she told reporters in November
If I can continue to do the best possible job in the sim then that hopefully gives me justifiable reason to potentially test the car at a future date |
WMB | Asian Markets Fall as Iran Retaliates Against U S in Rocket Attack | Investing com Asian markets fell in morning trade on Wednesday amid news that Iran fired a series of rockets at two U S Iraqi airbases
The move was Iran s first response to the killing of General Qassem Soleimani by a U S airstrike last week It was not clear if there were any casualties or major damage from the attacks
We are aware of the reports of attacks on U S facilities in Iraq White House Press Secretary Stephanie Grisham said in a statement The president has been briefed and is monitoring the situation closely and consulting with his national security team
Haven assets surged following the news while global equities traded lower
Japan s Nikkei 225 plunged 1 9 by 10 30 PM ET 02 30 GMT while China s Shanghai Composite and the SZSE Component dropped 0 7 and 0 3 respectively
Hong Kong s Hang Seng Index was down 1 0 South Korea s KOSPI also fell 1 0
Down under Australia s S P ASX 200 traded 0 3 lower
The Islamic Revolutionary Guard Corps IRGC called the attack the start of its Martyr Soleimani operation claiming that further responses will be on the way
The IRGC announces to the great Satan the U S that any responses will be met with much more pain and destruction the IRGC said in a statement on its Sepah News website
In the U S stocks closed lower overnight despite data that showed signs the economy remained on firm footing with services data for December topping economists forecasts
Traders will switch their focus to the upcoming U S job report due on Friday and the Federal Reserve s monetary policy path into 2020 Fed officials including Richard Clarida John Williams NYSE WMB James Bullard and Charles Evans will speak on Thursday |
WMB | Stocks Pare Losses Spurred by Iran Strike Oil Up Markets Wrap | Bloomberg U S stock futures and Asian equities pared earlier declines as investors mulled an Iranian attack on military facilities in Iraq hosting American troops escalating tensions in the Middle East Haven assets pared gains
The strike had sent S P 500 Index futures as much as 1 7 lower though moves eased after Iran said it had concluded proportionate measures and wasn t seeking war President Donald Trump said he ll make a statement Wednesday morning Benchmark U S Treasury yields came off their session lows and yen erased gains
Iran had fired several rockets at two joint U S Iraqi bases early Wednesday morning in retaliation for the killing of a top Iranian military leader Gold retraced much of its move higher along with oil which at one point surged above 65 a barrel
Markets will likely remain nervous Mitul Kotecha a strategist at TD Securities said Much now depends on the U S reaction and whether there is further escalation
Caution is returning to markets after a bumper 2019 for a range of asset classes amid signs hostilities are moving on to the next stage following the airstrike that killed General Qassem Soleimani last week Investors have been left scrambling to reassess the risks posed by the U S Iran conflict
Meantime investors continue to weigh developments on the trade front with the first phase of the U S China trade deal expected by many to be signed on Jan 15
Read here for more on the ongoing market impact
On Second Thought Markets Look at U S Iran Risk More SeriouslyGlobal Market Reaction to Iran Rocket Attack in Four ChartsGold Surges Above 1 600 as Iran Attacks Spark Flight to HavensMarkets Rush to Reassess U S Iran Risk After Downplaying DangerHere are some events to watch for this week
Federal Reserve officials Richard Clarida John Williams NYSE WMB James Bullard and Charles Evans speak on Thursday The U S monthly employment report is due Friday These are moves in major markets
Stocks
Futures on the S P 500 Index declined 0 4 as of 11 40 a m in Tokyo The underlying gauge fell 0 3 on Tuesday Japan s Topix index lost 2 Hong Kong s Hang Seng retreated 0 9 The Shanghai Composite Index dipped 0 7 Australia s S P ASX 200 Index was down 0 3 South Korea s Kospi index fell 1 MSCI Asia Pacific Index dropped 0 9 Currencies
The yen rose 0 1 to 108 41 per dollar The offshore yuan traded at 6 9478 per dollar down 0 1 The Bloomberg Dollar Spot Index dipped 0 1 The euro bought 1 1155 up 0 1 Bonds
The yield on 10 year Treasuries declined about six basis points to 1 76 Australia s 10 year yield fell about six basis points to 1 16 Commodities
West Texas Intermediate crude jumped 2 to 63 92 a barrel Gold rose 0 9 to 1 589 28 an ounce |
WMB | Gold Prices Gain More Than 1 Amid Intensifying U S Iran Conflict | Investing com Gold prices gained more than 1 on Wednesday in Asia amid intensifying U S Iran conflict
Gold Futures for February delivery on New York s COMEX traded 1 1 higher to 1 592 05 per ounce by 11 17 PM ET 03 17 GMT The yellow metal is now near its highest level since 2013 with some analysts saying the market seems set on a near term high of 1 600
The gains followed new of an Iranian attack on military facilities in Iraq hosting American troops escalating tensions in the Middle East The attack came hours after the funeral of Qassem Soleimani the commander of the country s elite Quds Force killed in a U S drone stroke on Jan 3
Later Iran said it had concluded proportionate measures and wasn t seeking war U S President Donald Trump said he will make a statement later in the day
The safe haven metal has surged since the beginning of the year as conflict in the Middle East grew
Besides the U S Iran standoff investors were also on the lookout for next week s tentative signing of the U S China phase one deal The two nations will reportedly sign the deal on Jan 15 in Washington
Traders will also focus on speeches by Federal Reserve officials Richard Clarida John Williams NYSE WMB James Bullard and Charles Evans on Thursday for clues about the Fed s future monetary policy path |
WMB | Tennis Bouchard Cornet knock out seeds in Auckland | WELLINGTON Reuters Wildcard Eugenie Bouchard showed she may have turned a corner as she attempts to resurrect her career with victory over eighth seed Caroline Garcia while Alize Cornet beat world number 15 Petra Martic at the Auckland Classic on Wednesday
Former world number one singles players Serena Williams NYSE WMB and Caroline Wozniacki also breezed into the semi finals of the doubles after they thumped top seeds Caroline Dolehide and Johanna Larsson 6 2 6 1 in just 52 minutes
Wozniacki and Williams who are good friends off the court have teamed up to play as a doubles pairing for the first time before the Dane retires after the Australian Open
Multiple times I was thinking wow Wozniacki said of the power strokes from Williams that blew the American Swedish duo off court
I just wanted to win today I m happy for my second doubles victory in 10 years the Dane added while laughing
Both will play their second round singles matches on Thursday
Bouchard a former top five player who made the Wimbledon final and semi finals at the Australian Open and Roland Garros in 2014 has slumped to 262 in the rankings and is attempting to resurrect her career
The 25 year old Canadian battled for every point in her 6 4 6 4 second round victory against the Frenchwoman who is mired in her own form slump having failed to advance past the second round of her previous 12 tournaments
Bouchard will now face either promising American teenager Amanda Anisimova or Russia s Daria Kasatkina in the quarter finals
France s Cornet also provided something of an upset when she beat Croatian second seed Martic 3 6 6 4 6 4 in their second round clash and sealed the win with her only three aces of the match in the final game after she had gone 0 30 down
I lost the first set and it was not easy but I came out of my comfort zone and I did a lot of stuff that I m proud of Cornet told reporters
I got through and that s the most important thing |
WMB | Keeping Lebanon without government increasingly irresponsible U N | BEIRUT Reuters Keeping Lebanon without a government is increasingly irresponsible given developments in the region and the country the United Nations senior official in Lebanon said on Wednesday Lebanon has been without a functioning government since Saad al Hariri quit as prime minister in October prompted by protests against the political elite over rampant state corruption and is mired in a deep economic crisis Tensions in the Middle East have escalated dramatically since a U S drone strike last week killed Iranian Major General Qassem Soleimani the architect of Iran s military strategy in the region where Tehran s allies include the powerful Lebanese group Hezbollah Given the situation and developments in the country and the region it is increasingly irresponsible to keep Lebanon without an effective and credible government U N Special Coordinator for Lebanon Jan Kubis said in a Twitter post I urge the leaders to move without any further delay After weeks of squabbling Hassan Diab a former minister was designated prime minister last month with the support of Hezbollah and its political allies including the Free Patriotic Movement founded by President Michel Aoun But he did not win the support of Hariri who is aligned with Western and Gulf Arab states Diab met Aoun on Tuesday evening and made no public statement after the meeting Lebanon s deep financial and economic crisis has meanwhile raised concerns about its stability as a shortage of hard currency has led the Lebanese pound to slump and banks to impose tight controls on access to deposits and transfers abroad Reporing by Tom Perry Editing by Catherine Evans OLUSWORLD Reuters US Online Report World News 20200108T084141 0000 |
WMB | Federer Nadal and Serena to play in exhibition to raise funds for bushfire relief | Reuters Roger Federer Rafael Nadal and Serena Williams NYSE WMB are among a number of players who will feature in an exhibition match ahead of this month s Australian Open to raise funds for bushfire relief efforts organisers announced on Wednesday
Hundreds of fires have scorched more than 10 3 million hectares 25 5 million acres of land an area the size of South Korea killing 26 people and an estimated 500 million animals and destroying over 1 000 homes
All funds raised from the two and a half hour event on Jan 15 at Rod Laver Arena called AO Rally for Relief will be donated to the relief cause with tickets priced at A 54 37 09
This unprecedented bushfire crisis is devastating people properties communities livestock and animals across the country and our hearts go out to all those affected Tennis Australia CEO and tournament Director Craig Tiley said in a statement
We felt it was vital we use all our events across the summer to make a meaningful contribution to help these people and communities rebuild their lives
The response from the tennis community has been overwhelming The world s top players boasting many Grand Slam titles between them have committed to AO Rally for Relief
The event is part of the Aces for Bushfire Relief program in which Tennis Australia is donating A100 for every ace served at the ATP Cup in Brisbane Perth and Sydney Many players have also pledged individually with French Open champion Ash Barty donating her Brisbane International prize money to the cause
Nick Kyrgios promised to donate A 200 for every ace he serves this month while NBA great Dirk Nowitzki said he would match the Australian s donation
The Australian Open begins on Jan 20 |
WMB | Soccer Women s match postponed as bushfires continue to affect sport in Australia | SYDNEY Reuters Australia s rampaging bushfires continue to affect top level sporting events with a women s soccer match scheduled for Newcastle on Friday postponed because of the poor air quality and expected soaring temperatures
Hundreds of fires have scorched more than 10 3 million hectares 25 5 million acres of land an area the size of South Korea killing 26 people and an estimated 500 million animals and destroying over 1 000 homes
Football Federation Australia said on Thursday with the poor air quality in the Hunter region which encompasses Newcastle and temperatures expected to exceed 30C 86 F at the kickoff time of 5 p m 0600 GMT the women s W League match between Newcastle and Adelaide would be rescheduled for Feb 1
The men s A League match between Newcastle and Sydney which kicks off at 7 30 p m on Friday will go ahead the governing body said in a statement
The forecast ambient and Wet Bulb Globe Temperature WBGT for that match remain within acceptable ranges for the later kick off and the air quality forecast is improving with the arrival of a wind change to the north east on Friday FFA said
In making decisions regarding whether a fixture will proceed the safety welfare and comfort of our players match officials and fans remain our ongoing focus with regard to air quality issues as a result of these bushfires
Sports organizations in Australia have kept a watchful eye on the weather conditions ever since a men s Twenty20 Big Bash cricket match in Canberra last month was called off due to poor air quality caused by smoke from the fires
Cricket Australia was constantly monitoring air quality during the final two tests of their series with New Zealand while Tennis Australia TA moved a lower level tournament from Canberra
TA also said they would halt matches at the Jan 20 Feb 2 Australian Open in Melbourne the year s first Grand Slam tournament if air quality deteriorated
Sports organizations and athletes have also launched fundraising campaigns for victims and relief efforts with former Australian cricketer Shane Warne auctioning off his baggy green cap that is awarded to players on test debut
Tennis players have pledged to donated money for every ace they serve while in Australia All time greats Roger Federer Rafa Nadal and Serena Williams NYSE WMB have agreed to take part in an exhibition to help raise funds |
C | Talking Forex Daily FX Wrap 27 10 2011 | EUR USDThe pair finished the session sharply higher after leaders of the Eurozone announced plans to leverage the EFSF up to EUR 1trl and also disclose that EU banks will be required to raise EUR 106 4bln in order to meet 9 core tier one ratio The proposed draft includes an option where bond buyers are to be offered credit insurance and EFSF is to be boosted by private public investors and mentioned that it wants ESM to enter into force as soon as possible In addition to that the EFSF is now set to be leveraged by as much as 5 times The pair trended higher throughout the session which in turn saw the pair break above the key 1 4100 level In terms of technical levels supports are seen at 1 4200 and then at 1 4288 On the other hand resistance levels are seen at 1 4000 1 3981 and then at 1 3900 GBP USDIn spite of downbeat comments from BoE s Fisher who said that it is probable that Britain is heading into another recession while Citigroup noted that the economy will be dangerously close to recession the pair finished the session sharply higher after lawmakers in Europe put forward plans to preserve stability in the bloc In terms of UK related commentary BoE s Posen said the MPC got it about right when it opted for another GBP 75bln in asset purchases Posen added that the BoE would review their policy in the months ahead and could scale up their asset purchases if necessary Finally technical studies indicate that supports are located at 1 5980 54 and then at 1 5754 On the other hand resistance levels are seen at the 200DMA line at 1 6138 and then at 1 6211 USD JPYThe pair finished the session in minor negative territory and yet again printed a fresh record low after the BoJ announced that they are to expand its asset buying program by JPY 5trl but refrained from intervening in FX markets Still risks of an intervention remains elevated and number of labour unions have called on the BoJ to aid country s manufacturing sector which is forced to bear the burden of an over valued currency in international markets |
JPM | Senior BNP Paribas energy traders quit bank denies downsizing | Reuters Two senior BNP Paribas energy traders in New York have left but the Paris based bank said on Monday it was not downsizing its U S commodity and energy businesses
Keith Shoemaker managing director of North American natural gas trading and William Hartz head of financial oil trading have resigned BNP Paribas head of commodity derivatives Catherine Flax told Reuters
She did not give a reason for their departures
Shoemaker who had been with BNP Paribas for six years is a veteran energy trader who has held senior positions at J P Morgan N JPM Sempra Energy Phibro Louis Dreyfus and Mobil among others according to his LinkedIn page
Hartz joined BNP Paribas in 2005 from Bank of America where he managed the petroleum trading book according to a profile of him by Risk Net magazine
Energy news website Sparkspread was the first to report on Monday that the two had quit
The report also cited the August resignation of Dora Sung BNP Paribas head of commodities trading for the Americas and the earlier departures of two other senior commodity team members including Marc Fontaine former head of commodity derivatives
BNP Paribas Flax said the report gave the impression that the bank was downsizing its commodities and energy desk in New York but noted that s not the case at all
For sure we re expanding and we re in a growth mode There are a number of ways to expand the business and that includes adding clients and adding personnel she said without elaborating
A source at BNP Paribas said Sung retired after more than a two decade career at the bank Fontaine s LinkedIn page said he quit in 2013
Reporting by Barani Krishnan Editing by Dan Grebler |
BMY | Bristol Myers Squibb BMY Gains But Lags Market What You Should Know | Bristol Myers Squibb BMY closed at 52 in the latest trading session marking a 1 66 move from the prior day The stock lagged the S P 500 s daily gain of 2 3 Meanwhile the Dow gained 2 5 and the Nasdaq a tech heavy index added 2 95
Prior to today s trading shares of the biopharmaceutical company had gained 2 26 over the past month This has lagged the Medical sector s gain of 3 55 and outpaced the S P 500 s gain of 1 21 in that time
Wall Street will be looking for positivity from BMY as it approaches its next earnings report date This is expected to be February 4 2019 The company is expected to report EPS of 0 84 up 23 53 from the prior year quarter Meanwhile our latest consensus estimate is calling for revenue of 5 99 billion up 9 85 from the prior year quarter
For the full year our Zacks Consensus Estimates are projecting earnings of 3 87 per share and revenue of 22 58 billion which would represent changes of 28 57 and 8 68 respectively from the prior year
Investors should also note any recent changes to analyst estimates for BMY These recent revisions tend to reflect the evolving nature of short term business trends As such positive estimate revisions reflect analyst optimism about the company s business and profitability
Research indicates that these estimate revisions are directly correlated with near term share price momentum Investors can capitalize on this by using the Zacks Rank This model considers these estimate changes and provides a simple actionable rating system
Ranging from 1 Strong Buy to 5 Strong Sell the Zacks Rank system has a proven outside audited track record of outperformance with 1 stocks returning an average of 25 annually since 1988 The Zacks Consensus EPS estimate has moved 0 04 higher within the past month BMY is currently a Zacks Rank 1 Strong Buy
Investors should also note BMY s current valuation metrics including its Forward P E ratio of 13 21 Its industry sports an average Forward P E of 14 58 so we one might conclude that BMY is trading at a discount comparatively
It is also worth noting that BMY currently has a PEG ratio of 1 43 This popular metric is similar to the widely known P E ratio with the difference being that the PEG ratio also takes into account the company s expected earnings growth rate The Large Cap Pharmaceuticals was holding an average PEG ratio of 2 01 at yesterday s closing price
The Large Cap Pharmaceuticals industry is part of the Medical sector This group has a Zacks Industry Rank of 78 putting it in the top 30 of all 250 industries
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups Our research shows that the top 50 rated industries outperform the bottom half by a factor of 2 to 1
To follow BMY in the coming trading sessions be sure to utilize Zacks com |
WMB | Yen Rises Stock Futures Dip on Mideast Tensions Markets Wrap | Bloomberg Stock futures declined and the yen advanced in the wake of escalating Middle East tensions as Asian financial markets return to full strength following New Year holidays
Japan s currency matched a three month high in the wake of fallout from the U S killing of a top Iranian military commander in Iraq U S and Japanese equity futures slid while Australian shares saw modest losses The S P 500 Index posted its biggest loss in a month Friday in the wake of the killing which threatened to spur escalating violence across the Middle East
The tensions cast a cloud over largely positive forecasts for risk assets at the start of 2020 with a U S China phase one trade deal expected to be signed later this month Moves by China to bolster economic growth and signs of stabilization in Chinese manufacturing have also offered hope for a rebound in commerce
All of the Middle East s major equity gauges fell on Sunday as the security situation appeared to deteriorate Iran said it would no longer abide by any limits on its enrichment of uranium while President Donald Trump said the U S had identified 52 Iranian sites it would hit if Tehran retaliates over its slain general Qassem Soleimani
Treasuries climbed in a flight to safety and oil surged on Friday in wake of the killing
Here are some events to watch for this week
India reports its annual GDP estimate Tuesday Federal Reserve officials Richard Clarida John Williams NYSE WMB James Bullard and Charles Evans speak on Thursday The U S monthly employment report is due Friday These are moves in major markets
Stocks
Nikkei 225 futures fell 0 2 in Singapore Australia s S P ASX 200 Index slipped 0 1 Hong Kong s Hang Seng Index fell 0 1 earlier S P 500 futures fell 0 6 The S P 500 Index fell 0 7 Friday Currencies
The yen rose 0 2 to 107 84 per dollar The offshore yuan was at 6 9689 per dollar The euro was at 1 1162 Bonds
The yield on 10 year Treasuries fell nine basis points to 1 79 on Friday Australian 10 year yields fell about five basis points to 1 20 Commodities
West Texas Intermediate crude increased 3 1 to 63 05 a barrel Friday Gold rose 1 5 to 1 552 20 an ounce hitting the highest since September Friday |
WMB | Yen Rises Stock Futures Drop on Mideast Tensions Markets Wrap | Bloomberg Stock futures declined and the yen and gold advanced in the wake of escalating Middle East tensions as Asian financial markets return to full strength following New Year holidays
Japan s currency matched a three month high in the wake of fallout from the U S killing of a top Iranian military commander in Iraq Gold surged to the highest in more than six years U S and Japanese equity futures slid while Australian shares opened lower The S P 500 Index posted its biggest loss in a month Friday in the wake of the killing which threatened to spur escalating violence across the Middle East
The tensions cast a cloud over largely positive forecasts for risk assets at the start of 2020 with a U S China phase one trade deal expected to be signed later this month Moves by China to bolster economic growth and signs of stabilization in Chinese manufacturing have also offered hope for a rebound in commerce
All of the Middle East s major equity gauges fell on Sunday as the security situation appeared to deteriorate Iran said it would no longer abide by any limits on its enrichment of uranium while President Donald Trump said the U S had identified 52 Iranian sites it would hit if Tehran retaliates over its slain general Qassem Soleimani
Everyone got comfortable in that fact that the truce in the trade war had come through and the outlook for 2020 looked a little bit better and then we had another geopolitical reminder come through said Suncorp Group Financial Market Strategist Peter Dragicevich It s going to be a big driver of markets in the short term
Treasuries climbed in a flight to safety and oil surged on Friday in wake of the killing
Here are some events to watch for this week
India reports its annual GDP estimate Tuesday Federal Reserve officials Richard Clarida John Williams NYSE WMB James Bullard and Charles Evans speak on Thursday The U S monthly employment report is due Friday These are moves in major markets
Stocks
Nikkei 225 futures fell 0 2 in Singapore Australia s S P ASX 200 Index fell 0 9 Hong Kong s Hang Seng Index fell 0 1 earlier S P 500 futures fell 0 6 The S P 500 Index fell 0 7 Friday Currencies
The yen rose 0 2 to 107 84 per dollar The offshore yuan was at 6 9689 per dollar The euro was at 1 1162 Bonds
The yield on 10 year Treasuries fell nine basis points to 1 79 on Friday Australian 10 year yields fell about five basis points to 1 20 Commodities
West Texas Intermediate crude increased 3 1 to 63 05 a barrel Friday Gold rose 1 7 to 1 578 an ounce |
WMB | Stocks Slide Yen Gold Climb on Mideast Tensions Markets Wrap | Bloomberg Stocks declined and the yen gold and Treasuries advanced in the wake of escalating Middle East tensions as Asian financial markets return to full strength following New Year holidays
Japan s currency matched a three month high in the wake of fallout from the U S killing of a top Iranian military commander in Iraq Gold surged to the highest in more than six years and Treasury yields ticked lower Japanese Australian and South Korean equities fell and U S futures slipped The S P 500 Index posted its biggest loss in a month Friday in the wake of the killing which threatened to spur escalating violence across the Middle East
The tensions cast a cloud over largely positive forecasts for risk assets at the start of 2020 with a U S China phase one trade deal expected to be signed later this month Moves by China to bolster economic growth and signs of stabilization in Chinese manufacturing have also offered hope for a rebound in commerce
All of the Middle East s major equity gauges fell on Sunday as the security situation appeared to deteriorate Iran said it would no longer abide by any limits on its enrichment of uranium while President Donald Trump said the U S had identified 52 Iranian sites it would hit if Tehran retaliates over its slain general Qassem Soleimani
Everyone got comfortable in that fact that the truce in the trade war had come through and the outlook for 2020 looked a little bit better and then we had another geopolitical reminder come through said Suncorp Group Financial Market Strategist Peter Dragicevich It s going to be a big driver of markets in the short term
Elsewhere Brent crude oil extended gains rising to just shy of 70 a barrel
Here are some events to watch for this week
India reports its annual GDP estimate Tuesday Federal Reserve officials Richard Clarida John Williams NYSE WMB James Bullard and Charles Evans speak on Thursday The U S monthly employment report is due Friday These are moves in major markets
Stocks
Japan s Topix index lost 1 2 as of 9 01 a m in Tokyo Australia s S P ASX 200 Index fell 0 7 South Korea s Kospi index decreased 1 Hong Kong s Hang Seng Index futures fell 0 1 earlier S P 500 futures fell 0 4 The S P 500 Index fell 0 7 Friday Currencies
The yen rose 0 1 to 107 97 per dollar The offshore yuan was at 6 9664 per dollar The euro was at 1 1163 The Bloomberg Dollar Spot Index dipped 0 1 Bonds
The yield on 10 year Treasuries fell nine basis points to 1 79 on Friday Australian 10 year yields fell about four basis points to 1 21 Commodities
West Texas Intermediate crude increased 1 3 to 63 88 a barrel Gold rose 1 1 to 1 569 05 an ounce |
WMB | Fed faces new trade offs hunts for new model in low rate world | By Howard Schneider and Ann Saphir
SAN DIEGO Reuters An unprecedented combination of low U S unemployment weak inflation and low interest rates has the U S Federal Reserve grappling with how to fight the next recession as experts debate new approaches to financial regulation as well as a fuller overhaul of Fed strategy
At a three day conference in San Diego on an array of economic topics one stood out The textbook view of central banking where low unemployment produces unwanted inflation that monetary policymakers can counter with interest rate hikes is at least badly hobbled if not fully broken
Not only are low unemployment and weak inflation co existing but global interest rates are stuck at such low levels and are considered so unlikely to rise that the Fed and other central banks may enter the next recession with little room to cut rates before hitting zero and having to decide on other strategies
These factors are basically the hand that we are dealt New York Fed President John Williams NYSE WMB said expressing a resignation shared by other central bankers and academic researchers gathered for the American Economic Association annual conference
The Fed is in the middle of a broad review of its approach to monetary policy that is due to conclude later this year The economy is currently felt to be functioning well with a recession unlikely in the near term an apt time officials feel to make any changes
