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C | UPDATE 2 Deutsche Morgan tapped for AIA IPO role sources | Deutsche Morgan Stanley to coordinate AIA IPO sources
Bookrunners other details still to be determined
More than 30 banks submitted proposals for the job
IPO seen raising over 4 billion in H1 2010
Adds details background
By Michael Flaherty
HONG KONG June 18 Reuters Bailed out U S insurer
American International Group has chosen Deutsche Bank
and Morgan Stanley as joint global
coordinators for the more than 4 billion IPO of its Asian life
insurance unit banking sources said on Thursday
The choice of Deutsche Bank came as a surprise to rivals
who thought the top coordinators would be U S banks with
strong ties to what was once the world s largest insurer
The American International Assurance Co AIA offering will
be the biggest Hong Kong IPO since April 2007 and a fee bonanza
for the banks Coordinators and bookrunners typically earn
around 3 percent in fees so a 5 billion IPO could produce
at least 150 million in fees split between the banks
More than 30 banks submitted proposals to be global
coordinators and bookrunners for the job
Ninety year old Hong Kong based AIA with more than 60
billion in assets under management provides coverage to about
20 million customers close to a third of AIG s total
customer base
Morgan Stanley which is advising the U S Federal Reserve
on the AIG bailout had been expected to be named as a global
coordinator
The bigger surprise is Deutsche Bank as much of the
speculation for the lead role had focused on U S banks that
had previously worked with AIG and AIA Citigroup and
Goldman Sachs advised on the sale of AIA this year that
was ultimately pulled
Deutsche Bank though does have a track record on major
Asian IPOs
It was appointed joint global coordinator of China Life s
601628 SS 3 48 billion IPO in December 2003 and was among
the banks that handled the 19 1 billion IPO of Industrial and
Commercial Bank of China 601398 SS in October 2006
The sources involved in the AIA process cautioned that the
formal structure of the joint coordinators and bookrunners had
yet to be made official Co managing an IPO is another role
but usually comes without a fee
The sources were not authorised to speak publicly about the
IPO because the final decision on bookrunners had not been
made
The IPO is part of a larger divestiture programme by AIG as
it looks to repay U S taxpayers after a series of bailouts in
which the federal government committed about 180 billion to
AIG s rescue including about 85 billion in loans
The AIA IPO is expected in the first half of 2010 in Hong
Kong AIA and AIG would have separate boards and management
teams ID nN17390217
Reporting by Michael Flaherty Editing by Jacqueline Wong
Chris Lewis and Ian Geoghegan |
WMB | Top 25 roundup Illinois shocks No 6 Wisconsin | Illinois James McCourt kicked a 39 yard field goal as time expired and quarterback Brandon Peters passed for 174 yards and two touchdowns as the host Fighting Illini stunned No 6 Wisconsin 24 23 on Saturday Reggie Corbin rushed for 83 yards and a touchdown for the Illini 3 4 1 3 Big Ten who broke a four game losing streak and scored the final 10 points of the game after two Wisconsin turnovers a fumble by Jonathan Taylor and an interception by Jack Coan Peters 29 yard touchdown pass to Josh Imatorbhebhe with 5 53 remaining closed the Illini gap to 23 21 and Tony Adams set up Illinois final drive with an interception near midfield with 2 32 remaining as Wisconsin 6 1 3 1 Big Ten gave up three touchdowns in a game for the first time this season Taylor rushed for 132 yards and a touchdown and Coan completed 24 of 32 passes for 264 yards and a touchdown for the Badgers Taylor became the fourth player in FBS history to rush for 5 000 yards before his senior season joining Heisman Trophy winners Herschel Walker and Ron Dayne as well as LaMichael James with a 16 yard run over left guard on the first play from scrimmage No 1 Alabama 35 Tennessee 13 Trevon Diggs 100 yard fumble return with 7 21 left in the game finally enabled the Crimson Tide to put away the stubborn Volunteers in a Southeastern Conference win in Tuscaloosa Ala Diggs picked up a bouncing ball about two yards deep in the end zone after backup quarterback Jarrett Guarantano fumbled while trying to sneak for a touchdown on 4th and goal at the 1 It was the signature play in a defensive effort that saw the Crimson Tide 7 0 4 0 SEC hold the Volunteers 2 5 1 3 to 231 total yards Alabama needed that kind of performance from its defense after losing Heisman Trophy candidate Tua Tagovailoa late in the second quarter with a high ankle sprain after a sack Tagovailoa completed 11 of 12 passes for 155 yards and an interception Coach Nick Saban said after the game on an ESPN interview that Tagovailoa would likely miss a week or two No 2 LSU 36 Mississippi State 13 Joe Burrow started slowly but wound up breaking the school record for touchdown passes in a season with 29 as the Tigers beat the Bulldogs in an SEC game in Starkville Miss The Tigers 7 0 3 0 SEC settled for three short field goals on their first three possessions before Burrow got untracked in the second quarter He finished 25 of 32 for 327 yards and four touchdowns to four receivers Freshman Garrett Shrader made his second start at quarterback for Mississippi State 3 4 1 3 completing 17 of 28 passes for 238 yards with one touchdown and two interceptions He ran for 66 yards including a 12 yard touchdown in the second quarter No 3 Clemson 45 Louisville 10 Travis Etienne ran for 192 yards and a touchdown Trevor Lawrence overcame two early interceptions to throw for three scores and the visiting Tigers extended their winning streak to 22 games by beating the Cardinals Etienne topped the 100 yard rushing mark for the second straight game on just 14 carries and essentially put the game away for Clemson 7 0 5 0 ACC with a 49 yard touchdown run late in the third Lawrence picked off twice in the first quarter finished 20 of 29 for 233 yards with touchdown passes to Joseph Ngata Justyn Ross and Cornell Powell Meanwhile a Tigers defense that entered allowing 12 3 points per contest held potent Louisville 4 3 2 2 to 263 yards recorded six sacks and forced three turnovers No 5 Oklahoma 52 West Virginia 14 Jalen Hurts threw for three touchdowns and ran for two more as the Sooners blew out the Mountaineers in Norman Okla and improved to 7 0 for the first time since 2004 Hurts completed all but one of his 17 pass attempts for 316 yards He also ran for 75 yards CeeDee Lamb and Charleston Rambo each had 71 receiving yards for Oklahoma 7 0 4 0 Big 12 with Rambo finding the end zone The win spoiled the return of Austin Kendall who spent the last three years at Oklahoma backing up Baker Mayfield and Kyler Murray before transferring to West Virginia 3 4 1 3 in the offseason Kendall threw for 182 yards and two touchdowns No 7 Penn State 28 No 16 Michigan 21 KJ Hamler caught two touchdown passes from Sean Clifford and the Nittany Lions remained unbeaten by holding off the Wolverines at University Park Pa Clifford passed for 182 yards and three touchdowns and ran for Penn State s other touchdown Hamler caught six passes for 108 yards for the Nittany Lions 7 0 4 0 Big Ten Zach Charbonnet rushed for 81 yards on 15 carries and scored twice while Shea Patterson passed for 276 yards for Michigan 5 2 3 2 No 9 Florida 38 South Carolina 27 Quarterback Kyle Trask tossed four touchdown passes as the Gators scored 21 unanswered points in a win over the Gamecocks in Columbia S C Trask produced three of his four scores in the second half as Florida 7 1 4 1 SEC rebounded from last week s 42 28 loss at LSU to outscore South Carolina 3 4 2 3 28 10 after trailing three times The junior completed 21 of 33 passes for 200 yards and also threw one interception for the Gators Dameon Pierce rushed for 87 yards on seven carries with a score True freshman quarterback Ryan Hilinski was 17 of 35 for 170 yards with one score and Tavien Feaster rushed for a game best 175 yards on 25 carries and one score for South Carolina No 10 Georgia 21 Kentucky 0 Running back D Andre Swift broke a scoreless stalemate with a 39 yard touchdown run with about six minutes to go in the third quarter as the Bulldogs blanked the Wildcats at rain soaked Athens Ga Swift got into the end zone with 6 20 to go in the quarter and he would cap the scoring with a 3 yard touchdown run with 6 24 left in the game He finished with 21 carries for a season best 179 yards Thanks to the play of the defense that would be more than enough for Georgia 6 1 3 1 SEC to secure the win as Kentucky 3 4 1 4 managed just 177 total yards only 17 through the air The Wildcats completed only two of 16 pass attempts No 11 Auburn 51 Arkansas 10 Bo Nix passed for a season high three touchdowns and ran for another as the Tigers beat the Razorbacks in Fayetteville Ark to improve to 9 0 after an open date under coach Gus Malzahn Auburn 6 1 3 1 SEC ran for 298 yards in its first game without leading rusher JaTarvious Whitlow out with a knee injury Nix completed 12 of 17 passes for 176 yards and receiver Seth Williams NYSE WMB had a pair of touchdown catches among his four receptions Ben Hicks was 19 of 39 passing for 182 yards and a touchdown as Arkansas 2 5 0 4 lost its 15th consecutive SEC game Tight end Cheyenne O Grady had seven catches for 72 yards including a 45 yard touchdown reception No 12 Oregon 35 No 25 Washington 31 Justin Herbert threw four touchdown passes the last a 5 yarder to Jaylon Redd with 5 10 remaining as the Ducks rallied from a 14 point second half deficit to defeat the Huskies in a Pac 12 showdown in Seattle Cyrus Habibi Likio rushed for 81 yards and a touchdown on 14 carries for Oregon 6 1 4 0 and Redd tallied twice on five receptions Jacob Eason threw three TD passes for Washington 5 3 2 3 and Salvon Ahmed rushed for 140 yards and a score on 24 carries The Huskies reached Oregon s 35 yard line in the final minute but Eason s fourth and 3 pass was incomplete No 13 Utah 21 No 17 Arizona State 3 Zack Moss rushed for 99 yards and a pair of touchdowns becoming the Utes career rushing leader and lifting them past the Sun Devils in rainy Salt Lake City Moss earned the school record on his second touchdown a 32 yard sprint that gave Utah its final score with 5 24 left in the fourth quarter He has 3 264 career yards Tyler Huntley threw for 171 yards and an interception on 12 of 19 passing before exiting with a leg injury in the fourth quarter Utah 6 1 3 1 Pac 12 won its third straight game and beat the Sun Devils 5 2 2 2 for the first time since 2016 The Utes also earned a valuable tiebreaker in their quest for a Pac 12 South title BYU 28 No 14 Boise State 25 Baylor Romney threw two touchdown passes to Matt Bushman in his first career start as the Cougars delivered an impressive upset of the Broncos in a nonconference affair at Provo Utah Lopini Katoa and Sione Finau rushed for touchdowns as the Cougars 3 4 snapped a two game slide Finau had 89 yards on 11 carries Romney completed 15 of 26 passes for 221 yards while starting in place of Jaren Hall concussion Bushman caught five passes for 101 yards including scores of 27 and 39 yards Boise State s Chase Cord made his first career start in place of Hank Bachmeier hip and was 18 of 31 passing for 185 yards two touchdowns and two interceptions No 15 Texas 50 Kansas 48 Cameron Dicker hit a 33 yard field goal as time expired to lift the Longhorns to a wild win over the upset minded Jayhawks in a Big 12 Conference game featuring 50 combined fourth quarter points in Austin Texas Dicker s kick came at the end of a last gasp 60 yard drive for Texas after the Jayhawks had taken a one point lead on a two point conversion pass with 1 11 remaining The conversion followed Kansas quarterback Carter Stanley s 22 yard touchdown to Stephon Robinson Jr Sam Ehlinger passed for 399 yards four touchdowns and one interception for Texas 5 2 3 1 Big 12 while Keaontay Ingram ran for 101 yards on 14 carries including a 4 yard touchdown with 2 47 to play that gave the Longhorns a short lived 47 40 lead Stanley threw for 310 yards and four scores for the Jayhawks 2 5 0 4 Pooka Williams Jr ran for 190 yards and two TDs No 18 Baylor 45 Oklahoma State 27 JaMycal Hasty totaled 205 scrimmage yards and two touchdowns as the Bears defeated the Cowboys in a Big 12 game in Stillwater Okla Hasty rushed for 139 yards on 15 carries and added 66 receiving yards on three catches for Baylor which is off to its first 7 0 start since 2015 Baylor is 4 0 in the conference tied for the lead with Oklahoma Oklahoma State s Chuba Hubbard the nation s leading rusher ran for 171 yards and two touchdowns LD Brown added a 68 yard score for the Cowboys 4 3 1 3 who have lost six of their past eight games against Baylor No 19 SMU 45 Temple 21 Shane Buechele passed for 457 yards and six touchdowns three to Reggie Roberson Jr as the Mustangs rolled past the Owls in Dallas SMU 7 0 3 0 AAC swamped Temple with a big first half and kept up that pace after a short third quarter lull The undefeated Mustangs have posted their best start since 1982 when Eric Dickerson and Craig James led them to an 11 0 1 season Roberson finished with eight catches for 250 yards as SMU outgained the Owls 655 273 Anthony Russo passed for 171 yards and ran for a score to pace Temple 5 2 2 1 in a matchup of AAC division co leaders No 20 Minnesota 42 Rutgers 7 Rodney Smith rushed for 111 yards and two touchdowns on 19 carries as the Golden Gophers improved to 7 0 for the first time since 1960 by beating host Rutgers 42 7 in Piscataway N J Austin Winfield intercepted two passes returning one for a touchdown for Minnesota 4 0 Big Ten which has won nine straight games dating to last season Tanner Morgan completed 15 of 28 passes for 245 yards and two touchdowns Tyler Johnson had six receptions for 130 yards and a touchdown Rutgers 1 6 0 5 lost its sixth straight game and third in a row under interim coach Nunzio Campanile Johnny Langan was 9 of 19 passing for 48 yards and three interceptions No 21 Cincinnati 24 Tulsa 13 Gerrid Doaks accounted for all three of the Bearcats touchdowns including a 27 yard run late in the fourth quarter of a win against the visiting Golden Hurricane in American Athletic Conference action Doaks last touchdown with 3 37 left in the game to put Cincinnati 6 1 3 0 AAC up by 11 came a play after safety Darrick Forrest intercepted Tulsa s Zach Smith and returned the ball 16 yards to the Tulsa 27 Doaks finished with 91 yards on 17 carries at two rushing touchdowns He also caught a 28 yard touchdown pass thrown by Desmond Ridder who went 12 of 22 for 172 yards Smith a transfer from Baylor completed 21 of 43 attempts for 243 yards with two interceptions and no touchdowns for Tulsa 2 5 0 3 Vanderbilt 21 No 22 Missouri 14 Running back Ke Shawn Vaughn had 176 yards from scrimmage and two touchdowns and the Commodores held the Tigers to season lows in points and yards in Nashville Tenn Quarterback Kelly Bryant threw for 140 yards and ran for 72 for Missouri which had 293 yards The Tigers 5 2 2 1 SEC were a 21 point favorite but saw a five game winning streak snapped by the same team UNLV throttled 34 10 a week earlier Vanderbilt 2 5 1 3 led 14 7 when cornerback Allan George picked Bryant in the end zone with 6 44 left in the third quarter Tied 14 14 Riley Neal hit wide receiver Cam Johnson with a long out on third and 7 and Johnson wiggled his way down the right sideline for a 21 yard touchdown with 8 57 remaining for the winning points No 23 Iowa 26 Purdue 20 The Hawkeyes sputtering offense finally broke through in the second half against the Boilermakers in Iowa City Mekhi Sargent rushed for 68 yards and a late touchdown freshman Tyler Goodson added another rushing TD and Keith Duncan kicked four field goals as Iowa 5 2 2 2 Big Ten snapped a two game losing streak Purdue 2 5 1 3 cut Iowa s lead to six on a 1 yard touchdown pass from Jack Plummer to tight end Payne Durham with 24 seconds left but the Hawkeyes recovered the onside kick Freshman David Bell led the Boilermakers with 13 catches for 197 yards and a touchdown No 24 Appalachian State 52 Louisiana Monroe 7 The Mountaineers answered the Warhawks early score with 52 consecutive points in romping to a victory in a battle of Sun Belt Conference division leaders in Boone N C The East leading Mountaineers 6 0 3 0 Sun Belt notched their 12th consecutive victory the nation s third longest active winning streak while earning their 14th consecutive win at home
After the West leading Warhawks 3 4 2 1 drove 82 yards for a touchdown on their opening possession running back Darrynton Evans tied the score at 7 with a 59 yard run on the Mountaineers third offensive play from scrimmage Evans finished the first half with 130 of his game high 136 rushing yards and scored a second touchdown on a 15 yard reception Field Level Media |
WMB | Will The Prince dethrone King Bibi Israel s ex military chief aims at premiership | By Dan Williams NYSE WMB JERUSALEM Reuters Confronted by a right wing heckler while campaigning for last month s parliamentary election in Israel Benny Gantz grabbed the man by the lapels and glared down at him No one s doing anything wrong by you Gantz who leads the centrist Blue and White Party told him We only want what s good for you The encounter was part embrace part menace and highly ambiguous So is much else about Gantz who will try to form a government after Prime Minister Benjamin Netanyahu s decision to abandon his own attempts to put together a new coalition President Reuven Rivlin turned to Netanyahu first after the Sept 17 election in which no party won a majority Gantz was next in line after Blue and White won 33 seats in parliament one more than Netanyahu s right wing Likud The 60 year old general nicknamed The Prince as he rose through army ranks now has the chance to dethrone Netanyahu who is sometimes referred to as King Bibi after dominating Israeli politics for more than a decade as prime minister As chief of the Israeli military between 2011 and 2015 Gantz was a consensus figure He has tried to retain his broad appeal as head of Blue and White a newly formed party named after the national colours But what he would do in power is not completely clear as he had avoided committing himself on some important issues Gantz casts himself as more diplomatically accommodating than Netanyahu urging redoubled efforts to restart peace talks with the Palestinians but has stopped short of any commitment to the statehood they seek Supporters see Gantz s reticence as an attempt to calm the political scene after two elections this year Netanyahu also failed to form a government after an April ballot They say Gantz would rather keep his own counsel than sap his credibility with promises that voters know will never be delivered As top general Gantz orchestrated two Gaza wars in which around 2 300 Palestinians were killed We don t differentiate between either Gantz or Netanyahu said Moussa Abu Mazouk of Gaza s dominant Hamas Islamists The more moderate Palestinian Authority has said it is open to talking to any Israeli leader But Hanan Ashrawi a senior Palestine Liberation Organization official also said before the September election that Gantz was no different from Netanyahu Graphic Israel s Sept 17 snap election QUESTIONS OF CHARACTER Gantz who is 6 foot 3 inches 1 91 metres tall was brought up on a collective farm founded by Holocaust survivors including his parents and had a stint in a religious school He is married to an ex paratrooper with whom he has four children Throughout the election he attacked Netanyahu over corruption allegations that have dogged the prime minister for years and which the veteran leader denies Netanyahu s counter charge that a suspected Iranian hack of Gantz s cellphone may have opened him up to blackmail by Israel s enemy did not appear to dent the challenger s image A more earthy orator than Netanyahu he makes occasional scriptural word play and is given to reminding listeners of his military background When his party won more seats than Netanyahu he spoke of having fulfilled his mission and of his rival having failed in his Netanyahu has cast Gantz as a weak leftist who was gun shy on Iran and the Palestinians while in uniform It was however Netanyahu who appointed Gantz as Israel s top general and at the time praised him as an officer and a gentleman a warrior and a human being As a brigadier general in 1999 Gantz took over a liaison unit to Lebanese allies By the following year when Israel withdrew from south Lebanon Gantz was a media darling He went on to serve a relatively short period in the West Bank where a Palestinian revolt raged Gantz later commanded forces on the Lebanese border but was reassigned before the inconclusive 2006 war with Hezbollah so was spared much of the after action blowback from an Israeli inquest How he won the nickname The Prince is unclear Some say it stemmed from his assured rise through the ranks others from what critics call his sense of entitlement Gantz has dismissed suggestions he lacks the stomach to fight Referring to a Hamas military commander whom he ordered assassinated in 2012 he said in January The heads of the terrorist groups need to know that Ahmed Jaabari was not the first nor may he be the last Retired U S general Martin Dempsey who as chairman of the Joint Chiefs of Staff between 2011 and 2015 was Gantz s counterpart recalled in an interview with Reuters in January that Gantz was a superb leader in that role Gantz has made no secret of learning on the job and is leaning on his partners in the Blue and White leadership who include two other former military chiefs of staff a former defence minister and a former finance minister
The story is refiled to add January date in paragraph 23 |
WMB | NBA roundup Antetokounmpo posts triple double as Bucks trip Rockets | Giannis Antetokounmpo posted a triple double before fouling out and the Milwaukee Bucks erased a 16 point deficit to rally past the host Houston Rockets 117 111 on Thursday
Antetokounmpo finished with 30 points 13 rebounds and 11 assists before picking up his sixth foul with 5 18 remaining The Bucks led 101 95 at that point but they did not collapse with the reigning NBA Most Valuable Player watching from the bench A collective effort carried Milwaukee to victory in the regular season opener for both teams as seven Bucks scored in double figures
Wesley Matthews had 14 points while Ersan Ilyasova who gave Milwaukee its first lead at 91 90 on a second chance basket with 8 34 remaining in the contest added 13 for the Bucks Eric Bledsoe Khris Middleton and Brook Lopez scored 11 points apiece and Pat Connaughton added 10
Russell Westbrook produced 24 points 16 rebounds and seven assists in his Houston debut while James Harden added 19 points 14 assists and seven rebounds Clint Capela finished with 13 points and 12 rebounds
Hawks 117 Pistons 100
One night after Detroit made a surprise first impression with a season opening win on the road visiting Atlanta did the same to the Pistons
Trae Young scored 25 of his game high 38 points in the first half and added nine assists and seven rebounds to lead the Hawks to a win in their season opener at Detroit Young went 11 of 21 from the floor including 6 of 10 from 3 point range
Derrick Rose came off of the bench to score 27 points in 25 minutes and Andre Drummond had 21 points and 12 rebounds in defeat for the Pistons
Clippers 141 Warriors 122
Los Angeles scored the first 14 points in the regular season history of Golden State s new home the Chase Center in San Francisco and rode balanced scoring to a front running romp over the five time defending Western Conference champions
Lou Williams NYSE WMB had 22 points to lead five Clippers with 16 or more as the visitors built upon a season opening victory over the Lakers with a blowout win in which they never trailed
Playing a regular season game in San Francisco for the first time since 1971 the Warriors watched as Clippers center Ivica Zubac scored the first five points in Chase Center regular season history and Patrick Patterson added a pair of 3 pointers in the game opening 14 0 flurry
Field Level Media |
WMB | Osaka hopes format familiarity brings better result at WTA Finals | SHENZHEN China Reuters Twelve months on from her debut appearance at the WTA Finals two time grand slam winner Naomi Osaka is hoping to put the lessons learned into practice as she looks for an improved performance in the end of season tournament