The conference produced a flourish of ideas including a call from former Fed Chair Ben Bernanke to make once unconventional monetary policy tools like bond buying a permanent part of the central bank s arsenal in effect making the tactics he used to counter the 2007 09 financial crisis a staple part of Fed recession fighting
With a Federal Funds target rate unlikely to rise much beyond 2 to 3 percent and currently set lower than that the Fed would not have enough firepower otherwise to battle the next downturn he said
On Sunday former Fed Chair Janet Yellen called for better tools for financial regulation arguing the Fed could safely leave interest rates at low levels boosting job and wage growth if it was confident other methods could be used to ensure that an ongoing era of easy money did not lead to a credit crash and ultimately to worse outcomes overall
Although it would be politically touchy in the United States other countries have put stricter limits on mortgage credit for example to prevent low interest rates from encouraging risky borrowing
Such tools are needed here to free monetary policy to focus on the Fed s core objectives of maximum employment and stable prices Yellen said
Cleveland Fed President Loretta Mester told Reuters on the sidelines of the meeting that if Fed policymakers are trying to resolve one question in their minds right now it is how much financial risk they are willing to push into the future in return for the benefits workers are seeing today
Some people say I am willing to take the risk of a very low interest rate now and others say the problem with that is if you do end up with a financial stability problem the very people you are trying to help are going to be the ones that are hurt worse That is kind of the issue It may be about a time frame question
Concern that low borrowing costs could fuel such financial excesses were among arguments that some Fed policymakers made last year against the central bank s three interest rate cuts
In the end Fed Chair Jerome Powell and most of his colleagues judged that financial markets were flashing few warning signs of rising instability and thought rate cuts could cushion the U S economy from the effects of slowing global growth and rising trade tariffs
NEED ANOTHER TOOL
In research presented at the conference a group of researchers said as Yellen suggested that the Fed may not need to compromise on its macroeconomic goals if there are better rules for regulating banks household credit and otherwise ensuring against financial crisis
Can monetary policy address output and stable prices and something called financial conditions You need another tool said Nellie Liang a senior fellow at the Brookings Institution and former head of the Fed s financial stability division
Liang co authored a paper with researchers at the International Monetary Fund and the Federal Reserve Bank of New York concluding that without separate tools to keep financial conditions stable central bank policy sets the stage for lower long term growth because of the occasional credit busts
We have low inflation We ve got lots of employment If we keep rates low because inflation is not high what kind of financial vulnerabilities might you build and how much does that increase the downside tail risk four quarters out eight quarters out Liang said These vulnerabilities build over time You get better stuff now at the cost of worse later
It is not clear how much traction those ideas may get in the near future Regulators have moved to lighten some rules on the banks and one of the ideas Liang s group considered a countercyclical bank capital requirement that could be raised when times are good and loosened to encourage lending in bad times is in place but never used
Other researchers delved into the need for better fiscal policies so the Fed will not fight the next crisis alone even concluding that something like defense spending could be used to buffer a recession
One paper concluded for example that a surge in government contract spending lowers local interest rates for things like used car purchases and home mortgages providing an unexpected economic boost beyond the direct contract dollars spent |
WMB | Fed s Williams says it is important to keep 2 inflation target amid low rates WSJ | Reuters New York Fed President John Williams NYSE WMB said on Sunday that it was important for the U S Federal Reserve to stick to its 2 inflation target and achieve it even as low global interest rates will likely continue the Wall Street Journal reported
There s been a process of going through the stages of grief about a low neutral rate Williams was quoted as saying by the Journal These factors are basically the hand we ve been dealt for the next five to 10 years
If inflation continues to underrun our target levels like it has this downward trend in inflation expectations will likely continue with inflation expectations falling well below target levels he said
Making sure inflation expectations do not slip too far is important Williams told the newspaper Inflation expectations affect actual inflation in the future |
WMB | Stocks Slide Oil Gold Climb on Mideast Tensions Markets Wrap | Bloomberg Stocks declined and gold and Treasuries advanced in the wake of escalating Middle East tensions as Asian financial markets return to full strength following New Year holidays
Japan s currency matched a three month high in the wake of fallout though pared earlier gains from the U S killing of a top Iranian military commander in Iraq Gold surged to the highest in more than six years and Treasury yields ticked lower Oil jumped Japanese Australian and South Korean equities fell and U S futures slipped Hong Kong and Shanghai stocks opened lower The S P 500 Index posted its biggest loss in a month Friday in the wake of the killing which threatened to spur escalating violence across the Middle East
The tensions cast a cloud over largely positive forecasts for risk assets at the start of 2020 with a U S China phase one trade deal expected to be signed later this month Moves by China to bolster economic growth and signs of stabilization in Chinese manufacturing have also offered hope for a rebound in commerce
All of the Middle East s major equity gauges fell on Sunday as the security situation appeared to deteriorate Iran said it would no longer abide by any limits on its enrichment of uranium while President Donald Trump said the U S had identified 52 Iranian sites it would hit if Tehran retaliates over its slain general Qassem Soleimani In the latest developments Trump threatened a major retaliation if Iran did anything and vowed to slap sanctions on Iraq if U S troops were expelled from the country
Everyone got comfortable in that fact that the truce in the trade war had come through and the outlook for 2020 looked a little bit better and then we had another geopolitical reminder come through said Suncorp Group Financial Market Strategist Peter Dragicevich It s going to be a big driver of markets in the short term
Elsewhere Brent crude oil extended gains rising to above 70 a barrel
Here are some events to watch for this week
India reports its annual GDP estimate Tuesday Federal Reserve officials Richard Clarida John Williams NYSE WMB James Bullard and Charles Evans speak on Thursday The U S monthly employment report is due Friday These are moves in major markets
Stocks
Japan s Topix index lost 1 5 as of 10 30 a m in Tokyo Australia s S P ASX 200 Index fell 0 6 South Korea s Kospi index decreased 0 8 Hong Kong s Hang Seng Index fell 0 5 earlier Shanghai Composite Index lost 0 4 S P 500 futures fell 0 4 The S P 500 Index fell 0 7 Friday Currencies
The yen held gains at 108 07 per dollar The offshore yuan was at 6 9673 per dollar The euro was at 1 1164 The Bloomberg Dollar Spot Index dipped 0 1 Bonds
The yield on 10 year Treasuries fell about two basis points to 1 77 It tumbled nine basis points Friday Australian 10 year yields fell about four basis points to 1 21 Commodities
West Texas Intermediate crude increased 1 8 to 64 21 a barrel Brent soared 2 1 to 70 06 a barrel Gold rose 1 4 to 1 573 65 an ounce |
WMB | Tennis Kuznetsova Ostapenko pull out of Auckland Classic | Reuters Former Grand Slam champions Svetlana Kuznetsova and Jelena Ostapenko have pulled out of this week s Auckland Classic organizers confirmed on Monday
Russian Kuznetsova 34 was set to face Serena Williams NYSE WMB at the event a traditional warmup for the Australian Open but pulled out due to a viral illness while 22 year old Ostapenko withdrew for personal reasons
It is another setback for the tournament which who saw U S Open champion Bianca Andreescu withdraw with a knee issue
Due to the withdrawal of Ostapenko and Kuznetsova two lucky losers have found spots in the main draw organizers said on Twitter with American Usue Maitane Arconada and Belgium s Ysaline Bonaventure the fortunate pair
Williams will now face Italy s Camila Giorgi while Latvian Ostapenko s first round opponent Laura Siegemund of Germany takes on Belgium s Alison Van Uytvanck |
WMB | NBA roundup Lakers 20 blocks subdue Pistons | Anthony Davis recorded 24 points 11 rebounds and a season best eight blocked shots to help the Los Angeles Lakers register a 106 99 victory over the visiting Detroit Pistons on Sunday night
LeBron James added 21 points 14 rebounds and 11 assists for his ninth triple double of the season as the Lakers won their fifth consecutive game Los Angeles blocked 20 shots one shy of the franchise mark set against the Denver Nuggets on April 9 1982
Alex Caruso scored 13 points Dwight Howard added 11 points nine rebounds and five blocked shots and Kentavious Caldwell Pope scored 10 for the Lakers JaVale McGee swatted away six shots for Los Angeles which shot 45 7 percent from the field and was 6 of 20 from 3 point range
Derrick Rose scored 28 points and reserve Sviatoslav Mykhailiuk added 14 points for the Pistons who lost for the ninth time in the past 11 games Langston Galloway tallied 13 points Andre Drummond had 12 points 18 rebounds and four blocked shots and Sekou Doumbouya and Christian Wood added 11 points apiece
Miami Heat 122 Portland Trail Blazers 111
Reserve point guard Goran Dragic had his first double double of the season 29 points and 13 assists as Miami ran its home record to 17 1 at the expense of Portland
Blazers point guard Damian Lillard scored a game high 34 points and added 12 assists Portland center Hassan Whiteside playing his first game in Miami since the Heat traded him to the Blazers in July had 21 points a game high 18 rebounds and two blocks
Miami which never trailed and improved to 10 0 following a loss also got 20 points from Bam Adebayo 19 from Derrick Jones and 14 from Kendrick Nunn
Los Angeles Clippers 135 New York Knicks 132
Montrezl Harrell scored 34 points and Paul George and Lou Williams NYSE WMB had 32 apiece as host Los Angeles defeated New York while having three players score at least 30 points in a game for the first time in franchise history
Williams connected on 6 of 10 3 pointers and recorded nine assists for the Clippers Marcus Morris Sr led the Knicks with 38 points hitting 6 of 7 3 pointers RJ Barrett had 24 points while Julius Randle added 16 points and eight rebounds
George who returned after missing Saturday s defeat to the Memphis Grizzlies with a tight left hamstring converted 5 of 6 3 pointers and 9 of 14 shots in 26 minutes He fouled out with 7 06 remaining
Memphis Grizzlies 121 Phoenix Suns 114
Jonas Valanciunas had eight of his team high 30 points in a third quarter runaway as Memphis took a big lead and held off a frantic finish by Devin Booker for a victory over host Phoenix
Booker finished with 40 points including 14 in the final 5 28 during which the Suns rallied from a 14 point deficit to get as close as 115 112 with still 52 6 seconds to play
Valanciunas 30 points came on 12 for 16 shooting as the Grizzlies shot 54 2 percent from the field He also grabbed eight rebounds tying Jaren Jackson Jr for team high honors
Minnesota Timberwolves 118 Cleveland Cavaliers 103
Gorgui Dieng collected 22 points and 13 rebounds as visiting Minnesota overcame squandering a 25 point lead to defeat Cleveland
Shabazz Napier finished with 21 points like Dieng hitting 8 of 10 shots from the floor Andrew Wiggins returned from a four game absence due to illness to match Robert Covington with 15 points for the Timberwolves who have won four of six on the heels of an 11 game losing streak
Dante Exum scored 24 of his career high 28 points in the second half for the Cavaliers who dropped their fourth straight game Cavaliers disgruntled forward Kevin Love was held out of Sunday s game against his former team for rest purposes one day after his verbal altercation with general manager Koby Altman
Field Level Media |
WMB | Serena Wozniacki team up to advance in Auckland doubles | Reuters Serena Williams NYSE WMB and Caroline Wozniacki teamed up in the doubles for the first time to beat Japanese pair Nao Hibino and Makoto Ninomiya 6 2 6 4 at the Auckland Classic on Monday
Wozniacki is set to retire after the Australian Open later this month and Williams said she wanted to partner the Dane before she hung up her racket
I had to play with her before she retires the 38 year old Williams said after the win saw the unseeded pair advance to the quarter finals where they could face the top seeds Caroline Dolehide and Johanna Larsson
The Japanese duo struggled to deal with Williams powerful serve in the opening stages before they got the measure of the American veteran to break her once
But Williams and Wozniacki who looked relaxed throughout the match and even found the time to joke with each other continued to press in the second set and wrapped up the match in 71 minutes
Williams and Wozniacki begin their singles campaigns at Auckland on Tuesday
In Monday s singles matches French eighth seed Caroline Garcia rallied to beat American Taylor Townsend 5 7 6 3 7 5 in a match that lasted over two and a half hours
American teenager Coco Gauff the youngest player in the draw at 15 saw off the challenge of last year s semi finalist Viktoria Kuzmova to advance with an impressive 6 3 6 1 victory in 61 minutes
Sixth seed Rebecca Peterson fell to Slovenia s Tamara Zidansek 7 6 7 7 6 5 |
WMB | Serena breezes into second round in Auckland | Reuters Top seed Serena Williams NYSE WMB kick started her Auckland Classic singles campaign with an easy 6 3 6 2 victory over Italian qualifier Camila Giorgi on Tuesday Playing her first singles match since losing last year s U S Open final to Bianca Andreescu the 38 year old Williams fired eight aces and was hardly troubled by Giorgi Williams broke the Italian s serve three times while remaining unbroken herself in a first round match lasting 68 minutes Giorgi 28 could not cope with Williams powerful serve as the 23 times Grand Slam winner prevailed in blustery conditions stretching her unbeaten run against her Italian opponent to five matches It was really fun to be out here and back again Williams said It s really good to know I still have some power in my arms and legs Williams who advanced to the doubles quarter finals with Caroline Wozniacki on Monday is on course to face 15 year old compatriot Coco Gauff in the quarter finals should both advance I definitely think the doubles helped me a lot especially with my serve the American added I served pretty decent considering the conditions Fifth seed Wozniacki who is set to retire after this month s Australian Open outclassed local wildcard Paige Hourigan 6 1 6 0 Hourigan ranked 178 in the world trailed 5 0 in the opening set in 13 minutes and her tally of 30 unforced errors proved decisive Definitely disappointed because I had a great week of preparation here and I felt very confident going in Hourigan said I was making a lot of errors which I wasn t doing throughout the week Wozniacki is a great player and it was tough conditions out there German fourth seed and defending champion Julia Gorges advanced to the last 16 with a 6 1 7 6 4 victory over Belgium s Greet Minnen
Second seed Petra Martic of Croatia was initially frustrated by lucky loser Usue Maitane Arconada before storming back to win 5 7 6 4 6 4 |
JPM | Santander bank s powerful patriarch Botin dies daughter to succeed | By Sonya Dowsett and Sarah White MADRID Reuters Emilio Botin one of Spain s most powerful men who transformed Santander MC SAN from a small domestic lender into the euro zone s biggest bank has died of a heart attack aged 79 Sources familiar with the matter said his eldest daughter Ana Botin currently head of Santander s British business was expected to be approved as the bank s new chairman at a board meeting later on Wednesday Such a move could spark controversy with banking dynasties coming under criticism after a scandal at Portugal s Banco Espirito Santo L BES where the founding family s holdings are being investigated over financial irregularities Succession shouldn t just be saying my daughter s going to take over said a corporate governance expert at a global asset manager which owns Santander shares speaking on condition of anonymity But others said Ana Botin who has spent most of the last 25 years at Santander could provide welcome continuity The key issue is whether or not family control is a good or a bad thing Ultimately this depends on individuals and his Botin s daughter is a chip off the old block said Philip Saunders co head of multi asset at Investec Asset Management More often than not family control or strong influence tends to bolster long termism which is particularly important in a banking context given that banks typically behave in an overly pro cyclical manner and destroy shareholder value as a consequence he said If Ana Botin is confirmed as group chairman it will leave a gap at Santander s UK arm just as it prepares for a separate listing UK Finance Director Nathan Bostock has been lined up as her replacement but he only joined a month ago The UK arm is also looking for a new chairman DEALMAKER Emilio Botin El Presidente to co workers and the third generation of Botins to run Santander was at the forefront of a drive to create global banks offering a one stop shop to multinational companies and a range of services to consumers He used a keen eye for deals to spread Santander s red liveried brand with its stylized S logo around the world amassing 1 4 trillion euros 1 8 trillion of funds and nearly 200 000 employees He was a man who has been able to make Banco Santander the most important bank of our country Spanish Prime Minister Mariano Rajoy told journalists in Parliament I had a meeting with him last week and he was well and in good form It has been a surprise and a blow Botin shook up Spanish banking with a campaign to attract depositors in 1989 forcing rivals to compete on price and bought troubled Banesto in 1994 to create Spain s biggest bank He took advantage of cultural and language ties to expand rapidly into Latin America and in 2004 snapped up Britain s Abbey National for more than 9 billion pounds 14 5 billion More canny dealmaking followed In 2007 Santander made 2 4 billion euros in three weeks through deals to buy and then sell Italian bank Antonveneta And while partners RBS and Fortis were driven to seek state bailouts after a carve up of ABN Amro on the eve of the financial crisis Santander emerged comparatively unscathed with the Dutch group s healthier Brazilian arm The expansion helped to shield Santander from the euro zone debt crisis and Spain s long running recession with the bank now making only about 14 percent of its profit at home UNOFFICIAL KING OF SPAIN But it has not been all success Santander has trailed the total returns to shareholders delivered in the past 10 years by rivals JPMorgan N JPM and HSBC L HSBA two firms Botin liked to measures himself against according to colleagues There has been controversy too Botin s family which owns barely 2 percent of Santander paid 200 million euros in penalties in 2011 to avoid charges of tax evasion related to a secret Swiss bank account Few doubt Ana Botin 53 has a strong claim to succeed her father But her high profile in the bank has drawn criticism Earlier this year two shareholder advisory firms ISS and Glass Lewis Co recommended shareholders vote against her re election as a director one because it thought Botins were over represented on the board the other because it considered there were not enough independent members In the event she got the backing of 81 3 percent of the votes almost unchanged from three years earlier Botin was the unofficial king of Spain His death creates uncertainty and a power vacuum at the top said a London based hedge fund manager who declined to be named The obvious successor is his daughter Ana which was always the plan but he hasn t had a proper chance to groom her and install her as chairwoman before he died so there could be some infighting 1 US dollar 0 6198 British pound
1 US dollar 0 7731 euro Additional reporting by Elisabeth O Leary and Paul Day in Madrid Lionel Laurent Simon Jessop and Steve Slater in London Editing by Mark Potter |
JPM | JP Morgan s Dimon finishes scheduled cancer treatments WSJ | Reuters JPMorgan Chase Co CEO Jamie Dimon who was diagnosed with throat cancer this year finished his scheduled rounds of radiation and chemotherapy treatment this week the Wall Street Journal said citing people familiar with the matter
Doctors will monitor Dimon who started treatment about eight weeks ago to determine if he is cancer free the Journal reported
Dimon is expected to host the company s third quarter earnings call next month when he also plans to resume international travel and client meetings the Journal said
I took naps when I had to went home early and there were days when I was in treatment all day long Dimon told the Journal in his first interview since his diagnosis became public
He said he followed the advice he gives family friends and employees to take care of your health first
At an investor conference this week the Chief Financial Officer Marianne Lake said Dimon was feeling fine with his treatment for throat cancer and was continuing to be involved with the business
JPMorgan the biggest U S bank by assets said in July that Dimon 58 was diagnosed with throat cancer but that the ailment was curable
Reporting by Avik Das in Bangalore Editing by Joyjeet Das |
BMY | Clovis CLVS Rubraca Gets Another US Patent Shares Up | Clovis Oncology Inc NASDAQ CLVS announced that the United States Patent and Trademark Office has issued a new patent for Rubraca rucaparib The United States Patent 636 issued by the office covers methods of treating cancer with high dosage strengths of Rubraca The patent covers all the available commercial doses of Rubraca 200mg 250mg and 300mg and will expire in 2035 This is the 11th patent for Rubraca as listed in the Orange Book Rubraca a PARP inhibitor is approved for two indications in ovarian cancer in the United States The drug can be used as maintenance treatment in second line setting for treating ovarian cancer irrespective of BRCA mutation It is also approved in third or later line setting for BRCA mutant ovarian cancer Following the news shares of Clovis were up 5 3 on Nov 20 However the company s shares have plummeted 74 5 so far this year compared with the s decline of 20 3 Clovis holds several other patents protecting Rubraca in the United States which includes composition of matter salts polymorphs dosage forms and formulations and methods of use The company remains on track to get additional patents for Rubraca These patents are not limited to ovarian cancer currently approved indication for Rubraca but also to several potential additional indications for which Rubraca is being developed in clinical studies Clovis is developing Rubraca in additional setting for ovarian cancer and other cancer indications as well A phase III study ATHENA is currently enrolling patients and evaluating Rubraca in combination with Bristol Myers NYSE BMY Opdivo in first line maintenance setting for advanced ovarian cancer A mid and a late stage study TRITON2 and TRITON 3 respectively is evaluating Rubraca in metastatic castrate resistant prostate cancer mCRPC patients with BRCA mutations and ATM mutations The company is evaluating the drug for treating bladder cancer in phase II ATLAS study However Rubraca is facing challenges in its adoption as a second line treatment and consequently its sales growth is slower than expected It also faces stagnancy in PARP inhibitor s market share in ovarian cancer market and competition from other approved PARP inhibitors AstraZeneca s NYSE AZN Lynparza and TESARO Inc s NASDAQ TSRO Zejula These patents will provide a relief to Rubraca as these will delay the launch of a generic which is likely to intensify competition and drag down prices Clovis Oncology Inc Price
Zacks RankClovis currently carries a Zacks Rank 3 Hold You can see Looking for Stocks with Skyrocketing Upside Zacks has just released a Special Report on the booming investment opportunities of legal marijuana Ignited by new referendums and legislation this industry is expected to blast from an already robust 6 7 billion to 20 2 billion in 2021 Early investors stand to make a killing but you have to be ready to act and know just where to look |
C | UPDATE 4 Poland sells 3 pct of Pekao for 380 mln | Polish treasury sells 8 million shrs for 135 zlotys each
Share price confirms earlier Reuters report
Poland retains 1 percent stake
Shares sold worth some 1 08 bln zlotys 379 million
Stock closes at 133 zlotys after late session retreat
Releads with confirmation closing share price
By Maciej Onoszko and Adrian Krajewski
WARSAW Aug 5 Reuters Poland sold a 3 percent stake in the country s No 2 bank Pekao
for 1 08 billion zlotys 379 million on Wednesday as it collects funds to plug a budget
gap but it failed to sell its entire holding due to a high price
Earlier on Wednesday Polish fund managers and a source close to the transaction told
Reuters the treasury ministry was selling shares in block deals at 135 zlotys a price
confirmed by ministry officials after the session
We sold nearly eight million shares for 135 zlotys each Deputy Treasury Minister Adam
Leszkiewicz told Reuters
The ministry which held 10 4 million shares in Pekao left over from its privatisation
sold nearly 8 million shares after launching a bookbuilding process late on Tuesday
Shares in Pekao a unit of Italy s UniCredit traded touch above 135 zlotys for most of
the session when the government was selling its stake
But they closed 3 2 percent lower at 133 10 zlotys in line with Warsaw s main index that
retreated with other world markets after weak U S economic data
Fund managers told Reuters that Poland would have sold its entire stake had the treasury
set the price closer to 130 zlotys
The stock ended last week at 144 zlotys but fell 5 percent on talk of an imminent sale of
state shares despite better than expected second quarter results on Tuesday
Citigroup Polish unit Bank Handlowy was managing the bookbuilding process
Last year Poland failed to sell its stake to Italy s UniCredit which already holds 59
percent of Pekao
Poland s centre right government also plans to sell several small stakes left over from
privatisations of a handful of listed companies led by phone operator TPSA
The sale of Poland s holding in the France Telecom unit could yield some 300 million at
current market prices
But a ministry spokesman backed off from earlier comments that all the stakes would be
sold this year saying that the deadline for the sell offs is the end of 2010
He also added that the government would not sell any of its remaining Pekao stake at less
than 135 zlotys per share
The treasury ministry aims to collect 36 7 billion zlotys from the sale of state assets by
the end of next year to relieve the pressure on the state budget which it forecasts to have a
27 billion zlotys shortfall in 2009
Analysts expect the budget gap to be closer to 32 billion zlotys next year
1 2 851 Zloty
Additional reporting by Daisy Ku in London and Piotr Bujnicki and Agnieszka Barteczko in
Warsaw writing by Chris Borowski editing by Will Waterman and Hans Peters |
C | FTSE up 0 7 pct BoE verdict due financials up | FTSE 100 up 0 7 percent Bank of England news awaited
Banks extend rally RBS numbers due Friday
Aviva and Unilever up after results
Defensives drag as risk appetite returns
By David Brett
LONDON Aug 6 Reuters Britain s top share index rose 0 7
percent in late morning trade on Thursday as financials led the
way driven higher by well received results over the past couple
of days with traders awaiting news from the Bank of England
At 1002 GMT the FTSE 100 index was 32 95 points higher at
4 679 84 pushing back up towards Monday s intraday 2009 peak of
4 710 23 and having closed 24 24 points weaker on Wednesday
Banks were the top risers as this week s earnings news
underpinned the sector s advances with the second quarter
results by Royal Bank of Scotland due on Friday rounding off
the season
RBS and Lloyds which reported figures on Wednesday vied
for the top position on the FTSE risers chart up 7 percent and
6 7 percent respectively
Barclays added 3 7 percent and HSBC rose 3 4 percent with
investors focused on the latest interest rate and quantitative
easing news from the Bank of England due at 1100 GMT
There had been thoughts that we may see further measures in
quantitative easing this month although this now seems unlikely
and it will be signs of exit strategies that traders will be
looking for said Ian Griffiths a dealer at CMC Markets
A poll by Reuters suggests analysts are split as to whether
the BoE will call a pause to its 125 billion pound 212 2
billion asset buying programme or raise the cash total by
another 25 billion pounds when the decision from its latest
Monetary Policy Committee meeting is announced
Monday s peak above the 4 700 level could prove hard to
recapture with much depending on what pronouncements come out of
the BoE meeting said Mic Mills senior trader at spread
betters ETX Capital
Life insurer Aviva up 5 6 percent found favour after it
posted stronger than expected first half profit helped by cost
cuts and said it planned a partial flotation of Dutch
subsidiary Delta Lloyd to bolster its capital
Fellow life insurer Prudential up 1 3 percent joined the
rally but Standard Life lost 1 3 percent after Citigroup cut
its rating to hold following weak numbers on Wednesday
Non life insurer RSA Insurance fell 1 percent as a cautious
outlook statement offset its better than expected first half
operating profit
Anglo Dutch household products giant Unilever up 5 8
percent saw support after forecast beating results as Numis
repeated its add rating and suggested switching into the stock
from Cadbury as it had more favourable second half momentum
Miners and oil producers added support to the index as metal
and crude prices saw strength on hopes for a revival of demand
as economies revive
Miners Lonmin Fresnillo Kazakhmys BHP Billiton and Rio
Tinto rose between 0 3 and 2 9 percent
Among oils producers Tullow Oil BG Group Cairn Energy and
Royal Dutch Shell climbed 0 2 1 8 percent
DEFENSIVES WEIGH
Defensives weighed on the blue chips with utilities and
pharmaceuticals down as investors risk appetite returned
Severn Trent United Utilities and Pennon Group lost 0 8 to
1 7 percent
AstraZeneca and GlaxoSmithKline were down 0 7 percent and
0 2 percent respectively but Shire bucked the trend up 4 5
percent extending Wednesday s gains on the back of
well received second quarter results
Reckit Benckiser dropped 1 percent and Invensys was also a
big faller down 3 2 percent after Goldman Sachs cut its rating
to neutral from buy
Meanwhile the European Central Bank ECB is scheduled to
announce its decision on interest rates at 1145 GMT
and the U S weekly jobless data is due out at 1230 GMT
Editing by Rupert Winchester |
C | FTSE gains on banks after BoE extends QE programme | FTSE 100 hits year s new high
BoE boosts QE to 175 bln sterling holds rates
By Dominic Lau
LONDON Aug 6 Reuters Britain s leading share index rose
by midday on Thursday hitting a new intraday high for the year
after the Bank of England surprised the financial markets by
raising the size of its quantitative easing programme
By 1132 GMT the FTSE 100 was up 57 00 points or 1 2
percent at 4 704 13 after hitting 4 711 51 a fresh 2009
intraday high
The BoE extended its quantitative easing programme raising
the size of its bond purchase scheme to an unexpectedly large
175 billion pounds from 125 billion and held interest rates at
0 5 percent
In the short term QE will be good for markets But the
longer term question of what happens when stimulus stops or is
even withdrawn it may not be quite positive and that s a
question for another day said Peter Dixon UK economist at
Commerzbank
Banks added the most points to the index also helped by
this week s so far positive earnings news
Royal Bank of Scotland Lloyds Banking Group Barclays and
HSBC were up 4 9 8 4 percent
Within the financial sector life insurer Aviva surged 8 2
percent after it posted stronger than expected first half
profit helped by cost cuts and said it planned a partial
flotation of Dutch subsidiary Delta Lloyd to bolster its
capital
Standard Life however lost 0 9 percent after Citigroup cut
its rating to hold following weak numbers on Wednesday
Non life insurer RSA Insurance fell 0 4 percent as a
cautious outlook statement offset its better than expected
first half operating profit
The European Central Bank ECB is scheduled to announce its
decision on interest rates at 1145 GMT and the U S weekly
jobless data is due out at 1230 GMT
Anglo Dutch household products giant Unilever saw support
after forecast beating results rising 7 6 percent as Numis
repeated its add rating and suggested switching into the stock
from Cadbury as it had more favourable second half momentum
Miners however were the top losing sector tracking metal
prices as investors paused to assess whether recent gains were
justified given that economic recovery may not be as strong as
prices indicated
Antofagasta Rio Tinto Anglo American Eurasian Natural
Resources and Kazakhmys lost 0 9 3 4 percent
Editing by Simon Jessop |
C | Banks drive FTSE s gains after BoE extends QE | Banks best performing sector
BoE boosts QE to 175 bln sterling holds rates
FTSE 100 hits new 2009 intraday high
Miners fall on weaker metals prices
By Tricia Wright
LONDON Aug 6 Reuters Britain s leading share index
closed higher on Thursday driven by strength from banks after
the Bank of England BoE surprised markets by expanding its
quantitive easing plan to 175 billion pounds
The FTSE 100 closed 43 40 points higher or 0 9 percent at
4 690 53 after hitting a fresh 2009 intraday high of 4 729 58
following the BoE announcement
The BoE extended its quantitative easing programme raising
the size of its bond purchase scheme to an unexpectedly large
175 billion pounds from 125 billion and held interest rates at
0 5 percent
The UK market pared some gains after Wall Street turned
lower amid general nervousness and aversion to risk
The fact that we ve had a very decent run over the last
three or four weeks means some people are starting to get
slightly nervous on valuation grounds said Richard Hunter
head of UK equities at Hargreaves Lansdown referring to the
U S markets
Banks added the most points to the UK index also helped by
this week s so far positive earnings news
Lloyds Banking Group topped the FTSE 100 leaderboard adding
more than 12 percent followed by Royal Bank of Scotland which
gained nearly 10 percent with Barclays and HSBC up 5 2 percent
and 5 4 percent respectively
Within the financial sector life insurer Aviva added 5 4
percent after it posted stronger than expected first half
profit helped by cost cuts and said it planned a partial
flotation of Dutch subsidiary Delta Lloyd to bolster its
capital
Standard Life however lost 2 1 percent after Citigroup cut
its rating to hold following weak numbers on Wednesday
Non life insurer RSA Insurance fell 2 5 percent as a
cautious outlook statement offset its better than expected
first half operating profit
Thomson Reuters was also among the top blue chip risers up
6 1 percent after the news and financial data publisher
reported a better than expected quarterly profit helped by cost
cuts and said it expected 2009 revenue to grow as the financial
industry recovers
Anglo Dutch household products giant Unilever saw support
after forecast beating results rising 5 4 percent as Numis
repeated its add rating and suggested switching into the stock
from Cadbury as it had more favourable second half momentum
MINERS OILS WEIGH
Miners were the biggest drag on the blue chips tracking
metal prices as investors paused to assess whether recent gains
were justified given that economic recovery may not be as strong
as prices indicated
Antofagasta Rio Tinto Anglo American Eurasian Natural
Resources and Kazakhmys lost 1 1 3 8 percent
As U S crude prices fell nearly 1 to around 71 a barrel
on oversupply concerns weakness was seen among oil stocks with
BG Group and BP dropping 0 1 percent and 1 percent
respectively
Editing by Karen Foster |
C | UPDATE 2 German exports surge at fastest pace in nearly 3 yrs | Exports rise at fastest pace since September 2006
Trade surplus widens to 11 0 billion euros
Adds economist comment background
By Paul Carrel
BERLIN Aug 7 Reuters German exports surged in June at
their fastest pace in nearly three years gaining a much
bigger than expected 7 0 percent on the month and adding to
signs that Europe s largest economy is pulling out of recession
The seasonally adjusted increase was the biggest since
September 2006 and took the value of exports to 67 4 billion
euros 96 92 billion from 63 0 billion in May Federal
Statistics Office figures showed on Friday
That s a strong signal from exports after the
disappointments we ve seen previously said Citigroup economist
Juergen Michels This means the German economy likely
stabilised in the second quarter
Economy Minister Karl Theodor Guttenberg also said on
Thursday that the economy held steady in the second quarter In
the first quarter it contracted by 3 8 percent the most
since reunification in 1990 as exports collapsed
Imports rose by 6 8 percent to 56 4 billion euros in June
meaning the trade surplus grew to 11 0 billion euros from a
revised 10 2 billion euros in May the Office said
Economists surveyed by Reuters had forecast the trade
surplus would rise to 10 8 billion euros from a previously
reported 10 3 billion in May Imports were seen up 0 8 percent
on the month and exports were expected to rise 1 1 percent
The trade surplus in the second quarter was 5 7 billion
euros higher than in the first three months of the year which
should imply trade boosted growth in the April June period
Foreign trade has boosted the economy again for the
first time since the middle of last year Hopefully exporters
have now turned the corner said Thorsten Polleit an economist
at Barclays Capital
UNCERTAIN OUTLOOK
Friday s figures were the latest in a series of positive
signals from the Germany economy Official data released on
Thursday showed manufacturing orders rose at their fastest pace
in two years in June on strong foreign demand
For some German companies the outlook is foggy however
Henkel the maker of Schwarzkopf hair products
and Pattex glues said on Wednesday its business would not get
any worse in the third quarter but that it could not give a more
specific 2009 outlook due to economic uncertainties
Ulrike Kastens economist at Sal Oppenheim said any
rebound in Germany would likely be slow as the global economy on
which its export focused economy is heavily reliant is
recovering only slowly
The intensity of the recession is fading the worst is
behind us in the first quarter But things remain very bumpy and
uncertain Kastens said
Polleit at Barclays Capital also struck a note of caution
There may be a positive surprise in the second quarter We may
even see slight growth That s not an upswing though because
the German economy is being sustained by economic programmes at
home and abroad
Additional reporting by Dave Graham editing by Mike Peacock |
C | Banks drag FTSE lower U S jobs report eyed | Banks under pressure after RBS H1
Miners fall metals prices weaker
Investors cautious ahead of key U S jobs report
By Tricia Wright
LONDON Aug 7 Reuters Britain s top share index fell in
early trade on Friday dragged lower by banks after Royal Bank
of Scotland s glum first half results and with investors
bracing themselves ahead of the latest U S jobs report
By 0809 GMT the FTSE 100 was down 46 11 points or 1
percent at 4 644 42 having closed 43 40 points higher on
Thursday at 4 690 53
Obviously there is a little bit of nervousness ahead of
the jobs report from the market After a tremendous rally we re
certainly entering at least in the short term an element of
consolidation but at these sorts of levels said Henk Potts a
strategist at Barclays Wealth
The blue chip index has surged about 34 percent since
hitting a six year trough in March and is up almost 5 percent
for the year
We ve got to say that we ve gone through the second quarter
reporting season in reasonable shape which in due course will
no doubt lead to some upgrades by analysts Potts said
State owned Royal Bank of Scotland was the biggest FTSE 100
faller off 15 percent after posting a 1 billion pound 1 7
billion loss in the first half of the year hit by 7 5 billion
pounds of bad debts The bank also named a new finance director
to boost turnaround efforts
The headline loss attributable to shareholders compared to a
year ago loss of 827 million pounds
UK banks have signalled this week the worst was over for bad
loans and hinted a recovery could be around corner but RBS 70
percent owned by the UK taxpayer struck a more cautious note
warning its results would be poor over the next two years
Lloyds Banking Group was the second biggest blue chip
casualty off 5 4 percent with Barclays and HSBC down 1 1
percent and 1 7 percent respectively
Mining stocks were under pressure as copper eased
reflecting a weaker tone across the base metals as traders took
to the sidelines ahead of the key U S jobs data
Anglo American BHP Billiton Rio Tinto Kazakhmys and
Xstrata fell between 2 3 and 5 2 percent
OILS DEFENSIVES GAIN
Energy stocks added the most points to the blue chip index
despite oil prices edging down from a six week high in the
previous session
BG Group BP and Royal Dutch Shell gained 0 5 to 0 6
percent
Strength was seen among defensive stocks as investors
turned to assets perceived as safe bets as their appetite for
risk waned
Heavyweight Vodafone added 0 9 percent while British
American Tobacco put on 0 7 percent and AstraZeneca rose 0 9
percent
Cobham was among the top blue chip gainers as Citigroup
lifted its rating on the aerospace and defence electronics group
to buy from hold in the wake of Thursday s first half
results
Security services group G4S added 1 percent tracking
Swedish peer Securitas which rose despite posting
below forecast second quarter earnings
Domestic inflationary factors will be under scrutiny early
on Friday with UK July PPI numbers due for release at 0830 GMT
UK PPI input prices are seen down 0 7 percent month on month
in July after a 1 5 percent rise in June with PPI output
numbers seen up 0 1 percent in July after a 0 2 percent decline
in the previous month
Investors will then focus squarely on the U S July nonfarm
payrolls which are forecast to show a 320 000 decline after a
467 000 fall in June with the unemployment rate seen up to 9 6
percent in July from 9 5 percent in June
June U S consumer credit numbers will also be a focus later
in the afternoon
Editing by Hans Peters |
C | UPDATE 2 AIG to sell HK consumer finance India IT units | CCB Asia will buy 100 pct of AIG Finance Hong Kong Ltd
Will pay 70 mln in cash deal includes repayment of
debts
Strategic move for CCB as it expands in HK consumer
finance
AIG to sell India IT unit to outsourcer MphasiS
Adds AIG s sale of India IT unit
By Samuel Shen and Sumeet Chatterjee
SHANGHAI BANGALORE Aug 12 Reuters American
International Group seeking to raise cash to repay around 180
billion in bail out loans has agreed to sell its Hong Kong
consumer finance and India based IT services units
China Construction Bank CCB Asia the country s
second biggest lender will buy 100 percent of AIG Finance Hong
Kong Ltd for 70 million in cash in a deal that includes
repayment of intra group indebtedness and deposits of about
557 million the two companies said on Wednesday
AIG once the world s largest insurer is winding down some
units and selling others to cut risky investments to stabilise
the company and raise cash after being rescued by the U S
government during the height of the credit crisis last year
The U S firm said on Tuesday AIG Financial Products had
completed the sale of its energy and infrastructure investment
assets for net proceeds of about 1 9 billion
AIG has stepped up plans to list its Asian insurance unit
American International Assurance Co Ltd AIA in Hong Kong
after failing to find a buyer for a large stake in it earlier
this year
The company has also been seeking buyers for its Taiwan
unit Nan Shan Life
Buying AIG Finance would help CCB to expand in Hong Kong by
significantly increasing the customer base as well as market
share in the consumer banking market the Chinese lender said
AIG Finance which sells credit cards and operates as a
restricted licence bank has more than 500 000 customers and
employs about 350 people
Chinese banks including CCB China Merchants Bank and
Industrial and Commercial Bank of China ICBC are expanding
abroad as western rivals shrink overseas operations due to the
global financial crisis
INDIA IT SERVICES UNIT
Separately AIG has agreed to sell its 100 percent holding
in its Indian IT services and solutions arm AIG Systems
Solutions Private Ltd to local outsourcer MphasiS Ltd for an
undisclosed amount
AIG Systems Solutions which provides IT services to AIG
firms globally has more than 800 staff at its facilities in
Indian cities of Chennai and Kolkata said MphasiS owned by
Electronic Data Systems Corp a unit of Hewlett Packard
Indian outsourcing companies have been buying local IT
services units of the global financial giants who are reeling
under the impact of the financial meltdown to boost their
service offerings and acquire new customers
In December Wipro Ltd India s third ranked IT services
firm announced the acquisition of Citi Technology Services Ltd
for 127 million as the embattled Citigroup looked to shed
assets outside its core business
Shares in CCB fell 1 7 percent in a weak Hong Kong market
while MphasiS was trading 0 3 percent lower in a softer Mumbai
market
1 6 832 Yuan 48 4 rupees
Additional reporting by Jacqueline Wong Editing by Lincoln
Feast |
C | EARNINGS POLL Cyfrowy H1 net seen down 5 pct on weak zloty | Cyfrowy Polsat H1 results
Due before market open at 0700 GMT on Thursday Aug 20
Net profit to fall 5 percent to 136 million zlotys 46
million
WARSAW Aug 12 Reuters Poland s top pay TV provider
Cyfrowy Polsat is expected to report a 5 percent drop of its net
profit in the first half as a weaker zloty and fierce
competition hit margins Reuters survey showed on Wednesday
Cyfrowy controlled by Poland s richest man Zygmunt
Solorz Zak who also owns TV broadcaster Polsat is seen
reporting a six month bottom line of 136 million zlotys 46
million with sales up by 25 percent to 656 million
A Reuters poll of 11 analysts also showed second quarter net
profit fell 20 percent to 63 million zlotys with the top line up
17 percent to 324 million
Analysts expect the company s FX denominated content costs
to rise due to a weak zloty squeezing profitability They also
believe the second quarter was weak in terms of attracting new
clients due to a usual seasonality
Also fierce competition between the operators and price
incentives necessary to attract clients during the economic
slowdown have cut into the operators average revenue per user
ARPU
Cyfrowy competes locally with the likes of Cyfra Plus
controlled by France s Vivendi and the n platform owned by
Poland s sole listed broadcaster TVN
Analysts now await the company s plan slated for the second
half of 2009 to launch triple play services in cooperation with
wireless broadband operator Sferia
The following table summarises analysts forecasts for
Cyfrowy Polsat
Figures in millions of zloty unless stated
company Net Profit EBIT EBITDA Sales
Average 136 164 182 656
Median 137 4 164 181 664
Lowest 125 152 3 176 602
Highest 147 4 175 4 193 673
No of f cast 11 9 9 11
H1 2008 143 182 191 527
Forecasts provided by DM BZ WBK UniCredit Citigroup IDM SA
UBS Raiffeisen Deutsche Bank Erste DI BRE Banku Ipopema DM
Millennium
1 2 971 Zloty
Compiled by Adrian Krajewski Editing by Jon Loades Carter |
C | UPDATE 1 China s Yanzhou to buy Australia s Felix for 2 9b | Yanzhou agrees buy Felix for 2 9 bln
Deal comes amid strained ties between China and Australia
Deal subject to Australia China government approvals
Adds details
By Denny Thomas
SYDNEY Aug 13 Reuters China s Yanzhou Coal Mining Co
1171 HK has agreed to buy Australian coal miner Felix
Resources Ltd for 2 9 billion in a deal likely to
throw the spotlight on strained investment ties between the two
nations
Thursday s announcement comes soon after Anglo Australian
Rio Tinto walked away from an agreed 19 5 billion
tie up with China s state owned Chinalco a decision that some
Chinese critics blamed on Australian hostility to Chinese
capital
Yanzhou s proposed takeover of Felix is subject to
regulatory approvals in Australia including from the Foreign
Investment Review Board which vets all foreign sovereign
investments
China s No 4 coal producer by market value is offering
A 18 00 per share cash including special dividends a 6 5
percent premium to Felix s last traded price
Analysts expect the deal to boost Yanzhou s output by about
10 percent
Trading in Yanzhou and Felix shares were halted this week
as the two firms finalised the deal Talks initially started
last year but there were differences over valuation
UBS advised Yanzhou while Felix was advised by Citigroup
and Wilson HTM
China s relentless pursuit of Australian resource companies
comes despite the Australia government this year rejecting
China s state owned Minmetals bid for distressed miner OZ
Minerals Ltd forcing Minmetals to submit a revised
bid
But investment bankers say Yanzhou s acquisition of Felix
is expected to win approval from Australia s Foreign Investment
Review board as the assets of the mid sized company are not
strategic bankers and analysts say
If completed Yanzhou s purchase of Felix would be China s
largest purchase in Australia ever and its third largest
cross border deal this year according to Thomson Reuters data
So far this year Chinese firms have invested about 2 2
billion in Australian energy and resources companies
Chinese imports of coal more than doubled to around 48
million tonnes of coal in the first half of this year to meet
growing demand for steel and power production Felix produced
4 8 million tonnes of coal in the year to June
1 A 1 20
Additional reporting by Joseph Chaney Editing by Mark
Bendeich
Reporting by Denny Thomas Editing by Mark Bendeich |
WMB | Take 5 Most appealing head coach openings | The head coaching carousel is in full swing again with the potential for a quarter of the league to be searching for new leaders Even more so than usual ownership could be the top factor in determining which openings should be most enticing to prospective candidates Let s take a look at the openings and potential openings from most appealing to least 1 Talent aplenty if you can survive the owner s Dallas Cowboys If you can handle the spotlight and an owner constantly drawing unneeded attention this is the job for you While cap money will be tight the Cowboys roster is well stocked on both sides of the ball Dallas is essentially set at quarterback running back wide receiver and most of the offensive line assuming Dak Prescott and Amari Cooper are retained via franchise transition tags or long term deals There are also playmakers at all three levels of the defense although Byron Jones appears likely to leave in free agency The talent surplus has coincided with owner Jerry Jones deferring to VP of Player Personnel Will McClay in recent years why Dallas has All Pro guard Zack Martin instead of Johnny Manziel for example That s very encouraging and perhaps reason enough to put up with Jones excessively public persona which inevitably shines the spotlight brighter on the head coach Jones is certainly willing to pay The question is whether his patience with Jason Garrett nine plus seasons was an aberration after no previous coach lasted more than four years during Jones ownership tenure Cleveland Browns Of course Jones early years impatience is nothing compared to that of Dee and Jimmy Haslam who are searching for the sixth full time head coach in just over seven years owning the Browns None has lasted more than 2 1 2 seasons and the only one who lasted more than two was Hue Jackson who went 3 36 1 Two have been fired after only one season The Haslams aren t nearly as public as Jones but they ve provided an extremely short leash and turned over the front office four times It appears more change could be coming with reports suggesting the new head coach will help determine GM John Dorsey s future That might create a sticky situation but it shouldn t obscure the talent Despite a bumpy year the offense might already have long term answers at quarterback running back and wide receiver An offseason spent shoring up the offensive line could get it all clicking quickly The defense has top end stars in Myles Garrett and Denzel Ward plus several other quality pieces The new coach must be able to instill discipline better than Freddie Kitchens and the specter of the Browns losing history is no joke but there is a lot here 2 Is Snyder changing his stripes Washington Redskins Not unlike the Haslams Dan Snyder is willing to spend money and churn through coaches he ll be looking for the eighth since he bought the team in 1999 But Snyder is quietly trending toward more patience He gave Jay Gruden five plus seasons despite only one playoff appearance the longest tenure of any coach under Snyder Gruden still wasn t the primary problem when he was fired in October but Snyder gave him a fair shot That s progress Snyder is also overhauling the personnel structure firing team president Bruce Allen With Ron Rivera appearing to have already locked up the head coaching job the Redskins reportedly could wait to hire a general manager until after the draft That structure carries risk but it certainly would empower the new coach Removing Allen was long overdue but there are still concerns about the organization s stability Between contract disputes issues with the medical staff and treatment of major injuries and extensive media leaks Washington too often skews toward dysfunction If Rivera can handle that there is ample talent here Dwayne Haskins looked lost early but made significant strides and he has young weapons in Terry McLaurin and Derrius Guice The front seven has talent and depth on the interior and the edges and the secondary is quietly solid Plus Washington should add a generational pass rusher with the No 2 overall pick in Chase Young 3 Complete uncertainty in Charlotte Carolina Panthers We don t yet know much about what to expect from the NFL s newest owner David Tepper His extreme wealth should mean willingness to spend but will he be patient Tepper just dismissed the best coach in team history Rivera after a 5 7 start with a second year undrafted quarterback though change is common among new owners who usually look to put their stamp on things Tepper has indicated he would prefer an offensive head coach who may have significant personnel power but that s where the uncertainty continues Cam Newton is entering the final year of his contract after Lisfranc surgery and Tepper has said Newton s future depends on health but that question might not be answered until well into summer Would the Panthers invest in another quarterback via free agency trade or the draft Hope for Newton to get healthy while trusting Kyle Allen as a backup plan If you re a budding offensive coach do you believe you can revive Newton s 2015 MVP form Is it worth the risk if you can t The roster has nice pieces elsewhere Christian McCaffrey provides an offensive centerpiece and there are young receivers and several potential answers though none a sure thing along the offensive line Luke Kuechly remains a stud on defense but the interior D line needs youth and youngsters like Brian Burns and Donte Jackson must find consistency You could do worse but the unknown surrounding Tepper and Newton is palpable 4 Do you believe in the QB New York Giants The Giants ownership structure could be shifting some as Steve Tisch is expected to be more involved in football decisions after John Mara primarily led that front in the past The first result is the firing of head coach Pat Shurmur while retaining GM Dave Gettleman How candidates feel about Daniel Jones and Gettleman are the primary issues at play Jones profiled as a solid but unspectacular prospect last year and he showed as a rookie he can execute the offense well but ball security remains a concern It wouldn t be outlandish for the next coach to consider Tua Tagovailoa in the draft but that s a pipe dream on Gettleman s watch Meanwhile Gettleman s investments in the trenches have paid only marginal dividends on both sides of the ball The offensive line might need replacements at three positions and left tackle Nate Solder is vastly overpaid The trade for Leonard Williams NYSE WMB now necessitates a large contract and the rest of the defense is in shambles Unless you think Jones is a future star it s hard to get inspired about the Giants job 5 Potential openings Los Angeles Chargers This year s 5 11 campaign is hardly all Anthony Lynn s fault and he deserves to return But if not the Chargers offer ample talent on both sides of the ball The offense sports great skill position talent assuming tight end Hunter Henry unrestricted free agent and running back Austin Ekeler restricted are retained The defense features elite young talents in Joey Bosa and Derwin James plus terrific veterans in Melvin Ingram and Casey Hayward Notice I didn t mention quarterback which is suddenly a question mark after Philip Rivers recent decline A 38 year old with ambitions his arm can t always cash Rivers is difficult to trust and he certainly needs better protection than the Chargers offered this season He may not be back and Tyrod Taylor probably isn t the top choice of most prospective coaches That said the Chargers could grab a young quarterback with the sixth overall pick and better health could work wonders for the offensive line With good luck this team could be back competing for the AFC West title immediately But the Chargers have been perennially unlucky and are now relegated to second fiddle status in a city that doesn t want them What coach wants a slate of eight road games and eight neutral to road games Jacksonville Jaguars The Jaguars present a similar situation to the Giants despite being just two years removed from an AFC Championship Game appearance Gardner Minshew showed enough as a rookie to merit starting in 2020 but his ceiling might be limited His emergence also marginalized Nick Foles whose contract quickly became one of the NFL s worst That s hardly the only mess that needs cleaning up The Jaguars cap is littered with bad contracts and a purge of veterans especially on defense appears likely The dominant 2017 group lost its best player Jalen Ramsey and several others while young star defensive end Yannick Ngakoue is about to get very expensive Ramsey s trade returned draft capital but it s unclear who will wield it Owner Shad Khan has kept general manager Dave Caldwell since 2013 despite many lean years Whether he stays or goes the structure is set to change after VP of Football Ops Tom Coughlin s firing