Osaka made her breakthrough in 2018 with her win over Serena Williams NYSE WMB in the final of the U S Open a victory that helped secure a place at her first tour championships final last year
But three defeats saw the then 21 year old exit the competition at the end of the group phase as Elina Svitolina went on to win the title in Singapore
The Japanese right hander however bounced back in style winning the Australian Open in January before finishing the season ranked third in the world after claiming victories at the China Open and the Pan Pacific Open in Japan
I think it s a really good way to end the year and I hope that I play well compared to last year she said
Last year the end of the year was just so hectic for me and I didn t really remember anything Honestly by the time I got here I was just so tired
Osaka added I definitely think last year helped me in the way that I kind of know the format more Before last year I haven t played round robin since I was like eight or 10
Osaka begins her challenge at the 14 million event against Petra Kvitova after being drawn against the Czech as well as world No 1 Ashleigh Barty and Belinda Bencic in the Red Group
Players face off against one another in the round robin format with the top two in each group progressing to Saturday s semi finals
I think it should be fun she said of Sunday s match against Kvitova who she defeated in the final of the Australian Open
I think she s one of the players few players that sort of treat you very nicely after the match no matter if she wins or loses She always gives you a smile
Osaka comes into the event off the back of a successful run during the WTA s Asian swing
Maintaining her on court discipline has been key she said
I tried to be as focused as I could every point which for me is something very difficult to do because my mind tends to wander a lot I think you can see it sometimes she said
So just continuing that trying to be as focused as I can I think I don t have much of a choice here because I m playing against the best players |
WMB | Top 25 roundup Thompson K State stun No 5 Oklahoma | Quarterback Skylar Thompson rushed for four touchdowns and Kansas State survived a late Oklahoma rally to defeat the No 5 Sooners 48 41 on Saturday in Manhattan Kan It was the Wildcats first win over an AP top five team since defeating No 4 Texas in 2006 and came in the 100th all time meeting between the schools The loss ended the Sooners 22 game winning streak in true road games Trailing by 25 points early in the fourth quarter Oklahoma made a furious comeback attempt scoring 18 unanswered points But the Sooners couldn t recover an onside kick attempt with 1 45 left and the Wildcats ran out the clock Oklahoma QB Jalen Hurts was 19 of 26 passing for 395 yards and a touchdown and he added 96 yards and three touchdowns on the ground No 1 Alabama 48 Arkansas 7 Sophomore quarterback Mac Jones passed for 235 yards and three touchdowns in his first collegiate start as the Crimson Tide routed the visiting Razorbacks in Tuscaloosa Ala Jones completed his first five attempts although the first two were merely flips to receivers Jerry Jeudy and DeVonta Smith on his way to an 18 of 22 outing in place of injured Heisman Trophy candidate Tua Tagovailoa who watched from the sidelines Running back Najee Harris rushed for 86 yards and two touchdowns as the Crimson Tide 8 0 5 0 SEC posted their 31st consecutive home win and their 89th straight victory over a non ranked opponent No 2 LSU 23 No 9 Auburn 20 Joe Burrow passed for one touchdown and ran for another as LSU passed its stiffest test of the season holding off Auburn in Baton Rouge La to remain unbeaten LSU had its lowest scoring game of the season but Burrow was still outstanding He completed 32 of 42 passes for 321 yards including a 20 yard touchdown pass to Terrace Marshall Jr and he later ran for a 7 yard touchdown that proved to be the difference in the game Clyde Edwards Helaire rushed for 136 yards including a 6 yard touchdown run as LSU 8 0 4 0 SEC overcame its first second half deficit of the season D J Williams NYSE WMB rushed for 130 yards for Auburn 6 2 3 2 which lost for the second time in three games Quarterback Bo Nix completed just 15 of 35 passes for 157 yards with a touchdown and an interception No 3 Ohio State 38 No 13 Wisconsin 7 J K Dobbins shredded the nation s best rushing defense for 163 yards and two touchdowns on 20 carries and Chase Young tied a school record with four sacks as the Buckeyes defeated the Badgers at soggy Ohio Stadium in Columbus Wisconsin had allowed 58 4 yards rushing but Dobbins had 92 in the third quarter when the Buckeyes 8 0 5 0 Big Ten increased a 10 7 lead to 24 7 on a 10 yard run by quarterback Justin Fields and Dobbins 9 yard rush Dobbins added a 14 yard TD on the ground early in the fourth quarter He had 221 total yards including three catches for 58 yards No 4 Clemson 59 Boston College 7 Riding the arm of Trevor Lawrence and the legs of Travis Etienne the Tigers dismantled the Golden Eagles in Clemson S C Clemson which dropped from No 3 to No 4 in The Associated Press Top 25 this week despite not losing a game yet this season played like a team on a mission against the Eagles in scoring on each of its six first half possessions five touchdowns one field goal The Tigers have won 23 consecutive games the nation s longest active winning streak and 20 games in a row at Memorial Stadium Clemson 8 0 6 0 ACC is 8 0 for the eighth time in school history and fourth in the last five seasons as it pursues a fifth consecutive Atlantic Division title and ACC championship No 6 Penn State 28 Michigan State 7 Sophomore quarterback Sean Clifford threw four touchdown passes including three to sophomore tight end Pat Freiermuth to lead the Nittany Lions over the Spartans in soggy East Lansing Mich Clifford finished 18 for 32 for 189 yards the four scores and an interception to lead Penn State 8 0 5 0 Big Ten which had lost five of six in the series including the last two Freiermuth had five catches for 60 yards while sophomore KJ Hamler had five receptions for 57 yards including a 27 yard touchdown in the second quarter Michigan State 4 4 2 3 has lost three straight all against top 10 opponents Freshman Anthony Williams had the lone score for the Spartans scoring on a 4 yard run in the third quarter No 19 Michigan 45 No 8 Notre Dame 14 Zach Charbonnet ran for two touchdowns and Hassan Haskins rushed for 149 yards on 20 carries as the Wolverines dealt a crushing blow to the Fighting Irish s College Football Playoff aspirations with a dominant win at soggy Ann Arbor Mich Shea Patterson tossed two touchdown passes for Michigan 6 2 which recorded just its second win in 12 games against top 10 opponents under coach Jim Harbaugh Notre Dame 5 2 has lost eight of its last nine visits to Michigan Stadium with its last win coming in 2005 Quarterback Ian Book completed just 8 of 25 passes for 73 yards and a touchdown The Irish were held to 180 total yards TCU 37 No 15 Texas 27 Max Duggan passed for a career high 273 yards and two touchdowns and the Horned Frogs intercepted Sam Ehlinger four times to hold off the Longhorns in Fort Worth Texas TCU 4 3 2 2 Big 12 took a 27 20 lead with a 44 yard touchdown pass from Duggan to Jalen Reagor early in the fourth quarter on the play immediately after Ehlinger s second pick Jonathan Song booted a 33 yard field goal after Ehlinger s third interception to expand the Horned Frogs lead to 30 20 Ehlinger passed for 321 yards and two scores but his four interceptions were one more than his total in the first seven games for Texas 5 3 3 2 Devin Duvernay caught eight passes for 173 yards and a TD to lead the Longhorns No 17 Minnesota 52 Maryland 10 Tanner Morgan threw two touchdowns and Seth Green rushed for two more as the Golden Gophers coasted to a victory over the Terrapins in Minneapolis Rodney Smith rushed for 103 yards and a touchdown for the Golden Gophers whose 8 0 start is their first since winning the national title in 1941 The lopsided victory improved Minnesota to 5 0 in the Big Ten for the first time since 1961 Tayon Fleet Davis reeled in a 59 yard touchdown pass from Tyler DeSue for Maryland 3 5 1 4 which was outgained 498 210 in total yards while sustaining its third straight loss and fifth in six games No 20 Iowa 20 Northwestern 0 The Hawkeyes posted their second shutout of the season by limiting the Wildcats to 202 yards of offense in Evanston Ill Mekhi Sargent s 1 yard run with 5 23 left in the third quarter made it 17 0 polishing off a 13 play 59 yard drive Keith Duncan completed the scoring with a 28 yard field goal at the 9 58 mark of the fourth quarter capping a nine play 61 yard possession Iowa 6 2 3 2 didn t let Northwestern 1 6 0 5 penetrate farther than the Hawkeyes 28 Northwestern s Aidan Smith hit 18 of 32 passes but for just 138 yards Smith was intercepted once and sacked five times No 21 Appalachian State 30 South Alabama 3 Marcus Williams Jr and Raykwon Anderson powered the Mountaineers rushing attack and the defense dominated the Jaguars in Mobile Ala Appalachian State 7 0 4 0 Sun Belt extended its winning streak to 13 games and held South Alabama 1 7 0 4 to just 139 yards of offense Williams rushed for 94 yards and a touchdown and Anderson added 99 yards on just four late carries including a 67 yard touchdown run with 4 48 to go The Mountaineers outgained the Jaguars 313 87 on the ground and pitched a shutout until Frankie Onate s 37 yard field goal with 5 43 to play Tra Minter rushed for 94 yards for South Alabama with 64 coming in the second half but quarterbacks Cephus Johnson and Desmond Trotter were a combined 6 of 19 passing for 52 yards Oklahoma State 31 No 23 Iowa State 24 Malcolm Rodriguez returned an interception 26 yards for the game winning score midway through the fourth quarter as the Cowboys upset the Cyclones in Ames Iowa With the Big 12 contest tied 27 27 the defensive back stepped in front of a Brock Purdy pass and dashed in untouched for the touchdown with 6 47 to play after the host Cyclones rallied from a 21 10 deficit to even the score in the fourth quarter Quarterback Spencer Sanders was 16 of 24 for 249 yards two scores and an interception and Tylan Wallace caught eight passes for 131 yards and a score for the Cowboys 5 3 2 3 Chuba Hubbard the nation s leading rusher gained 126 yards on 22 carries with a long TD run UCLA 42 No 24 Arizona State 32 Joshua Kelley rushed for 164 yards and a career high four touchdowns and quarterback Dorian Thompson Robinson passed for 176 yards and two touchdowns before leaving with an injury as the host Bruins blew out the Sun Devils at the Rose Bowl Thompson Robinson left with an apparent left leg injury in the fourth quarter but not before he threw touchdowns to wide receiver Kyle Philips and tight end Devin Asiasi UCLA 3 5 3 2 Pac 12 led 42 10 after Asiasi s score late in the third quarter and has now won two in a row and three of five
Freshman Jayden Daniels completed 20 of 29 passes for 267 yards and three touchdowns and also rushed for 67 yards and another score as the Sun Devils 5 3 2 3 lost their second straight Field Level Media |
WMB | NBA roundup Heat survive Bucks in OT | Reserve guard Goran Dragic had a team high 25 points including six in overtime and eight assists as the Miami Heat rallied and then survived the host Milwaukee Bucks 131 126 on Saturday night The Bucks sent the game to overtime on a put back by Giannis Antetokounmpo just a split second before the regulation buzzer Antetokounmpo had rebounded an air ball by Khris Middleton to tie the score 121 121 Antetokounmpo the NBA s reigning MVP fouled out with 2 31 left in overtime finishing with 29 points 17 rebounds nine assists three steals and two blocks But he also committed eight turnovers missed all five of his 3 point attempts and fouled out for his second straight game Earlier in the game Milwaukee blew a 21 point third quarter lead as Miami seemingly took control The Heat had a nine point lead with 3 33 left in the fourth quarter But Miami missed three straight free throws with 3 3 seconds left one by Bam Adebayo and two by Justise Winslow setting the stage for Antetokounmpo s dramatic put back Rockets 126 Pelicans 123 Russell Westbrook surpassed Magic Johnson in career triple doubles and host Houston held on to beat short handed New Orleans Westbrook notched 28 points 10 rebounds and 13 assists for his 139th triple double moving past Johnson for second place in NBA history His two free throws with 6 1 seconds left built the lead to three Brandon Ingram was exceptional for the Pelicans who played without guard Jrue Holiday knee Ingram paired 35 points with 15 rebounds both game highs and added five assists He received support from Lonzo Ball 18 points 10 assists and JJ Redick 14 points 76ers 117 Pistons 111 Tobias Harris had 29 points and Al Horford tossed in 23 points including a late flurry that lifted visiting Philadelphia over Detroit Both sides were missing key players Sixers All Star center Joel Embiid sat out with a right ankle sprain Pistons All Star forward Blake Griffin hamstring knee remained sidelined and starting point guard Reggie Jackson sore back joined him in street clothes Horford also contributed nine rebounds and five assists Ben Simmons posted 13 points 10 assists and seven steals and Mike Scott added 17 points off the bench including five 3 point makes Derrick Rose carried the Pistons with 31 points off the bench Suns 130 Clippers 122 Devin Booker had 30 points and eight assists and Frank Kaminsky had 18 points eight rebounds and six assists off the bench as host Phoenix beat Los Angeles to break a 12 game losing streak in the series Kelly Oubre Jr had 20 points and made all nine of his free throw attempts and Dario Saric had 15 points and 10 rebounds for the Suns who have split two games since center Deandre Ayton was suspended Thursday for 25 games for violating the NBA NBPA anti drug program Kawhi Leonard had 27 points 10 assists and eight rebounds and Montrezl Harrell and Lou Williams NYSE WMB combined for 51 points off the bench for the Clippers who were attempting to become the first team in the league to three victories Hawks 103 Magic 99 Trae Young had 39 points seven rebounds and nine assists to lead Atlanta to a win against visiting Orlando Kevin Huerter and Jabari Parker scored 10 points each off the bench and John Collins finished with nine points and 12 rebounds for Atlanta Evan Fournier scored 23 points Nikola Vucevic had 16 points and 10 rebounds D J Augustin scored 14 and Markelle Fultz had 12 off the bench for the Magic Celtics 118 Knicks 95 Marcus Smart scored 12 points off the bench including a 3 pointer during an 8 0 Boston run to start the fourth quarter and the Celtics pulled away to defeat host New York Kemba Walker had a game high 32 points a majority of them on seven made 3 pointers as the Celtics overcame a horrible start to sweep a back to back sequence that began with a home win over Toronto on Friday RJ Barrett went for 26 points for the Knicks who lost their home opener after tipping off the season with a pair of defeats on the road Barrett and Julius Randle combined for 12 points when the Knicks coming off a 113 109 loss at Brooklyn on Friday night blitzed the Celtics early with a 16 4 run to open the game Jazz 113 Kings 81 Bojan Bogdanovic scored 23 of his 26 points in the first half to help Utah roll to a whipping of visiting Sacramento in Salt Lake City Donovan Mitchell added 15 points and Mike Conley recorded 12 points and eight assists for the Jazz Utah shot 56 4 percent from the field and drained 18 of 37 3 point attempts Bogdanovic made five and the 18 makes fell two shy of the franchise record accomplished twice last season Dewayne Dedmon scored 11 points for Sacramento which dropped to 0 3 under new coach Luke Walton Bogdan Bogdanovic no relation to Bojan added 10 points for the Kings Cavaliers 110 Pacers 99 Kevin Love came one assist shy of a triple double Tristan Thompson scored 25 points and host Cleveland held off a late rally to beat Indiana Cleveland led almost wire to wire building an advantage that swelled to as many as 24 points The front court duo of Love and Thompson set the tone with Love registering 21 points 13 rebounds and nine assists and Thompson posting a double double with 13 rebounds His team high 25 points included his first career 3 pointer Spurs 124 Wizards 122 DeMar DeRozan connected from short range with 5 5 seconds remaining to break the 10th tie of the fourth quarter giving host San Antonio a victory over Washington Derrick White blocked Bradley Beal s buzzer beating runner in the lane preserving the Spurs second straight win to open the season The loss capped a 1 2 season opening trip for the Wizards who were playing the second night of a back to back after winning at Oklahoma City on Friday Raptors 108 Bulls 84 Pascal Siakam scored 19 points and Serge Ibaka added 18 to lead five players in double figures and boost visiting Toronto to a victory against Chicago
OG Anunoby chipped in 17 points for the Raptors Fred VanVleet had 16 and Kyle Lowry had 11 Chicago which scored 235 total points in its first two games struggled offensively throughout its home opener Wendell Carter Jr led Chicago with 12 points while Zach LaVine followed with 11 Carter Jr added a game high 11 rebounds Field Level Media |
WMB | NFL notebook Trubisky retains job as Bears QB | Chicago Bears coach Matt Nagy is not making a quarterback change following Mitchell Trubisky s two costly fourth quarter turnovers on Sunday in a loss to the Los Angeles Chargers
Nagy confirmed Monday that Trubisky not backup Chase Daniel will start Sunday when the Bears bring a three game losing streak into Philadelphia
We understand that we didn t get the win but we felt there was definitely an improvement Nagy said of Trubisky s performance Sunday during a 17 16 setback
Trubisky 25 completed 23 of 35 passes for 253 yards with zero touchdowns one interception and one fumble against the Chargers He did lead the team into field goal range late in the game only to see Eddy Pineiro miss a 41 yard field goal attempt as time expired
Denver Broncos quarterback Brandon Allen will make his NFL debut this weekend when he gets the start against the visiting Cleveland Browns the team announced
Allen was selected by the Jacksonville Jaguars in the sixth round of the 2016 NFL Draft The 27 year old is getting the nod in place of Joe Flacco who is nursing a neck injury Coach Vic Fangio said the team would re evaluate the quarterback situation following its bye which comes after the Cleveland game
Fangio didn t rule out the possibility of a stint on injured reserve for Flacco
Quarterback Kyle Allen will start at home Sunday against the Tennessee Titans as Cam Newton still needs more time with his foot injury Carolina Panthers coach Ron Rivera said
Newton last played in Week 2 passing for 333 yards in a 20 14 loss to the Tampa Bay Buccaneers He has been out ever since and Rivera said the former MVP is steadily working his way back
Allen has started the past five games for the Panthers who saw their four game winning streak end Sunday with a 51 13 road loss to the San Francisco 49ers
Defensive lineman Leonard Williams NYSE WMB will trade uniforms but not home cities going from the New York Jets to the Giants via trade on Monday according to multiple media reports
The 2015 first round pick goes to the Giants in exchange for a 2020 third round draft pick and a conditional fifth rounder in 2021 This would mark the first time the Jets and Giants have ever completed a trade Williams 25 is set to become a free agent at the end of the 2019 season
The Philadelphia Eagles acquired defensive end Genard Avery from the Browns for an undisclosed 2021 draft pick
Avery who was selected by Cleveland win the fifth round of the 2018 NFL Draft out of Memphis recorded 4 5 sacks while playing in all 16 games during his rookie season The 24 year old has seen his playing time diminish this season He has made one tackle while competing in two games
Quarterback Sam Darnold will play through a left thumb sprain likely to bother him the rest of the season and New York Jets inside linebacker C J Mosley could be done for the year with a groin injury
Darnold was injured Sunday in a loss to the Jacksonville Jaguars head coach Adam Gase announced Gase said the injury will be a concern the rest of the season but Darnold will play through the discomfort
Miami Dolphins running back Kenyan Drake was traded to the Arizona Cardinals in exchange for a conditional draft pick Drake 25 has 47 carries for 174 yards along with 22 receptions for 174 yards in six games this season
The teams reached agreement on a deal Saturday and Drake was informed he wouldn t play in Miami s game at Pittsburgh on Monday night
The Washington Redskins are now open to pursuing a trade involving holdout left tackle Trent Williams according to multiple media reports
Williams 31 requested a trade earlier this season but the team elected to wait out his holdout instead The former fourth overall pick has two years left on a five year 66 million deal
Houston Texans defensive end J J Watt will have surgery this week to repair the torn pectoral muscle that ended his season Sunday NFL Network s Ian Rapoport reported
Watt 30 faces a recovery time of approximately four months and should be ready in time for OTAs and minicamp this spring per the report
Philadelphia Eagles wide receiver DeSean Jackson and running back Darren Sproles are expected to return to practice this week coach Doug Pederson announced
Jackson has been sidelined since Week 2 with an abdominal injury while Sproles has been plagued by an ailing quadriceps since the Eagles 31 6 victory over the Jets on Oct 6
Less than two weeks after he was released Cody Kessler was brought back by the New England Patriots to give the team two backup quarterbacks behind Tom Brady
Field Level Media |
JPM | FOREX Euro steady market holds breath before ECB | Euro off 9 month low vs dollar near May peak vs Swissie
Market split on chances for ECB rate cut lending plan
Stops at 1 3400 1 3450 could be taken out if no ECB
cut trader
Sterling down ahead of BOE meet amid talk of more QE
By Antoni Slodkowski
TOKYO Oct 6 Reuters The euro held steady against the
dollar on Thursday as uncertainty gripped markets before an ECB
meeting that could see rates cut or the rebirth of long term
lending to banks while Europe s efforts to resolve its debt
crisis and solid U S data provided tentative support for
riskier assets
The euro last at 1 3331 maintained most of its
overnight gains made after Germany said it would help its own
banks if necessary and opened the possibility of using a
regional bailout fund to strengthen the euro zone banking
system
Investor focus now shifts squarely to the European Central
Bank s monetary policy meeting whose outcome due at 1145 GMT
seems increasingly uncertain
The ECB has been widely expected to keep rates unchanged at
1 5 percent but calls for a cut have grown louder amid signs
the euro zone economy is deteriorating further and as Greek
default fears weigh heavily on confidence in the bloc s
banks
Inflation fears may not allow the ECB to cut rates but
we re bound to see some form of support for Europe s banking
system and that should help the euro rise said Katsunori
Kitakura chief dealer at Chuo Mitsui Trust and Banking
Kitakura cited measures such as more liquidity bringing
back the ECB s 12 month tender last used at the end of 2009
and possibly the resurrection of its programme for buying
covered bonds
In a Reuters survey taken last week 56 out of 75 economists
said they expected the ECB to hold rates this time around
though 13 saw a 25 basis point cut and 7 predicted a 50
basis point cut
JP Morgan Chase is forecasting a drastic 50 basis point cut
by the ECB saying the bank s move to balanced inflation risk
at the last meeting came sooner than expected especially since
the inflation hump is far from over
Because the market remains split in its views on what the
ECB should do it s hard to say to what extent any move is
already priced in the euro said a trader for a Japanese bank
He added that if there is no cut but additional measures
like more liquidity are implemented the euro could jump to take
out stop losses looming between 1 3400 and 1 3450
A decisive break above that level could pave the way for a
correction towards 1 3680 the 38 2 percent retracement of
the 1 4550 1 3145 slide
The single currency has lost about 10 percent against the
dollar since that late August peak at 1 4550 but stands
well off a nine month trough of 1 3145 struck this week
WAITING FOR SOLUTION
European finance ministers agreed to safeguard banks many
of which could face heavy losses if a planned second bailout
package for Greece does not go ahead after France and Belgium
agreed to bail out the debt crisis first banking casualty
Dexia
The countries are expecting to finalise the rescue of the
troubled lender but disagreements remain over details of the
plan as the two countries try to defend their respective
national interests
The crisis is far from over and I m still negative on the
euro looking beyond the ECB said Minori Uchida senior analyst
at the Bank of Tokyo Mitsubishi UFJ adding that the currency
may eventually drift below 1 30 in the coming days
The Netherlands votes on widening the role of the EFSF euro
zone bailout fund as agreed in July after Malta delayed its
ratification of the facility while Slovakia the last country
to vote on the issue next week is bitterly divided over
it
They are voting over it but these measures are already
seen as not satisfactory and the wholistic structural solution
is still far away said Uchida
The British pound shed 0 3 percent to 1 5425 as
the Bank of England was due to meet on Thursday amid talk it may
open the way for more quantitative easing
The single currency hovered around 1 2318 Swiss francs
having hit its highest since May on Wednesday
With markets highly concerned about the threat of a systemic
shock in Europe they barely took notice of another round of
better than expected U S data showing the economy is still
growing albeit slowly
The recent flow of data suggests fears of recession in the
U S and a hard landing in China are possibly overdone A good
number from Friday s U S non farm payrolls could set the stage
for a rally in risk assets
The dollar index came off a nine month high of 79 838
earlier in the week to last trade at 79 028 It was steady
against the yen at 76 74 off a three week peak of 77 26
struck on Monday
Additional reporting by Cecile Lefort in Sydney Editing by
Joseph Radford and Chris Gallagher |
BMY | Pfizer s PFE Talazoparib Emerges Superior In EMBRACA Study | Pfizer Inc NYSE PFE announced superiority of its breast cancer candidate talazoparib over chemotherapy in improving progression free survival PFS in a phase III study EMBRACA Talazoparib is an investigation dual mechanism poly ADP ribose polymerase PARP inhibitor The company will present the data from the study at the 2017 San Antonio Breast Cancer Symposium Shares of Pfizer have gained 9 3 in the past six months outperforming the s rise of 4 4 in that period The EMBRACA study evaluated talazoparib as a single agent in patients with germline BRCA positive breast cancer who have received prior chemotherapy treatment The candidate achieved a significant reduction of 46 in the risk of disease progression as the median PFS was 8 6 months in the talazoparib arm versus 5 6 month in the chemotherapy arm Moreover 62 6 of patients in talazoparib arm achieved complete or partial response against 27 2 of patients receiving chemotherapy PARP inhibition is a new targeted therapy which inhibits repair of the DNA of the cell thus destroying the cell The label expansion application of AstraZeneca s NYSE AZN PARP inhibitor Lynparza is under review in the United States Meanwhile Clovis Oncology Inc NASDAQ CLVS has collaborated with Bristol Myers Squibb Company NYSE BMY to develop its PARP inhibitor in combination with the latter s PD 1 immune checkpoint inhibitor Opdivo in breast cancer Apart from talazoparib Pfizer is also developing its key drug Ibrance for treating advanced or high risk early breast cancer Ibrance is currently approved for HER2 negative advanced or metastatic breast cancer Pfizer Inc Price
Pfizer 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 18 8 from 2016 Q1 2017 our top stock picking screens have returned 157 0 128 0 97 8 94 7 and 90 2 respectively And this outperformance has not just been a recent phenomenon Over the years it has been remarkably consistent From 2000 Q1 2017 the composite yearly average gain for these strategies has beaten the market more than 11X over Maybe even more remarkable is the fact that we re willing to share their latest stocks with you without cost or obligation |
BMY | AstraZeneca s Tagrisso Label Expansion Filing Accepted By FDA | AstraZeneca NYSE AZN announced that the FDA has accepted and granted priority review to its supplemental New Drug Application sNDA for the label expansion of Tagrisso osimertinib AstraZeneca s sNDA seeks to expand Tagrisso s label to include first line treatment of adult patients with locally advanced or metastatic non small cell lung cancer NSCLC whose tumors have EGFR mutations With the FDA granting priority review a decision is expected within six months The drug also enjoys Breakthrough Therapy Designation for this indication which was granted in October 2017 A similar application for Tagrisso s label expansion is under review in the EU and Japan Tagrisso is already marketed as second line treatment for patients with EGFR mutation positive NSCLC in the United States European Union Japan and China AstraZeneca s shares have outperformed the industry year to date The stock has rallied 22 compared with the s gain of 17 3 during the period The sNDA was based on data from the phase III FLAURA study which compared Tagrisso with the standard of care EGFR tyrosine kinase inhibitor TKI therapy in the first line lung cancer setting Data from the study showed that the risk of progression or death was reduced by more than half in the Tagrisso arm compared to the commonly used EGFR inhibitors The median progression free survival PFS was 18 9 months for patients on Tagrisso compared with 10 2 months in the comparator arm Tagrisso was well tolerated in the trial with a safety profile consistent with the previous experience Tagrisso registered sales of 651 million in the first nine months of 2017 reflecting growth of 136 from the year ago period and accounting for 4 of total sales A potential approval in the first line setting will further boost the prospects of the drug The lung cancer market is crowded with several companies developing or marketing treatments Roche Holding SIX ROG AG OTC RHHBY Astellas Tarceva is approved for treating NSCLC while Pfizer Inc NYSE PFE is developing its drug Xalkori in a phase III study as a first line treatment for NSCLC Bristol Myers Squibb NYSE BMY is also developing Opdivo as a treatment for NSCLC AstraZeneca also has Iressa approved for treating NSCLC and is developing Imfinzi for the same indication Meanwhile lung cancer is the most common cause of death among all cancer indications and its variation in mutations in different genes gives opportunities to different therapies to gain market share Astrazeneca LON AZN PLC Price
AstraZeneca carries a Zacks Rank 3 Hold You can see Zacks Editor in Chief Goes All In on This StockFull disclosure Kevin Matras now has more of his own money in one particular stock than in any other He believes in its short term profit potential and also in its prospects to more than double by 2019 Today he reveals and explains his surprising move in a new Special Report |
BMY | Exelixis Cabometyx Gets FDA Nod For First Line Kidney Cancer | Exelixis Inc NASDAQ EXEL recently announced FDA approval for label expansion of its lead drug Cabometyx for the treatment of previously untreated advanced renal cell carcinoma RCC The approval came on the back of positive results from the randomized phase II trial CABOSUN on first line kidney cancer The results demonstrated statistically significant and clinically meaningful improvement in progression free survival PFS versus Pfizer Inc s NYSE PFE Sutent We remind investors that the company received a significant boost in April 2016 when the FDA approved the tablet formulation of cabozantinib distinct from the capsule form under the brand name Cabometyx for the treatment of RCC in patients who have already received anti angiogenic therapy Cabometyx was also approved in the EU in September 2016 for the treatment of advanced RCC in adults who had earlier received vascular endothelial growth factor VEGF targeted therapy Cabometyx raked in strong sales in the first nine months of 2017 reflecting the rising demand for the drug New patient market share in the second line plus setting rose to 38 Hence a label expansion of the drug for first line treatment of kidney cancer will increase the target market and boost sales Exelixis share price has increased 78 9 year to date compared with the gain of 4 2 Meanwhile the CELESTIAL study for advanced hepatocellular carcinoma HCC is in progress and the top line results are expected shortly The company obtained orphan drug designation for the same in the United States HCC is the most common form of primary liver cancer accounting for more than 90 of cases in the United States In October Exelixis announced that the CELESTIAL trial met its primary endpoint of overall survival OS with cabozantinib providing statistically significant and clinically meaningful improvement in OS compared to placebo in patients with advanced HCC The independent data monitoring committee for the study recommended that the trial to be stopped for efficacy following review of the second planned interim analysis Exelixis plans to submit an sNDA to the FDA in the first quarter of 2018 Exelixis has also inked agreements with Bristol Myers Squibb Company NYSE BMY and Roche Holding SIX ROG AG OTC RHHBY to develop cabozantinib in combination with immunotherapy agents
Zacks Rank
Exelixis carries a Zacks Rank 3 Hold You can see
5 Medical Stocks to Buy NowZacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia AIDS muscular dystrophy hemophilia and other conditions New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline Early investors could realize exceptional profits |
C | HK shares open 0 9 lower Ping An slips after deal | HONG KONG June 15 Reuters Hong Kong shares will open 0 9
percent lower on Monday snapping a three session winning streak
amid lack of fresh evidence of turnaround in global economy and
lower crude oil prices
Ping An Insurance Group will open lower after the insurer
said it would buy out Newbridge Capital s stake in mid sized
lender Shenzhen Development Bank for 11 45 billion yuan 1 68
billion in cash or via a share swap
Shares in Ping An which resumed trading on Monday after a
week long suspension will start 0 3 percent lower at HK 58 90
Citigroup downgraded the stock to a hold rating from buy
saying the deal did not add much value to the insurer s banking
aspirations
The benchmark Hang Seng Index was set to open 177 62
points lower at 18 712 06
The China Enterprises Index of top mainland companies was set
to start down 1 2 percent at 10 959 70
Reporting by Parvathy Ullatil Editing by Chris Lewis |
C | UPDATE 1 Ping An Shenzhen Devp Bank gain after deal | Updates with comments details
HONG KONG SHANGHAI June 15 Reuters Shares in Shenzhen
Development Bank rallied on Monday after Ping An Insurance
Group said it will increase its stake in the mid sized lender
to close to 30 percent from the under 5 percent it holds
But Ping An shares rose to a lesser degree as some analysts
deemed the deal expensive and not greatly value accretive to the
insurer s banking aspirations
The deal should have a positive impact on Ping An in the
long term because of the synergy that it would create but for
now investors are more concerned about the capital funding
required by this acquisition said Jaseper Tsang head of
research at CSC Hong Kong a unit of Capital Securities Group
By 0235 GMT Ping An was up 2 4 percent at 46 18 yuan in
Shanghai while shares in Shenzhen Development Bank which opened
at the upper end of its 10 percent daily limit trimmed gains to
6 4 percent at 21 28 yuan
Ping An s Hong Kong listed shares which recovered from a
weak start were up 0 9 percent at HK 59 60 Shares in Ping An
and Shenzhen Development Bank had been suspended for a week to
Monday
Citigroup downgraded Ping An to a hold rating from buy
saying the transaction was likely to cast a shadow over Ping An s
Hong Kong listed stock over the next 18 24 months
It does appear Ping An paid over the odds However the
scarcity of the asset meant that this was never going to be
cheap said Credit Suisse analyst Christopher Esson
China s Ping An Insurance will buy out Newbridge Capital s
stake in Shenzhen based lender for 11 45 billion yuan 1 68
billion in cash or via a share swap while also paying up to
10 7 billion yuan for up to 585 million shares in Shenzhen Bank
in a private share placement leaving it with a stake of as much
as 30 percent
Shenzhen Bank which has been seeking new funding to bolster
its capital and meet regulatory requirements is expected to
benefit from the deal
The investment by Ping An a new shareholder with strong
financial strength can bolster Shenzhen Bank s capital enabling
the lender to enter a phase of rapid growth China International
Capital Corp analyst Mao Junhua said in a report on Monday
The bank s capital adequacy ratio stood at 8 53 percent at
end March below the 10 percent requirement for listed mid sized
lenders
Shenzhen Bank will become an important part of Ping An s
ambition to become a financial conglomerate There will be
opportunities for the two companies to share customer resources
and in the long term it would be possible for Ping An s unit
Ping An Bank to merge with Shenzhen Bank
Reporting by Parvathy Ullatil Nerilyn Tenorio Samuel
Shen Editing by Chris Lewis |
C | HK shares ends 3 day rally to fall 2 1 pct | HONG KONG June 15 Reuters Hong Kong shares shed 2 1
percent in thin turnover on Monday snapping a three session
winning streak knocked down by lower energy prices and profit
taking after the main index hit a nine month high last week
Ping An Insurance Group slid 3 2 percent after it said it
would increase its stake in mid sized lender Shenzhen Development
Bank to almost 30 percent from under 5 percent
Citigroup downgraded the stock to a hold rating from buy
saying the deal did not add much value to the insurer s banking
aspirations
The benchmark Hang Seng Index finished down 390 72 points at
18 498 96
The China Enterprises Index of top mainland companies was
down 1 9 percent at 10 877 54
Reporting by Parvathy Ullatil Editing by Chris Lewis |
C | European shares led lower by miners oil stocks | FTSEurofirst 300 falls 1 5 percent
Miners oils lower as commodity prices slip
Volvo falls on weaker sales
By Brian Gorman
LONDON June 15 Reuters European shares fell on Monday
morning tracking losses in Asia with mining and energy shares
hit by lower commodities prices as the U S dollar strengthened
At 0838 GMT the FTSEurofirst 300 index of top European
shares was down 1 5 percent at 872 0 points
But the European benchmark index is up more than 35 percent
from the record low it hit on March 9 as investors have become
more confident on the prospects for economic recovery
The dollar rose across the board on Monday after Russia said
the U S currency s role as the world s main reserve currency
was unlikely to change in the near future hitting energy and
commodity prices and related shares
With the price of copper and other metals sliding Anglo
American Antofagasta BHP Billiton Lonmin Rio Tinto and
Vedanta Resources fell between 1 6 and 4 5 percent
Among oil stocks Total ENI BP and Royal Dutch Shell fell
between 1 and 1 6 percent as crude prices slipped below 71 a
barrel before a slight recovery
There s not a whole lot going on said Bernard McAlinden
investment strategist at NCB Stockbrokers in Dublin We ve had
a strong rally and we re now in the seasonally weaker months
But I can see shares moving higher by the year end
Across Europe Britain s FTSE 100 Germany s DAX and
France s CAC 40 were between 1 7 and 2 percent lower
Among banks Banco Santander Credit Suisse Deutsche Bank
HSBC Societe Generale and UBS fell between 1 2 and 2 5 percent
HOLCIM FALLS
Switzerland s Holcim fell 1 8 percent after the world s
second largest cement maker said it would buy the Australian
operations of Mexico s Cemex for 1 64 billion and that it was
planning a capital increase to raise the funds
Shares in Air France KLM fell 4 3 percent after Citigroup
cut its rating on the stock to hold from buy
Citigroup also increased its forecast for a first quarter
operating loss for Air France to 89 million euros from 1 million
euros down from a profit of 234 million euros a year ago
Bayer dropped 3 8 percent after the chief executive of its
pharmaceutical unit Bayer Schering Pharma told a newspaper
that price pressure in the industry was intensifying due to the
economic crisis
Chemicals companies BASF and Akzo Nobel were down 1 7 and 2
percent respectively
In a note Credit Suisse said its analysis does not offer a
blanket buy for cyclical sectors There appear to be as many
cyclical sectors well priced for recovery as those under pricing
it Oils chemicals and capital goods are among the former with
real estate travel leisure and software among the latter
World number two truck maker Volvo fell 3 5 percent after
saying its truck deliveries in May fell 57 percent from a year
earlier as the global downturn weighed on demand for commercial
vehicles across its main markets
In economic news Switzerland s largest business
association economiesuisse said GDP would shrink 2 9 percent
this year and unemployment rise to 4 percent as recession bites
deeper
Tokyo s Nikkei closed 1 percent lower on Monday as investors
sold gains after the index exceeded the 10 000 line last week
though losses were limited as sentiment remains upbeat on hopes
for a global economic recovery
Editing by Will Waterman |
C | Europe shares fall weighed down by energy mining | FTSEurofirst 300 falls 1 4 percent
Miners oils down as commodity prices slip on firm dollar
By Peter Starck
FRANKFURT June 15 Reuters European shares were weaker
at midday on Monday weighed down by oil and gas stocks such as
Royal Dutch Shell and miners notably Rio Tinto as a stronger
dollar depressed commodity prices
At 1120 GMT the FTSEurofirst 300 index of top European
shares was down 1 4 percent at 872 89 points The index fell 0 2
percent on Friday breaking a three day winning streak but
ended last week with a gain of 1 5 percent
Today the bears are on the prowl said Giuseppe Guido
Amato strategist at brokerage Lang Schwarz
There is no news The market is driven by technical
preparations for the triple witching on Friday Amato said
referring to the June 19 expiry of contracts for stock index
futures stock index options and single stock options
Stock market volatility often increases in the run up to
triple witching
International Monetary Fund chief Dominique Strauss Kahn
said the worst of the global economic crisis may be yet to come
The large part of the worst is not yet behind us Strauss Kahn
said
The 16 country euro zone lost a record 1 22 million jobs in
the first quarter of 2009 The number in employment fell 0 8
percent against the previous quarter to 146 2 million
Markedly weakening labour markets are a major threat to
recovery prospects in the Eurozone Sharply higher and rising
unemployment will weigh down on Eurozone consumer spending
said IHS Global Insight Chief Economist Howard Archer
It will be some time before any improvement in economic
activity feeds through to help the jobs outlook he said
adding that economic activity will remain too weak to actually
generate jobs overall until well into 2010
JPMorgan said it might take months before the earnings
outlook for cyclical companies becomes clearer
Signs whether a recovery has started and what normal demand
is should become clearer after September which could be the
first month less affected by production shutdowns and
de stocking JPMorgan said in a note citing feedback from its
June 10 11 European Capital Goods CEO conference
Companies see early signs of stabilization in parts of
their business but most remain skeptical about a recovery
Derived from the comments at the conference we expect most
companies to report similar or worse results in Q2 than in Q1
and give a cautious near term outlook JPMorgan said
DOLLAR RALLY
Oil gas stocks took the most points off the European
benchmark index by midday on Monday with Royal Dutch Shell down
2 5 percent Total 1 6 percent lower BP dropping 1 6 percent
and ENI down 1 3 percent
Oil fell over 1 percent towards 71 a barrel extending its
retreat from eight month highs
The oil price slide was attributed mainly to U S dollar
strength after Russian Finance Minister Alexei Kudrin said the
dollar s role as the world s main reserve currency was unlikely
to change in the near future
The stronger dollar also hurt base metals with London
copper prices down 3 percent
Mining stocks fell with Rio Tinto down 5 6 percent Xstrata
down 4 6 percent and Vedanta Resources down 3 8 percent
Among steelmakers which together with miners carry the most
weight in the DJ Stoxx basic resources index which was down 3
percent ArcelorMittal fell 4 percent Voestalpine dropped 3 5
percent and Salzgitter lost 1 9 percent
Autos rivalled basic resources as the day s weakest European
sector after world number two truck maker Volvo said its truck
deliveries fell 57 percent year on year in May
Volvo s share price fell 2 3 percent Among other truck
makers Daimler was down 4 7 percent MAN SE dropped 2 8 percent
and Scania fell 1 5 percent
Navigation device maker TomTom NV dropped 11 6 percent on
the company s plan to raise 430 million euros in a share issue
to pay down part of its debt
Air France KLM fell 4 5 percent after Citigroup cut its
rating on the stock to hold from buy
Bayer dropped 3 3 percent after the chief executive of its
pharmaceutical unit told a newspaper that price pressure in the
industry was intensifying due to the economic crisis
Later in the day investors will focus on the New York
Federal Reserve s Empire State Manufacturing Survey for June due
at 1230 GMT
Additional reporting by Brian Gorman in London editing by
Will Waterman |
C | Ex Conti CEO to take Opel advisory role sources | FRANKFURT June 15 Reuters Manfred Wennemer former
chief executive of German car parts maker Continental AG will
represent Berlin on an advisory board overseeing the trust that
administers Opel sources familiar with the situation said on
Monday
Wennemer who declined comment ran Continental until his
resignation last August following his defeat in a bitter
takeover battle waged by bearings maker Schaeffler
The trust which holds 65 percent of Opel shares is charged
with ensuring that 1 5 billion euros 2 1 billion in bridge
financing offered by Berlin and the four German states with Opel
plants is not misappropriated
Berlin and the states agreed with former Opel parent General
Motors Corp and the U S Treasury to create the trust to
administer Opel during GM s Chapter 11 bankruptcy until a new
Opel investor is found
GM is negotiating a deal for Opel with Canadian group Magna
and its Russian partners
The other four members of the advisory board are comprised
of two GM delegates a representative of the four German states
and one neutral party
GM named GM Europe finance chief Enrico Digirolamo and GM
Vice President of Global Product Planning John Smith who
represented the Detroit parent in rescue talks with German
officials last month in Berlin
The state of Hesse s economy minister Dieter Posch said in
a statement on Monday the four German states had appointed Dirk
Pfeil treasurer of Hesse s Free Democratic Party to represent
their interests
The president of the board of directors of the American
Chamber of Commerce in Germany Citigroup s Fred Irwin will
serve as the independent member of the advisory body
Reporting by Angelika Gruber Andreas Moeser and Christiaan
Hetzner Editing by David Holmes
1 7203 Euro |
C | FACTBOX Key players in reshaping U S financial regulation | WASHINGTON June 15 Reuters Key figures determined to
overhaul America s financial regulation system range from a
young president facing a variety of crises to veteran
policy makers who have been tested by past financial
downturns
BARACK OBAMA PRESIDENT
The U S president is determined to rein in the deregulated
financial services sector and end a free wheeling period blamed
by some for the financial crisis behind the recession Many