There is a ton of work to be done here in a division that appears on the upswing By David DeChant DavidDeChant Field Level Media |
WMB | Clippers win tenth straight against Kings 105 87 | Kawhi Leonard scored 24 points and the Los Angeles Clippers defeated the Kings for the 10th straight time 105 87 on Tuesday afternoon in Sacramento Calif
Leonard missed his first four shots before finishing 8 of 21 from the floor with seven assists Paul George also overcame a slow start to finish with 21 points 11 rebounds and nine assists for the Clippers who have won 14 straight in Sacramento
George was 6 of 25 shooting from the floor overall
Maurice Harkless scored 12 points and Ivica Zubac had 13 rebounds for Los Angeles which played without starting point guard Patrick Beverley wrist and sixth man Lou Williams NYSE WMB personal reasons
Derrick Walton Jr took advantage of the extra playing time and the second year point guard scored a career high 10 points off the bench for the Clippers
Richaun Holmes had 22 points and 10 rebounds and Buddy Hield contributed 20 points for the Kings who have lost eight in a row and haven t defeated the Clippers in Sacramento since March 19 2013
The Clippers missed eight of their first 10 field goal attempts but eventually took a 28 23 lead into the second quarter
Los Angeles took its first double digit lead at 35 25 on a 3 pointer by JaMychal Green about 90 seconds into the second quarter
The Clippers led by as many as 18 late in the first half before taking a 57 40 lead into the break
Sacramento cut into the deficit in the third quarter but never got back within single digits before the Clippers took an 88 73 lead into the fourth
The Kings again cut the deficit to 11 in the fourth quarter and had several chances to pull within single digits while the Clippers went 3 1 2 minutes without scoring but Los Angeles put the game away with a 7 0 run midway through the quarter
Field Level Media |
WMB | Venus pulls out of Brisbane International cites setback in training | Reuters Venus Williams NYSE WMB has pulled out of the upcoming Brisbane International after suffering a setback in training the former world number one said on Wednesday
Williams 39 was set to join world number one Ash Barty Karolina Pliskova and Naomi Osaka in a strong field at the Queensland Tennis Centre from Jan 6 12 and the organizers said they would announce a wildcard to take her place in the draw
Unfortunately I won t be starting my season in Brisbane due to an unexpected setback during my training Venus a seven times Grand Slam winner who was handed a wildcard for the event said in a statement
I look forward to being in Australia in the New Year and will see everyone at Adelaide
The Adelaide International begins on Jan 13 |
WMB | More than 20 dead many displaced after violence in Sudan s West Darfur | By Ali Mirghani
KHARTOUM Reuters At least 24 people were confirmed killed after a camp for internally displaced people was attacked in Sudan s West Darfur an international peacekeeping official said on Wednesday as top officials arrived to try to calm the violence
Krinding Camp just east of state capital el Geneina was raided on Dec 29 30 following a dispute between Arab and African ethnic groups said Ashraf Eissa a spokesman for the joint African Union United Nations peacekeeping mission in Darfur UNAMID nL8N2943KC
The Arab tribesman s people came to the IDP camp and started shooting and killing and burning he said
Then relatives went to the hospital and threatened hospital staff at gunpoint and destroyed the blood bank and when a government of Sudan policeman tried to intervene he was shot and killed
Brokering lasting peace in Darfur and other parts of Sudan is one of the main challenges facing military and civilian authorities sharing power following the overthrow of former president Omar al Bashir last April
Conflict broke out in Darfur in 2003 after mostly non Arab rebels rose up against Khartoum Up to 300 000 people have been killed and 2 5 million displaced including more than 180 000 displaced in West Darfur according to U N estimates
West Darfur has been generally calm since 2010 though tensions between the Masalit and Arab tribes resurfaced in 2017 leading to occasional smaller scale skirmishes Eissa said
On Wednesday senior officials including sovereign council member General Mohamed Hamdan Dagalo and Prime Minister Abdalla Hamdok arrived in el Geneina and were briefed on the security situation the council said in a statement
At least 17 people were wounded in the violence around el Geneina though casualty figures were initial estimates and could rise Eissa said Many people from the camp fled to el Geneina or nearby mountains
After exchanges of fire across al Geneina on Tuesday he said the situation remained very tense
A local journalist said the violence had spread to the surrounding area at least 10 villages had been burned and some people were trying to flee across the border into Chad A statement from the non Arab Masalit ethnic group put the number of dead at more than 50 but the figure could not be independently confirmed
UNAMID which has been gradually drawing down its presence in Darfur withdrew from el Geneina in May 2019 On the day it was meant to hand over its headquarters in the city to the government the camp was raided and gutted by security forces and civilians
UNAMID does not have a mandate to conduct peacekeeping operations in el Geneina though its mandate could be extended to the area in extremis Eissa said
On Dec 27 hundreds of men in uniform and civilians raided and looted another former UNAMID camp in Nyala in South Darfur which had been handed over to the government in November UNAMID said in a statement
Additional reporting and writing by Aidan Lewis in Cairo Editing by Alison Williams NYSE WMB OLUSWORLD Reuters US Online Report World News 20200101T153410 0000 |
WMB | NBA roundup Heat win again at home | Rookie Tyler Herro scored 11 straight second half points as the Miami Heat ran their home record to an NBA best 16 1 by defeating the Toronto Raptors 84 76 on Thursday night
Toronto shot a season low 31 5 percent including 6 of 42 on 3 pointers 14 3 percent Miami shot just 40 7 percent including 12 of 37 on 3 pointers 32 4 percent
Bam Adebayo led Miami with 15 points and 14 rebounds Herro and Goran Dragic had 13 points each Jimmy Butler who is Miami s biggest star missed eight of 10 shots from the field but he contributed 12 rebounds eight points and seven assists
Toronto was led by Serge Ibaka 19 points 10 rebounds and Kyle Lowry 15 points eight assists But the Raptors were missing three starters center Marc Gasol left hamstring forward Pascal Siakam groin and shooting guard Norman Powell left shoulder
Denver Nuggets 124 Indiana Pacers 116
Michael Porter Jr scored a career high 25 points Nikola Jokic and Jamal Murray had 22 each and visiting Denver beat Indiana
Porter hit 11 of 12 attempts from the field including 2 of 3 from 3 point range and committed just one turnover in 23 minutes Will Barton added 16 points 10 rebounds and five assists
Jeremy Lamb had a game high 30 points on 9 of 13 shooting for the Pacers Myles Turner added 21 points T J Warren scored 20 and Domantas Sabonis had 18 points and nine rebounds
Dallas Mavericks 123 Brooklyn Nets 111
Luka Doncic totaled 31 points 13 rebounds and seven assists and Dallas made all the plays down the stretch in beating visiting Brooklyn
The Mavericks avoided their first three game losing streak of the season on a night when Kristaps Porzingis right knee soreness and Tim Hardaway Jr strained left hamstring missed their second straight games apiece
Spencer Dinwiddie scored 19 points to lead the Nets who lost a season high fourth straight game and dropped under 500 16 17 for the first time since Nov 22
Utah Jazz 102 Chicago Bulls 98
Utah won its fourth straight game with a hard fought victory over host Chicago
Five players Bojan Bogdanovic Jordan Clarkson Rudy Gobert Donovan Mitchell and Georges Niang scored in double figures for the Jazz Zach LaVine had a game high 26 points on 9 for 26 shooting for the Bulls
LaVine hit a 3 pointer to tie the game at 96 with less than two minutes to go Two free throws from Bogdanovic who scored 10 points in the final frame and a dunk from Gobert on the next two possessions helped the Jazz climb back on top
Oklahoma City Thunder 109 San Antonio Spurs 103
Shai Gilgeous Alexander scored 25 points including three huge baskets in the final three minutes as visiting Oklahoma City roared from behind to beat San Antonio and claim its fourth straight win
Dennis Schroder added 19 points for Oklahoma City with Chris Paul hitting for 16 Steven Adams scoring 14 and Danilo Gallinari contributing 13
The Thunder won a regular season game in San Antonio for the first time since Dec 25 2014 snapping a nine game losing streak at the Spurs home arena
Los Angeles Clippers 126 Detroit Pistons 112
Montrezl Harrell had 23 points and Lou Williams NYSE WMB scored 22 and Los Angeles defeated visiting Detroit despite playing without Paul George in the second half
Kawhi Leonard posted 18 points six rebounds and five assists for the Clippers while Maurice Harkless and JaMychal Green chipped in 12 points apiece Ivica Zubac had four blocks to go along with eight points Harrell also had four blocks among 11 for the team
George failed to return after experiencing tightness in his left hamstring He finished with 12 points on 5 of 10 shooting in 16 minutes Bruce Brown led the Pistons with 15 points as the Pistons lost for the eighth time in nine games
Minnesota Timberwolves 99 Golden State Warriors 84
Robert Covington and Shabazz Napier scored 20 points each as Minnesota continued its improved play with a win over visiting Golden State
Naz Reid added 13 points off the bench as the Timberwolves improved to 2 2 without guard Andrew Wiggins who missed his fourth consecutive game with an illness and are now 3 6 without Karl Anthony Towns knee It is a modest development after an 11 game losing streak to open December
Glenn Robinson III scored 16 points and Eric Paschall added 13 for the Warriors who lost their third consecutive game after a four game winning streak
Sacramento Kings 128 Memphis Grizzlies 123
De Aaron Fox recorded 27 points nine assists and a season best five steals as Sacramento snapped a season worst eight game losing streak by notching a victory over visiting Memphis
Buddy Hield contributed 26 points and seven rebounds for the Kings who recovered from a 20 point second quarter deficit It was Sacramento s first victory since beating the Golden State Warriors on Dec 15
Ja Morant had 23 points and seven assists while Jae Crowder added 19 points and six assists for the Grizzlies who fell to 6 10 on the road Jonas Valanciunas registered 18 points and 12 rebounds
Charlotte Hornets 109 Cleveland Cavaliers 106
Devonte Graham made a deep 3 pointer with 23 seconds left to break a tie and Charlotte rallied in the final minutes to beat host Cleveland snapping a six game losing streak
Charlotte guard Terry Rozier who supplied a career high 35 points in his last visit to Cleveland finished with a game best 30 points this time around He made six 3 pointers
Collin Sexton poured in 21 points for Cleveland while Kevin Love had 18 points and Osman finished with 17 Darius Garland added 14 points in a losing effort for the Cavaliers
Field Level Media |
WMB | NBA roundup Hornets survive Doncic Mavs in OT | Terry Rozier scored 29 points and Devonte Graham added 27 as the visiting Charlotte Hornets opened a 20 point first half lead and still had to rally for a 123 120 overtime victory over the Dallas Mavericks on Saturday night
PJ Washington added 19 points as the Hornets came back from a 12 point deficit in the fourth quarter to win consecutive road games following a six game losing streak Rozier tied it at 103 with 19 seconds left in regulation then scored seven points in the extra period for the victory
Luka Doncic scored 39 points and Maxi Kleber added a career high 24 as the Mavericks lost for the third time in their last four games
Doncic added 12 rebounds and 10 assists for his team record 10th triple double of the season The Mavericks are now 1 1 at the start of their season long six game homestand
Memphis Grizzlies 140 Los Angeles Clippers 104
Jae Crowder scored 27 points and grabbed eight rebounds and visiting Memphis coasted past Los Angeles Jaren Jackson Jr had 24 points and four blocks while Ja Morant and Dillon Brooks added 22 points apiece Jonas Valanciunas had 12 rebounds and nine points all in the second half
It was the most points the Clippers have given up to an opponent this season Los Angeles played without star forward Paul George
Montrezl Harrell had 28 points on 11 for 16 shooting and nine rebounds for the Clippers Lou Williams NYSE WMB and Kawhi Leonard had 24 points apiece Leonard though misfired on 16 of 24 attempts from the floor He also had eight rebounds
New Orleans Pelicans 117 Sacramento Kings 115
JJ Redick drove for the decisive layup a floater that kissed high off the glass with 1 1 seconds left to give New Orleans a victory at Sacramento
Lonzo Ball recorded 24 points 10 assists and six rebounds to help the Pelicans win for the sixth time in the past eight games Jrue Holiday added 19 points and seven assists
Harrison Barnes matched his season high of 30 points but couldn t prevent Sacramento from losing for the ninth time in 10 games The Kings had managed a miraculous tie when Nemanja Bjelica banked in a 3 pointer and was fouled by New Orleans Brandon Ingram with 4 2 seconds left He hit the free throw to tie the score at 115 before the late heroics by Redick who finished with 18 points
Milwaukee Bucks 127 San Antonio Spurs 118
Giannis Antetokounmpo scored 32 points and Eric Bledsoe added 21 as host Milwaukee continued its record breaking season with a win over San Antonio in the first of back to back home and away games between the two teams They will meet in San Antonio on Monday
It was Antetokounmpo s 19th game this season with 30 points or more and the Bucks won their fifth game in a row and eighth in their past nine outings The Bucks 32 5 are off to the best 37 game start in franchise history Khris Middleton added 20 points Robin Lopez had 14 Ersan Ilyasova scored 11 points and Brook Lopez contributed 10 points for the Bucks
DeMar DeRozan led the Spurs with 26 points while LaMarcus Aldridge had 16 points and 10 rebounds Rudy Gay added 15 points Patty Mills scored 11 and Trey Lyles grabbed a game high 14 rebounds for San Antonio 14 20
Toronto Raptors 121 Brooklyn Nets 102
Fred VanVleet scored 22 of his 29 points after halftime as Toronto rallied from a 16 point deficit and continued its domination over Brooklyn with a victory in New York
The Raptors beat the Nets for the 17th time in the past 18 meetings with the one loss being a one point overtime defeat in December 2018 VanVleet shot 11 of 19 and tied a season best with five 3 pointers after shooting 3 of 16 and missing 10 of 11 3 point tries in Thursday s 84 78 loss at Miami
Spencer Dinwiddie scored 23 points for the Nets whose losing streak reached a season high five games The Nets also dropped to 12 11 without Kyrie Irving right shoulder impingement who before the game acknowledged he might need surgery on a shoulder that also has some bursitis
Utah Jazz 109 Orlando Magic 96
Donovan Mitchell scored 32 points and visiting Utah used a 22 8 run over the first half of the fourth quarter to beat Orlando
Mitchell s effort which included 14 for 21 shooting from the floor and six assists paced the Utah offense He made the first of four straight Jazz 3 pointers in a stretch to open the final quarter
Terrence Ross 24 points led the Magic in scoring for the second consecutive night on their back to back which began Friday with a 105 85 rout of Miami
Atlanta Hawks 116 Indiana Pacers 111
Trae Young scored 41 points the fifth time he s scored 40 or more this season and Atlanta hung on to beat visiting Indiana
Young scored 30 in the first half and his basket with 1 22 left gave the Hawks a 113 109 lead it never relinquished Young made 3 of 4 free throws sandwiched around a steal in the final 4 5 seconds to seal the win He became the first Atlanta player with a 30 point first half since Stephen Jackson in 2004
Indiana was led by Domantas Sabonis with 25 points and 11 rebounds Justin Holiday added 18 points
Boston Celtics 111 Chicago Bulls 104
Jayson Tatum scored 28 points and Gordon Hayward added 24 as Boston held off host Chicago for its eighth win in nine games
Tatum rebounded from a 2 for 16 performance from the floor in Friday s 109 106 win over the Atlanta Hawks by making 12 of 15 on Saturday for the Celtics Eastern Conference Player of the Week Jaylen Brown scored 19 points and Enes Kanter recorded a double double off the bench with 17 points and 12 rebounds
Chicago s Zach LaVine scored 13 of his 35 points in the first quarter and finished with five 3 pointers however he struggled from the free throw line 8 of 14
Washington Wizards 128 Denver Nuggets 114
Ish Smith scored a career high 32 points and added eight assists Troy Brown Jr had 25 points and 14 rebounds and host Washington beat Denver
Isaac Bonga had 15 points Anzejs Pasecniks scored 13 and Johnathan Williams added 12 for the Wizards Washington s bench led by Smith and Brown scored 92 points to lead the Wizards Williams and Jordan McRae 11 points were the only starters in double figures for Washington
Jamal Murray led Denver with 39 points 20 coming in the third quarter when he hit all six of his field goal attempts Nikola Jokic had 14 points and 10 rebounds and Paul Millsap scored 12 for the Nuggets who fell to 1 2 on their five game road trip
Detroit Pistons 111 Golden State Warriors 104
Derrick Rose scored 22 points off the bench and visiting Detroit ended a three game losing streak with a victory over Golden State in San Francisco
Rookie Sekou Doumbouya supplied a career high 16 points and 10 rebounds in his second career start Andre Drummond had 14 points and 18 rebounds before fouling out
Alec Burks had 27 points seven rebounds and five assists for the Warriors Omari Spellman tossed in 23 points with five rebounds and four steals Damion Lee added 14 points and five rebounds
Oklahoma City Thunder 121 Cleveland Cavaliers 106
Dennis Schroder continued his hot shooting of late scoring 22 points to lift Oklahoma City to a win at Cleveland
The Thunder have won a season best five consecutive games and nine of their last 10 Oklahoma City lost its first six games on the road this season but has won seven of its last nine away from home
Schroder was 9 of 15 from the floor making 2 of 3 from 3 point range and scoring at least 17 for the 17th straight game Shai Gilgeous Alexander scored 20 points for the Thunder while Steven Adams had 10 points and 16 rebounds
Field Level Media |
WMB | Low Rates Could Get Even Lower Senior Central Bankers Warn | Bloomberg The already low level of interest rates in the U S and the rest of the industrial world could fall further three senior central bankers said on Sunday
Speaking at the American Economic Association s annual meeting Federal Reserve Bank of New York President John Williams NYSE WMB European Central Bank chief economist Philip Lane and Bank of England Deputy Governor Ben Broadbent all saw a possibility that so called R star the neutral level of interest rates that neither spurs nor restricts growth in their economies might drop in the future
You could see R star go lower because of demographics Williams told the audience in San Diego
Estimates of R star vary widely Fed policy makers generally peg it at about 2 5 for the short term federal funds rate that the U S central bank targets The neutral rate in the euro area and Japan is commonly thought to be lower
A variety of structural forces aging populations and sluggish productivity growth among them are reckoned to have been pushing down the neutral rate in industrial countries for years That doesn t rule out a scenario where it gets even lower Lane said
While admitting that s possible Broadbent voiced hope that equilibrium rates would rise back to levels that have prevailed historically I do hope that over the next decade or two that might happen he said
Williams who s spent much of his career studying the concept of R star cast some doubt over that optimistic view
There are many stages of grief experienced by economists and policy makers who ve been forced over the years to grudgingly accept the downward trend in interest rates Williams said |
WMB | Yen Rises Asia Futures Dip on Mideast Tensions Markets Wrap | Bloomberg Stock futures dipped and the yen advanced in the wake of escalating Middle East tensions as Asian financial markets return to full strength following New Year holidays
Japan s currency matched a three month high in the wake of fallout from the U S killing of a top Iranian military commander in Iraq Japanese equity futures also slid while Australian contracts were little changed The S P 500 Index posted its biggest loss in a month Friday in the wake of the killing which threatened to spur escalating violence across the Middle East
The tensions cast a cloud over largely positive forecasts for risk assets at the start of 2020 with a U S China phase one trade deal expected to be signed later this month Moves by China to bolster economic growth and signs of stabilization in Chinese manufacturing have also offered hope for a rebound in commerce
All of the Middle East s major equity gauges fell on Sunday as the security situation appeared to deteriorate Iran said it would no longer abide by any limits on its enrichment of uranium while President Donald Trump said the U S had identified 52 Iranian sites it would hit if Tehran retaliates over its slain general Qassem Soleimani
Treasuries climbed in a flight to safety and oil surged on Friday in wake of the killing
Here are some events to watch for this week
India reports its annual GDP estimate Tuesday Federal Reserve officials Richard Clarida John Williams NYSE WMB James Bullard and Charles Evans speak on Thursday The U S monthly employment report is due Friday These are moves in major markets
Stocks
Nikkei 225 futures fell 0 2 in Singapore Australia s S P ASX 200 Index slipped 0 1 Hong Kong s Hang Seng Index fell 0 1 earlier The S P 500 Index fell 0 7 Friday Currencies
The yen rose 0 2 to 107 84 per dollar The offshore yuan was at 6 9689 per dollar The euro was at 1 1162 Bonds
The yield on 10 year Treasuries fell nine basis points to 1 79 on Friday Australian 10 year yields fell about five basis points to 1 20 Commodities
West Texas Intermediate crude increased 3 1 to 63 05 a barrel Friday Gold rose 1 5 to 1 552 20 an ounce hitting the highest since September Friday |
JPM | Exclusive Ann Taylor parent taps JPMorgan to weigh potential sale sources | Reuters Ann Inc N ANN has hired JPMorgan Chase Co N JPM to explore strategic alternatives including a potential sale of the women s retailer according to people familiar with the matter
The hiring of an investment bank comes as the Ann Taylor parent faces pressure from hedge funds Engine Capital LP and Red Alder LLC to consider selling itself to a private equity firm or a large international retailer
Shares of Ann jumped to over 40 per share on Monday after the funds which together control more than 1 percent of the stock said it could be worth 50 to 55 per share to a potential buyer New York based Ann has a market capitalization of roughly 1 8 billion
Representatives for Ann and JPMorgan declined to comment
Earlier this year private equity firm Golden Gate Capital took a 9 5 percent stake in Ann saying the company s stock was undervalued
Reporting by Olivia Oran and Soyoung Kim in New York Editing by Jeffrey Benkoe |
JPM | SEC Complaint Filed Against Erskine Bowles | By A union representing 55 000 North Carolina current and retired state workers Tuesday filed a complaint with the Securities and Exchange Commission alleging that former White House Chief of Staff Erskine Bowles and his wife a JPMorgan Chase Co NYSE JPM director may have violated federal pay to play rules in a major North Carolina pension contract The State Employees Association of North Carolina SEANC filed the complaint with the SEC s Office of the Whistleblower
As the International Business Times first reported the 2011 contract in question was granted by the North Carolina Innovation Fund s financial manager Credit Suisse Group AG NYSE CS The contract was granted to Carousel Capital which Erskine Bowles co founded and which still lists Bowles as a senior adviser on its website The Innovation Fund which invests state pension money is overseen by North Carolina State Treasurer Janet Cowell a Democrat
Weeks before the contract was given to Carousel a campaign fundraiser was held for Cowell at the Bowles home The SEC s pay to play rule which was enacted months before the fundraiser restricts campaign contributions to state officials from senior executives at firms managing state pension money
In a statement emailed to IBTimes Cowell s spokesperson Schorr Johnson said More than two years ago the Department of State Treasurer verified with outside legal counsel that neither Erskine nor Crandall Bowles were covered by SEC prohibition The Department then took it a step further by ensuring contractually with Carousel that they were compliant with this SEC rule If Carousel failed to comply with the rule the investment would likely end
In a previous statement to IBTimes Erskine Bowles said I have had no active role in Carousel since 2005 and I am not involved in the management of the firm nor do I have an office there He also said the fundraiser was held at his home by his wife Crandall but that he was not affiliated with the event
In the press release announcing the SEC complaint SEANC executive director Dana Cope said This is the type of abuse we were afraid we would find when we investigated the fees associated with our retirement system We won t stand for our members retirement security and hard earned money being used as a bargaining chip in a political game
Responding to Bowles assertion that he has no connection to Carousel SEANC s complaint to the SEC states These Bowles statements are problematic because Bowles has held himself out to potential clients of Carousel as senior advisor and to members of the public as having no active role in management In short either Carousel and Bowles are inaccurately adding the business allure of the Bowles name to attract clients or Bowles misled the public
SEANC s press release says that Bowles son Sam was vice president of Carousel Capital at the time the North Carolina contract was awarded to the firm Additionally in the SEC complaint the SEANC notes that at the time of the fundraiser Crandall Bowles was and still is on the board of JPMorgan a Wall Street firm in which the North Carolina pension fund invests The union s complaint asks the SEC to rule on whether her status on JPMorgan s board subjected her to the pay to play rule as well
Erskine Bowles Carousel Capital and Cowell did not respond to IBTimes request for comment A spokesperson for JPMorgan declined IBTimes request for comment from Crandall Bowles |
JPM | Stolen JPMorgan data rerouted to Russia Bloomberg | Reuters Investigators working on the cyber attack at JPMorgan Chase Co have found clues that a global network of computers available for hire was used to send the stolen data to a Russian city Bloomberg reported citing people familiar with the ongoing probe at the bank
JPMorgan s own investigators have identified what they believe to be the assault s staging ground called a bulletproof hosting platform because of its resilience to other attackers and to law enforcement the report said
The attackers used a network of servers that are commandeered without their legitimate owners knowledge through hacking or fraud according to the report
The report said a spokesman for President Vladimir Putin dismissed any Russian involvement in the attack
JPMorgan last week said it was working with law enforcement authorities to determine the scope of the attack It disclosed the probe after the FBI said it was investigating media reports about several U S financial companies becoming victims of recent cyber attacks