Democrats in Congress agree with him
Obama a community organizer and civil rights lawyer before
entering the Senate in 2005 has already signed into law a bill
to curb sudden interest rate increases on credit cards and his
administration is moving to keep a closer eye on
over the counter derivatives and other complex financial
instruments
Two of his senior officials said in an opinion piece on
Monday that reform would mean higher capital and liquidity
requirements and that firms that are too big to fail would face
additional scrutiny
BEN BERNANKE FED CHAIRMAN
The soft spoken Bernanke studied the Great Depression in
graduate school preparing him for today s crisis
Unlike his 1930s predecessors Bernanke has turned on the
money taps to flood the system with liquidity while slashing
interest rates to spur the economy and fight deflation He has
also warned that big deficits would inevitably drive up
interest rates
Before taking the reins at the Fed in February 2006 he
briefly headed President George W Bush s Council of Economic
Advisers Before that he had three years of service on the Fed
Board adding practical policy experience to his earlier
theoretical work as an academic at Princeton University
A sober sided gray man in appearance Bernanke is
plain spoken in contrast to predecessor Alan Greenspan whose
obscure policy pronouncements often perplexed his listeners
TIMOTHY GEITHNER TREASURY SECRETARY
Geithner who worked with his one time boss Lawrence
Summers to explain the administration s financial regulation
reform proposals in a Washington Post op ed has a reputation
of being cool under pressure And there s plenty of pressure
He also has the unenviable job of helping the president
keep down expectations of a quick recovery Geithner told a New
York audience on Monday that the financial system was beginning
to improve but that unemployment will likely rise more
As president of the New York Federal Reserve Bank Geithner
was closely involved in the rescue of Citigroup Inc as
well as the bailouts of Bear Stearns and American International
Group But his reputation was tarnished by his
involvement in the decision to let investment bank Lehman
Brothers fail a step blamed by some for plunging an already
fragile financial system into a downward spiral
Previously Geithner played a big part in shaping U S
policy during the Asian and Russian economic crises in
1997 1998 when he was in his late 30s
Geithner also worked at the International Monetary Fund
where he directed the Policy Development and Review Department
from 2001 03 He studied Japanese and Chinese and has lived in
East Africa India Thailand China and Japan
LAWRENCE SUMMERS DIRECTOR OF NATIONAL ECONOMIC COUNCIL
Summers who co authored the Washington Post op ed on
regulation reform might have been Obama s treasury secretary
but for an unfortunate 2005 comment that women have less innate
ability in science than men Instead he heads the National
Economic Council a job that did not require Senate
confirmation
Summers who was Treasury secretary from 1999 and 2001 has
a reputation for brilliance as well as not suffering fools
gladly He advised the president during the election campaign
and some had thought he might return to his old job at
Treasury Like Geithner Summers is a time tested crisis
manager who gained experience helping direct the U S response
to the Asian financial crisis in the late 1990s as the No 2
Treasury official under then Secretary Robert Rubin
He earned a Ph D in economics from Harvard in 1982 and
taught there and at the Massachusetts Institute of Technology
Summers was the World Bank s chief economist from 1991 to
1993
MARY SCHAPIRO SEC CHAIRMAN
Schapiro came on board facing the prospect of overseeing
the shuttering of the Securities and Exchange Commission amid
criticism that it mishandled the gravest financial crisis since
the Great Depression
That idea has since been pushed aside and Schapiro a
former SEC commissioner who has spent more than two decades
advancing through the U S financial oversight bureaucracy may
oversee the SEC s expansion She has called for more oversight
of asset backed securities credit default swaps and other
less regulated pools of capital Geithner has said the
administration would like to give the SEC power to give
shareholders more say over executive pay
Schapiro has also chaired the futures market regulating
Commodity Futures Trading Commission She most recently was
chief executive of a brokerage watchdog group the Financial
Industry Regulatory Authority Schapiro came to the job with
plenty of critics Some said she was not a reformer beholden
to too many in a broken system while others said FINRA had a
mediocre enforcement record
The fact that she worked at both the SEC and CFTC led some
to speculate that Obama planned to merge the two regulatory
agencies an idea that has been kicked around for years
SHEILA BAIR CHAIRMAN OF FEDERAL DEPOSIT INSURANCE CORP
As financial regulators were skewered last year for going
too easy on regulation Sheila Bair emerged as an unflappable
figure with a tough love approach to the banks she supervises
as head of the Federal Deposit Insurance Corp
A self described moderate Republican and former academic
she clashed with the Bush administration by pleading for more
federal help for troubled homeowners in the mortgage crisis and
openly criticizing the banking industry In 2008 Forbes
magazine ranked her as the second most powerful woman in the
world a distinction she thought was a mistake when she got a
phone call about the award
The Kansas native a Republican whose term ends in 2011
was a university professor before coming to the FDIC
Previously she worked in the Treasury Department and for the
New York Stock Exchange
GARY GENSLER CHAIRMAN OF COMMODITY FUTURES TRADING
COMMISSION
A former Treasury undersecretary Gary Gensler is expected
to play a key role in efforts to regulate the over the counter
derivatives market Ironically Gensler was part of the
Treasury Department when it helped get a law enacted that
exempted credit default swaps from tougher regulation
Gensler was a partner at Wall Street giant Goldman Sachs by
age 30 and has been a critic of mutual funds
He advised former Maryland Democratic Sen Paul Sarbanes on
the post Enron Sarbanes Oxley corporate governance and auditing
reforms He was a senior adviser to New York Democratic Sen
Hillary Clinton s presidential campaign
CHRISTOPHER DODD CHAIRMAN OF SENATE BANKING COMMITTEE
Christopher Dodd the silver tongued white haired chairman
of the Senate Banking Committee faces a tough re election race
for his Senate seat in Connecticut
After more than a quarter century in the Senate few know
better than Dodd the inner workings of an institution known
derisively by some as the place where bills go to die Dodd
knows the markets and banking well coming from a state loaded
with headquarters of hedge funds insurance companies and other
giants of the financial services industry
Dodd is known as a centrist who can steer a bill to the
Senate floor Whether he can overcome Republican opposition
there to Democratic reforms will be crucial to efforts to
tighten a financial oversight system in crisis
BARNEY FRANK CHAIRMAN OF HOUSE FINANCIAL SERVICES
COMMITTEE
Representative Barney Frank is an oddity among the
well dressed conservative banking lobbyists who carefully
parse their sentences as they come before his powerful
committee
It s not just because of his rumpled clothes his short
temper or his sharp tongue A lawyer and feared debater Frank
is an unabashed advocate for activist government and has more
intellectual heft in his field than any other member of
Congress The Massachusetts Democrat is a power player on
Capitol Hill He often appears side by side with leaders to
field nitty gritty financial policy questions from the press
He has long argued the mortgage crisis the credit crunch
and the recession show the danger of taking a hands off
approach to the economy and Wall Street With Obama and the
Democrats in power a more hands on approach has arrived
RELATED NEWS
FACTBOX Obama plan for financial reforms ID nN15211435
Obama wants big banks to hold more capital ID nN15190553
Reporting by Kevin Drawbaugh Glenn Somerville Alister
Bull David Lawder Christopher Doering Karey Wutkowski
Rachelle Younglai John Poirier and Diane Bartz Editing by
Steve Orlofsky and Dan Grebler |
WMB | Sweden s Peterson overcomes Watson to win Tianjin Open | Reuters Sweden s Rebecca Peterson won her second title of the 2019 Asian swing as she defeated Britain s Heather Watson 6 4 6 4 in the Tianjin Open final on Sunday
Both players waited through a five hour rain delay with adverse weather during the warm up then forcing a switch to an indoor facility
Peterson recovered from a break down in each set overturning a 2 0 deficit on both occasions to seal victory in an hour and 37 minutes
The 24 year old won her maiden WTA title at the Jiangxi Open in Nanchang last month and continued her splendid run with an upset win over former world number one Venus Williams NYSE WMB earlier this week
The title triumph in Tianjin means Peterson currently ranked 59 in the world will move inside the top 40 for the first time in her career when the updated WTA standings are released on Monday |
WMB | Basketball hall of famer McGraw doubts college athlete pay law will help women | By Amy Tennery Reuters Notre Dame women s basketball coach Muffet McGraw expressed scepticism on Wednesday over a California law permitting college athletes be paid saying she was concerned that the legislation would not do much to help women athletes Late last month California Governor Gavin Newsom signed legislation allowing student athletes to receive payment for such things as product endorsement deals and use of their likeness in video games a potentially lucrative opportunity for college sports stars that flies in the face of long standing National Collegiate Athletic Association NCAA rules The California legislation due to take effect in 2023 is sure to roil the big money world of college sports which earns millions of dollars for schools and coaches while the student athletes fill stadiums and arenas and create huge TV ratings But Basketball Hall of Fame member McGraw told Reuters she believes female student athletes would be little helped by the rule In just about everything that you see in sports you re going to go to the football team and the men s basketball team and maybe the hockey team and then it may trickle down to the women But I doubt it said the coach who has been with Notre Dame for more than 30 years McGraw speaking ahead of a Women s Sports Foundation event in New York went viral on social media in April when she made a fierce plea for gender equality in sports politics business and beyond during an NCAA Final Four news conference The two time women s college basketball champion coach said that marketing opportunities were still scarce for female athletes even at the professional level When you look across the country right now in sports marketing really what athletes are you seeing on national TV Just very very few even on the men s side And there are virtually no women said McGraw Serena s probably the one that can garner that kind of attention she said of tennis superstar Serena Williams NYSE WMB
We ve got a long way to go with just the professional athletes |
WMB | NFL notebook Ramsey overjoyed to join Rams | Two time Pro Bowl cornerback Jalen Ramsey traded from the Jacksonville Jaguars on Tuesday told Uninterrupted s 17 Weeks Podcast on SiriusXM that he was overjoyed to join the Los Angeles Rams Big big day for me Ramsey said Wednesday I m currently just walking outside right now I m filled with joy I m overjoyed right now Ramsey a 2017 first team All Pro requested a trade from Jacksonville after Week 2 Ramsey 24 played in Week 3 but sat out the Jaguars past three games with a back injury Rams running back Todd Gurley returned to practice on a limited basis his first action in over a week after sitting out all last week with a left quad contusion He didn t suit up for the Rams loss to San Francisco on Sunday after being hurt Oct 3 at Seattle The Titans named Ryan Tannehill as their starting quarterback for Sunday s game against the Chargers Marcus Mariota was pulled in the second half of the loss to Denver on Sunday and Tannehill finished the game completing 13 of 16 attempts for 144 yards The Dolphins will start 36 year old Ryan Fitzpatrick at quarterback against Buffalo on Sunday Coach Brian Flores made the announcement one week after declaring second year Josh Rosen the team s starter for the remainder of the season The Rams placed safety John Johnson on injured reserve after he hurt his shoulder against the 49ers Marqui Christian likely will replace the 23 year old Johnson Dallas wide receivers Amari Cooper and Randall Cobb missed practice with injuries Cooper exited the Cowboys loss to the New York Jets on Sunday after the first offensive series due to a quadriceps injury Cobb was sidelined due to a back ailment Also missing practice Wednesday were tackles Tyron Smith ankle and La el Collins knee Raiders wideout Tyrell Williams NYSE WMB appears headed for a second straight absence due to a foot injury despite having the team s bye week to heal Coach Jon Gruden told reporters Williams who missed Week 5 s win over the Chicago Bears in London is battling plantar fasciitis adding It s not getting much better Chicago quarterback Mitchell Trubisky said he felt close to 100 percent in recovery from a dislocated left shoulder and slight labrum tear Coach Matt Nagy said the team is optimistic that Trubisky will start against the visiting Saints on Sunday Pittsburgh quarterback Mason Rudolph cleared concussion protocol allowing him to return as the team s starter next week The Steelers are off this week before hosting Miami in Week 8 Raiders offensive lineman Trent Brown faces a civil lawsuit from the mother of his child who is accusing him of domestic violence The woman identified as Diorra Marzette Sanders said Brown bruised bloodied and battered her on numerous occasions over the past two years The injury ravaged Green Bay Packers signed receiver Ryan Grant who caught four passes for 14 yards in two games for Oakland earlier this season before being released in September Chiefs wideout Sammy Watkins was ruled out for Thursday s road game against Denver Watkins injured his hamstring during Kansas City s loss to Indianapolis on Oct 6 Giants running back Saquon Barkley out for the past three games with a high ankle sprain was a full participant in practice as was tight end Evan Engram who missed last Thursday s loss to New England with a knee injury Cincinnati wide receiver A J Green followed up limited practices last week by being listed as a non participant Cornerback Darqueze Dennard knee and tackle Cordy Glenn concussion were cleared for the first time this season to participate fully in practice Quarterback Brock Osweiler whose regular season work helped lead the Broncos to victory in Super Bowl 50 retired at age 28 Osweiler replaced an injured Peyton Manning in 2015 and went 5 2 in seven starts helping Denver earn the AFC s top playoff seed Seattle tight end Will Dissly will undergo Achilles surgery Thursday and should return in 2020 NFL Network reported Dissly was running a pass route Sunday in Seattle s win over Cleveland when he tumbled to the ground clutching at his leg The Texans signed free agent tackle Chris Clark three days after first round pick Tytus Howard injured his knee against the Chiefs Clark played three of his previous nine seasons with Houston from 2015 17 starting 26 games in three seasons Saints running back Alvin Kamara ankle knee and tight end Jared Cook ankle missed practice ahead of the team s visit to Chicago this weekend Kamara is reportedly battling a high ankle type issue
Arizona Cardinals running back David Johnson who played through a back injury last weekend against Atlanta missed practice because of an ankle injury Field Level Media |
WMB | Fed s Williams Central bank will adjust response to money market volatility as appropriate | By Jonnelle Marte NEW YORK Reuters New York Federal Reserve President John Williams NYSE WMB said Thursday the central bank is learning as it works to increase liquidity in the banking system and that it will adjust its approach as needed One early lesson from the Fed s daily interventions in money markets is that a standing repo facility which would allow banks to convert Treasury holdings to cash might not be enough on its own to make sure banks have the liquidity they need Williams told reporters following an event organized by the Managed Funds Association There are still a number of steps needed to spread reserves out more broadly throughout the banking system after a repo operation he said I don t think that alone would address the problem Williams said Repo does add reserves but it s not a perfect substitute for actually having a higher level of reserves permanent in the banking system The Fed expected that certain events happening in mid September including corporate tax payments and Treasury settlements would increase demand for reserves Williams said at the event earlier However the size of the payments and its effect on short term borrowing rates were outside of recent experience he said The New York Fed calmed money markets and stabilized borrowing rates by injecting billions of dollars of cash into the financial system through daily operations in the market for repurchase agreements or repos The central bank announced last week that it will continue to offer those daily repo operations through January It also said it would increase the level of reserves in the banking system by purchasing short term Treasury bills at an initial pace of about 60 billion per month Speaking about his outlook for the economy Williams said the interest rate cuts the Fed approved this year leave monetary policy in a position to appropriately address current risks to economic growth and that future decisions will be set on a meeting by meeting basis Williams said Fed officials factored in a slowdown in global growth low inflation and uncertainty around trade policy when they decided to lower borrowing costs in July and September But he said that while those concerns are still hovering over the economy policymakers will need to focus on the outlook to justify future rate cuts I don t want to have this narrative that we still have the same conditions out there so does it mean we need to take further and further action he told reporters What we need to do is weigh or consider how those factors are influencing the outlook
Williams said the economy is in a pretty good place and that consumers have been very resilient He cautioned that consumer spending is a lagging indicator but said that so far the factors that affect consumer spending including asset prices job growth and wage gains have been positive |
WMB | Singer Robbie Williams to release first ever Christmas album | LONDON Reuters British singer Robbie Williams NYSE WMB is getting into the festive cheer announcing on Friday he would release his first ever Christmas album this holiday season
The Christmas Present made up of two Christmas Past and Christmas Future discs and released on Nov 22 will feature original songs and covers including duets with the likes of singers Bryan Adams Rod Stewart and Jamie Cullum as well as boxer Tyson Fury and Williams father Peter Conway
I m beyond excited to announce my first ever Christmas album I ve done a lot in my career and releasing this record is another dream come true Williams said in a statement
The Let Me Entertain You and Angels singer scored the coveted Christmas Number 1 spot in the UK music charts in 2001 with duet Somethin Stupid featuring actress Nicole Kidman
The 45 year old singer who has also been a judge on the British version of music talent show The X Factor was previously a member of hugely popular 1990s boyband Take That before embarking on a successful solo career |
WMB | Fed s Clarida says officials will act as appropriate to sustain economy and address risks | By Jonnelle Marte BOSTON Reuters Federal Reserve Vice Chairman Richard Clarida reiterated his stance that the U S central bank will act as appropriate to extend the recovery and shield the economy from risks posed by geopolitical tensions and slowing global growth Looking ahead monetary policy is not on a preset course and the committee will proceed on a meeting by meeting basis to assess the economic outlook as well as the risks to the outlook Clarida said at an event organized by the CFA Institute It will act as appropriate to sustain growth a strong labor market and a return of inflation to our symmetric 2 percent objective His remarks which were likely his last public comments before the next Fed meeting on Oct 29 30 were in line with those of other policymakers who emphasized this week that they are open minded about future policy decisions Fed officials voted 7 3 in September to cut interest rates for the second time this year bringing the target rate to a range of 1 75 to 2 00 Investors are pricing in a nearly 90 chance that the Fed will lower rates by a quarter percentage point later this month Clarida also said Fed officials are keeping an eye on risks that threaten to slow economic growth including a decline in business investment a slowdown in global growth and below target inflation He said that after a strong first quarter and decent second quarter he expects growth to slow in the second half of the year Clarida also said the economy is in a good place boosted by an unemployment rate near 50 year lows and rising wages Many Fed policymakers including Clarida have previously noted that the strength of the U S consumer will be key in charting the course of interest rates On Friday Clarida said consumers so far appear to be in good shape with household debt levels low and consumption still on pace to grow by 2 5 this year I don t see any evidence right now that recession risks are elevated he said And I don t see that spilling into the consumer When asked about the inverted yield curve which has recently reverted to positive Clarida said that he does pay attention to it But he said that the indicator reflects concerns about growth slowing across the globe
A big part I think of the inversion that we got really was not saying so much about the U S as it was saying something about the global economy he said |
WMB | Road ready Raiders hit Green Bay to face Rodgers battered Packers | The Sunday game between the Green Bay Packers and the visiting Oakland Raiders could be decided by which quarterback can make the most out of his suspect receivers corps
The Packers beat the Detroit Lions on Monday night with star receiver Davante Adams turf toe inactive Geronimo Allison concussion and chest lost for most of the second half and Marquez Valdes Scantling ankle and knee at less than full speed after being doubled backward in the first half
Aaron Rodgers made it work anyway Green Bay trailed 22 13 when it got the ball with 12 17 remaining in the fourth quarter Rodgers drove the Packers to a touchdown and the game winning field goal by throwing for 147 of his 283 yards during those final two possessions
Adams did say he s getting closer While that won t help Green Bay this week it s a positive in Packerland
It s a million times better Adams said of his toe injury I m able to do a lot more movement in it more range of motion That s the type of stuff that I need It s a good sign for me to get back
Adams is officially out Sunday while Allison Valdes Scantling and tight end Jimmy Graham ankle are still possible to play Graham indicated he ll be ready to go but it s feasible Rodgers who was limited last week but showed no signs of any knee issues Monday night will take the field for Week 7 minus his top three outside targets
It s always a next man up mentality so I mean it s not going to change now Adams said Having us three down right now is tough and it s putting the team in a tough situation but I mean it s next man up We ve got other guys who are extremely capable so they just gotta rise to the occasion
The Raiders who are coming off their bye after beating the Chicago Bears in London have gotten just 37 receptions from their entire receiver corps Derek Carr has made it work too He leads the NFL with a 73 3 completion percentage
Tight end Darren Waller who was on Baltimore s practice squad at this time last year has as many receptions 37 as all of Oakland s receivers combined One of the team s starting receivers Tyrell Williams NYSE WMB has a foot injury and did not practice on Wednesday He has four of the Raiders six touchdown catches
The Packers 5 1 are riding high atop the NFC North due in part to a home heavy schedule This will be their fifth home game in seven weeks After Sunday they will play just one home game in a span of six weeks
The Raiders 3 2 don t want to hear about scheduling quirks
After playing at Minnesota and at Indianapolis to end September they had a home game against Chicago in England Following a bye last week the Raiders are back on the road with games at Green Bay and at Houston Then they will finally get back to Oakland for home games against the Lions Los Angeles Chargers and Cincinnati Bengals
I know you guys have your fifth home game already I m jealous Raiders coach Jon Gruden said of the Packers We re in the middle of one of the greatest road trips in the history of football I d like to thank everybody for making this possible
The Raiders won a preseason game between the teams in Winnipeg One of Green Bay s quarterbacks that night DeShone Kizer is the Raiders No 3 quarterback Green Bay s offensive star in that game Trevor Davis is a starting receiver and returner for the Raiders
Meanwhile the Packers added to their receiver corps on Wednesday by signing Ryan Grant who had four catches in two games with the Raiders before being released after the Davis trade He might be pressed into duty on Sunday Had the Packers practiced on Wednesday Adams Valdes Scantling and Allison would have been unavailable
The injuries mean a bigger opportunity for one of last week s heroes Allen Lazard who spent most of last season on the Jacksonville Jaguars practice squad and the start of this season on Green Bay s practice squad was summoned from the bench during the rally and provided four catches including a 35 yard touchdown
I think that s a fair question Packers coach Matt LaFleur said when asked why Lazard hadn t played earlier He went out there and he performed really well Hindsight s 20 20 but I m just excited for where he could go He s got to now
Anybody can do it one time but now you ve got to do it each and every time That s the expectation I m excited to see him put together back to back to back and see where it goes
Field Level Media OLUSSPORT Reuters US Online Report Sports News 20191018T194221 0000 |
WMB | WTA roundup Bencic advances to Moscow semifinals | Third seeded Belinda Bencic of Switzerland dispatched Belgium qualifier Kirsten Flipkens 7 6 8 6 1 in 94 minutes on Friday to advance to the semifinals of the Kremlin Cup in Moscow
Bencic will next face France s Kristina Mladenovic who stunned second seeded Kiki Bertens of the Netherlands 6 4 2 6 6 1 If Bencic beats Mladenovic she will pass Serena Williams NYSE WMB and Bertens to claim one of the eight spots at the upcoming Shiseido WTA Finals Shenzhen
Karolina Muchova of the Czech Republic and Russia s Anastasia Pavlyuchenkova will meet in the other semifinal Muchova upset eighth seeded Russian Ekaterina Alexandrova 6 3 6 4 while Pavlyuchenkova outlasted countrywoman Veronika Kudermetova 7 6 5 7 5
Luxembourg Open
Second seeded Julia Goerges of Germany fought past Puerto Rico s Monica Puig for a 1 6 6 2 6 3 triumph to reach the semifinals in Luxembourg
Goerges the defending champion had 24 winners while rallying to the victory She next faces third seeded Russian Elena Rybakina who soared to a 6 0 6 4 victory over Germany s Laura Siegemund
Eighth seeded Russian Anna Blinkova and Latvia s Jelena Ostapenko will meet in the other semifinals Blinkova led 6 3 1 0 when Russia s Margarita Gasparyan retired due to an undisclosed injury while Ostapenko cruised to a 6 1 6 1 win over Germany s Antonia Lottner
Field Level Media |
WMB | College football notebook Ricky Williams Heisman sold for 504K | The Heisman Trophy presented to Texas running back Ricky Williams NYSE WMB in 1998 sold at an auction for 504 000 a record for college football s most recognizable award
Williams sold his trophy to a private collector for an unspecified amount in 2014 That collector Brian Hobbs opted to sell it at the annual Heritage Auctions Fall Sports Memorabilia Collectibles event Friday
The winning bid eclipsed the total of 435 763 paid for Tim Brown s 1987 trophy last December
Late Colorado running back Rashaan Salaam s Heisman Trophy sold for nearly 400 000 in an online auction in January 2018 with proceeds benefiting research into brain injuries according to published reports
Wisconsin running back Jonathan Taylor became the fourth player in FBS history to rush for 5 000 yards before his senior season joining Heisman Trophy winners Herschel Walker of Georgia and Ron Dayne of Wisconsin as well as Oregon s LaMichael James with a 16 yard run over left guard on the first play from scrimmage
Taylor who rushed for 132 yards and a touchdown in Saturday s 24 23 loss to Illinois needed only 736 carries to reach 5 000 the fewest of the four players He has 5 128 passing James 5 082 and former Badgers back Dayne 5 091 Walker had 5 596 yards
Taylor who won the 2018 Doak Walker Award as the nation s top running back entered Saturday s game needing just 4 yards to reach 5 000 He also entered the day needing 145 yards to move past Montee Ball 5 140 yards and into second place in Wisconsin history behind Dayne 7 125
Miami wide receiver Jeff Thomas received a one game suspension and sat out the game against visiting Georgia Tech the team announced According to the school Thomas was suspended for an unspecified violation of team rules
Thomas 24 receptions trail only tight end Brevin Jordan on the team while his 270 yards receiving are third most on the Hurricanes He has two touchdown catches tied for the most on the club
Thomas led Miami with 35 receptions and 563 receiving yards in November 2018 before being dismissed from the team for unspecified reasons prior to the regular season finale He reportedly contemplated transferring to Illinois before electing to return to the Hurricanes
Field Level Media |
JPM | Gold futures rally to USD1 827 record after Philly Fed report | Investing com Gold futures rallied to a fresh record high on Thursday topping USD1 827 an ounce after a flurry of disappointing U S economic data saw risk aversion sharpen sparking a massive flight to safety On the Comex division of the New York Mercantile Exchange gold futures for October delivery traded at USD1 825 85 a troy ounce during U S morning trade soaring 1 92 It earlier rose as much as 2 to trade at USD1 827 85 a troy ounce exceeding the previous high of USD1 815 65 a troy ounce it hit on August 11 The Federal Reserve Bank of Philadelphia said earlier that its manufacturing index plunged by 33 9 points to minus 30 7 in August the lowest level since March 2009 Analysts had expected the index to increase to 3 9 in August from 3 2 in July Meanwhile the U S Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending August 12 rose by 9 000 to a seasonally adjusted 408 000 higher than the expected increase of 400 000 The previous week s figure was revised up to 399 000 from 395 000 Also Thursday the National Association of Realtors said that existing home sales declined by 3 5 to a seasonally adjusted 4 67 million units in July an eight month low confounding expectations for a gain of 2 7 to 4 90 million units A separate report showed that the U S core consumer price inflation rose 0 2 in July in line with market expectations while consumer prices including food and energy costs rose 0 5 last month above expectations for a 0 2 increase Meanwhile the World Gold Council said in a report earlier that investment demand in India during the second quarter soared 78 to 108 5 metric tons while jewelry demand increased 17 to 139 8 tons Gold investment demand in China jumped 44 to 53 tons in the second quarter while jewelry demand rose 16 to 102 9 tons the council said On Wednesday Venezuelan President Hugo Chavez said that he intended to move forward and repatriate as much as USD11 billion in gold reserves held in the U S and Europe in order to nationalize the country s gold holdings According to Chavez Venezuela will transfer 99 tons of gold from the Bank of England to the country s central bank In addition Venezuela holds gold at Wall Street firm JP Morgan Chase U K lenders Barclays and Standard Chartered as well as Canada based Bank of Nova Scotia Elsewhere on the Comex silver for September rose 0 15 to trade at USD40 48 a troy ounce while copper for September delivery tumbled 1 95 to trade USD3 963 a pound |
JPM | Crude oil futures inch higher ahead of supply data Obama speech | Investing com Crude oil futures inched higher on Thursday erasing earlier losses as markets awaited the release of government data on U S crude oil inventories as well as highly anticipated speeches from Federal Reserve Chairman Ben Bernanke and President Barack Obama On the New York Mercantile Exchange light sweet crude futures for delivery in October traded at USD89 66 a barrel during U S morning trade gaining 0 35 It earlier fell as much as 0 9 to trade at a daily low of USD88 61 a barrel Markets were awaiting fresh weekly information on U S stockpiles of crude and refined products to gauge the strength of oil demand in the world s largest oil consumer The data was expected to show that U S crude oil stockpiles fell by 2 2 million barrels while gasoline supplies were forecast to drop by 1 4 million barrels as Hurricane Irene prompted a number of oil producers in the Gulf of Mexico to halt production After markets closed Wednesday the American Petroleum Institute an industry group said that U S crude inventories fell by 2 97 million barrels outstripping expectations for a 1 9 million barrel decline Total gasoline supplies dropped by 0 87 million barrels to 209 9 million falling short of expectations for a 1 2 million barrel decline Wall Street bank JP Morgan Chase said in a report earlier The demand picture is a mixed bag in the U S with unemployment stagnant income growth and efficiency weighing on oil and gasoline consumption The lender added that fears over the U S economic outlook and concerns over supply disruptions in Africa and in the North Sea was the main driver behind the record high premium between the crude and Brent contracts Meanwhile President Obama was to address a joint session of Congress later Thursday where he was expected to announce a USD300 billion stimulus package to bolster the U S economy and spur job growth Oil traders will also be paying close attention to a speech from Fed Chief Ben Bernanke later in the day for any hints regarding further easing measuresElsewhere on the ICE Futures Exchange Brent oil futures for October delivery added 0 11 to trade at USD116 00 a barrel up USD26 34 a barrel on its U S counterpart re approaching the record high of USD26 87 |
JPM | Crude oil futures hold gains after mixed U S inventory data | Investing com Crude oil futures held on to gains on Thursday trading close to the previous session s five week high after a government report showed U S crude supplies fell more than expected last week while gasoline inventories rose unexpectedly On the New York Mercantile Exchange light sweet crude futures for delivery in October traded at USD89 92 a barrel during U S morning trade climbing 0 65 It earlier rose as much as 0 89 to trade at USD90 28 a barrel just below the previous day s five week high of USD90 39 a barrel The contract traded at USD89 96 prior to the release of the Energy Information Administration data The U S EIA said in its weekly report that U S crude oil inventories declined by 4 0 million barrels in the week ended September 2 nearly doubling expectations for a 2 2 million barrel decline U S crude supplies rose by 5 3 million barrels in the preceding week Total U S crude oil inventories stood at 353 1 million barrels as of last week remaining above the upper limit of the average range for this time of year Total motor gasoline inventories increased by 0 2 million barrels confounding expectations for a 1 4 million barrel drop Energy traders have been closely eyeing gasoline stockpiles in recent weeks to gauge the strength of U S demand as the U S driving season is currently in the period of peak gasoline demand Meanwhile markets continued to look ahead to highly anticipated speeches from Federal Reserve Chairman Ben Bernanke and from U S President Barack Obama later in the day Elsewhere on the ICE Futures Exchange Brent oil futures for October delivery added 0 43 to trade at USD116 44 a barrel up USD26 52 a barrel on its U S counterpart re approaching the record high of USD26 87 Wall Street bank JP Morgan Chase said in a report earlier The demand picture is a mixed bag in the U S with unemployment stagnant income growth and efficiency weighing on oil and gasoline consumption The lender added that fears over the U S economic outlook and concerns over supply disruptions in Africa and in the North Sea was the main driver behind the record high premium between the crude and Brent contracts |
JPM | Crude oil futures edge higher in volatile trade | Investing com Crude oil futures edged higher in volatile trade on Tuesday erasing earlier losses suffered in the wake of a downgrade to Italy s credit rating while easing concerns about oversupply underpinned prices On the New York Mercantile Exchange light sweet crude futures for delivery in October traded at USD86 38 a barrel during European morning trade gaining 0 55 The October crude contract is due to expire at the end of trading on Tuesday Meanwhile the more actively traded contract for November delivery traded at USD86 54 a barrel jumping 0 85 It earlier fell as much as 0 86 to trade at a daily low of USD85 28 a barrel Contract expiration often leads to volatile sessions as market participants look to close out positions or reposition their portfolios Crude prices came under pressure earlier after ratings agency Standard Poor s downgraded Italy s sovereign credit rating by one notch to A from A and kept its outlook on negative Prices found support after Organization of the Petroleum Exporting Countries Secretary General Abdullah al Badri said earlier that oil producers who had increased output to make up for the shortfall in shipments from Libya will reduce production as Libyan output returns to the market Wall Street bank JP Morgan Chase said in a report Perhaps the most significant of Al Badri s comments was the recognition that the members of OPEC will reduce output to accommodate Libyan production as it resumes This adds weight to our view that OPEC will respond to any risk of oversupply in order to support prices near USD100 a barrel the lender said Markets were also awaiting fresh weekly information on U S stockpiles of crude and refined products to gauge the strength of oil demand in the world s largest oil consumer The American Petroleum Institute will release its inventories report later in the day while Wednesday s government report could show stockpiles fell by 1 5 million barrels last week to 344 9 million barrels the lowest in eight months Elsewhere on the ICE Futures Exchange Brent oil futures for November delivery rose 0 65 to trade at USD109 95 a barrel up USD23 41 a barrel on its U S counterpart |
C | RPT Wall St Week Ahead Stocks eye banks TARP repayments | Some banks expected to repay bailout money
Oil price interest rates remain wild cards
Retail consumer sentiment data on tap
Repeating column initially sent late on Friday
By Edward Krudy
NEW YORK June 7 Reuters U S stocks may get a lift
this week as regulators are expected to name the first round of
banks allowed to repay bailout funds The move could feed hopes
that the banking system is stabilizing further
But widespread skepticism over the sustainability of the
recent rally from 12 year lows in March remains as bears keep
looking for signs of economic weakness
The week s wild cards include the price of oil now near
70 per barrel and U S Treasury bond yields with the 10 year
note s yield near 4 percent
Investors also will sift through a government report on May
retail sales and data on consumer sentiment for clues about
consumers mood and their inclination to shop These indicators
are watched closely because consumer spending accounts for
about two thirds of U S economic activity
From the market s point of view the repayment of TARP
bailouts is a big positive in that it shows that private
equity is available and capable of coming in and funding the
banks said Marc Pado U S market strategist at Cantor
Fitzgerald Co in San Francisco
But even though the repayment of money from the 700
billion Troubled Asset Relief Program is seen as an important
psychological step there are also concerns that the banks may
repay the money too soon while selective repayments may
stigmatize some lenders
The potential negative is that people start looking at it
and saying these guys have been able to pay it back but other
people haven t said Doug Roberts chief investment strategist
at Channel Capital Research in Shrewsbury New Jersey There
could be a concern that the government will have to go back in
again
There is also concern that the repayment of TARP may rob
the economy of money that could be lent to consumers and
businesses
The S P 500 index is up nearly 40 percent since a hitting a
12 year closing low on March 9 largely on hopes of an economic
recovery But indexes have drifted since early May as investors
look for more catalysts to drive the market
In a historic turn of events on Wall Street General Motors
and Citigroup will lose their place in the blue chip Dow
industrial average on Monday marking a fall from grace for two
once venerable American corporations
SPOILER MAY BE OIL NEAR 70
Steadily rising oil prices have started to cause concern
with some investors worried that higher prices may put pressure
on the all important consumer dampening the speed of a
recovery Crude futures jumped to a seven month high above 70
a barrel on Friday before falling back to settle down 37 cents
or 0 5 percent at 68 44 on the New York Mercantile Exchange
John Praveen chief investment strategist at Prudential
International Investments Advisers LLC in Newark New Jersey
said that when you are getting too close to the 70 range you
begin to wonder whether the rise in oil is going to start being
a burden for the economy
Trends in oil prices will be a factor in Wednesday s report
on the international trade deficit for April and Friday s data
for May on import prices and export prices
The Federal Reserve s Beige Book an anecdotal report from
the Fed s 12 districts will shed some light on the economy s
health when it s released on Wednesday afternoon
WORRY OVER RISING BOND YIELDS
Similarly rising Treasury yields which reached as high as
3 9 percent on Friday marking the loftiest level in more than
six months are causing concern that consumers and businesses
may face higher borrowing costs
Investors will watch the results of a 3 year note auction
on Tuesday and a 10 year note auction on Wednesday to gauge
investors appetite for swallowing ever increasing government
debt
We have seen bond yields back up over the last couple of
weeks and if they keep going up there is growing concern that
that could short circuit the recovery added Praveen If the
recovery becomes questionable then you might see a pullback in
equities
For the past week stocks rose The Dow Jones industrial
average finished the week up 3 1 percent while the Standard
Poor s 500 Index added 2 3 percent and the Nasdaq gained 4 2
percent
May retail sales due on Thursday are expected to show an
increase of 0 5 percent including auto sales compared with
April s drop of 0 4 percent Excluding auto sales May retail
sales are seen up 0 2 percent compared with April s fall of
0 5 percent
A preliminary reading for June from the Reuters University
of Michigan consumer sentiment index is due on Friday
Investors will continue to watch to see if economic data
is improving said Michael Sheldon chief market strategist of
RDM Financial in Westport Connecticut The trend over the
past few months has been encouraging but there is still a long
way ahead before we can say that the economy is growing and
it s growing on a sustained basis
Additional reporting by Leah Schnurr Editing by Jan
Paschal
Wall Street Week Ahead column appears weekly Comments or
questions on this one can be e mailed to
edward krudy thomsonreuters com |
C | RPT GLOBAL ECONOMY WEEKAHEAD Assumptions in state of flux | Repeat of item initially moved Sunday June 7
By Ros Krasny
CHICAGO June 8 Reuters The likely path of the U S
economy and interest rate policy made an abrupt shift on
Friday but prospects for a speedy recovery face more tests
next week with the latest large sale of long term government
debt and a key retail report
A surprising May jobs report on Friday suggested a U S
rebound could be closer at hand than some pundits had guessed
giving investors food for thought even in a week when the data
diet is a bit thin
Indeed some of the more cautious assumptions about the
U S and global economies and the trading strategies
associated with them were jettisoned after Friday s
potentially game changing payrolls report
U S nonfarm payrolls fell by 345 000 in May the fewest
job cuts since September The total was far less than both the
expected 520 000 drop and the revised 504 000 reduction in
April
The data left investors in a state of flux said Alan
Ruskin chief international strategist at RBS Greenwich Capital
in Greenwich Connecticut
U S short term interest rates jumped after the jobs report
as traders braced for an interest rate increase from the U S
Federal Reserve as early as November a move that would shift
the landscape for other central banks
Many economists and traders are still unconvinced that the
U S economy which just ended its 18th month of recession can
so easily absorb a spike in interest rates without choking off
the recovery
In the absence of a more accommodative financial backdrop
the prospect of a languishing consumer and hesitant business
sector cautions that a broad based upturn still faces key
hurdles said Robert DiClemente economist at Citigroup
The next chance to test the hypothesis of a resurgent U S
economy will come on Thursday when retail sales for May are
reported by the Labor Department
The data could show whether rising consumer confidence is
making cash registers ring or if consumers are still not in a
mood to spend freely as recent reports on consumer credit and
chain store sales suggest
Sales are forecast to rise by 0 5 percent against April s
0 4 percent decline
MORE DEBT SALES ON TAP
Also next week the U S Treasury will auction 35 billion
in three year notes on Tuesday 19 billion in 10 year notes on
Wednesday and 11 billion in 30 year bonds on Thursday
Recent auctions have been well received surprising some
analysts and foreign central banks continue to buy Treasuries
But traders and some Fed officials worry that the United States
will go to the well one too many times
Ten year Treasury yields which stood near 3 16
percent a month ago have climbed to 3 83 percent and 30 year
yields have jumped to 4 6 percent from 4 06
percent
Technical analysts are watching a major trendline in
30 year Treasury bond yields at 5 09 percent that dates all the
way back to 1986
The mega trend lower in yields that we have all become
happy with over the past 25 or 30 years would be in jeopardy if
30 year yields start to establish themselves above that
trendline said strategists at 4CAST Ltd in New York
Such a move would be consistent with fears that the U S
economy is at risk of entering a higher interest rate
environment
Peter Schiff president of Euro Pacific Capital in Darien
Connecticut said Fed Chairman Ben Bernanke Treasury Secretary
Timothy Geithner and President Barack Obama have their work cut
out as salesmen in chief for the onslaught of U S debt
offerings
Not only must our leaders convince holders of our debt not
to sell what they already own but to back up the truck and buy
a whole lot more Schiff said Once the psychology turns
there is no way to stop the rush for the exits
RECOVERY UNDERMINED
Mortgage interest rates are rising along with Treasuries
Soft demand at next week s auctions could push up rates even
further
The economy has been helped by the tailwinds of very low
mortgage rates falling gasoline prices and income support from