JPMorgan was not immediately available for comment outside regular U S business hours
Reporting by Arnab Sen in Bangalore Editing by Gopakumar Warrier |
BMY | Bristol Myers Squibb BMY Gains As Market Dips What You Should Know | Bristol Myers Squibb BMY closed at 52 61 in the latest trading session marking a 0 04 move from the prior day This change outpaced the S P 500 s 0 76 loss on the day Elsewhere the Dow lost 0 82 while the tech heavy Nasdaq lost 0 9
Coming into today shares of the biopharmaceutical company had lost 9 06 in the past month In that same time the Medical sector lost 0 16 while the S P 500 lost 1 41
BMY will be looking to display strength as it nears its next earnings release which is expected to be February 4 2019 In that report analysts expect BMY to post earnings of 0 84 per share This would mark year over year growth of 23 53 Meanwhile our latest consensus estimate is calling for revenue of 5 99 billion up 9 85 from the prior year quarter
BMY s full year Zacks Consensus Estimates are calling for earnings of 3 84 per share and revenue of 22 58 billion These results would represent year over year changes of 27 57 and 8 68 respectively
Investors should also note any recent changes to analyst estimates for BMY Recent revisions tend to reflect the latest near term business trends As a result we can interpret positive estimate revisions as a good sign for the company s business outlook
Our research shows that these estimate changes are directly correlated with near term stock prices We developed the Zacks Rank to capitalize on this phenomenon Our system takes these estimate changes into account and delivers a clear actionable rating model
Ranging from 1 Strong Buy to 5 Strong Sell the Zacks Rank system has a proven outside audited track record of outperformance with 1 stocks returning an average of 25 annually since 1988 The Zacks Consensus EPS estimate has moved 6 54 higher within the past month BMY currently has a Zacks Rank of 1 Strong Buy
Valuation is also important so investors should note that BMY has a Forward P E ratio of 13 69 right now For comparison its industry has an average Forward P E of 14 52 which means BMY is trading at a discount to the group
Investors should also note that BMY has a PEG ratio of 1 48 right now This popular metric is similar to the widely known P E ratio with the difference being that the PEG ratio also takes into account the company s expected earnings growth rate The Large Cap Pharmaceuticals was holding an average PEG ratio of 1 99 at yesterday s closing price
The Large Cap Pharmaceuticals industry is part of the Medical sector This group has a Zacks Industry Rank of 87 putting it in the top 34 of all 250 industries
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors Our research shows that the top 50 rated industries outperform the bottom half by a factor of 2 to 1
Make sure to utilize Zacks Com to follow all of these stock moving metrics and more in the coming trading sessions |
BMY | UniQure Up On Positive Data From Mid Stage Hemophilia Study | uniQure N V NASDAQ QURE announced encouraging initial top line data from a phase IIb dose confirmation study evaluating its AAV5 based gene therapy candidate AMT 061 in patients with severe and moderately severe hemophilia B The candidate has achieved and sustained the required therapeutic levels of Factor IX activity in all patients over the duration of treatment Factor IX promotes blood clotting and lack of it causes hemophilia B a genetic disorder causing uncontrolled bleeding Shares of the company rallied 35 7 on Nov 15 following the announcement uniQure s shares have increased 57 9 so far this year against the s decline of 20 6 The phase IIb study evaluated single infusion of a dose 2x10 13 vc kg of AMT 061 in three patients with severe hemophilia B for tolerability of the dose and improvement in Factor IX activity over a period of six weeks However the company will continue to observe the patients for a year Data from the study showed that the candidate achieved a mean Factor IX activity of 31 of normal level which is considered enough to significantly reduce the risk of bleeding events A study Den Uijl IE et al Haemophilia 2011 showed that 12 of normal Factor IX activity is sufficient for substantial reduction or elimination of spontaneous bleeding in hemophilia B patients None of the patients required a Factor IX infusion and Immunosuppression and there have been no reports of bleeding events so far uniQure expects Factor IX activity to increase over the long term based on data from a phase I II on its another pipeline candidate AMT 060 In patients treated with AMT 060 in the study Factor IX level has continued to increase beyond the levels achieved during six to 10 weeks Currently approved treatments for hemophilia B typically require patients to receive periodic infusion of Factor IX However successful development of AMT 061 will provide the company a significant opportunity as it requires single infusion and Factor IX activity levels continue to increase over the long term AMT 061 enjoys Breakthrough Therapy and Priority Medicine PRIME designation in the United States and Europe respectively The company expects to submit final data from the study to the FDA by the end of the year Following the submission uniQure intends to initiate a phase III study to evaluate AMT 061 in the first quarter of 2019 Please note that uniQure has a collaboration with Bristol Myers NYSE BMY for developing its gene therapies AMT 061 is also being developed as part of this agreement We remind investors that there are several pharma companies developing gene therapies for the treatment of hemophilia B Pfizer s NYSE PFE fidanacogene elaparvovec is currently being evaluated in a phase III study as a one time treatment option Pfizer gained the development rights for the candidate from Spark Therapeutics NASDAQ ONCE which also has a long gene therapy pipeline uniQure N V Price
Zacks RankuniQure currently carries a Zacks Rank 3 Hold You can see Today s Stocks from Zacks Hottest StrategiesIt s hard to believe even for us at Zacks But while the market gained 21 9 in 2017 our top stock picking screens have returned 115 0 109 3 104 9 98 6 and 67 1 And this outperformance has not just been a recent phenomenon Over the years it has been remarkably consistent From 2000 2017 the composite yearly average gain for these strategies has beaten the market more than 19X over Maybe even more remarkable is the fact that we re willing to share their latest stocks with you without cost or obligation |
C | UPDATE 5 ANZ StanChart eye M A in Asia to bolster growth | ANZ agrees 550 mln purchase from Royal Bank of Scotland
First stage in dismantling RBS empire after ABN AMRO buy
StanChart unveils share placing seen keen on RBS assets
StanChart in talks on small buys in China and India
ANZ shares close up 3 percent StanChart down 4 5 percent
Recasts adds StanChart CEO quote shares
By Denny Thomas and Steve Slater
SYDNEY LONDON Aug 4 Reuters Australia and New Zealand
Banking Group Ltd ANZ and Standard Chartered Plc lined up
opportunistic buys in Asia seeking growth in a region expected
to lead the world out of recession
ANZ said on Tuesday it agreed to pay a smaller than expected
550 million to buy some Asian units from British lender Royal
Bank of Scotland helping it take on rivals HSBC Holdings Plc
and StanChart in Asia s fast growing markets
StanChart for its part unveiled a surprise 1 billion pound
1 7 billion share placing to give it firepower to grasp
opportunities as Asia s economies recover just nine months
after launching a 1 8 billion pounds rights issue
The bank said it was in talks about small acquisitions in
China and India likely to cost between 100 million and 200
million The talks involve RBS assets a person familiar with
the matter previously told Reuters
ANZ s purchase will give it access to 54 branches across the
region with 3 2 billion in loans and 7 1 billion in deposits
taking Australia s fourth biggest bank closer to its goal of
generating a fifth of its revenue from Asia by 2012
The deal also marks the first stage of the dismantling of
RBS s global empire after its purchase of Dutch bank ABM AMRO
at the height of the boom and exposure to the credit crisis
prompted a bailout from the British government last year
The deal is part of a growing trend of European financial
groups exiting Asian operations as the credit crisis forces them
to focus on their home markets In June British insurer Aviva
Plc sold some of its businesses to National Australia Bank Ltd
following the sale of HBOS s Australian unit to Commonwealth
Bank of Australia Ltd
AHEAD OF THE GAME
StanChart outlined its M A plans as it reported a 10 percent
rise in first half profit
It s about staying ahead of the game StanChart Chief
Executive Peter Sands told a conference call adding the bank s
share placing was absolutely not to build a warchest for a big
acquisition
Given that we see Asia having a shorter and shallower
recession than other parts of the world our clients are seeing
a light at the end of the tunnel and we want to anticipate that
and support them
In London StanChart shares were down 4 5 percent while RBS
stock gained 1 7 percent
In Australia ANZ shares closed up 3 percent to A 19 57
outpacing a 1 1 percent rise in the main share index ANZ said
the deal was expected to boost earnings within two years of
completion
ANZ is buying RBS s retail wealth and commercial businesses
in Taiwan Singapore Indonesia and Hong Kong It will also buy
RBS s institutional businesses in Taiwan the Philippines and
Vietnam
Based on the most recent half year earnings the deal would
have added 460 million to ANZ s operating income and would have
boosted Asia s contribution to ANZ s operating income to about
18 percent from about 14 percent according to ANZ
This is a solid outcome for ANZ that consolidates its
growth strategy into Asia and gives added credence to its
ambitions of becoming a regional powerhouse IG Markets analyst
Ben Potter said
SURPLUS CAPITAL
The acquisition price equates to 1 1 times net tangible book
value compared with 0 8 times paid by CBA for for HBOS s
Australian unit and 2 7 paid by Westpac Banking Corp for buying
St George Bank Both those deals were done last year
ANZ raised about 2 billion in a share sale in May to
strengthen its balance sheet and fund the acquisition which
sources and analysts had expected to cost around 775 million
The low purchase price means ANZ still has more than A 4
billion of surplus capital and plenty of scope for further M A
Citigroup said in a note to clients
Ross Barker managing director of Australian Foundation
Investment Co which manages about A 4 billion including ANZ
shares said From the point of the view of their Asian
strategy they probably would be looking to add extra bolt on
acquisitions to what they have done to improve their capacity in
Asia
RBS is seeking to exit or shrink its operations in up to 36
other countries including India and China In contrast ANZ has
been expanding further afield and has spent about A 2 billion
over the past decade buying mostly minority stakes in banks from
China to Vietnam
Citigroup said India remains a big hole in ANZ s Asian
strategy where ANZ is in the process of acquiring a banking
licence ANZ sold its Indian operations to Grindlays a unit of
StandChart in 2000
Editing by Lincoln Feast and David Holmes |
C | UPDATE 3 ANZ to buy RBS Asia units for 550 mln | Analysts say deal good value for ANZ scope for more buys
Deal expected to boost ANZ s earnings within 2 years
Shares extend gains up as much as 3 5 pct outperform
mkt
Adds new comment from fund manager details
By Denny Thomas
SYDNEY Aug 4 Reuters Australia and New Zealand Banking
Group Ltd agreed to pay a smaller than expected 550 million to
buy some Asian units from British lender Royal Bank of
Scotland leaving it with more funds to further beef up its
Asia presence
The purchase will give ANZ access to 54 branches across the
region with 3 2 billion in loans and 7 1 billion in
deposits taking Australia s fourth biggest bank closer to its
goal of generating a fifth of its revenue from Asia by 2012
The deal also marks the dismantling of RBS s global empire
after its purchase of Dutch bank ABM AMRO at the height of the
boom and exposure to the credit crisis prompted a bailout from
the British government last year
This is a solid outcome for ANZ that consolidates its
growth strategy into Asia and gives added credence to its
ambitions of becoming a regional powerhouse IG Markets
analyst Ben Potter said
RBS is seeking to exit from or shrink its operations in up
to 36 other countries including India and China which were
not included in the deal and which a source said Asian focused
Standard Chartered is in talks with RBS on
ANZ is buying RBS s retail wealth and commercial
businesses in Taiwan Singapore Indonesia and Hong Kong ANZ
will also buy RBS s institutional businesses in Taiwan
Philippines and Vietnam
ANZ shares rose as much as 3 5 percent to A 19 59
outpacing gains in the benchmark share index The stock has
jumped more than 13 percent in the past five sessions
The acquisition price equates to 1 1 times net tangible
book value compared with 0 8 times paid by Commonwealth Bank
of Australia Ltd for HBOS s Australian unit and 2 7 paid by
Westpac Banking Corp for buying St George Bank Both those
deals were done last year
ANZ raised about 2 billion in a share sale in May to
strengthen its balance sheet and fund the acquisition which
sources and analysts had expected to cost around 775 million
The low purchase price means ANZ still has more than A 4
billion of surplus capital and plenty of scope for further M A
Citigroup said in a note to clients
From the point of the view of their Asian strategy they
probably would be looking to add extra bolt on acquisitions to
what they have done to improve their capacity in Asia said
Ross Barker managing director of Australian Foundation
Investment Co which manages about A 4 billion including ANZ
shares
MORE RBS SALES TO COME
Other banking assets up for grabs in the region include
Dutch bank ING Group s private banking business and
Belgian French company Dexia Group s Australian unit
RBS is still negotiating the sale of its other Asian assets
and a source told Reuters last month that it was in talks on
operations in China India and Malaysia
RBS remains in advanced discussions with bidders for the
remaining assets it has decided to sell in Asia and will make
further announcements as appropriate in due course RBS said
in a statement
The deal is also part of a growing trend of European banks
exiting from Asian operations as the global credit crisis
forces them to focus on their home markets In June British
insurer Aviva plc sold some of its businesses to National
Australia Bank Ltd following the sale of HBOS s Australian
unit to CBA
In contrast ANZ has been expanding further afield It has
spent about A 2 billion over the past decade in buying mostly
minority stakes in banks from China to Vietnam ANZ s growth
strategy is built around Asia while Australia s top three
lenders NAB Westpac and CBA have focused on domestic
market
But some analysts have said ANZ would have been better of
acquiring RBS s China and Indian business as well A source
told Reuters on Monday that ANZ decided against buying China
and Indian units due to the challenges involved with
transfering banking licences in the two countries
Citigroup said India remains a big hole in ANZ s Asian
strategy where ANZ is the process acquiring a banking licence
ANZ sold its Indian operations to Grindlays a unit of Standard
Chartered in 2000
Editing by Lincoln Feast denny thomas reuters com 61 2
9373 1812 Reuters Messaging
denny thomas reuters com reuters net |
C | UPDATE 4 Australia s ANZ to buy RBS Asia units for 550 mln | Analysts say deal good value for ANZ scope for more buys
Deal expected to boost ANZ s earnings within 2 years
Shares end 3 0 pct higher outperform broader market
Deal part of trend of European banks exiting from Asia
Adds details on Asia revenue contribution CEO comments
By Denny Thomas
SYDNEY Aug 4 Reuters Australia and New Zealand Banking
Group Ltd agreed to pay a smaller than expected 550 million to
buy some Asian units from British lender Royal Bank of
Scotland helping it take on rivals HSBC and Standard Chartered
in Asia s fast growing markets
The purchase will give ANZ access to 54 branches across the
region with 3 2 billion in loans and 7 1 billion in
deposits taking Australia s fourth biggest bank closer to its
goal of generating a fifth of its revenue from Asia by 2012
The deal also marks the first stage of the dismantling of
RBS s global empire after its purchase of Dutch bank ABM AMRO
at the height of the boom and exposure to the credit crisis
prompted a bailout from the British government last year
The deal is part of a growing trend of European banks
exiting from Asian operations as the global credit crisis
forces them to focus on their home markets In June British
insurer Aviva plc sold some of its businesses to National
Australia Bank Ltd following the sale of HBOS s Australian
unit to Commonwealth Bank of Australia Ltd
RBS is seeking to exit from or shrink its operations in up
to 36 other countries including India and China which were
not included in the deal
Asia focused Standard Chartered said on Tuesday it was in
discussions for a possible purchase of RBS s India and China
assets The bank reported a forecast beating 10 percent rise in
first half profit and unveiled a surprise 1 7 billion
fundraising
ANZ is buying RBS s retail wealth and commercial
businesses in Taiwan Singapore Indonesia and Hong Kong ANZ
will also buy RBS s institutional businesses in Taiwan
Philippines and Vietnam
Based on the most recent half year earnings the deal would
have added 460 million to ANZ s operating income It would
have boosted Asia s contribution to ANZ s operating income to
about 18 percent from about 14 percent according to ANZ
This is a solid outcome for ANZ that consolidates its
growth strategy into Asia and gives added credence to its
ambitions of becoming a regional powerhouse IG Markets
analyst Ben Potter said
ANZ shares closed up 3 percent to A 19 57 outpacing a 1 1
percent rise in the main share index ANZ said the deal is
expected to boost earnings within two years of completion
The acquisition price equates to 1 1 times net tangible
book value compared with 0 8 times paid by CBA for for HBOS s
Australian unit and 2 7 paid by Westpac Banking Corp for buying
St George Bank Both those deals were done last year
ANZ raised about 2 billion in a share sale in May to
strengthen its balance sheet and fund the acquisition which
sources and analysts had expected to cost around 775 million
The low purchase price means ANZ still has more than A 4
billion of surplus capital and plenty of scope for further M A
Citigroup said in a note to clients
From the point of the view of their Asian strategy they
probably would be looking to add extra bolt on acquisitions to
what they have done to improve their capacity in Asia said
Ross Barker managing director of Australian Foundation
Investment Co which manages about A 4 billion including ANZ
shares
MORE RBS SALES TO COME
Other banking assets up for grabs in the region include
Dutch bank ING Group s private banking business and
Belgian French company Dexia Group s Australian unit
RBS is still negotiating the sale of its other Asian assets
and source told Reuters last month that was in talks on
operations in China India and Malaysia
RBS remains in advanced discussions with bidders for the
remaining assets it has decided to sell in Asia and will make
further announcements as appropriate in due course RBS said
in a statement
In contrast ANZ has been expanding further afield It has
spent about A 2 billion over the past decade in buying mostly
minority stakes in banks from China to Vietnam ANZ s growth
strategy is built around Asia while Australia s top three
lenders NAB Westpac and CBA have focused on domestic market
But some analysts have said ANZ would have been better of
acquiring RBS s China and Indian business as well ANZ s CEO
Mike Smith said the bank was on track to achieve its organic
growth targets in China and wanted to have a big presence in
India
Citigroup said India remains a big hole in ANZ s Asian
strategy where ANZ is the process acquiring a banking licence
ANZ sold its Indian operations to Grindlays a unit of Standard
Chartered in 2000
Editing by Lincoln Feast denny thomas reuters com 61 2
9373 1812 Reuters Messaging
denny thomas reuters com reuters net |
C | WRAPUP 2 Munich Re L G shares hit despite diverging profit | Munich Re says may resume buybacks investments up 40 pct
L G cuts dividend profit falls on one off investment hit
L G shares end day down 4 8 pct Munich Re down 2 2 pct
Adds further comments by analyst details background
By Myles Neligan and Jonathan Gould
LONDON FRANKFURT Aug 4 Reuters Germany s Munich Re and
British insurer Legal General saw their shares fall on Tuesday
as investors digested tough details from their financial results
amid a financial market rebound
Shares in L G Britain s fifth biggest life insurer fell
nearly 13 percent at one stage after it said a one off drop in
investment returns knocked more than 90 percent off operating
profit in the first half of the year
The world s biggest insurer said its investment income rose
almost 40 percent helping it deliver second quarter net profit
comfortably ahead of analysts expectations though down 30
percent on the year
However Citigroup analyst James Quin said Munich Re s
substantial realised gains masked weaker operating results
The company has put on healthy top line growth but on an
organic basis the performance is weaker than for most European
peers said Quin who has a hold rating on the share
Munich Re shares fell nearly 2 8 percent before paring
losses to close 2 2 percent lower lagging a flat insurance
sector L G ended the session down 4 8 percent
Munich Re was more positive saying it might return more
cash to investors by resuming share buybacks later this year
while L G indicated its balance sheet needed repair and cut its
interim dividend 45 percent
There are cracks everywhere said ING analyst Kevin Ryan
European insurance stocks fell steeply in March on concerns
falling equity prices and rising corporate bond defaults could
eat into insurers capital potentially forcing rights issues
The shares have since rebounded and the DJ Stoxx European
insurance index is now up 2 percent from the start of the year
L G blamed its weaker performance on losses on bond sales as
it tried to make its investment portfolio less risky and on
charges incurred after a currency hedging programme went wrong
MAIN PROBLEM
These formed the bulk of total negative investment
variances of 359 million pounds
The main problem is the company s been doing what people
have been telling it to do which is get out of assets the
market doesn t like said MF Global analyst Peter Eliot
Munich Re said it would stick to a cautious investment
approach with finance chief Joerg Schneider saying the company
did not expect to hold more than 5 percent of its investment
portfolio in equities despite the share price rally since
March
Given the volatile capital market environment we preferred
to deploy our financial capacity to cover insurance and
reinsurance risks rather than speculate on cyclically fragile
stock market rallies Schneider said
He said achieving Munich Re s targeted return on capital
implied it would deliver net profit of around 2 5 billion euros
in 2009 and it had already made 1 1 billion euros toward that
goal in the first half of the year
Munich Re said it might resume share buybacks in the second
half of the year depending on market conditions after
suspending its repurchase programme in April due to the
financial crisis
Chief Executive Nikolaus von Bomhard said it could
repurchase a maximum of 1 billion euros by its annual
shareholder meeting in 2010 if it did not find better
opportunities to plough the cash into its
underwriting business or make acquisitions
L G s dividend cut was expected by analysts although most
had forecast it would match the 50 percent reduction it made to
the final shareholder payout of 2008
The British insurer said the smaller cut reflected its
growing confidence in its capital position and its ability to
generate cash
L G s operating profit for the half year under international
financial reporting standards IFRS was 31 million pounds down
from 391 million last year and far below analysts expectation
of 248 million according to the average of 13 estimates
collected by the company
Under the alternative European embedded value EEV
standard usually more closely watched by the market L G s
profit rose 12 percent to 657 million pounds surpassing
analysts expectation of 466 million
Editing by David Holmes and Karen Foster |
C | European shares slip back from nine month highs | FTSEurofirst 300 closes 0 2 percent lower
Miners most banks decline
UniCredit rises after results
By Brian Gorman
LONDON Aug 4 Reuters European shares closed lower on
Tuesday slipping back from the nine month high reached in the
previous session with some banks giving back a little of their
recent hefty gains
The FTSEurofirst 300 index of top European shares fell 0 2
percent to close at 939 67 points
However the index is still up more than 45 percent from the
lifetime low to which it sank on March 9 with investors growing
more confident on the prospects of economic recovery and
encouraged by the current corporate results season
We ve had a very strong move on better than expected
earnings especially among banks said Philip Lawlor
strategist at Nomura in London It s not surprising that we ve
had some profit taking
Banks took most points off the index after a run that has
seen the DJ STOXX European banking sector index rise 140 percent
from its March 9 low
Swiss bank UBS dropped 4 3 percent after the company posted
a second quarter net loss of 1 4 billion Swiss francs 1 32
billion worse than forecast
Asia focused Standard Chartered closed 7 5 percent lower
after unveiling a surprise 1 billion pound 1 7 billion
fundraising though it beat expectations with a record pretax
profit for the first six months of 2009
BBVA Nordea Bank and HSBC were down between 1 and 4 3
percent
However Italian bank UniCredit was up 3 6 percent after it
beat expectations for second quarter net income due to improved
trading profits as it recovers from a pummelling as the biggest
lender in recession hit eastern Europe
Belgian financial services group KBC rose 8 6 percent ahead
of results on Thursday
Mining stocks also strong gainers in recent days ended the
day down with the DJ STOXX European Basic Resources sector
index down 1 5 percent though copper prices hit their highest
since October 2008
Anglo American Antofagasta and Rio Tinto fell between 1 5
and 4 4 percent
BMW FALLS
BMW closed 1 7 percent lower despite the car maker posting
a second quarter operating profit ahead of expectations
Despite good financial performance in H1 2009 we are still
sceptical on German premium manufacturers especially on BMW and
thus confirm our sell recommendation DZ Bank wrote in a note
Danish brewer Carlsberg fell 2 3 percent ahead of results
on Wednesday and after Citigroup downgraded the shares to
hold from buy citing worries over Russian taxes on beer
Across Europe UK s FTSE 100 index and Germany s DAX closed
0 2 percent lower France s CAC 40 fell 0 04 percent
The Dow Jones S P 500 and Nasdaq Composite were flat as
European bourses were closing
U S economic data continued to point to an upturn
Pending sales of previously owned U S homes rose at a
faster than expected pace in June and consumer spending rose
slightly more than expected
Nomura s Lawlor added We are seeing some forward looking
estimates are creeping up But my worry is on valuations at
14 5 times earnings You can t argue that they re cheap
Economic data is going to have to do the heavy lifting after the
corporate announcements
Additional reporting by Christoph Steitz Editing by Greg
Mahlich |
WMB | NBA roundup Mavericks manhandle Sixers | Tim Hardaway Jr made seven 3 pointers and scored 27 points to lift the visiting Dallas Mavericks past the Philadelphia 76ers 117 98 on Friday
Kristaps Porzingis added 22 points and a career high 18 rebounds to go along with three blocked shots as the Mavericks improved to 11 2 on the road
The Mavericks won handily despite playing without injured guard Luka Doncic
Joel Embiid led the Sixers with 33 points and 17 rebounds for his 19th double double but they dropped their third in a row It was also the Sixers second consecutive home loss after opening the season with 14 straight wins Ben Simmons had 12 points eight assists and six rebounds for Philadelphia
Boston Celtics 114 Detroit Pistons 93
Jaylen Brown and Jayson Tatum scored 26 points apiece to lead host Boston to its second straight win a rout of Detroit which has lost four of five
Rookie Grant Williams NYSE WMB chipped in a season high 18 points off the bench and Enes Kanter had 18 rebounds for the Celtics Kemba Walker was held to two points on 0 for 6 shooting but had 11 assists
Andre Drummond had 12 points and 11 rebounds and Thon Maker scored 15 points for the Pistons who played without Blake Griffin Luke Kennard and Christian Wood all with knee injuries
Indiana Pacers 119 Sacramento Kings 105
T J Warren scored 23 points on 10 for 16 shooting to help host Indiana cruise over Sacramento as Myles Turner added 17 points and Indiana won its fifth straight game and its13th in the last 16
Domantas Sabonis contributed 15 points nine rebounds and six assists T J McConnell recorded 15 points on 7 for 8 shooting and added eight assists while Malcolm Brogdon and Doug McDermott had 13 points apiece
Richaun Holmes scored 20 points on 9 for 10 shooting and collected nine rebounds for the Kings Marvin Bagley III added 17 points and rookie Justin James matched his season high of 14 points
Oklahoma City Thunder 126 Phoenix Suns 108
Shai Gilgeous Alexander scored a career high 32 points to lead host Oklahoma City past Phoenix and the Thunder didn t need a big comeback this time
In each of the first two games of their current five game homestand Oklahoma City came back from a big deficit to win Monday against Chicago it was a 26 point deficit Two days later against Memphis Oklahoma City trailed by 24 before coming back to win
Gilgeous Alexander was 13 of 18 from the floor hitting both of his 3 point attempts His previous career high was 29 points in a win over Minnesota on Dec 6 Ricky Rubio led the Suns with 24 points He was 9 of 11 from the floor
Portland Trail Blazers 118 Orlando Magic 103
Damian Lillard made seven 3 pointers while scoring 36 points to lead Portland over visiting Orlando
CJ McCollum knocked down four 3 pointers while recording 31 points and eight rebounds as the Trail Blazers won for the fourth time in their past five games Hassan Whiteside collected 17 rebounds in addition to scoring 10 points and blocking five shots for Portland Kent Bazemore added 11 points
Nikola Vucevic contributed 23 points 12 rebounds and a career best six steals for Orlando which fell for the sixth time in its past seven games D J Augustin scored 17 points off the bench Evan Fournier added 16 points and Aaron Gordon had 11 points and 11 rebounds
Denver Nuggets 109 Minnesota Timberwolves 100
Nikola Jokic had 22 points 10 rebounds and 10 assists Jamal Murray scored 28 points and host Denver beat Minnesota
Will Barton added 13 points and Paul Millsap and Gary Harris scored 11 each for the Nuggets who won all five games on their now concluded homestand
Minnesota played its second straight game without center Karl Anthony Towns and lost its ninth in a row Andrew Wiggins scored 19 points Gorgui Dieng had 18 Jeff Teague finished with 13 and Robert Covington 10 for Minnesota
Toronto Raptors 122 Washington Wizards 118
Kyle Lowry scored 26 points including a vital 3 pointer with two minutes remaining in the fourth quarter and Toronto held on to defeat visiting Washington as Serge Ibaka added 23 points and 10 rebounds for the Raptors who have won four straight
Toronto was without starters Pascal Siakam groin Norman Powell shoulder and Marc Gasol hamstring All three were injured in the road win against the Detroit Pistons on Wednesday
Toronto s OG Anunoby scored 18 points Fred VanVleet also had 18 points and added nine rebounds and eight assists while Rondae Hollis Jefferson had 14 points and Patrick McCaw scored 11 Lowry also dished out nine assists Bradley Beal led the Wizards with 37 points Ish Smith added 26 points Isaiah Thomas had 13 Troy Brown Jr 11 and Davis Bertans 10 for Washington losers of two in a row
Cleveland Cavaliers 114 Memphis Grizzlies 107
Jordan Clarkson scored a season high 33 points and Kevin Love drained a pair of 3 pointers late in the fourth quarter as host Cleveland beat Memphis
Clarkson made 12 of 17 shots from the field including 6 of 8 from 3 point range to help the Cavaliers win back to back games for the second time this season Cleveland previously won consecutive contests on Nov 8 and Nov 10 by defeating the Washington Wizards and New York Knicks respectively
Love highlighted his 21 point performance with five 3 pointers He added 13 rebounds to post his fifth double double in his past six games Jaren Jackson Jr had a team high 24 points and Dillon Brooks added 16 for the Grizzlies who have lost back to back games Jackson and Brooks each made four 3 pointers
Miami Heat 129 New York Knicks 114
Duncan Robinson hit two of his six 3 pointers during a game opening 23 8 flurry that propelled host Miami to an easy victory over New York
Robinson finished with 18 points and Bam Adebayo a team high 20 for the Heat who opened a four game homestand on a successful note
Reserve Bobby Portis poured in a game high 30 points for the Knicks who had won three of four in the wake of a 10 game losing streak
Golden State Warriors 106 New Orleans Pelicans 102
D Angelo Russell broke a tie by sinking a long jumper with 32 9 seconds remaining before Draymond Green and Damion Lee buried four clutch free throws allowing Golden State to end a five game losing streak by beating New Orleans in San Francisco
Russell s key hoop occurred just 5 1 2 seconds after Brandon Ingram had dropped in a pair of free throws that allowed the Pelicans who trailed by as many as 20 points in the first half to draw even at 100 all
After Jrue Holiday misfired on a jumper with 29 8 seconds remaining the Pelicans fouled Green whose two foul shots created a four point Golden State lead with 14 3 seconds to go
Field Level Media |
WMB | NBA roundup Bucks blast Knicks tie franchise best start | Giannis Antetokounmpo totaled 22 points 11 rebounds and 10 assists for his third triple double of the season and the Milwaukee Bucks never trailed to match the best 30 game start in team history with a 123 102 victory over the host New York Knicks at Madison Square NYSE SQ Garden on Saturday night
The Bucks won for the 20th time in 21 games and improved to 26 4 matching the start by the 1971 72 team that won 63 games with Hall of Famers Kareem Abdul Jabbar and Oscar Robertson
Listed as probable due to back soreness Antetokounmpo produced his 17th career triple double and first in 23 career games against the Knicks His latest big game helped the Bucks to their 10th win in the last 11 meetings with New York
The Knicks took their second straight double digit loss to an upper echelon Eastern Conference opponent and dropped to 3 5 under interim coach Mike Miller Julius Randle led the Knicks with 20 points and Kevin Knox added 19 but New York shot 40 2 percent missed 21 of 30 3 point attempts
Houston Rockets 139 Phoenix Suns 125
James Harden drained nine 3 pointers while recording 47 points six rebounds and seven assists to lead Houston over host Phoenix
Russell Westbrook added 30 points and 10 assists as the Rockets defeated the Suns for the 13th straight time Houston shot 58 6 percent from the field including 19 of 41 from 3 point range Harden hit 15 of 27 shots and was 9 of 19 from behind the arc
Kelly Oubre Jr scored 26 points for the Suns who lost their sixth in a row and 14th in their past 18 Devin Booker added 19 points nine assists and six rebounds Center Deandre Ayton ankle and point guard Ricky Rubio illness sat out for the Suns
Los Angeles Clippers 134 San Antonio Spurs 109
Kawhi Leonard was booed loudly every time he touched the ball but still poured in 26 points leading six Los Angeles players in double figure scoring as the visitors routed San Antonio
Leonard was traded from the Spurs to Toronto before last season then signed with the Clippers this past offseason He added nine assists and seven rebounds Montrezl Harrell had 21 points with Lou Williams NYSE WMB scoring 20 for the Clippers
DeMar DeRozan led San Antonio with 24 points 20 in the first half while Marco Belinelli added 17 LaMarcus Aldridge scored 12 and Dejounte Murray and Derrick White contributed 10 apiece
Utah Jazz 114 Charlotte Hornets 107
Bojan Bogdanovic scored 26 points as Utah used a strong late game kick to defeat the host Charlotte pushing its winning streak to five games
Utah has won its first two stops of a three game road trip The Jazz outscored Charlotte 58 43 in the second half
Donovan Mitchell added 20 points for Utah and Rudy Gobert had 17 points and 19 rebounds Bogdanovic hit four 3 point baskets and went 8 for 8 on free throws The Jazz were 19 of 20 as a team from the foul line
Brooklyn Nets 122 Atlanta Hawks 112
Spencer Dinwiddie scored 39 points as Brooklyn overcame an 18 point deficit and stormed back in the fourth quarter to beat Atlanta in New York
The Nets improved to 12 6 without Kyrie Irving right shoulder impingement and overcame a 47 point showing from Atlanta star Trae Young who came within two of his career high
Dinwiddie shot 13 of 27 in producing his sixth 30 point game of the season and 11th of his career He scored 16 points in the fourth quarter when the Nets outscored Atlanta 37 14
Philadelphia 76ers 125 Washington Wizards 108
Joel Embiid had 21 points and 13 rebounds for his 20th double double and host Philadelphia defeated Washington to snap its season high three game losing streak
Josh Richardson added 21 points Tobias Harris contributed 16 and Ben Simmons had 14 points 11 assists eight rebounds and four steals The Sixers also broke a two game home losing skid after winning their first 14 at the Wells Fargo NYSE WFC Center
Bradley Beal was stellar from beginning to end with 36 points eight rebounds and six assists while Isaiah Thomas added 20 points for the Wizards who lost their third in a row Thomas was ejected for going into the stands with 2 53 left in the game
Portland Trail Blazers 113 Minnesota Timberwolves 106
Damian Lillard recorded 29 points and seven assists to help Portland post a victory over visiting Minnesota
CJ McCollum added 26 points and Kent Bazemore tallied 19 as the Trail Blazers won their fourth straight game and ninth in their past 13 Hassan Whiteside contributed 16 points 22 rebounds and seven blocked shots and Skal Labissiere added 11 points and eight rebounds for the Blazers
Andrew Wiggins had 33 points and three blocks for the Wolves who lost their 10th straight game Jeff Teague added 18 points eight assists and six rebounds off the bench for Minnesota which was without Karl Anthony Towns knee for the third straight game
Chicago Bulls 119 Detroit Pistons 107
Zach LaVine poured in 33 points and Chicago raced past host Detroit
Rookie Coby White supplied 19 points off the bench for the Bulls while Tomas Satoransky had 16 points eight rebounds and five assists Lauri Markkanen tossed 15 points with seven rebounds and Wendell Carter Jr added 12 points and 12 rebounds for the victors
Markieff Morris had a season high 23 points and six assists for Detroit which has lost four straight Andre Drummond supplied 19 points and 14 rebounds Luke Kennard added 16 points and Tim Frazier chipped in a season high 13 points and nine assists
Memphis Grizzlies 119 Sacramento Kings 115
Balanced scoring and a solid defensive effort on Buddy Hield powered host Memphis past Sacramento
Jaren Jackson Jr led seven Grizzlies scoring in double figures with 18 points on a night where neither side s leading scorer could muster much offensively
While Memphis held Hield to just eight points on 3 of 18 shooting from the floor Grizzlies rookie sensation Ja Morant finished with 13 points but was stuck on four until deep in the second half
Field Level Media |
WMB | NBA roundup Raptors stun Mavs with 30 point comeback | Kyle Lowry scored 20 of his 32 points in the fourth quarter and added 10 assists and eight rebounds as the Toronto Raptors overcame a 30 point third quarter deficit to post a 110 107 victory over the visiting Dallas Mavericks on Sunday The 30 point deficit was the largest the Raptors have overcome to win a game in franchise history The previous high was 27 Toronto extended its winning streak to five games and handed Dallas its first road loss since a 106 103 setback to New York on Nov 14 Chris Boucher added a career best 21 points for the injury depleted Raptors Rondae Hollis Jefferson had 18 points and Fred VanVleet had 10 Thunder 118 Clippers 112 Shai Gilgeous Alexander matched his career high of 32 points set in his previous game to lift host Oklahoma City past Los Angeles which played without Kawhi Leonard Gilgeous Alexander was part of the trade that sent six time NBA All Star Paul George to the Clippers last July George who received a warm reception from the crowd in his first return to Oklahoma City finished with 18 points Steven Adams had 20 points and a season high 17 rebounds as the Thunder won a season high fourth straight to move over 500 for the first time 15 14 The Clippers rested Leonard after he played 27 minutes on Saturday night in a 134 109 win at the San Antonio Spurs Leonard has not played in back to back games this season because of lingering knee issues Nuggets 128 Lakers 104 Paul Millsap scored 21 points and Gary Harris added 19 as Denver used a second half burst to defeat host Los Angeles which played without the injured LeBron James Nikola Jokic had 18 points and six rebounds while Will Barton finished with 14 points and 13 rebounds for the Nuggets who won their sixth straight Malik Beasley chipped in 16 points off the bench Anthony Davis led the Lakers with 32 points 11 rebounds and four blocks but he sustained a knee injury Kyle Kuzma who returned after missing the previous five games with an ankle sprain had 16 points off the bench for the Lakers who dropped their third in a row No other Laker scored in double figures Bucks 117 Pacers 89 Wesley Matthews scored 19 points in his return from a one game absence due to a right thigh contusion as host Milwaukee recorded a victory over Indiana Giannis Antetokounmpo collected 18 points 19 rebounds and nine assists for the Bucks who outscored the Pacers 58 34 in the second half to improve to 21 1 in their last 22 games George Hill and Brook Lopez each made three 3 pointers en route to 17 point performances as the Bucks improved to 9 0 against Central Division rivals Domantas Sabonis recorded 19 points and 18 rebounds and Doug McDermott added 15 points for the Pacers who saw their five game winning streak come to a halt as they fell 6 1 2 games in back of first place Milwaukee in the Central Division Celtics 119 Hornets 93 Jayson Tatum scored a career high 39 points and Kemba Walker added 23 against his former team as Boston hammered visiting Charlotte Jaylen Brown had 16 points Grant Williams NYSE WMB chipped in 12 and Enes Kanter contributed 13 rebounds as the Celtics won their third straight Tatum who also had 12 rebounds scored 22 points in the fourth quarter alone to eclipse his previous career best of 34 set in January
Devonte Graham scored 23 points and Bismack Biyombo had 18 for the Hornets who have lost four of their last five Charlotte was playing the second night of a back to back Field Level Media |
WMB | NFL notebook McCarthy reportedly interviews with Panthers | Former Green Bay Packers coach Mike McCarthy was interviewed by the Carolina Panthers for their head coaching position on Sunday after their 38 6 loss to the Indianapolis Colts according to multiple media reports Monday The 5 10 Panthers got the coaching carousel rolling early when they fired head coach Ron Rivera on Dec 3 after a 5 7 start to the season Perry Fewell previously serving as secondary coach has been Carolina s interim head coach since Rivera s departure The team and Panthers owner David Tepper are reportedly seeking an offensive minded coaching candidate with an interest in utilizing analytics McCarthy 56 was fired by the Packers on Dec 2 2018 after the team dropped to 4 7 1 in Week 13 during his 13th season at the helm in Green Bay He finished with a 125 77 2 regular season record while going 10 8 in the postseason leading the team to a Super Bowl XLV victory following the 2010 season The Seattle Seahawks are exploring a reunion with retired running back Marshawn Lynch and coach Pete Carroll said there is a really good chance Lynch will join the team The Seahawks suddenly are in dire need at the position after losing leading rusher Chris Carson to a hip injury and backup C J Prosise to a broken arm on Sunday Rashaad Penny Carson s backup for most of the season tore his left ACL in a Week 14 loss to the Los Angeles Rams Left tackle Duane Brown who sat out Sunday s loss to the Arizona Cardinals was also scheduled to undergo knee surgery in hopes of returning for playoff action Cardinals quarterback Kyler Murray who sustained a hamstring injury in Sunday s 27 13 win over the Seahawks will finish the season on the field and not the sideline against the Rams in Week 17 if coach Kliff Kingsbury has his way I am so big on reps and mental reps Kingsbury said Monday via the team s website To be in the heat of the battle against one of the top teams in the NFL on the road those are all reps that could be huge going into the offseason If he s able to play he s going to play Baltimore coach John Harbaugh announced that quarterback Lamar Jackson and other key starters including injured running back Mark Ingram will sit out the Ravens regular season finale Sunday at home against the Pittsburgh Steelers Harbaugh said Ingram has a mild to moderate calf strain but hopes he ll be ready for the playoffs Also sitting out are guard Marshal Yanda safety Earl Thomas and defensive tackle Brandon Williams NYSE WMB Houston Texans wide receiver Will Fuller V will miss the regular season finale against the Tennessee Titans on Sunday after sustaining a groin injury against the Tampa Bay Buccaneers on Saturday the Houston Chronicle reported citing league sources An MRI exam confirmed the injury with a recovery period that usually takes two to three weeks The Philadelphia Eagles are releasing running back Jay Ajayi according to multiple reports Top running back Jordan Howard is slated to return from a shoulder injury for Sunday s game against the New York Giants and that made Ajayi expendable Howard missed the previous six games Eagles tight end Zach Ertz suffered a fractured rib during Sunday s victory over the Dallas Cowboys according to multiple reports Philadelphia coach Doug Pederson said the team is waiting on medical tests before determining Ertz s status for Sunday s game Cowboys linebacker Leighton Vander Esch will have minor neck surgery to fix a nerve issue and will go on injured reserve for the rest of the season coach Jason Garrett said Vander Esch has missed the past five games because of the neck issue which began when he suffered a stinger against the Eagles on Oct 20 Less than two hours before hosting the Packers on Monday night the Minnesota Vikings announced that backup running back Alexander Mattison ankle was among the club s inactives for the game It was the second straight game missed for the rookie third round pick The Vikings were also without starting running back Dalvin Cook against the Packers Steelers quarterback Mason Rudolph is expected to miss Sunday s regular season finale against the Ravens due to a left shoulder injury according to multiple reports That leaves Devlin Duck Hodges in the starting role with Paxton Lynch as the backup for the pivotal Week 17 road game Washington rookie quarterback Dwayne Haskins suffered a high ankle sprain Sunday during the Redskins overtime loss to the Giants according to an NFL Network report
He was scheduled to undergo an MRI exam to check the severity of the injury but interim head coach Bill Callahan later ruled him out for the Redskins regular season finale against the Cowboys Case Keenum will get the start in Dallas Field Level Media |
WMB | Tennis Andreescu out of season opener in Auckland with knee issues | WELLINGTON Reuters Auckland Classic organizers suffered a major setback to their tournament lineup on Tuesday with U S Open champion Bianca Andreescu withdrawing due to knee issues
The Canadian teenager had been the top seed for the Jan 6 12 tournament which is a traditional warmup event for players fine tuning their game ahead of the Australian Open
Organizers have been advised that Bianca Andreescu has had to withdraw from the upcoming event due to her ongoing knee issues the tournament said in a statement on Tuesday
We are disappointed not to welcome Bianca back and wish her all the best for a speedy recovery
Andreescu came through qualifying in Auckland earlier this year only to lose to Germany s Julia Goerges in the final which she used as a springboard for a sensational 2019
She won her first WTA Tour title at Indian Wells then beat Serena Williams NYSE WMB in the finals in Toronto and again at Flushing Meadows to clinch her first Grand Slam title
The Auckland tournament had assembled arguably its strongest ever field with Andreescu Williams former Australian Open champion Caroline Wozniacki and 2017 French Open winner Jelena Ostapenko all confirmed
Two times Grand Slam winner Svetlana Kuznetsova and American teenagers Amanda Anisimova and Coco Gauff have also entered the tournament before they head to Melbourne Park for the season opening Grand Slam that runs from Jan 20 Feb 2 |
WMB | U S Open champ Andreescu still bothered by knee injury | U S Open champion Bianca Andreescu is still dealing with a left knee injury with the start of the Australian Open less than four weeks away
The 19 year old Canadian said Tuesday that the ailment will cause her to skip the ASB Classic in Auckland New Zealand She sustained the knee injury at the WTA Finals in October
I spoke to my team and I really have to do what s best for my knee right now world No 5 Andreescu said in a video I have so many amazing memories in Auckland so hopefully I can make more in 2021
Andreescu began her breakthrough 2019 season by losing in the Auckland final to Germany s Julia Goerges She won three singles titles this year including her memorable straight sets win over Serena Williams NYSE WMB in the U S Open to claim her first Grand Slam championship
Andreescu also won titles at Indian Wells Calif and Toronto
Andreescu has entered the Australian Open the season s first Grand Slam It begins Jan 20 in Melbourne
Field Level Media |
WMB | Serena named AP Female Athlete of Decade | Tennis superstar Serena Williams NYSE WMB was named Female Athlete of the Decade by The Associated Press as voted on by AP member sports editors and beat writers
Williams winner of 23 Grand Slam singles titles won 12 of those majors over the past decade no female player has won more than three over the same span including a run of four in a row from the U S Open in 2014 through Wimbledon in 2015 for her second self named Serena Slam She also was the runner up another seven times at major tournaments over the past decade including four of the seven she has entered since returning to action after having a baby in 2017
Finishing second among voters was gymnast Simone Biles the 2019 AP Female Athlete of the Year followed by swimmer Katie Ledecky in third and skiers Lindsey Vonn and Mikaela Shiffrin in fourth and fifth place respectively
When the history books are written it could be that the great Serena Williams is the greatest athlete of all time I like to call it the Serena Superpowers that champion s mindset Irrespective of the adversity and the odds that are facing her she always believes in herself said Stacey Allaster USTA chief executive and former WTA CEO via the Associated Press
Whether it was health issues coming back having a child almost dying from that she has endured it all and she is still in championship form Her records speak for themselves
Williams 38 spent three and a half years straight at No 1 in the WTA rankings She also became the oldest No 1 player in WTA history and tied Steffi Graf s record for most consecutive weeks at the top
In all Williams reached the finals at 19 of the 33 majors she competed in and collected 37 singles titles over the past decade she boasts a career total of 72 singles titles 11 more than anyone else
Off the court her celebrity status has given her a platform to champion women s rights and call attention to health care inequality for black women in the United States
Williams is currently No 10 in the WTA rankings She last played in the finals of the U S Open in September where she lost to 19 year old Canadian Bianca Andreescu
Field Level Media |
WMB | Israel trims funds to Palestinians over militant casualties | By Dan Williams NYSE WMB JERUSALEM Reuters Israel will withhold around 43 million in tax handovers to the cash strapped Palestinian Authority PA over its financial support for the families of slain or wounded Palestinian militants the Israeli security cabinet said on Sunday The decision followed Israel s similar trimming in February of funds to offset PA payouts to jailed Palestinian militants for which the PA retaliated by boycotting all tax handovers for more than half a year stirring worries it could go bankrupt Under interim peace deals from the 1990s Israel collects taxes on behalf the Palestinians who put the current sums at 222 million a month With diplomacy stalled since 2014 Israel has at times withheld money as a measure of protest or pressure Palestinian President Mahmoud Abbas though hit by steep U S aid cuts by the Trump administration has held to paying stipends to the families of Palestinians jailed on security charges and of those killed or wounded by Israeli forces Israel and the United States say the policy which is scaled to give greater monthly payouts for prisoners serving longer sentences invites violence Abbas describes the Palestinian inmates and casualties as heroes of a national struggle This Israeli decision will cost us a lot Abbas told members of his Fatah party in the Palestinian hub city of Ramallah But we have rights and we will not be afraid Saying Abbas administration had paid 150 million shekels 43 37 million in stipends for militant casualties in 2018 the Israeli security cabinet said the same amount would be garnished from within the taxes collected for the PA over the coming year The sum Israel said it would trim as of February was 138 million reflecting prisoner payouts by the PA during 2018 The total amount of money withheld now equals some 6 8 of tax funds due to the PA The full remittances make up around half of the budget of the PA which exercises limited self rule in the Israeli occupied West Bank For too long we allowed the PA to pay salaries to terrorists That party is over Deputy Israeli Defence Minister Avi Dichter said on Twitter The United States passed legislation last year to sharply reduce aid to the PA unless it stopped the stipends The measure known as the Taylor Force Act was named after a 29 year old American military veteran fatally stabbed by a Palestinian while visiting Israel in 2016 Washington has further slashed hundreds of millions of dollars to humanitarian organizations and U N agencies which aid the Palestinians as it seeks to pressure Abbas to come back to the negotiating table
Abbas has shunned the Trump administration accusing it of pro Israel bias |
JPM | Burger King to buy Canada s Tim Hortons for 11 5 billion | TORONTO Aug 26 Reuters Burger King Worldwide Inc N BKW announced plans to buy Canadian coffee and doughnut chain Tim Hortons Inc TO THI for C 12 64 billion 11 53 billion in a cash and stock deal that would create the world s third largest fast food restaurant group With roughly 23 billion in combined annual sales more than 18 000 restaurants in 100 countries and two strong independent brands the new entity would have an extensive global footprint and significant growth potential the companies said in a joint statement on Tuesday The companies had said on Sunday that they were in merger talks and shares of both soared on Monday Tim Hortons shareholders will receive C 65 50 in cash and 0 8025 shares of the new company for each of their shares Based on Monday s close the deal values Tim Hortons at C 94 05 a share a 37 percent premium to Friday s close of C 68 78 on the Toronto Stock Exchange Tim Hortons New York listed shares rose 12 percent to 83 50 in premarket trading Burger King was up 5 percent at 33 96 Billionaire investor Warren Buffett s Berkshire Hathaway N BRKa has committed 3 billion of preferred equity to finance the deal but will have no role in managing the business the companies said 3G Capital a New York based investment firm with Brazilian roots owns roughly 70 percent of Burger King and is set to hold about 51 percent of the new combined company CANADIAN DOMICILE Burger King Executive Chairman Alex Behring and Chief Executive Officer Daniel Schwartz will hold the same positions at the combined company Tim Hortons CEO Marc Caira will be vice chairman The company is to be based in Canada its largest market Investors and tax experts say the main reason for Burger King to move its domicile to Canada is to avoid having to pay double taxation on profits earned abroad as the company would likely be subject to do if it remained in the United States Burger King however stressed Miami would remain its global home while Oakville Ontario would will continue to be the worldwide headquarters of Tim Hortons The companies outlined a commitment to Canada vowing that Tim Hortons would continue its community programs It sponsors kids hockey teams across the country among other projects Burger King also vowed to maintain a meaningful number of Canadian based executives and that the deal would not change Tim Hortons business model or relationships with franchises Shares in the new combined entity will be listed on the New York Stock Exchange and the Toronto Stock Exchange