stimulus These supports are fading which provides an
important test said Dean Maki economist at Barclays Capital
in New York
Chinese demand will be scrutinized in particular given
chatter that the Chinese are cautiously reducing duration on
their Treasury portfolio and focusing more on the short end
said Michael Wallace economist at Action Economics
China is the single largest U S creditor holding some
768 billion of U S Treasury securities
China s export driven economy will be in focus on Thursday
with the release of monthly trade figures and industrial
production data on Friday
China s exports for May are forecast to have fallen by a
year on year 23 1 percent worse than the 22 6 percent decline
in April But industrial production is expected to have risen
by 7 5 percent versus 7 3 percent
On balance analysts are cautiously bracing for a revival
in Chinese exports over the balance of 2009 based on recent
purchasing managers surveys
Editing by Dan Grebler |
C | Nomura eyes top 10 spot for French M A deals | PARIS June 8 Reuters Japanese bank Nomura which
acquired some of the main businesses of failed Wall Street bank
Lehman Brothers last year is targeting a top 10 spot in the
league tables for working on French mergers and acquisitions
M A
Nomura France Joint President Jerome Calvet told reporters
at a news briefing on Monday that in the long run Nomura
would aim for a top five position in French league tables for
M A
Last year Nomura bought the European Middle Eastern and
Asian units of Lehman Brothers following Lehman s collapse The
Japanese bank currently has around 100 staff in Paris
According to data compiled by Thomson Reuters BNP Paribas
held the number one spot in French M A table during the first
quarter
Lazard was second Rothschild was third Citigroup was
fourth and Credit Suisse fifth Nomura was ranked 12th in the
Thomson Reuters table
French transactions which Nomura has worked on so far this
year include Air France KLM s acquisition of a 25 percent stake
in Alitalia and the Ricard family s purchase of a 3 7 percent
stake in Pernod Ricard from Japan s Kirin Holdings
In April Nomura reported a 2 2 billion quarterly loss
which mainly reflected the costs of integrating the Lehman
operations
Reporting by Sudip Kar Gupta Editing by Rupert Winchester |
C | FOREX Ireland downgrade hits euro dollar extends rally | Ireland downgrade pushes euro down toward 1 38
Dollar index hits highest since May 20
2 year U S note yields jump to highest in 7 months
Updates prices adds comment and details
By Steven C Johnson
NEW YORK June 8 Reuters The euro fell broadly on
Monday after another rating agency downgraded Ireland s
sovereign debt while the dollar extended gains as Treasury
yields continued to rise following last week s
stronger than expected U S jobs data
Ratings agency Standard Poor s cut Ireland s sovereign
credit rating on Monday to AA its second downgrade in three
months That provided a fresh catalyst to sell the euro which
fell to 1 3806 almost a two week low
It also helped the dollar which rallied Friday after data
showed the United States lost fewer jobs than expected in May
That triggered speculation that the Federal Reserve may raise
interest rates next year pushing two year government note
yields to a seven month high
The euro was under pressure after last week s dollar
bounce and the downgrade puts further pressure on it now
said Geraldine Concagh economist at AIB Group Treasury in
Dublin
The euro fell as low as 1 3806 according to Reuters
data and was last down 0 7 percent for the day at 1 3875
Against the yen the euro was down 0 8 percent at 136 70 yen
Technical strategists at Citigroup said fairly strong euro
support lies in the 1 3722 1 3793 area which should hold
at least on the first attempt
An index that gauges the dollar s value against six major
currencies hit its highest level since May 20 On Friday it
rose 1 6 percent the index s best performance since Dec 19
Reuters data showed
The dollar slipped 0 1 percent against the yen to 98 53
yen still close to Friday s one month high of 98 90 yen on
trading platform EBS
Sterling was barely changed at 1 5973 Earlier it fell
to 1 5803 after support for Prime Minister Gordon Brown s
ruling Labour Party in European elections plunged to its
lowest level in a century adding uncertainty about his
political future
VIGILANT FED
Even before Ireland s downgrade the dollar was buoyed by
investors focus on improving prospects for the U S economy
reversing a trend where the dollar had been sold for higher
risk currencies in response to better economic fundamentals
The pace of U S job losses slowed sharply last month the
strongest sign to date that the recession is diminishing even
as the unemployment rate hit its highest in nearly 26 years
The spike in two year note yields forced more investors to
unwind bets against the U S currency as some analysts said
the dollar s earlier slide had been excessive Two and
10 year U S Treasury yields hit their highest levels since
November in Asia on Monday as Treasuries extended losses
Chuck Butler president of Everbank World Markets in St
Louis said The rise in bond yields has people looking
ahead thinking the Fed is probably going to be finished with
its near zero interest rate policy by next year
That view was reinforced when Atlanta Fed President Dennis
Lockhart said on Friday the Fed needs to be anticipatory and
not wait too long before tightening policy
However Dennis Gartman an independent investor and
author of The Gartman Letters said investors were jumping the
gun
We shall mince no words here This is not going to
happen he said adding that the Fed won t move until certain
the recession is over and the jobless rate has stopped
rising
With currency movements closely following U S bond
yields markets will focus on a slew of Treasuries auctions
this week The U S government is scheduled to sell 65
billion in debt including 10 year and 30 year securities
Additional reporting by Harpreet Bhal and Jamie McGeever in
London Editing by Jan Paschal |
C | GRAINS Soy rises to 9 month high on tight stocks | Soy firm in nearby but deferred contracts weak
Firm dollar falling stock market hit corn wheat
Wheat under pressure from harvest of winter crop
Recasts updates prices market activity to CBOT open new
byline changes dateline previously PARIS SEOUL
By Mark Weinraub
CHICAGO June 8 Reuters Tight stocks of U S soybeans
fueled a rally in nearby soybean futures to a nine month high
on Monday but deferred contracts weakened due to expectations
of a plentiful harvest traders said
Ideas are that we will see a very small ending stocks
estimate out of the U S Agriculture Department said Jack
Scoville vice president at Price Futures Group in Chicago
That seems to be really doing a number on the July November
bean spread
Firmness in the U S dollar and a falling U S equities
market caused Chicago Board of Trade corn and wheat futures to
weaken
Good planting weather in key areas of the eastern Corn Belt
during the weekend as well as some showers in states such as
Iowa also contributed to the drop in corn
It was wet in the western Corn Belt over the weekend which
favors crop development and it was dry in selected states in
the eastern Corn Belt that are behind Citigroup analyst Terry
Reilly said We have a combination of the fundamentals driving
the market as well as the outside markets such as the U S
dollar
Dry weather in the southern U S Plains allowed farmers in
that area to make good progress in the harvest of the winter
wheat crop pressuring futures prices
At 11 20 a m CDT 1620 GMT CBOT soybeans for July
delivery were up 6 1 4 cents 12 31 3 4 a bushel The nearby
contract hit a high of 12 39 3 4 earlier in the session its
highest level since Sept 3
Tight supply concerns are pressuring soybeans and the
market will remain well supported for the time being as
concerns of lower crop yields and strong export demand will
continue to dominate the market said Han Sung min a trader
at KEB Futures
The U S Agriculture Department was set to release its
monthly crop production report on Wednesday morning That will
provide the government s latest forecast for key figures such
as soybean ending stocks as well as wheat and corn production
Analysts surveyed by Reuters expect the USDA to cut
projected end season U S soybeans stocks to 114 million
bushels the lowest supply seen since August 1977 due to
strong export demand
USDA s current estimate for U S soy stocks at the end of
the marketing year on Aug 31 is at a five year low of 130
million bushels
Operators said they also will watch the USDA report for
projections for corn supply next season after a heavily
disrupted planting season in the United States
Front month contracts
Prices at 11 18 a m CDT 1618 GMT
Pct YTD
Last Change Chg Close Pct Chg
CBOT corn Cc1 4 35 0 09 2 0 4 07 6 9
CBOT soy Sc1 12 3075 0 0525 0 4 9 7225 26 6
CBOT meal SMc1 400 6000 4 6000 1 2 300 5 33 3
CBOT soyoil BOc1 0 3936 0 0037 0 9 0 3329 18 2
CBOT wheat Wc1 6 04 0 1925 3 1 6 1075 1 1
CBOT rice RRc1 12 575 0 04 0 32 15 34 18 025
US crude CLc1 68 17 0 27 0 4 44 60 52 8
Dow Jones DJI 8637 07 126 06 1 4 8776 39 1 6
Gold XAU 948 3000 7 0000 0 7 8 0
Euro dollar EUR 1 0 0 5 1 3978 0 8
Dollar Index DXY 81 055 0 387 0 48 81 151 0 1183
Baltic Freight BADI 3646 163 4 28 774371 059
Additional reporting by Valerie Parent in Paris and Miyoung
Kim in Seoul Editing by David Gregorio |
C | FOREX Euro hurt by Ireland downgrade dollar extends gains | Ireland downgrade pushes euro down toward 1 38
Dollar index hits highest since May 20
2 year U S note yields jump to highest in 7 months
Focus on U S Treasury auctions this week
Adds comments details Changes byline
By Vivianne Rodrigues
NEW YORK June 8 Reuters The euro fell broadly on
Monday hurt by a rating agency s second downgrade on Ireland s
sovereign debt while the dollar extended gains as Treasury
yields continued to rise following last week s
stronger than expected U S jobs data
Ratings agency Standard Poor s cut Ireland s sovereign
credit rating on Monday to AA its second downgrade in three
months That provided a fresh catalyst to sell the euro which
earlier fell to 1 3806 almost a two week low
It also helped the dollar which rallied since Friday after
data showed the United States lost fewer jobs than expected in
May That triggered speculation the Federal Reserve may raise
interest rates next year pushing two year government note
yields to a seven month high
The immediate reaction to the downgrade was to take the
euro lower which in any event was trading heavily said Marc
Chandler senior currency strategist at Brown Brothers Harriman
in New York
The euro fell as low as 1 3806 according to Reuters data
and in afternoon trading was last down 0 4 percent for the day
at 1 3910 Against the yen the euro was down 0 8 percent at
136 79 yen
The euro was under pressure after last week s dollar
bounce and the downgrade puts further pressure on it now said
Geraldine Concagh economist at AIB Group Treasury in Dublin
Technical strategists at Citigroup said fairly strong euro
support lies in the 1 3722 1 3793 area which should hold at
least on the first attempt
An index that gauges the dollar s value against six major
currencies hit its highest level since May 20 It was last up
0 2 percent at 80 817 after having its best performance since
December on Friday
The dollar slipped 0 3 percent against the yen to 98 33
yen still close to Friday s one month high of 98 90 yen on
trading platform EBS
Sterling was last up 0 5 percent at 1 6068 in volatile
trading Earlier it fell as low as 1 5803 after support for
Prime Minister Gordon Brown s ruling Labour Party in European
elections plunged to its lowest level in a century adding to
uncertainty about his political future
HIGHER US YIELDS
Even before Ireland s downgrade the dollar was buoyed by
investors focus on improving prospects for the U S economy
reversing a trend in which the dollar had been sold for higher
risk currencies
The pace of U S job losses slowed sharply last month the
strongest sign to date that the recession is diminishing even
as the unemployment rate hit its highest in nearly 26 years
The spike in two year note yields forced more investors to
unwind bets against the U S currency as some analysts said the
dollar s earlier slide had been excessive Two and 10 year
U S Treasury yields hit their highest levels since November in
Asia on Monday as Treasuries extended losses
Another reason that has intensified the rally in the
dollar has been the upward explosion of 10 year yields said
Jessica Hoversen a fixed income and foreign exchange
strategist at MF Global Research in Chicago The spike in
Treasury yields improved the dollar s interest rate
differential and thus intensified the dollar s gains
Chuck Butler president of Everbank World Markets in St
Louis added that the rise in bond yields has some investors
looking ahead thinking the Fed is probably going to be
finished with its near zero interest rate policy by next year
That view was reinforced on Friday when Atlanta Fed
President Dennis Lockhart said the Fed needs to be
anticipatory and not wait too long before tightening policy
With currency movements closely following U S bond yields
markets will focus on a slew of Treasuries auctions this week
totaling 65 billion in debt
Additional reporting by Steven C Johnson in New York
Editing by Dan Grebler |
WMB | Murray to make Grand Slam singles return at Australian Open | Reuters Former world number one Andy Murray will play at next year s Australian Open in what will be his first Grand Slam singles appearance since undergoing hip surgery organizers confirmed on Tuesday
Murray 32 who has finished runner up at Melbourne Park five times was knocked out in the first round at last year s Australian Open having said before it started that it could be his last tournament
The Scot underwent a career saving hip resurfacing procedure at the end of January and made his competitive return to tennis in the doubles at Queen s Club in June where he won the title with partner Feliciano Lopez
Confirmed andy murray will return to compete at the AusOpen in 2020 Australian Open organizers said on Twitter adding in a statement that the three times major winner would be given a protected ranking of number two
Murray who is currently ranked 289th in the world played in the doubles and mixed doubles at Wimbledon partnering Serena Williams NYSE WMB in the latter and made his singles return in Cincinnati in August
He reached the quarter finals of the China Open in Beijing last week losing to Dominic Thiem and won his opening match at the ongoing Shanghai Masters on Monday |
WMB | Over 300 arrests as London climate change activists vow more protests | By Simon Dawson Helena Williams NYSE WMB LONDON Reuters London police have made more than 300 arrests as climate change protesters labelled uncooperative crusties by Prime Minister Boris Johnson continued two weeks of civil disobedience to push for more to be done to protect the environment On Monday the Extinction Rebellion group took action in several countries including Britain Germany Austria Australia France and New Zealand as they lobby politicians to go further in cutting carbon emissions The protests are the latest stage in a global campaign for tougher and swifter steps against climate change coordinated by the group which rose to prominence in April when it snarled traffic in central London for 11 days London police said 319 arrests had been made by the end of Monday and Johnson criticised the activists Speaking at an event on Monday evening he said I am afraid that the security people didn t want me to come along tonight because they said the road was full of uncooperative crusties using a slang British term for eco protesters They said there was some risk that I would be egged he added On Tuesday some protesters hit back at him It s not helpful Diana Jones from the southern English county of Sussex told Reuters We re just ordinary people trying to express our deep disappointment with how slow the process of getting climate change action to occur is taking place with the government not really listening not really taking it forward on the scale it needs to be taken The group wants Britain to reduce greenhouse gas emissions to net zero by 2025 rather than the government s 2050 target |
WMB | What s the hurry Gauff shines in lucky loser draw made minutes before match | By Amy Tennery
Reuters Fifteen year old Coco Gauff proved she s not done defying the odds on Tuesday advancing to the second round of the Linz Open after getting a lucky loser draw less than an hour before the match was set to begin
Gauff defeated Switzerland s Stefanie Voegele 6 3 7 6 3 in the match which lasted around two hours The teenager saved 62 of the breakpoint opportunities against her
The American who lost in the qualifying round was notified of her lucky loser draw 49 minutes before the match was scheduled to begin a WTA spokeswoman told Reuters but kept her nerve to fire off two aces on her way to a straight sets win
I didn t know too much about my opponent Gauff said in a post match news conference I think I just found out how she kind of played word of mouth
The performance came amid a transformative year for Gauff who stunned Venus Williams NYSE WMB in the first round of Wimbledon and electrified fans at Flushing Meadows before falling to Naomi Osaka in the third round of the U S Open |
WMB | Bills send WR Jones to Raiders for 2021 pick | The Oakland Raiders acquired Buffalo Bills wide receiver Zay Jones for a 2021 fifth round draft pick the teams announced Tuesday
The Raiders have needed help at wide receiver in part because of the departure of Antonio Brown before the start of the regular season and with Tyrell Williams NYSE WMB foot and J J Nelson knee out with injuries
The Bills drafted Jones in the second round 37th overall out of East Carolina in 2017 He played in 31 of Buffalo s 32 games over the previous two seasons making 25 starts He started 15 of 16 games last season finishing with 56 catches for 652 yards and seven touchdowns
Jones has seven catches for 69 yards this season all posted in Buffalo s first four games
The Raiders released wide receiver Marcell Ateman in a corresponding move
Field Level Media |
WMB | Exclusive Hopman Cup set to return in 2021 ITF President | By Martyn Herman LONDON Reuters The mixed gender Hopman Cup team event is set to return in 2021 after losing its traditional New Year slot on the tennis calendar International Tennis Federation ITF President David Haggerty said on Wednesday This year s 31st edition of the tournament unique in that it is the only top level mixed team event saw Roger Federer lead Switzerland to the title in Perth against Germany in what fans and players feared would be a golden swansong Next year s inaugural ATP Cup a new men s team competition based in Sydney Brisbane and Perth and offering 20 million in prize money together with ranking points has taken the Hopman Cup s popular pre Australian Open warm up slot but Haggerty insists it will return Absolutely the American re elected last month for a second four year term as ITF president told Reuters in a phone interview when asked if one of the organisation s flagship events still had a future Our plan is to re introduce it for 2021 We don t have plans for the Hopman Cup in 2020 but we are going out to the market for expressions of interest and we have already had quite a few enquiries Haggerty said there was flexibility about where and at what time of year the Hopman Cup would re surface and did not rule out it continuing in Australia Last year s edition of the event named in honour of Australian great Harry Hopman and started in 1989 was a vintage one with the highlight being a first ever match featuring Federer and Serena Williams NYSE WMB on opposite sides of the net It could really be anywhere in the world and any time in the calendar American Haggerty who has overseen a revamp of the men s Davis Cup and women s Fed Cup said The reason to do the expressions of interest is really to get the feedback from the nations and cities that have an interest and see what their proposal would be he added I can confirm we have interest from every continent Federer voiced his hope that the Hopman Cup could be revived after winning last year s title while Williams said it would be heartbreaking if it vanished Haggerty said the Hopman Cup format which features men s and women s singles and a mixed doubles rubber was an important part of the ITF s drive for equality in the sport We know how successful the Hopman Cup was last year with Serena playing for the United States and Roger representing Switzerland Haggerty said When they played the mixed doubles it filled the stadium with over 15 000 fans Any tournament would love to have that even for their singles final We know that when men and women come together it s one of the great things for our sport
The Hopman Cup played in the Perth Arena from 2013 19 having moved from the Burswood Dome was the first elite level tennis tournament to introduced the Hawkeye Challenge system in 2006 |
WMB | Tennis Teenager Gauff puts homework on hold to stun top seed Bertens in Linz | Reuters American teenager Coco Gauff stunned top seed Kiki Bertens to advance to her maiden WTA semi final with a 7 6 1 6 4 victory at the Linz Open in Austria on Friday then went back to her hotel to do her schoolwork
Gauff 15 became the youngest player to reach a WTA semi final since Czech Republic s Nicole Vaidisova won the Tashkent Open in 2004 also aged 15
After taking the opening set in a tiebreak Gauff needed only one break of serve to wrap up the match in 97 minutes for her first career win over a top 10 player
Gauff had no time to think about her achievement though concentrating instead on the schoolwork that awaited her back in her hotel room
I just got off the court so I ve not thought about the semi final said Gauff who plays Germany s Andrea Petkovic in the last four
I m thinking of the homework I have to do tonight I don t know what it is yet I m studying the typical stuff Math English History I don t know what I have to do but I know it s something
Gauff shot to fame this year when she became the youngest player to qualify for the Wimbledon main draw in the Open era and reached the fourth round beating veteran Venus Williams NYSE WMB along the way
The American was fortunate to advance to the second round of the Linz Open after getting a lucky loser draw less than an hour before Tuesday s match was set to begin
Gauff will become the only player under the age of 18 in the top 100 when the rankings are updated on Monday She is also in the doubles semi finals in Linz partnered with 17 year old compatriot Caty McNally |
WMB | American teenager Gauff reaches maiden WTA final in Linz | Reuters American teenage sensation Coco Gauff progressed to her maiden WTA final as she eased past Germany s Andrea Petkovic 6 4 6 4 at the Linz Open on Saturday
The 15 year old Gauff became the youngest player to reach a WTA final since Czech Republic s Nicole Vaidisova won the Tashkent Open in 2004 also aged 15
Gauff only made it to the main draw of the event as a lucky loser but has made her opportunity count with a barnstorming run to Sunday s final where she will meet former French Open champion Jelena Ostapenko
The American faced 10 break points but recovered well to fend off nine of them against Petkovic in the semi final before sealing victory on her second match point
This is crazy Gauff said I thought I was out in qualifying and now I m here Linz is my special place
This was one of the highest level matches I ve played Andrea hit a lot of winners and put pressure on me
I was fighting for every point even at break points down I just tried to get the serve in and make her play a point
Gauff s popularity has soared since she became the youngest player to qualify for the Wimbledon main draw in the professional era and reached the fourth round in July beating seven times Grand Slam champion Venus Williams NYSE WMB along the way
She also enjoyed the home support at the U S Open before falling to Naomi Osaka in the third round
Having dropped just one set in her main draw matches in Linz this week Gauff has already ensured a place in the top 100 when the new WTA rankings are released on Monday |
WMB | It s crazy American Gauff wins first WTA title at age 15 | Reuters American teenage sensation Coco Gauff became the youngest player to win a WTA title in 15 years as she beat former French Open champion Jelena Ostapenko in the Linz Open final on Sunday
The 15 year old Gauff who started the season ranked well outside the world s top 600 beat Latvia s Ostapenko 6 3 1 6 6 2 in a topsy turvy contest
She becomes the youngest WTA singles title holder since Nicole Vaidisova of the Czech Republic claimed her maiden crown in Tashkent at the age of 15 in 2004
Gauff raced to a 5 0 lead in the final set before Ostapenko rediscovered her rhythm to save two match points and hold on for 5 1
Ostapenko went on to break Gauff at love to make it 5 2 but the American held her nerve to seal victory on her third match point
It concludes a remarkable week for Gauff who went from failing to win her qualifier to entering the main draw as a lucky loser
Gauff made her opportunity count by beating Stefanie Vogele Kateryna Kozlova top seed Kiki Bertens and Andrea Petkovic to reach the final
I m still overwhelmed and shocked Gauff told reporters I guess it s crazy to say it s my first WTA title
This was definitely not on the calendar at the beginning of the year because I didn t think I d have a chance to get in and now I m the champion so it s crazy
My dad told me when I got in before the first main draw match You can t lose twice in the same tournament I m sure he never thought it would come this far to being the champion but I guess he was right
Gauff whose popularity soared at Wimbledon when she beat Venus Williams NYSE WMB on her way to the fourth round is projected to move inside the top 75 in the WTA rankings on Monday |
JPM | Crude oil futures Weekly review May 23 27 | Investing com Crude oil prices rose on Friday capping a third consecutive weekly gain as the combination of a broadly weaker U S dollar and renewed concerns over turmoil in the Middle East boosted prices On the New York Mercantile Exchange light sweet crude futures for delivery in July traded at USD100 74 a barrel by close of trade on Friday gaining 1 1 on the week The U S dollar came under pressure on Friday as expectations grew that the Federal Reserve would keep its loose monetary policy following a flurry of weak economic data The dollar index which tracks the performance of the greenback versus a basket of six other major currencies slumped 1 6 on the week to settle at 74 69 on Friday the lowest level since May 10 Dollar denominated oil futures contracts tend to rise when the dollar falls as this makes oil cheaper for buyers in other currencies Elsewhere markets focused on renewed worries over unrest in the Middle East and North Africa Violence escalated in Yemen threatening to tip the country into civil war while world leaders reiterated calls for the departure of embattled Libyan leader Muammar Gaddafi JP Morgan Chase said in a report Friday that ousting Gaddafi could bring about a swift restoration of some Libyan oil exports but much more significant future risks to oil supply remain In particular we continue to watch the attempted clipping of Iran s president Mahmoud Ahmadinejad s political power base with interest the Wall Street bank said The Wall Street Journal reported on Friday that Saudi Arabia was rallying Muslim nations across the Middle East and Asia to join an informal Arab alliance against Iran That has some U S officials worried about the sectarian tensions gripping the Arab world the Journal said Saudi Arabia is the world s largest crude oil producer while Iran is the fourth largest and the second biggest exporter Meanwhile expectations of increased gasoline demand in the U S also supported prices as buyers positioned themselves ahead of the Memorial Day weekend the official start of the U S summer driving season Elsewhere on the ICE Futures Exchange Brent oil futures for July delivery traded at USD114 97 a barrel by close of trade on Friday The Brent contract jumped 2 4 on the week and was up USD14 23 on its U S counterpart Earlier in the week influential Wall Street bank Goldman Sachs raised its 2011 Brent forecast to USD130 a barrel compared to a previous estimate of USD105 a barrel citing firm demand from emerging economies which will lead to tighter inventories in the second half of the year |
JPM | Gold futures re approach USD1 800 on global economic outlook | Investing com Gold futures were up for a fourth day on Thursday trading just below the psychologically important level of USD1 800 an ounce as ongoing concerns over the global economic outlook boosted the precious metal ahead of the release of key U S inflation data On the Comex division of the New York Mercantile Exchange gold futures for October delivery traded at USD1 796 85 a troy ounce during early European morning trade gaining 0 31 It earlier rose as much as 0 35 to trade at USD1 797 35 a troy ounce the highest price since August 11 when prices rose to a record high of USD1 815 65 a troy ounce Concerns over the economic outlook for the euro zone were underscored after European Central Bank Governing Council member Ewald Nowotny said that he was more concerned over entering a phase of slow growth and low inflation than the risks posed by high inflation Nowotny added that growth in the U S was likely to continue albeit at a more modest pace than previously expected On Wednesday gold prices were boosted after a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy failed to ease concerns over the euro zone s ongoing sovereign debt crisis Global financial service provider Barclays said in a report late Wednesday that Although profit taking margin requirement hikes and seasonally soft physical demand could temper the rally intermittently the external environment has turned increasingly fertile for gold Meanwhile Venezuelan President Hugo Chavez said Wednesday that he intends to move forward and repatriate as much as USD11 billion in gold reserves held in the U S and Europe in order to nationalize the country s gold holdings According to Chavez Venezuela will transfer 99 tons of gold from the Bank of England to the country s central bank In addition Venezuela holds gold at Wall Street firm JP Morgan Chase U K lenders Barclays and Standard Chartered as well as Canada based Bank of Nova Scotia Elsewhere on the Comex silver for September declined 0 75 to trade at USD40 11 a troy ounce while copper for September delivery shed 0 48 to trade USD4 022 a pound Later in the day the U S was to publish a flurry of economic data which will help traders gauge the strength of the U S economic recovery The country was to produce government reports on initial jobless claims consumer price inflation existing home sales manufacturing activity in Philadelphia as well as a report on natural gas stockpiles |
C | UPDATE 1 German Q1 GDP plunges record 3 8 pct q q | Adds market reaction quote background
BERLIN May 15 Reuters German gross domestic product
GDP contracted by a much larger than expected 3 8 percent in
the first three months of 2009 easily its worst performance
since reunification in 1990 preliminary data showed on Friday
The Federal Statistics Office said the quarter on quarter
contraction was led by a sharp decline in exports which fell
at a faster rate than imports and by a drop off in investment
The euro fell sharply against the dollar and Bund futures
reversed early losses on the GDP drop which was far steeper
than the 3 0 percent contraction predicted by economists in a
Reuters poll
This is a dramatic plunge and a worse start to the year
than we could have imagined said Juergen Michels an
economist at Citigroup in London
It can t get much worse but not much better either It is
questionable whether the economy will grow again this year
The government slashed its economic forecast for the full
year late last month and now expects a 6 percent contraction
led by weakness in exports It is predicting only meagre GDP
growth of 0 5 percent next year
The first quarter contraction was the fourth in a row the
first time since reunification that the German economy has
suffered so many consecutive quarters of negative GDP
The Statistics Office said fourth quarter GDP previously
the worst quarter on record was revised down to a contraction
of 2 2 percent Previously it had reported a decline of 2 1
percent
Year on year the economy shrank by 6 7 percent after a 1 7
percent decline in the October December period
Adjusted for working days German GDP contracted by 6 9
percent on the year in the first quarter The Office is due to
publish a detailed breakdown of the first quarter GDP figures
on May 26
Writing by Noah Barkin Editing by Kim Coghill |
C | UPDATE 3 Germany lags European partners with GDP plunge | German GDP shrinks 3 8 percent in first quarter of 2009
Decline driven by sharp falls in exports investment
Germany outperformed by euro zone peers France Italy
Adds quotes European Commission forecasts background
By Noah Barkin
BERLIN May 15 Reuters German gross domestic product
GDP plunged 3 8 percent in the first quarter of 2009 a record
contraction that exposed the country s export dependent economy
as one of the weak links of the 16 nation bloc that shares the
euro
The Federal Statistics Office said the quarter on quarter
drop easily the worst since German reunification in 1990 was
led by a sharp decline in exports and a drop off in investment
France and Italy the second and third biggest economies in
the euro zone after Germany also reported contractions in first
quarter GDP on Friday but at 1 2 and 2 4 percent respectively
they were not nearly as steep
This is a dramatic plunge and a worse start to the year
than we could have imagined said Juergen Michels an economist
at Citigroup in London
The euro fell nearly half a cent against the dollar and
German government bond futures ticked higher on the GDP drop
which was much more profound than the 3 0 percent contraction
predicted by economists in a Reuters poll
The world s biggest exporter of goods since 2003 Germany is
suffering more than other advanced economies from a collapse in
foreign demand
Among G7 countries only Japan is expected to suffer as deep
a recession this year Within the euro zone Ireland is the only
country where GDP is likely to fall more than in Germany
Chancellor Angela Merkel s government has pushed through two
stimulus packages worth 81 billion euros to counter the worst
downturn since World War Two
But she has resisted pressure from allies like the United
States and Britain to do more partly because of worries about
Germany s budget
After working hard to erase the deficit in its first three
years in office her government now expects it to balloon to
close to 4 percent of GDP this year and 5 percent in 2010 far
above the EU s 3 percent ceiling
Merkel is vowing to pursue tax cuts after the Sept 27
election but her Finance Minister Peer Steinbrueck a member of
the rival Social Democrats SPD has called her plan
illusionary and members of her own party are also balking
LAYOFFS LOOM
Berlin slashed its forecast for full year GDP late last
month and now expects a 6 percent contraction led by an
expected plunge in exports of nearly 19 percent
It is predicting meagre GDP growth of 0 5 percent next year
but some experts believe that may be optimistic given that
German companies are expected to lay off hundreds of thousands
of workers next year
After the export led recession we will have a
domestic driven recession said Johannes Mueller a strategist
at DWS Investments an arm of Deutsche Bank and the country s
largest mutual fund company It s going to get uncomfortable
The first quarter contraction was the fourth in a row the
first time since reunification that the German economy has
suffered so many consecutive quarters of negative GDP
It weighed down euro zone GDP which according to
preliminary data released after the German figures shrank by
2 5 percent also far weaker than forecast
The European Commission expects the euro area to contract by
4 0 percent this year with German GDP falling 5 4 percent
France dipping 3 0 percent Italy 4 4 percent and Spain 3 2
percent Irish GDP is expected to slide 9 0 percent
Despite the bleak start to the year some policymakers and
private sector economists are confident the German economy has
seen the worst and will start to improve albeit slowly towards
the middle of the year
Economic sentiment indicators have pointed to a brighter
outlook for several months and German manufacturing orders and
output data released earlier this month were also positive
The worst is behind us said Deutsche Bank chief Economist
Norbert Walter whose forecasts for the German economy have been
among the gloomiest I can t believe we ll see another
contraction of this magnitude he told Reuters
Government subsidies that encourage Germans to trade in old
cars for new ones have cushioned the blow to the economy and
fuelled a sharp rise in auto purchases in recent months
Still German companies across a broad range of sectors
continue to suffer
The German chemicals industry said on Thursday it faced its
worst slump since the mid 1970s German retail group Arcandor
said on Friday it planned to apply for 650 million
euros in state loan guarantees
Additional reporting by Rene Wagner Christina Amman Kerstin
Gehmlich and Sarah Marsh
Writing by Noah Barkin |
C | ANALYSIS Recovery not recession real test of EU budget rules | Recovery will provide the real test for EU budget rules
Medium term commitment to get finances in order is key
Ministers delay exit plans unsure of timing of recovery
By Jan Strupczewski
BRUSSELS May 20 Reuters A future recovery rather than
the current downturn will be the real test for the European
Union s budget rules because after a grace period for recession
fighting it will put budget consolidation back on the agenda
Plans for such consolidation known as an exit strategy
must start to emerge in a few months to show markets there is a
commitment to sustainable public finances to limit borrowing
costs in the face of soaring demands on the public purse
The EU s budget rules the Stability and Growth Pact say
governments must aim to keep budgets in balance or in surplus
and should not run a deficit above 3 percent of GDP
This fiscal exit strategy will be the biggest test of the
Pact said a source from the EU s Economic and Financial
Committee which prepares monthly meetings of EU finance
ministers
If by the end of the year we don t have an exit strategy a
clear credible strategy to have everyone below 3 percent and
then everyone quickly at budget balance then it will be a
serious problem for the Pact the source said
The consolidation efforts will be made more difficult by the
fact that it will not be enough to simply grow a way out of the
deficits economists and policymakers said
Governments will have to make some tough choices in the
coming years involving pension reforms withdrawing emergency
aid to some industries investing in education and retraining of
workers and a review of welfare policies
Governments slow to consolidate will face political pressure
from other EU members which have already done this
But the biggest pressure will come from markets which start
demanding higher yields to lend money to feet dragging
governments especially since a recovery would also entail more
risk appetite higher borrowing needs from the private sector
and therefore tougher competition for government paper
When the economy starts recovering you will probably see
governments having difficulties to get money from investors and
at that point you get higher yields on bonds and pressure on
governments to consolidate budgets said Jurgen Michels
economist at Citigroup
Ireland the Baltics and Hungary already have restrictive
fiscal policies because they have no other choice given the
size of their shortfalls But others will have to follow soon a
senior European Commission official said
The majority of other countries will have to restrict
fiscal policy in the course of next year and 2011 said the
official at the executive Commission who asked not to be named
But the belt tightening is unlikely to start before 2011
when the EU and euro zone economies are likely to grow for the
first time after contractions expected for 2009 and 2010
If you have a choice you would probably not want to start
in the early stages of the recovery because you want that
recovery to gain some traction said Dominic Bryant economist
at BNP Paribas
Fiscal tightening has a nasty habit of derailing recoveries
if it is done too quickly we saw that in Japan he said
Governments face a tricky balancing act he said because if
they started reining in spending too soon their structural
deficits would shrink but they would kill the recovery and the
cyclical deficit would rise
But you don t want to give it too long because you build up
big amounts and people start questioning your commitment And
that s when you get into trouble Bryant said
DEFICITS FAR OVER LIMIT
Most European Union countries will break the EU budget
deficit limit of three percent of gross domestic product this
year and next Some will even go four or five times over the
limit in the worst economic recession since the World War Two
The huge deficits are a result of government spending 1 8
percent of the EU s GDP to try to cushion the economic downturn
and replace waning demand investment and trade Including
welfare outlays the stimulus is about 5 percent of EU GDP
Governments have spent further billions on bank bailouts
The European Commission forecasts that 21 out of the bloc s
27 nations will have deficits at or above the ceiling this year
Ireland Britain and Latvia will have gaps in double digits
Next year it will be 23 countries and even bigger deficits
But with uncertainty about the timing of a recovery still
high EU finance ministers want to wait before announcing
concrete consolidation plans
The discussion in the Council of EU finance ministers was
that it would not be credible to define an exit strategy
right now the EFC source said
So it is likely to be in September when it is more clear
if we have found a floor for the economy and if the current
projections hold the source said
The European Commission has already outlined exit strategies
for several countries like Ireland France Spain or Greece
through the EU s disciplinary budget steps launched when a
country exceeds the 3 percent limit recession or no recession
The deadlines for curbing the budget gaps below the EU
ceiling range from 2010 for Greece to 2013 for Ireland but
meeting these targets depends on economic developments and
political will to take tough decisions
We may run into big political problems when it comes to
reducing the deficits The real challenge is before us a
second EFC source said
Additional reporting by Marcin Grajewski
Reporting by Jan Strupczewski editing by Stephen Nisbet |
C | UPDATE 2 Singapore comfortable on currency sees positive signs | Economy shrinks less than expected in Q1 final data
Singapore sees some signs of bottoming out no rebound
yet
Need for another govt stimulus package less likely
Central bank comfortable with policy stance SGD level
Updates with details analyst comment
By Nopporn Wong Anan and Saeed Azhar
SINGAPORE May 21 Reuters Singapore s trade ministry
said on Thursday there were signs the country s worst ever
recession is bottoming out after the economy shrank less than
expected in the first quarter prompting the central bank to
say it was comfortable with the strength of the currency
The government s cautious optimism tallied with recent
comments from the world s top policymakers though it said it
was too early to predict a recovery as problems in the U S
economy were competing with signs that the downturn may be
bottoming out in Asia
A government official also said the need for more stimulus
spending was less likely after better than expected
manufacturing output and financial services and relatively low
unemployment in the first quarter Singapore unveiled a 13 7
billion package in January to cushion the economy from the
global downturn
There are some positive signs of a bottoming out But it is
not clear that we have begun to rebound from the bottom said
Ravi Menon of the Ministry of Trade and Industry at a briefing
pointing to a slide showing green shoots and brown weeds
As hopes for a global recovery grow analysts said the
Monetary Authority of Singapore MAS might not move to weaken
the currency further in line with other central banks that
have paused from aggressive rate cuts
The MAS has very little incentive to weaken or to ease
policy further said economist Vishnu Varathan at 4CAST If
we see a modest recovery or stabilisation the question is
whether they will begin to tighten in October he said
The Singapore dollar which the central bank uses as
its main policy tool by managing it against a secret basket of
trade weighted currencies strengthened to 1 4554 67 against
the U S dollar by 0514 GMT versus 1 458 before the GDP data
The central bank which next meets to review policy in
October said on Thursday the behaviour of the Singapore dollar
band was consistent with its policy stance
The currency has strengthened since the bank last month
shifted the midpoint of the band lower to the then weak level
of the band a move less aggressive than some analysts had
expected
The currency s strength should be seen in the context of
the U S dollar s broad weakness against Asian currencies MAS
Deputy Managing Director Ong Chong Tee told a briefing
Singapore s economy shrank at an annualised and seasonally
adjusted rate of 14 6 percent in the first quarter less than a
Reuters median forecast for a 17 percent fall and also lower
than preliminary estimates of a 19 7 percent drop final data
showed
GDP fell 10 1 percent from a year earlier also less than
expected and a smaller fall than 11 5 percent reported in the
earlier April data but still the worst ever
NOT PRETTY
The country s exports slipped back in April from March
following two months of growth reinforcing a view that while
the worst of the downturn may be over there is no clear
recovery April exports slid over 30 percent to the U S and
Europe and fell 15 percent to China
The correlation between China s stimulus package and our
exports is not as high as the correlation between G3 demand for
our exports said Menon adding weakness remained in U S
retail sales and housing though Asian consumer confidence had
stablised
For a graphic on Singapore GDP and exports please click
on
The economy has shrunk for four consecutive quarters If it
starts recovering in the second half of the year the
government said full year GDP could shrink 6 percent at the
high end of its forecast for a 6 to 9 percent contraction
The economy will be out of recession by the fourth
quarter returning to pre recession levels by end 2010 or early
2011 said Wei Zheng Kit an economist at Citigroup in
Singapore
The data should convince sceptics that the most
pessimistic scenario has been kept at bay
Additional reporting by Kevin Lim and Candida Ng Writing by
Neil Chatterjee Editing by Kim Coghill |
C | Global Trading Wrap Global Equities Rise On Economic Outlook | Wall Street U S equity markets closed higher on Friday as traders ended the week with a flurry of buy orders in the last hour of trading Crude oil gained on the day closing above 66 a barrel which helped oil related stocks The markets struggled through most of the day after digesting economic reports that showed consumer sentiment jumped and the economy contracted at a 5 7 annual pace Dell gained on Friday after narrowly beating analyst estimates despite earnings falling 63 General Motors GM shares dropped to 75 cents a share as bankruptcy looms with a possible chapter 11 filing on Monday Bank stocks closed higher on Friday led by Citigroup Wells Fargo and JPMorgan The DOW gained 96 53 points to close on 8500 33 The S P gained 12 31 points to close on 919 14 and the NASDAQ gained 22 54 points to close on 1774 33 Europe European stocks edged higher on Friday led by mining and oil related stocks as commodity prices continue to move higher Optimism that the global economy is on the path to recovery led oil prices to move above 66 a barrel which in turn boosted oil related stocks BG Group Total BP and Royal Dutch Shell all posted gains The German DAX gained 8 points the CAC 40 gained 14 points and the U K s FTSE added 30 points Asia Asian markets closed higher on Friday with energy related stocks leading the way as oil prices held steady Traders however were not ready to jump into equity markets with both feet as concerns still exist about the strength of the global recovery Shippers and commodity related shares rose in Japan as Chinese demand continues to grow Japan s Nikkei gained 71 points while the Hang Seng gained 286 points Financial Sector In trade on Friday the XLF the financial sector ETF gained 0 13 points 1 08 to trade at 12 14 It moved higher on strong volume 161m ETF s changed hands slightly below the ten day average of 171 8m Equity markets closed higher on Friday after a strong push during the final hour of trading Treasuries Ten year Treasury note yields dropped 13 basis points to 3 47 and the longer term notes posted their biggest two day gain since December This week s auction eased concern that U S debt sales will be more than the demand Ten year yields rose 35 basis points in May adding to April s 46 basis points Crude oil Oil prices continued to rise on Friday gaining almost 2 settling above 66 a barrel after economic data from Japan and India overnight suggested the global economic downturn may be close to a bottom Oil prices have risen approximately 30 in May the largest monthly gain since March 1999 Gold Bullion Gold prices rose strong on Friday as the dollar dropped against all of the other major currencies Bullion gained almost 18 an ounce to close just above 979 an ounce Traders often buy gold as a safe haven when the dollar falls |