Burger King has secured commitments for 12 5 billion of funding for the cash portion of the transaction including commitments for a 9 5 billion debt financing package led by JPMorgan N JPM and Wells Fargo N WFC Reporting by Euan Rocha and Allison Martell in Toronto and Ashutosh Pandey in Bangalore Editing by Savio D Souza and Lisa Von Ahn |
BMY | Bristol Myers Squibb BMY Dips More Than Broader Markets What You Should Know | Bristol Myers Squibb BMY closed at 52 81 in the latest trading session marking a 0 34 move from the prior day This change lagged the S P 500 s daily loss of 0 25 Elsewhere the Dow gained 0 04 while the tech heavy Nasdaq lost 0 53
Heading into today shares of the biopharmaceutical company had lost 12 8 over the past month lagging the Medical sector s loss of 1 06 and the S P 500 s loss of 2 35 in that time
Wall Street will be looking for positivity from BMY as it approaches its next earnings report date This is expected to be February 4 2019 On that day BMY is projected to report earnings of 0 84 per share which would represent year over year growth of 23 53 Meanwhile our latest consensus estimate is calling for revenue of 5 99 billion up 9 85 from the prior year quarter
Looking at the full year our Zacks Consensus Estimates suggest analysts are expecting earnings of 3 84 per share and revenue of 22 58 billion These totals would mark changes of 27 57 and 8 68 respectively from last year
Investors might also notice recent changes to analyst estimates for BMY Recent revisions tend to reflect the latest near term business trends As such positive estimate revisions reflect analyst optimism about the company s business and profitability
Our research shows that these estimate changes are directly correlated with near term stock prices We developed the Zacks Rank to capitalize on this phenomenon Our system takes these estimate changes into account and delivers a clear actionable rating model
The Zacks Rank system which ranges from 1 Strong Buy to 5 Strong Sell has an impressive outside audited track record of outperformance with 1 stocks generating an average annual return of 25 since 1988 The Zacks Consensus EPS estimate has moved 6 62 higher within the past month BMY is currently sporting a Zacks Rank of 1 Strong Buy
Valuation is also important so investors should note that BMY has a Forward P E ratio of 13 79 right now This represents a discount compared to its industry s average Forward P E of 14 74
We can also see that BMY currently has a PEG ratio of 1 49 This popular metric is similar to the widely known P E ratio with the difference being that the PEG ratio also takes into account the company s expected earnings growth rate BMY s industry had an average PEG ratio of 2 01 as of yesterday s close
The Large Cap Pharmaceuticals industry is part of the Medical sector This industry currently has a Zacks Industry Rank of 75 which puts it in the top 29 of all 250 industries
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups Our research shows that the top 50 rated industries outperform the bottom half by a factor of 2 to 1
Be sure to follow all of these stock moving metrics and many more on Zacks com |
C | European stocks at 8 mth closing high banks surge | FTSEurofirst 300 up 2 percent
Gains for ninth consecutive session
Upbeat earnings macro data adds optimism for recovery
By Harpreet Bhal
LONDON July 23 Reuters European shares rose for a ninth
consecutive day on Thursday to an eight month closing high as
reassuring corporate earnings and positive economic data spurred
optimism the financial downturn may be abating
The FTSEurofirst 300 index of top European shares ended 2 0
percent higher at 908 15 points after touching 909 07 the
highest since early November last year It is the longest
winning streak for the index since late 2006
Shares also drew strength from U S data showing sales of
previously owned homes rose at a faster than expected pace in
June for the third straight month of gains
In Europe financials gained after Credit Suisse said it
made a net profit of 1 6 billion Swiss francs 1 5 billion in
the three months to end June above a forecast for 1 4 billion
Credit Suisse rose 5 8 percent while HSBC Lloyds Royal
Bank of Scotland and Banco Santander gained 2 6 5 3 percent
Better than expected numbers from the likes of Ford and
eBay seemed to have soothed investors that it is not just the
banking sector that has benefited from the pick up in the last
quarter and these could be the first solid signs of a real
economic recovery said Anthony Grech strategist at IG Index
Ford Motor posted a 2 3 billion quarterly net profit and
said it was on track to at least break even in 2011 EBay
results also topped market expectations
In the past few days the FTSEurofirst 300 index held
technical support in the middle of its uptrend channel extending
back to early this month now at 887 points The top of the
channel is currently at 925 points
The benchmark index has been trading much above its 200 day
moving average now at around 821 points suggesting a clean
break of that technical barrier But it faces further resistance
at the November 2008 peak of 974
The balance is tilting to a more positive assessment and
slowly investors are getting information that the economic
picture is actually continuing to improve Tammo Greetfeld
equity strategist at Unicredit Group said
MINING SHARES SURGE
Miners tracked higher metals prices Xstrata Rio Tinto BHP
Billiton Kazakhmys and Lonmin advanced between 4 and 9 5
percent
Pharma group Roche added 3 2 percent after it gave a bullish
forecast for the next two years on the back of its 47 billion
acquisition of Genentech and said it would expand capacity for
H1N1 flu drug Tamiflu
Publicis the world s third largest advertising group by
revenue rose 6 5 percent after it said it sees a return to
sales growth next year and kept its 2009 outlook intact after
the economic downturn hit first half earnings
In the auto sector Porche conceded defeat in a months long
power struggle with Volkswagen by axing its embattled CEO
paving the way for a merger with VW Its shares rose 0 3
percent while Volkswagen was up 1 2 percent
ABB was also on the rise gaining 4 3 percent after the
Swiss engineering group said cost cutting limited a fall in
profit in the second quarter
Since reaching a record low in early March the European
index has risen 41 percent powered by miners and banks The DJ
STOXX banking index is up 127 percent and the basic resources
has gained 84 percent as fears over the health of the economy
and the outlook for corporate profits receded
Analysts are putting through more global earnings upgrades
than downgrades for the first time since August 2007 said
Robert Buckland strategist at Citigroup Global Markets
Financial conditions and economic expectations are also
improving It all suggests we could be approaching the end of
the global earnings recession he said in a note
Across Europe the FTSE 100 index Germany s DAX and
France s CAC 40 rose 1 5 2 5 percent
Additional reporting by Blaise Robinson in Paris Editing by
Dan Lalor |
C | UPDATE 1 Global banks urge prudence in far reaching reforms | Changes headline adds banker comments report details
By Al Yoon
NEW YORK July 23 Reuters Global banking institutions
support far reaching regulatory reforms that include higher
capital requirements but warn that rushed judgments could
hinder financial market recovery the Institute of
International Finance said in a report on Thursday
The report comes as governments around the world aim to
clamp down on banks that found themselves unprepared to handle
the global credit crisis and recession in the past year
Fears that a meltdown at large institutions would upset the
entire global financial system led governments to intervene by
injecting capital into banks and flooding the markets with
cash
The group accepted that public intervention was needed to
stabilize markets but said it was now key that governments
develop clear strategies for withdrawal from the private
sector to avoid competitive distortions
The main challenge is restoring confidence and
stability in the financial markets William Winters co chief
executive officer of JPMorgan Chase Co s investment bank
said at an IIF press conference in New York
The Washington based IIF whose members also include top
executives from Deutsche Bank AG Citigroup Inc and the Bank
of China said in the report that business as usual was not
an option and pledged to promote many changes planned by
governments to strengthen their collective credibility
This includes reducing the leverage or debt to capital
ratios at the heart of the turmoil sustained by many financial
institutions the report said Leverage has been too high IIF
members agree but they urged that future measures be flexible
to account for business models funding ability and risk
profiles
Consistent guidelines around the world are crucial to
ensure a level playing field it added
While the report in some ways details an industry mea culpa
to the worst financial crisis since the 1930s the group also
stressed that tighter rules could be counterproductive at a
time when governments are working to resuscitate slumping
economies as well as financial markets Firms must be able to
generate reasonable returns to be viable which itself
stimulates economic activity it said
Material error in the calibration of new prudential
requirements would have major negative effects not just on the
financial industry but on national economies said the report
of the IIF which is chaired by Josef Ackermann chairman of
the management board at Deutsche Bank
Winters said the IIF report was very consistent with the
package of proposed reforms advocated by U S President Barack
Obama Both seek to boost capital cushions to absorb losses in
turbulent markets make sure firms have the ability to move
quickly out of holdings and better align compensation
practices with long term goals of shareholders
The IIF warned that restricting the size of financial
institutions would not protect against systemic risks That
said no firm should be considered too big to fail and
regulators should make it a priority to adopt reforms that
allow for the orderly wind down of any company
The IIF wants to ensure the inter connectedness of
financial services companies is well understood so if any
firm fails it can be handled That s the obective Winters
said at a press conference
The group also said it was concerned that international
financial markets would become fragmented by national
regulatory measures that are not coordinated
A fear is that a lack of coordination will result in
protectionist measures taken from a national perspective said
Walter Kielholz chairman of Swiss Reinsurance Co
On capital the group said the challenge will be to develop
ways to determine appropriate levels without overshooting to a
point that stands in the way of economic growth The Basel II
framework for setting capital requirements should provide the
basis for these judgments Winter said
Reforms of securitization markets that provide a huge chunk
of funding for mortgages and other consumer lending must also
be more carefully considered the group said Some IIF views
may be at odds with proposed U S reforms such as requiring
issuers to keep at least 5 0 percent of the the risk in loans
they package into bonds
A push by regulators to force issuers to retain risks on
balance sheets may not achieve goals of higher quality loans
and make securitizations less attractive for firms and more
costly in terms of capital the report said |
C | INTERVIEW New stock market Tokyo AIM eyes big IPOs CEO | repeating story for media codes
Tokyo AIM to improve Japan s competitiveness
Tokyo AIM eyes big firms overseas and in Japan
Sees listings towards the end of 2009
Recruiting foreign investment banks as J Nomads
By Daisy Ku
LONDON July 23 Reuters Japan s new professionals only
stock market Tokyo AIM expects new offerings towards the end
of the year and hopes to attract foreign as well as domestic
firms
By offering more flexible rules it hopes to avert the
troubles of the Tokyo Stock Exchange TSE which includes just
15 foreign names after hitting a peak of 120
Tokyo AIM can attract small companies but we can also do
large companies or overseas companies President and CEO
Tetsutaro Muraki told Reuters in an interview
There is a bit of misconception that Tokyo AIM is a market
for emerging firms in Japan he said
The joint venture which is 51 percent owned by the Tokyo
Stock Exchange and the rest by the London Stock Exchange has
been seen by some as just another growth market in an already
crowded space
Yet Japan the world s second largest economy and home to
15 trillion worth of household savings and counts itself
alongside New York and London as the world s most vital
financial hubs
At its peak 120 overseas companies were listed on the TSE
but only 15 remain due to regulatory burdens ranging from
translating documents into Japanese to quarterly financial
reports in Japanese accounting standards
Why do you want to change your accounting standard just to
stay with the Tokyo Stock Exchange But now they can move to
Tokyo AIM said Muraki
Tokyo AIM allows issuer to report under U S GAPP IFRS or
Japan GAPP accounting standards Companies can report either in
English or in Japanese and there is no quarterly reporting
obligation
FINANCIAL HUB
Tokyo AIM is part of Japan s plans to improve the
competitiveness of its capital markets amid a declining and
ageing population
In December 2007 Japan s financial regulator put together a
reform package allowing the creation of a professionals only
market
Muraki is not expecting a large number of companies to join
Tokyo AIM in the first year but he sees some potential listings
towards the end of this year
When economies rebound there will be a good pipeline of
IPOs Muraki said
The market for IPOs has begun to awaken globally in the past
three months with Brazil s VisaNet raising 4 3 billion in
June but IPO volume for the first six months was still the
lowest first half since 2003
Tokyo AIM has adopted the LSE s nominated adviser Nomads
system Nomads in London are responsible for guiding new
companies through listing and are then the primary regulator of
the AIM company
The TSE has approved six Japanese investment banks as
J Nomads Daiwa Securities SMBC Mitsubishi UFJ Securities
Mizuho Investors Securities Mizuho Securities Nikko Citigroup
and Nomura
The six names are the leading houses Our next challenge is
to bring in the foreign houses with good IPO track records
Muraki said
Editing by Jason Neely |
C | Kuwait financier saga highlights weak Gulf rules | By Rania El Gamal
KUWAIT July 26 Reuters The apparent suicide of a
Kuwaiti broker sued for fraud by U S regulators in a case
linked to Kuwait s rulers and its top investment firm shines an
unwelcome light on the weak regulatory environment in the Gulf
Arab state
Kuwaiti Hazem Khalid Al Braikan 37 who had been at the
centre of a financial scandal that erupted last week was found
dead on Sunday days after being sued by the U S Securities and
Exchange Commission over suspicious stock trades
His sudden death sent shockwaves through the financial
sector in the world s biggest oil exporting region already hard
hit by the global crisis and facing concerns about transparency
For Kuwait the scandal comes as it attempts to attract
investors and diversify its economy away from oil and establish
itself as a financial sector like Gulf neighbors Dubai and
Bahrain
But despite its enormous wealth it has made little progress
as many of its plans including a proposed financial regulator
have been stalled by a protracted row between the cabinet and
parliament
This is perhaps a reminder of why Kuwait should have a
regulatory environment It should have a stock market authority
like Saudi Arabia UAE Bahrain and Oman to regulate the
industry said Haissam Arabi chief executive and fund manager
at Gulfmena Alternative Investments in Dubai
The structure of legislations in Kuwait needs to be
revised It can t be a financial hub without that
QUESTIONING DEALINGS
Kuwait is home to the Arab world s second largest bourse
but has no financial regulator and lax rules by international
standards on what companies must tell the stock market
A minimum of corporate data has to be released and some
companies leak market moving news or even release their results
first in the local press late at night or over the weekend to
the dismay of investors
Kuwaiti newspapers are full of unsourced reports on a daily
basis accurate or false but officials rarely respond to
requests for confirmations
In recent weeks local newspapers have said Kuwaiti banks
have more than 1 billion in loans to troubled Saudi
conglomerates Saad and Algosaibi
The central bank which is responsible for overseeing the
sector has repeatedly declined to comment
Much like its neighboring Gulf states many of Kuwait s
biggest firms are controlled by a handful of men who are members
of or linked to the ruling al Sabah family
Braikan was the chief executive of Al Raya Investment which
is 10 percent owned by Citigroup Inc and chaired by a senior
member of the al Sabah family
The SEC s lawsuit last week also named Kuwait s KIPCO Asset
Management Co KAMCO and a Bahrain based bank United Gulf Bank
accusing them of benefiting from illegal trades
Both companies are part of Kuwait Projects Co KIPCO a
major investment firm which has stakes in 50 companies operates
in 21 countries and is headed by the son of the country s ruler
KIPCO is also a major investor in Al Raya
This company KIPCO has always been famous for handling
the money of very important people and so when something like
this happens it makes one question all the dealing that has
gone through the company said a Kuwait based analyst who asked
not be identified
KIPCO seen as one of the more transparent firms in a very
opaque market is among the few that give an annual earnings
outlook and hold regular conferences for foreign investors
This incident will shed the light on the need for tougher
legislation for bourse trading and leaked media reports in
Kuwait said a Kuwait based banker
For a take a look of related stories please double click on
Editing by John Stonestreet |
C | UPDATE 1 Sumitomo Trust to buy Citi s Nikko Asset Nikkei | Japan No 5 bank to buy Citi asset firm for 1 1 bln paper
Sumitomo Trust may sell stake in Nikko Asset to SMFG paper
Sumitomo Trust will also consider IPO of unit paper
TOKYO July 29 Reuters Sumitomo Trust and Banking Co has
agreed to buy Citigroup s Japanese asset manager Nikko Asset
Management for about 100 billion yen 1 1 billion the Nikkei
newspaper said on Wednesday
Sumitomo Trust Japan s fifth largest bank is likely to make
the acquisition by October the paper said without identifying
its sources
Acquiring Nikko Asset s roughly 9 trillion yen in assets
under management would make Sumitomo Trust Japan s top asset
manager with a total of about 35 trillion yen the Nikkei said
Nikko Asset is Japan s third largest mutual fund manager and
is well known to both institutional and retail investors
Spokesmen for both Nikko Asset and Sumitomo Trust declined to
comment as did a Hong Kong based spokesman for Citigroup
Sumitomo Trust may consider selling a stake in Nikko Asset to
Sumitomo Mitsui Financial Group Japan s third largest bank the
paper said
Sumitomo Mitsui recently acquired Citigroup s Japanese retail
brokerage Nikko Cordial
Sumitomo Trust will also consider taking Nikko Asset public
the paper said
Citigroup has been selling off its assets in the world s
second largest economy after taking 45 billion in U S
government money following the credit crisis
Reporting by David Dolan Editing by Edwina Gibbs |
WMB | NBA roundup Pacers halt Lakers win streaks | Domantas Sabonis had 26 points and 10 rebounds to lift the Indiana Pacers to a 105 102 win against the Lakers on Tuesday night in Indianapolis snapping Los Angeles seven game overall winning streak and 14 game road winning streak
Myles Turner had 16 points Malcolm Brogdon scored 14 and T J Warren finished with 12 for the Pacers who stretched their victory streak to four games
LeBron James had 20 points nine rebounds and nine assists Dwight Howard made all 10 of his field goal attempts and scored a season high 20 points and Avery Bradley added 13 points for the Lakers who came in with the best record in the NBA at 24 3
Los Angeles star Anthony Davis sat out after spraining his right ankle on Sunday at Atlanta
Utah Jazz 109 Orlando Magic 102
Donovan Mitchell and Bojan Bogdanovic scored 30 points apiece to lead Utah past Orlando in Salt Lake City The Jazz posted their third straight win and fourth in the past five games
Joe Ingles added 16 points and 12 rebounds and Rudy Gobert recorded 12 points and 19 boards as Utah beat Orlando for the 14th time in the past 18 meetings Royce O Neale added 11 points for the Jazz
D J Augustin scored 22 points on 8 of 10 shooting and Evan Fournier added 19 points for the Magic who have lost four of their past five games Markelle Fultz tallied 14 points and Nikola Vucevic had 12 points and 11 rebounds
Charlotte Hornets 110 Sacramento Kings 102
Malik Monk scored 23 points off the bench 14 in the fourth quarter and host Charlotte rode a strong fourth quarter to a victory over Sacramento
The outcome spoiled a productive return for Kings guard De Aaron Fox who posted a team high 19 points as a reserve Fox who played for the first time since Nov 8 had been out with an ankle injury
Cody Zeller s 17 points Marvin Williams 16 points and Devonte Graham s 15 points were key for the Hornets who have won four of their past five games
Brooklyn Nets 108 New Orleans Pelicans 101 OT
Spencer Dinwiddie scored six of his game high 31 points in overtime and Brooklyn handed host New Orleans its franchise worst 13th straight loss
Dinwiddie scored at least 20 points for the fifth straight game and his eighth in Brooklyn s last nine Joe Harris added 24 points Jarrett Allen had 12 points and 14 rebounds and David Nwaba scored 12
Brandon Ingram led the Pelicans with 22 points and 10 rebounds and Jrue Holiday scored 21 points
New York Knicks 143 Atlanta Hawks 120
Rookie RJ Barrett scored a season high 27 points while Marcus Morris Sr and Mitchell Robinson added 22 apiece for New York who routed visiting Atlanta
Julius Randle added 17 points and 11 rebounds for the Knicks who shot 55 8 percent from the floor the first time they reached 50 percent this season Kevin Knox II scored a season high 17 points Bobby Portis added 11 points and Robinson pulled down 13 rebounds to go along with his career high point total
Atlanta star Trae Young led all scorers with 42 points his third 40 point game this season Young s big game was hardly enough as the Hawks dropped their fifth straight contest fell to 2 16 in their past 18 games and allowed at least 140 points for the third time
Los Angeles Clippers 120 Phoenix Suns 99
Paul George scored 24 points and Kawhi Leonard added 20 guiding Los Angeles to a victory over visiting Phoenix
Lou Williams NYSE WMB who returned from a two game absence caused by a sore calf had 20 points and eight assists for the Clippers who are 14 1 at home and winners of five of their past seven contests Williams converted 5 of 7 3 point attempts and made 7 of 13 shots from the floor
Kelly Oubre Jr had 19 points for the Suns who lost their fourth consecutive contest Deandre Ayton who returned from his 25 game suspension for testing positive for a diuretic finished with 18 points and 12 rebounds seven of those on the offensive end |
WMB | 2019 a year of upheaval except for Nadal and Djokovic | By Martyn Herman LONDON Reuters In many ways 2019 felt like a year of upheaval with a revamped Davis Cup a shake up in the ATP hierarchy and new faces lighting up the women s game yet some things notably the furniture at the top of men s tennis refuse to budge Novak Djokovic and Rafael Nadal dominated the Grand Slams Djokovic beating Nadal and Roger Federer to claim the Australian Open and Wimbledon and Nadal sealing a 12th French Open crown by beating Dominic Thiem and then fighting off young Russian Daniel Medvedev to win the U S Open Federer missed out most notably in heartbreaking fashion in Wimbledon s longest ever men s singles final failing to convert two championship points before losing in a fifth set tiebreak triggered at 12 12 an historic first for a Wimbledon final It left the 38 year old Federer stuck on 20 Grand Slam titles and when Spaniard Nadal 33 won the U S Open a few weeks later he moved to 19 bringing the world number one closer than ever to drawing level with his Swiss rival With Djokovic on 16 and the golden trio refusing to move aside their battle for supremacy will recommence in a few weeks in Melbourne where a fearless new gang led by Greek Stefanos Tsitsipas winner of the ATP Finals title Medvedev and Canada s Felix Auger Aliassime to name just three will believe they can usher in a new era of Grand Slam champions No one is holding their breath for that but in the women s game the future has arrived Japan s Naomi Osaka 22 beat Petra Kvitova to win the Australian Open backing up her 2018 U S Open title Ashleigh Barty 23 became the first Australian woman to win the French Open since 1973 beating Czech teenager Marketa Vondrousova in the final and ended the year ranked as the WTA s number one At the U S Open Serena Williams NYSE WMB had a fourth chance to equal Margaret Court s record 24 Grand Slam singles titles but lost to 19 year old Bianca Andreescu who in turn became the first Canadian to win one of the four majors The tennis season culminated in Madrid where the new incarnation of the 119 year old Davis Cup was won by the Nadal inspired home side beating Canada in an emotional final in which Nadal s team mate Roberto Bautista Agut won his singles match just days after the death of his father It was a memorable end to a long week which saw 18 nations do battle over 25 ties in the soccer World Cup type format that replaced the old World Group format spanning almost a year While it was an encouraging start the International Tennis Federation ITF and partners Kosmos Barcelona soccer player Gerard Pique s investment company which is bankrolling the event to the tune of 3 billion over 25 years will need to make tweaks Many ties were played in front of banks of empty seats while the packed schedule meant play went on beyond midnight on most nights one tie between Italy and the U S concluding at 4 04am The most important thing by far is the soul of the Davis Cup Pique whose partner Shakira sang before the final said I m sure that for next year we will improve a lot because now people know what to expect from this new format While the ITF wrestled with its flagship event men s governing body the ATP had a tumultuous year with chief executive and chairman Chris Kermode being ousted after he failed to garner the required support from the Board
Juggling the conflicting demands of players and tournament owners will now become the poisoned chalice of Italians Massimo Calvelli confirmed as the new chief executive this month and new chairman Andrea Gaudenzi |
WMB | NY Fed s Williams says economy monetary policy in a good place CNBC | By Jonnelle Marte
NEW YORK Reuters New York Fed President John Williams NYSE WMB said Wednesday that monetary policy is in a good place to support the economy and he expressed an optimistic outlook for 2020
I feel very good about how the economy s been this year how it s progressed and feel very good about how it s going to look next year Williams said in an interview with CNBC
The policymaker said he expects the U S economy will grow by about 2 next year the unemployment rate will stay close to 3 5 and inflation will approach the Federal Reserve s 2 target
Fed officials voted unanimously to leave interest rates unchanged at last week s policy meeting Williams says future rate decisions will be data dependent and echoed the views expressed by some of his peers this week that interest rates are in a sweet spot heading into next year and that it would require a material change to the outlook for officials to either raise or lower borrowing costs nL1N28R1A1
Williams praised the central bank s efforts to calm money markets after a liquidity crunch in mid September caused short term borrowing rates to spike above the Fed s target range
The Fed is injecting billions of dollars of liquidity into overnight lending markets through operations in the market for repurchase agreements or repo And since mid October the Fed has been purchasing 60 billion a month in short term Treasury bills to increase the size of the balance sheet and boost the level of reserves in the banking system
Asked if regulations should be adjusted to ease repo market stress Williams said his focus is on carrying out monetary policy He said it is possible some pressure may emerge over the next couple of weeks but added that the Fed is ready to keep markets running smoothly
Typically at the end of the year there are pressures that move certain repo rates and interest rates around for various reasons I m guessing that that will happen this year as well he said
But we are in a very good position in terms of providing liquidity providing reserves to the system and importantly keeping the federal funds rate in the range through the year end |
WMB | Fed s Williams Would Welcome a Further Decline in Unemployment | Bloomberg Federal Reserve Bank of New York President John Williams NYSE WMB said monetary policy is in the right place and expressed little worry over inflation even if unemployment falls further
We haven t seen inflationary pressures really emerge even with very low unemployment Williams said Wednesday in an interview on CNBC television If the unemployment rate moved down somewhat I actually think that would be very good in terms of a strong labor market probably help move inflation back up
Inflation in the U S as measured by the Fed s preferred gauge has undershot the central bank s 2 target for most of the past seven years even as unemployment has declined to a half century low of 3 5
Fed officials signaled this month that interest rates will likely remain on hold for an extended period after they cut their benchmark rate three times in the second half of 2019 in the face of growing risks to the economy Several policy makers have said they won t support adjusting rates again until they see a material change in their outlook for moderate growth low unemployment and low inflation
Williams repeated that line and characterized the economy in upbeat terms He s forecasting growth in 2020 of around 2 expects unemployment to remain near the current level and believes inflation will move closer to the Fed s 2 objective
I feel very good about where the economy s been this year and feel good about how it s going to look next year very close to our maximum employment and price stability goals he said My outlook is very positive
Risks Remain
Still he continued to see peril in the slow pace of global growth and on the international geopolitical front despite positive trade developments
There s still some significant risks to the downside he said Some of this uncertainty is going to likely be with us for the time being
Asked whether the Fed is aiming to push inflation above its target to make up for past undershoots Williams referred to the Fed s policy of pursuing 2 inflation in a symmetrical way meaning it can tolerate equally some misses to the upside and to the downside
He also suggested a subtle shift when he added this meant hitting 2 on average
I really see this notion that we re on average around 2 inflation sometimes a little bit above sometimes below and that s what I think the word symmetric means he said
The Fed s annual Statement on Longer Run Goals and Monetary Policy Strategy a document that s voted on each year and articulates the Fed s approach to hitting the goals set by Congress has never expressed the inflation target as something policy makers aim to hit on average Instead it has directed officials to ignore the past performance of inflation and seek to move inflation closer to the target at all times
Williams addressed worries about year end liquidity in overnight funding markets by saying the Fed s actions to date have been highly effective
We are in a very good position in terms of providing liquidity providing reserves to the system and importantly keeping the federal funds rate inside its target range he said |
WMB | Suns Ayton begins second act after suspension | By Jahmal Corner
LOS ANGELES Reuters Phoenix Suns big man Deandre Ayton is again in unfamiliar territory after returning from suspension to find a team breaking new ground with a coach and cast he has yet to learn The second year Bahamian played in his first game for the Suns on Tuesday since serving a 25 game suspension for testing positive for a diuretic and violating the terms of the NBA NBPA Anti Drug Program
In many ways the NBA s 2018 top overall pick is starting from scratch Ayton played in this year s season opener before being banned for an offense he said was an unintentional mistake
In his absence Phoenix climbed to a surprising 11 16 start after winning just 19 games last season under the first year guidance of Monty Williams NYSE WMB Ayton 21 took the court against the Los Angeles Clippers on Tuesday playing in a system he had only learned in theory
These dudes is moving the ball they re kinda fast a surprised Ayton told Reuters after recording 18 points and 12 rebounds in a defeat to the Clippers
I gotta hurry up and wake up to the pace of the offense Three passes and my legs were burning after setting two screens I have to get back into my groove Ayton s integration into the new Suns will be interesting On paper adding an athletic seven footer who averaged 16 3 points and 10 3 rebounds as a rookie is a boost but the roster has changed Williams emphasizes heavy movement and sharing of the basketball and new additions like Spaniard Ricky Rubio Kelly Oubre and Croatian Dario Saric absorb more attention Ayton showed both rust and promise against the Clippers His mobility will give the Suns a big target as a screener who can dive into the lane but he will also take up space
He looked good athletic And then there were times where he looked out of sync Williams said
He hadn t played in an NBA game in a long time I think once he gets his timing back and gets a rhythm with our guys he s going to get better and better Ayton s road back to the court was even longer than necessary The bus he was riding to the Staples Center in Los Angeles got caught in traffic and he arrived just over an hour before tipoff The bus driver came through with some clutch driving Ayton said As soon as I walked in and saw media I said yeah this is real Once I stepped on the floor I knew I would be alright |
WMB | U S economy on good path with rates on hold Fed policymakers say | By Ann Saphir and Jonnelle Marte INDIANAPOLIS NEW YORK Reuters The U S economy is in good shape after three interest rate cuts this year two U S central bankers said on Wednesday underscoring the consensus at the Federal Reserve for keeping borrowing costs where they are for the time being I think the economy is doing remarkably well Chicago Federal Reserve Bank President Charles Evans told the Economic Club of Indiana And though he is personally worried that inflation continues to run below the Fed s 2 target he now sees enough accommodation in place to boost it to 2 2 by 2022 A few hours earlier he had toured the Indianapolis Motor Speedway home to the oldest car race in the world where he had taken a spin around the now snowy track in a Chevrolet Tahoe at a top speed of 35 miles an hour The record for an Indy 500 lap is just over 237 miles an hour You don t hit the finish line at the Indy 500 by decelerating you accelerate right through to make sure you get there Evans said at the event Later he told reporters I do think it s extremely important that we get inflation up to 2 I actually think it s important that we overshoot at this point in the economic cycle That view to abide by a symmetric approach to the 2 target and allow inflation to run hot on occasion without tapping the brakes appears to be popular among policymakers as they enter the final stage of a year plus long review of how they conduct policy ALL ON BOARD Fed officials voted unanimously to leave interest rates unchanged at last week s policy meeting in a target range between 1 5 and 1 75 and have signaled it would require a material change to the outlook to either raise or lower borrowing costs We are looking for the economy to continue to grow labor markets to continue to be strong Evans said adding that he is comfortable with leaving rates where they are through next year and then with one rate hike in each of 2021 and 2022 That s the median projection of Evans and his fellow policymakers though some believe a steeper rate hike path will likely be appropriate and others believe rates should stay lower for longer It would take a lot of new data for me to change my opinion about that Evans said Inflation would have to go above 2 by some meaningful amount for me to really think that we need something more restrictive New York Fed President John Williams NYSE WMB on Wednesday also expressed an optimistic outlook for 2020 I feel very good about how the economy s been this year how it s progressed and feel very good about how it s going to look next year Williams said in an interview with CNBC The policymaker said he expects the U S economy will grow by about 2 next year the unemployment rate will stay close to its current 3 5 level and inflation will approach the Federal Reserve s 2 target Speaking later in the day in a separate CNBC interview Richmond Fed President Thomas Barkin said he believes Fed policy is still accommodative
I think the major reason the consumer is strong is they have jobs and not only do they have jobs but real wages are up he said I think our rate moves this year have helped some but they ve helped in the context of what s been a very strong consumer all year long |
WMB | Few minds changed but political passions roused as Trump formally impeached | By Andrew Hay Gabriella Borter Brendan O Brien and Zachary Fagenson
PHOENIX Reuters Jim Williams NYSE WMB a 66 year old steelworker and supporter of U S President Donald Trump watched in astonishment this week as hundreds of people gathered on a Phoenix street corner to demand the House of Representatives impeach the Republican
I had to come and see it for myself I can t believe there are that many people here in Phoenix who want to impeach the president said Williams a Republican and member of Bikers for Trump I mean the economy s good people are working unemployment is down He s kept promises
Months of hearings into whether Trump abused power by withholding military aid to Ukraine while asking it to investigate a re election rival have done little to change Americans views on his presidency Strong majorities of Democrats believe he should be impeached while strong majorities of Republicans say he should not
But they appear to have raised the level of political engagement among many of the dozens of voters interviewed by Reuters this week ahead of Wednesday s House vote to impeach Trump He became only the third U S president to be impeached and now faces trial in the Republican led Senate
At businesses restaurants rallies and shops Reuters spoke with more than 50 voters in four districts that will play a critical role in deciding the Nov 3 presidential election Pinellas County Florida Maricopa County Arizona Northampton County Pennsylvania and Racine County Wisconsin
More than a third of those interviewed said they had become more politically active citing the impeachment proceedings as one reason and planned to knock on doors donate money or join rallies intended to boost voter turnout
Given that the Republican controlled Senate is unlikely to oust Trump how that energy plays out in next year s campaign will determine the president s political future
You at least have to go through the process said Jack Zerbe a 36 year old software developer in Bethlehem Pennsylvania I m hoping there are some swing voters who actually care
Concern over Trump s conduct in office inspired Zerbe to make plans to campaign for next year s Democratic presidential nominee whoever it is although he worries Trump will be re elected
I M SO INCENSED
On Tuesday about 200 Trump supporters packed into a Clearwater Florida sports bar to bemoan the looming House vote and sketch out next moves
Sunnie Duke 60 said membership in the Tampa Bay Trump Club where she volunteers had nearly doubled to 6 900 since the start of the summer
I m so incensed I told all of my children and grandchildren that for the holidays this year you re getting a cause from me and I m going to write a check on behalf of each of you to re elect President Donald Trump Duke said
Jerry Pritchard the 53 year old chairman of a precinct Republican committee in Northampton Pennsylvania said the impeachment process played to Trump s advantage an assertion the president makes that is undercut by polling
It s going to push the people to say Wait a minute we voted for Trump Pritchard said over coffee
Pritchard said he called his U S representative Democrat Susan Wild several times in the past week to complain about her support for impeachment He has knocked on doors for past Republican candidates and plans to do so for Trump in 2020
I can t wait to stand up in my town hall next Tuesday and lay it all out about Donald Trump Pritchard said
Anger over the impeachment inspired Bruce Ashford 59 to mount a solo protest in Racine Wisconsin waving a handmade Trump 2020 at motorists in freezing temperatures on Wednesday
I probably won t be out here if it weren t for the impeachment the proceedings are not warranted said Ashford whose past political activity had been limited to voting
Now he plans to work to re elect Trump going door to door to talk to voters I want to get out the word and engage people
WHOLE SITUATION IS UNBELIEVABLE
In St Petersburg Florida Lyndee Lindsey joined a crowd of about 300 people calling for Trump s impeachment
It was not her first political event but it represents a change of sides The 61 year old retiree was once a Republican who worked for Florida politicians but became a Democrat and voted for Hillary Clinton in 2016
Until recently Lindsey was reluctant to join political events because her husband works with state Republicans But she said she felt compelled to become more active as the impeachment investigation advanced
Now she said I donate I attend events and I ve done a couple of drives to register voters and I plan to do more
Similarly Lee Bryant a 58 year old U S Navy veteran said concerns over Trump s actions prompted him to get more involved with Pinellas County Democrats
I ll do whatever needs to be done phone banking sign waving getting more people involved he said This whole situation is unbelievable
The Phoenix crowd that stunned Williams with its opposition to Trump included Jolie Runyan 55 attending her first political rally
The tour director said she planned to join future voter turnout efforts
I m not afraid to speak truth to power Evil prevails when good people do nothing said Runyan holding a sign that read Impeach |
WMB | Trailblazer Shields putting women s boxing on the map | By Rory Carroll
LOS ANGELES Reuters Claressa Shields says that when she steps into the boxing ring she is fighting not just for herself but also to elevate the profile of the sport she loves
The American has helped put women s boxing on the map and with victory over Ivana Habazin in Atlantic City on Jan 10 she would become the fastest boxer in history male or female to hold three division world titles at the same time
Shields told Reuters she is proud to be the face of the emerging sport
With women s boxing I m definitely the trailblazer said the undefeated 24 year old who won gold medals at the 2012 and 2016 Olympics
We have some other trailblazers but I m the one carrying the sport taking the biggest challenges and making the most history
I want to be looked at not just as a great boxer but as one of the best women athletes in sports
The adversity Shields faced growing up in impoverished Flint Michigan shaped her outlook on life and her boxing style which combines a high ring IQ with devastating power
Growing up in Flint you have to be tough mentally physically and spiritually she said
There was never a time for weakness ever in Flint You always had to defend yourself
Women s boxing effectively didn t exist when Shields was young so she had to look outside her discipline for inspiration which she found in a young tennis player from Compton California
My role model was Serena Williams NYSE WMB she said of the American 23 times Grand Slam singles champion
I know she s not a boxer but the kind of legacy that she has in tennis I want to have that in boxing
I want to be at the top of my sport and be able to stand up for African Americans stand up for women and display that strong women figure she said
She s 5 9 5 10 stature maybe 180 pounds Big butt small waist pretty dark skin That s who I idolized when I was growing up
BADDEST WOMAN
The biggest story in women s combat sports heading into 2020 is a possible crossover fight between Shields and Brazilian MMA champion Amanda Nunes
Shields said she was disappointed to hear Nunes reject a proposed two fight deal that would see them face off once inside the UFC octagon and then in the boxing ring
Nunes flatly rejected the invitation to box this week although she said she would fight Shields in MMA something Shields has never done
I was shocked to hear her say that Shields said
Maybe I have too much of a competitive spirit but I thought we were one and the same
Maybe she doesn t desire to be known as the baddest woman on the planet maybe she s okay with being known as the baddest women in MMA
But for me MMA champion Conor McGregor came over to fight boxing champion Floyd Mayweather so I don t know I guess her boxing coach should be ashamed of himself
Shields said that either way she plans to begin learning MMA in anticipation of a cross over bout
Before that however she is focused on taking care of business on Jan 10 when she will look to extend her professional record to 10 0
After I become a three time division world champion then I ll start doing some MMA training and get into it she said |
WMB | Exclusive The Brits who won t Brexit | By Clare Baldwin Reuters British Prime Minister Boris Johnson won a thumping election victory last week on a campaign to get Brexit done but not before some wealthy donors to his Conservative Party quietly took steps to stay inside the European Union Cyprus government documents seen by Reuters show that Conservative Party donors have sought citizenship of the island an EU member state since Britain voted to leave the bloc in 2016 They include billionaire Alan Howard one of Britain s best known hedge fund managers and Jeremy Isaacs the former head of Lehman Brothers for Europe the Middle East and Asia Cyprus interior ministry recommended that both men s applications be approved the government documents show The Conservative Party won another term in office last week after an election campaign that was dominated by Brexit Johnson called the election to try to gain a majority in Parliament to push through his plan to take Britain out of the EU early next year That some Brits who made a career out of assessing risk have applied for second passports may suggest sagging confidence in Britain s economy after it leaves the EU A broker who makes his living handling such passports says he s seen a surge of enquiries from Brits looking for ways to keep their European Union citizenship Brexit is the only factor driving this says Paul Williams NYSE WMB chief executive of passport brokerage La Vida Golden Visas The right to live work study or set up business anywhere in Europe says Williams that all changes with Brexit According to Britain s Electoral Commission Howard donated at least 129 000 to the Conservative Party personally and through his company between 2005 and 2009 Isaacs made personal and corporate donations of at least 626 500 to the party 50 000 of it earmarked for The In Campaign a group lobbying to remain in the EU The Cyprus government documents show that Howard and Isaacs and his wife all sought Cypriot citizenship in 2018 A spokesperson for Howard declined to comment Isaacs did not respond to requests for comment His assistant said he was traveling and unavailable The Conservative Party didn t respond to requests for comment Britain voted narrowly to leave the European Union in 2016 but the details of the country s future relationship with the bloc are still unclear Economists have said Britain will be economically poorer under every form of Brexit compared with staying in the EU Cypriot citizenship costs a minimum of 2 million euros of which at least 500 000 euros must be permanently invested At no point in the application process is the applicant compelled to live in or even visit Cyprus Cyprus is popular with people seeking a second passport because the entire investment can be in real estate and it has low taxes The Cyprus government documents reviewed by Reuters also list a man named David John Rowland as having sought citizenship The documents that name Rowland contain scant details showing only that he applied for a Cypriot passport as part of an investor group Separate Cypriot company records list a UK national David John Rowland as a director of a company called Abledge Ltd which was registered on Dec 31 2015 These records show Rowland s home address to be on the British tax haven island of Guernsey the home of the David John Rowland who is a Conservative Party donor former Party treasurer property developer and financial adviser to Prince Andrew Reuters couldn t determine Abledge Ltd s line of business or any other information about the firm A spokesperson for a bank owned by Rowland Banque Havilland declined to comment Repeated requests through another of Rowland s businesses and his personal email address went unanswered A spokesperson for the palace declined to comment The Cypriot government declined to comment about any of the individuals named in this story or on the status of a government review of its passports for sale scheme citing EU privacy rules Electoral Commission records show that Rowland has donated at least 6 5 million to the Conservatives since 2001 854 500 of it since the Brexit vote Prime Minister David Cameron named him Tory treasurer and chief Conservative fundraiser after the millions of pounds he donated to the 2010 general election campaign to protect Britain s liberty and economic future Rowland told media at the time He quit before officially taking up the post Isaacs was once seen as a successor to Dick Fuld but ended up leaving Lehman shortly before the global financial crisis In 2015 he became a Commander of the Order of the British Empire at the Queen s birthday honors Howard made billions on the 2008 financial crisis by predicting interest rate and currency moves and profited again on the Brexit vote by accurately tracking voter sentiment media reported When an emergency UK budget raised taxes on the wealthy in 2010 Howard moved to Switzerland He has since returned to Britain But last year the master of hedging hedged his bets against holding only British citizenship Another British financier who sought Cypriot citizenship is James Brocklebank a managing partner at private equity firm Advent International In 2016 he said that even if Brexit were ultimately a good thing it would create significant challenges and cause the UK to lose out on investment He applied for Cypriot citizenship in 2018 A spokesperson for Brocklebank declined to comment |
JPM | Bischoff to become chairman of JPMorgan in Europe | By Huw Jones LONDON Reuters Win Bischoff chairman of Britain s accounting watchdog the Financial Reporting Council will also become chairman of JPMorgan Chase s N JPM European arm from January the investment bank said on Tuesday
His appointment to JPMorgan comes at a time when British lawmakers are keen for the FRC to scrutinize the accounts of banks more closely
Lawmakers have questioned regulators over why accountants gave banks a clean bill of health just months before they had to be rescued by taxpayers in the 2007 09 financial crisis
The FRC said that the UK government s business ministry which appointed Bischoff to head the accounting watchdog was aware at the time that he might take up a post at JPMorgan
Bischoff s appointment at the bank has been approved by the banking sector s two main regulators the Financial Conduct Authority and the Bank of England s Prudential Regulation Authority the FRC said
Bischoff took up the reins at the FRC earlier this year after stepping down as chairman of Lloyds L LLOY bank He will work about two days a week at the bank and two and a half days at the watchdog
An FRC spokeswoman said the regulator did not believe there was any conflict of interest in Bischoff working for a regulator and a bank
Potential and actual conflicts of interest are monitored the spokeswoman said
Bischoff began his role as a non executive director and lead independent advisor of JPMorgan Securities JPMS the Wall Street bank s main legal entity in Europe the Middle East and Africa on Tuesday according to an internal memo sent by Daniel Pinto head of JPMorgan in Europe and CEO of the global corporate and investment bank
He will also serve on the Directors Risk Policy Committees for JPMS and JPMorgan Europe Limited as well as the EMEA Governance Review Committee and the EMEA Audit and Compliance Committee the memo said
Bischoff s role will involve monitoring the firm s strategy executive management performance and standards of conduct and is central to its international governance Pinto said in the note
The FRC warned accountants in May that they must sharpen their act when it comes to checking the books of banks or they could be forced to take corrective action
Additional reporting by Clare Hutchison Eiting by Crispian Balmer |
BMY | BMY Vs AZN Which Stock Is The Better Value Option | Investors with an interest in Large Cap Pharmaceuticals stocks have likely encountered both Bristol Myers Squibb BMY and Astrazeneca LON AZN But which of these two companies is the best option for those looking for undervalued stocks Let s take a closer look
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system The Zacks Rank favors stocks with strong earnings estimate revision trends and our Style Scores highlight companies with specific traits
Bristol Myers Squibb and Astrazeneca are sporting Zacks Ranks of 1 Strong Buy and 3 Hold respectively right now Investors should feel comfortable knowing that BMY likely has seen a stronger improvement to its earnings outlook than AZN has recently But this is just one factor that value investors are interested in
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels
Our Value category highlights undervalued companies by looking at a variety of key metrics including the popular P E ratio as well as the P S ratio earnings yield cash flow per share and a variety of other fundamentals that have been used by value investors for years
BMY currently has a forward P E ratio of 13 54 while AZN has a forward P E of 23 38 We also note that BMY has a PEG ratio of 1 46 This figure is similar to the commonly used P E ratio with the PEG ratio also factoring in a company s expected earnings growth rate AZN currently has a PEG ratio of 2 08
Another notable valuation metric for BMY is its P B ratio of 6 18 The P B ratio is used to compare a stock s market value with its book value which is defined as total assets minus total liabilities For comparison AZN has a P B of 6 92
Based on these metrics and many more BMY holds a Value grade of B while AZN has a Value grade of C
BMY has seen stronger estimate revision activity and sports more attractive valuation metrics than AZN so it seems like value investors will conclude that BMY is the superior option right now |
BMY | Infinity INFI Q3 Earnings Beat Estimates Revenues Up Y Y | Infinity Pharmaceuticals Inc NASDAQ INFI reported earnings of 23 cents per share in third quarter 2018 against the Zacks Consensus Estimate of a loss of 14 cents The company reported a loss of 14 cents in the year ago quarter
Since Infinity does not have any approved product in its portfolio yet the company earns revenues in the form of royalties license and milestone payments as well as research and development R D support fees paid by its partners The company reported collaboration revenues of 22 million in the quarter compared with 6 million in the year ago quarter
The revenues are related to the amount due from Verastem NASDAQ VSTM for the FDA approval of duvelisib on Sep 24 2018 for the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma after at least two prior therapies as well as adult patients with relapsed or refractory follicular lymphoma after at least two prior systemic therapies
Infinity s shares have increased 17 2 year to date against the s decline of 4 8
Quarter in Detail
In the quarter R D expenses decreased 42 4 to 5 4 million due to the convertible note issued to Takeda in July 2017
General and administrative G A expenses were 3 4 million in the quarter down 23 6 from the year ago quarter The decrease was mainly due to a reduction in stock compensation
2018 Outlook
Infinity revised its outlook for 2018 The company expects net loss for 2018 to be 10 20 million down from its previous expectation of 35 45 million The company anticipates year end cash cash equivalents and available for sale securities balance to be 50 60 million compared with its previous expectation of 15 25 million Moreover Infinity expects existing cash cash equivalents and available for sale securities to be adequate to fund the company s capital needs in 2020
Other Updates
Infinity is evaluating IPI 549 as a monotherapy as well as in combination with Bristol Myers NYSE BMY Opdivo in a MARIO 1 phase I Ib study in approximately 200 patients with advanced solid tumors
The company is also planning to initiate the MARIO 275 phase II study to evaluate the effect of adding IPI 549 to Opdivo in checkpoint inhibitor na ve advanced urothelial cancer patients who have progressed or recurred following treatment with platinum based chemotherapy
Further Infinity s partner Arcus Biosciences NYSE RCUS will initiate two triple combinations investigating IPI 549 with their dual adenosine receptor antagonist AB928 anti PD 1 antibody AB122 and chemotherapy in triple negative breast cancer and ovarian cancer One triple combination therapy will evaluate IPI 549 in combination with AB928 and AB122 and the second will evaluate IPI 549 in combination with AB928 and chemotherapy with topline data expected in 2019 Infinity Pharmaceuticals Inc Price Consensus and EPS Surprise
Zacks Rank
Infinity has a Zacks Rank 2 Buy You can see
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