C | GLOBAL MARKETS Stocks oil race to 09 highs on recovery hopes | MSCI world equity index up 1 4 percent at 250 08
Improving PMIs around the world boost risky assets
Oil hits 7 mth peak above 68 bbl dollar hits 5 mth lows
By Natsuko Waki
LONDON June 1 Reuters World stocks and oil rallied to
fresh 2009 highs on Monday while the dollar hit 5 month lows
after evidence of improvement in global factory activity
reinforced expectations that the world economy is recovering
Such optimism triggered broad based flows into riskier
investment including stocks oil commodities and emerging
market assets and offset long expected news that General
Motors will file for bankruptcy which would be the third
largest in the United States
Surveys released on Monday showed the manufacturing sector
posted modest growth in China and improvement was seen in India
Russia Britain and the euro zone
The most important theme is that real money investors are
busy getting back to at least neutral positioning in risky
assets that is providing a boost said Beat Siegenthaler
chief emerging markets strategist TD Securities
MSCI world equity index rose 1 4 percent to its highest
since October The index has risen 12 out of the past 13 weeks
gaining 45 percent since its March low
The FTSEurofirst 300 index rose almost 2 percent while
emerging stocks gained 2 7 percent hitting their highest since
September The MSCI emerging equities index rose 16 7 percent
last month its largest monthly rise in 20 years
U S stock futures were up around 1 5 percent pointing to a
firmer open on Wall Street
China s official purchasing managers index fell slightly in
May to 53 1 from 53 5 in April its third straight month above
the 50 mark which separates expansion from contraction
In the euro zone factory activity contracted at a much less
severe pace in May than in preceding months with the region s
PMI index posting its biggest monthly jump in the survey s
12 year history by rising to 40 7 from 36 8 in April
The dollar fell 0 5 percent to hit a five month low against
a basket of major currencies The low yielding yen fell 0 5
percent to 94 88 per dollar while sterling hit a seven month
high of 1 6432
The weaker U S currency supported energy and commodities
which are priced in dollars U S crude oil rose more than 2
percent to 68 29 a barrel its highest since early November
Gold hit a three month high of 988 50 an ounce its highest
since late February
Copper rose more than 2 percent to above 5 000 a tonne its
highest level since mid October
The market continues to buy the recovery story as economic
data suggests that the worst is behind us said David Thurtell
analyst at Citigroup Investment money continues to pour into
the complex
The June bund future rose 13 ticks on the day
Additional reporting by Carolyn Cohn editing by Stephen
Nisbet |
WMB | Kubica s F1 sponsor questions Williams actions | LONDON Reuters The Williams NYSE WMB Formula One team defended their decision to retire Robert Kubica s car from last Sunday s Russian Grand Prix after the Polish driver s sponsors demanded an explanation on Thursday Kubica 34 has already announced he is leaving the struggling former world champions at the end of the season and Polish state run oil refiner PKN Orlen are set to go with him In connection with the withdrawal of Robert Kubica from Sunday s Russian Grand Prix we have officially asked the Williams Racing team for clarification PKN Orlen spokeswoman Joanna Zakrzewska said on Twitter in Polish Based on that we will take actions related to the enforcement of obligations under the contract she added Kubica and the team said at the time that Williams had retired the car which was well out of the points scoring places to conserve parts ahead of the long haul races that close out the season The team decided to stop my car to take care of the parts that we have on the car We are not in an easy situation and Japan is around the corner the Pole said in a team release on Sunday The retirement in Sochi came shortly after Kubica s team mate George Russell had crashed out Williams whose sole point this season was scored by Kubica in Germany said Russell s crash was due to a problem with the wheel nut retainer that meant the right front on the British rookie s car was not sitting perfectly This caused a lock up under braking said senior race engineer Dave Robson The design is very mature and well proven The remaining inventory will be inspected thoroughly and we do not anticipate a repeat of the issue Unfortunately we were forced to retire Robert s car due to the amount of accident damage we sustained in the Singapore Russia back to back races in order to protect ourselves going into the next events
Robson said the team had worked hard to improve the number of parts available for the remaining races |
WMB | Sluggish recovery seen for Norwegian Swedish currencies Reuters poll | By Terje Solsvik and Johan Ahlander
OSLO STOCKHOLM Reuters The Norwegian and Swedish currencies will remain stagnant against the euro in the near term and only partly reverse their recent weakness over the next year a Reuters poll of foreign exchange strategists showed on Friday
Battered by fears the export heavy Nordic economies would suffer in a global slowdown the Swedish crown is trading around 10 year lows against the euro while the Norwegian crown trades around 11 year lows
They will both continue to do so for at least another three months the poll showed at a time when investors are braced for the impact of a possible no deal Brexit and by the prospect of more uncertainty over trade
In the short term there will be a seasonal effect from low market liquidity toward year end DNB Markets economist Knut Magnussen said of the Swedish and Norwegian crowns
There could be some recovery in the new year but the main outlook is that both countries will see a weak currency he added
While the European Central Bank the U S Federal Reserve and central banks across Asia Pacific have cut interest rates the two Nordic nations have been more hawkish with Norway hiking four times in a year and Sweden also maintaining plans to tighten policy
Historically the mere prospect of a growing interest rate differential could have lifted the currencies but at the moment the market is largely driven by unrest in global trade said DNB s Magnussen
We expect plenty of jitters ahead too and no prospects for a speedy end to the trade war between the United States and China he added
SWEDISH RATES STILL NEGATIVE
Carl Hammer head of macro research at SEB said the Swedish currency was under pressure from both home and abroad and was likely to weaken a bit more during the fourth quarter
The Riksbank and the negative interest rate are the single most important factors for us being at these weak levels It has been a deliberate strategy for a long time to weaken the crown and bring up imported inflation Hammer said
But it is also logical that the crown weakens when the global economy slows
The Swedish central bank has had a negative interest rate since 2015 but did raise its benchmark rate to 0 25 earlier this year and has stuck to a forecast for a hike late this year or early next year
However with recent data being weak and dovish signals from the ECB and Fed many say those plans will have to be scrapped
There are no expectations in the foreign exchange market that the Riksbank will deliver according to its plan Hammer said
If the Riksbank says in October it still intends to raise the rate which would be very surprising that would give some support to the crown he added The next rate decision from the Riksbank is on Oct 24
In the coming 12 months the Norwegian crown is expected to gain 4 on the euro the Reuters poll predicted while the Swedish currency is seen rising just under 3
The gain seen for the Norwegian crown is smaller than predicted by a similar poll in September but the Swedish currency is now expected to do slightly better rising to 10 55 in 12 months time against 10 57 predicted previously
Polling by Sarmista Sen and Richa Rebello Editing by Alison Williams NYSE WMB OLUSECON Reuters US Online Report Economy 20191004T030954 0000 |
WMB | U S judge keeps intact Massachusetts toughest in nation vaping ban | By Tim McLaughlin BOSTON Reuters A federal judge on Friday denied an industry bid to put on hold Massachusetts four month ban on the sale of vaping products keeping intact the toughest prohibition yet in a rapidly developing response to e cigarettes and their potential link to a lung disease U S District Judge Indira Talwani declined to grant a temporary restraining order sought by the vaping industry including by trade group Vapor Technology Association VTA The court finds that plaintiffs have not demonstrated a substantial likelihood of success on the merits or that the balance of hardships between the parties weighs in their favor according to the decision The court finds further that granting the request for a temporary restraining order would conflict with the public interest the judge added But the industry may still get relief Talwani scheduled an Oct 15 hearing for arguments on whether she should issue a preliminary injunction against the ban On Friday Joseph Terry an attorney for the vaping industry argued before Talwani that the Massachusetts ban is overly broad and suggested it should instead target black market products sold by drug dealers Massachusetts Governor Charlie Baker s ban targets sales of e cigarettes and vaping supplies both those used for nicotine and THC the psychoactive ingredient in marijuana which is legal in the state in response to the nationwide outbreak in the sometimes deadly lung disease linked to vaping Terry blamed health problems on THC based products not ones solely using nicotine Talwani noted that no single product has been identified by U S health officials as the link to the lung illnesses Meanwhile Terry said his clients many of the them small family owned vaping shops already are falling short on their financial obligations such as paying rent to landlords The Massachusetts ban went into effect on Sept 24 The ban poses an existential threat to their businesses and the industry Terry said The VTA says Baker s ban if left standing will irreparably destroy Massachusetts 331 million nicotine vapor products industry and the livelihoods of the nearly 2 500 workers it employs The VTA prevailed in a hearing in a New York state appeals court on Thursday The court temporarily prevented the state from enforcing a more limited ban blocking the sale of flavored e cigarettes from taking effect Nevertheless a regulatory crackdown on vaping products in the United States has forced investors to reassess their bets on e cigarettes Last month the chief executive of Juul Labs Inc stepped down as merger talks between its biggest investor Altria Group NYSE MO Inc and Philip Morris International Inc NYSE PM collapsed in the face of a regulatory backlash against vaping In Boston Fidelity Investments popular Blue Chip Growth Fund has a 738 million stake in Juul making it one of the largest bets in its 27 billion portfolio Juul has been a strong contributor to Blue Chip Growth s year to date return of 15 8 The U S Centers for Disease Control and Prevention on Thursday provided updated numbers linked to the severe lung condition saying there are now 1 080 confirmed and probable cases in 48 states and one U S territory along with 18 deaths It has said most patients affected reported using products containing THC but some had used just nicotine or both The lawsuit is one of a number filed nationwide by vape shops and the VTA challenging restrictions announced by various states in response to the outbreak of vaping related illnesses
Governors in Michigan and Rhode Island have also restricted sales of flavored e cigarette products in recent weeks Ohio Governor Mike DeWine on Tuesday called on state lawmakers to pass a ban on most flavored e cigarettes |
WMB | NFL notebook Bears Trubisky among several QBs ruled out | Friday saw no shortage of injury news in the NFL particularly pertaining to quarterbacks And nowhere was the news bigger than in Chicago
The Bears have officially ruled starter Mitchell Trubisky out for Sunday s game against the Chicago Bears in London as he deals with a dislocated left shoulder and slight labrum tear sustained in last weekend s 16 6 victory over the Minnesota Vikings Chase Daniel will start in his place
In Buffalo quarterback Josh Allen remains in the NFL concussion protocol but the club has labeled him as questionable for Sunday s game against the Tennessee Titans He still needs to be cleared by an independent neurologist over the weekend before he can be cleared to play though he was a full practice participant on Friday He was injured in the third quarter in last Sunday s loss to New England after absorbing a helmet to helmet hit Matt Barkley will start should Allen not be able to go
The New York Jets announced starter Sam Darnold will not play at Philadelphia this weekend making it the third game he will miss after being diagnosed with mononucleosis on Sept 12 Luke Falk will be the Jets starting quarterback for the second consecutive game after going 12 of 22 passing for 98 yards and an interception in a 30 14 loss to the New England Patriots two weeks ago in his first career start
With starting quarterback Case Keenum nursing a foot injury Washington coach Jay Gruden announced that Colt McCoy will start against the Patriots over rookie first round pick Dwayne Haskins McCoy will be making his season debut after working his way back from multiple surgeries to repair a fractured right fibula suffered last December Haskins the 15th overall pick of the 2019 NFL Draft threw three interceptions in relief of Keenum in Washington s 24 3 loss to the New York Giants last Sunday
More players ruled out
Los Angeles Rams linebacker Clay Matthews will need surgery to repair a broken jaw and will miss four to six weeks coach Sean McVay announced McVay said he believes the injury occurred when Seattle running back Chris Carson inadvertently kicked Matthews in the face during the Rams 30 29 loss to the Seahawks on Thursday
Indianapolis Colts outside linebacker Darius Leonard will miss his third straight game because of a concussion as coach Frank Reich said Leonard won t be able to pass the protocol prior to Sunday s game against the Kansas City Chiefs
Green Bay wide receiver Davante Adams is out for Sunday s road game against the Dallas Cowboys Adams did not practice this week after sustaining a toe injury in the Packers 34 27 loss to Philadelphia on Sept 26 The Packers also ruled out running back Jamaal Williams NYSE WMB concussion and cornerback Tony Brown hamstring
Chiefs wide receiver Tyreek Hill will miss a fourth consecutive game with a clavicle injury suffered in Week 1 but is practicing with the team and is believed to be nearing a return
Giants running back Saquon Barkley is officially out for Sunday s game against visiting Minnesota though he continues to make progress from a high ankle sprain suffered Sept 22 He will aim to return for next Thursday s game in New England The Giants also ruled linebacker Alec Ogletree hamstring and linebacker Tae Davis concussion out
More updates
Cleveland receiver Jarvis Landry cleared the NFL s concussion protocol though his status for Monday night against San Francisco is expected to be announced after Saturday s practice Landry suffered the concussion in the third quarter against Baltimore last Sunday Chiefs coach Andy Reid said that running back Damien Williams is expected to play this weekend after missing the last two games with a knee injury
Standout Colts receiver T Y Hilton quadriceps and starting running back Marlon Mack ankle are questionable while receiver Parris Campbell abdomen safeties Clayton Geathers concussion and Malik Hooker quadriceps and defensive lineman Tyquan Lewis ankle are all out against the Chiefs Pittsburgh running back James Conner ankle was taken off the Steelers injury report while wide receiver JuJu Smith Schuster toe still isn t sure whether he will be on the field when the Ravens come to town Sunday
The Bears announced that receiver Taylor Gabriel concussion offensive lineman Ted Larsen knee and defensive tackle Bilal Nichols hand are out while linebacker Roquan Smith who missed last week s game for personal reasons will play as will offensive lineman Kyle Long hip
Minnesota Vikings coach Mike Zimmer didn t shed much light on the status of wide receiver Stefon Diggs for Sunday s game against the Giants as speculation has been rampant all week that Diggs wants to be traded Diggs missed practice Wednesday with a cold but participated in full sessions on Thursday and Friday
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WMB | NFL notebook Bears promote Bray to backup QB | The Chicago Bears promoted Tyler Bray from the practice squad on Saturday and he will serve as the backup quarterback to Chase Daniel for Sunday s game against the Oakland Raiders in London
Daniel is starting against Oakland after Mitchell Trubisky injured his left shoulder in Week 4 against the Minnesota Vikings
Bray 27 is in second season in the Chicago organization and has spent most of that time on the practice squad
He has appeared in one NFL game and thrown one pass an incompletion in 2017 for the Chiefs since entering the league in 2013 with Kansas City Bray spent five seasons with the Chiefs and worked with second year Bears coach Matt Nagy in all five of those campaigns
Buffalo quarterback Josh Allen cleared the NFL concussion protocol and is expected to play Sunday vs the Tennessee Titans
Allen was injured in the third quarter of last Sunday s loss to the New England Patriots when he absorbed a helmet to helmet hit
Allen has passed for 903 yards three touchdowns and six interceptions this season He also has rushed for three scores
The Green Bay Packers promoted running back Tra Carson from the practice squad and released defensive end Fadol Brown
The Packers needed help in the backfield for Sunday s game against the Dallas Cowboys due to the absence of Jamaal Williams NYSE WMB concussion
Carson 26 was undrafted out of Texas A M in 2016 and split the 2018 season with the Cincinnati Bengals two games and Packers four games
The Arizona Cardinals placed right tackle Jordan Mills on injured reserve with a knee injury
Mills 28 had started the last two games before sustaining the injury during Sunday s 27 10 loss to the Seattle Seahawks
Mills signed a one year deal with the Cardinals on Sept 10 after he was cut by the Miami Dolphins
Running back Rex Burkhead is among three players who won t play for the New England Patriots at the Washington Redskins on Sunday
The Patriots announced that Burkhead foot safety Patrick Chung heel and special teams player safety Nate Ebner groin will not dress for the game
In Burkhead s absence Sony Michel and James White are expected to carry the bulk of the load but rookie Damien Harris could see his first action of the season The Patriots chose the Alabama product in the third round of the 2019 draft
The Atlanta Falcons placed veteran punter Matt Bosher on injured reserve due to a groin injury
Bosher 31 will miss at least the next eight weeks He was averaging 41 9 yards on nine attempts this season
Matt Wile was signed to handle the punting for Sunday s game against the Houston Texans
Former NFL offensive lineman Jonathan Martin reached a plea deal over charges he threatened former teammates on social media and will avoid prison time
According to multiple reports a Los Angeles County judge ruled Friday that three felony charges against Martin 29 will be dropped in two years so long as Martin attends agreed to alcohol counseling and psychotherapy sessions
In February 2018 Martin posted to Instagram a picture of a shotgun and shells on a bed with the caption When you re a bully victim a coward your options are suicide or revenge and four accounts tagged Those accounts belonged to former Miami Dolphins teammates Richie Incognito and Mike Pouncey as well as a pair of former high school classmates
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WMB | Ali leads U S one two in 100 hurdles | By Steve Keating
DOHA Reuters Nia Ali back in the starting blocks after giving birth to her second child powered to victory in the world championships 100 meters hurdles on Sunday leading an American one two finish
Ali who won silver at the 2016 Rio Olympics after having her first child went one better in front of another full house Khalifa Stadium blazing across the line in a personal best time of 12 34 seconds
World record holder Kendra Harrison winner of 10 consecutive races this season settled for silver in 12 46 edging out Jamaica s 2015 world champion Danielle Williams NYSE WMB who was clocked a 12 47
The U S was denied a possible podium sweep when Olympic champion Brianna McNeal was disqualified in the opening heats after a false start |
WMB | Ali leads U S one two in 100 meters hurdles | By Steve Keating DOHA Reuters Nia Ali back in the starting blocks after giving birth to her second child powered to victory in the world championships 100 meters hurdles on Sunday leading an American one two finish Ali who won silver at the 2016 Rio Olympics after having her first child went one better in front of another full house Khalifa Stadium blazing across the line in a personal best time of 12 34 seconds World record holder Kendra Harrison winner of 10 consecutive races this season settled for silver in 12 46 edging out Jamaica s 2015 world champion Danielle Williams NYSE WMB who was clocked a 12 47
The U S was denied a possible podium sweep when Olympic champion Brianna McNeal was disqualified in the opening heats after a false start |
WMB | NFL roundup Jones scores four TDs in Packers win | Marlon Mack rushed for 132 yards on 29 carries Sunday as the Indianapolis Colts controlled the clock with a potent run game and shocked the Kansas City Chiefs 19 13 at Kansas City Mo Mack led a 180 yard ground attack that enabled the Colts 3 2 to control the football for 37 plus minutes on 45 rushes They kept Patrick Mahomes and the high powered Chiefs 4 1 from finding any rhythm in handing them their first loss of the season Mahomes turned his ankle in the first half and aggravated the injury while playing on it in the second half He passed for 321 yards but was sacked four times The Chiefs committed 11 penalties for 125 yards and scored just three points over the final 44 plus minutes The outcome left the New England Patriots 5 0 and San Francisco 49ers 3 0 as the only unbeaten teams in the NFL Packers 34 Cowboys 24 Aaron Jones tied a franchise record with four touchdown runs and Green Bay held off a furious comeback to defeat Dallas in Arlington Texas The Packers had won all four previous visits to AT T NYSE T Stadium including Super Bowl XLV and were led in three of the four by quarterback Aaron Rodgers But it was Green Bay s other Aaron that carried the load Sunday as Jones had 19 carries for 107 yards and added team leading figures of seven receptions for 75 yards while the Packers 4 1 played without star receiver Davante Adams Jones fourth touchdown gave Green Bay a 31 3 lead with 3 30 left in the third quarter but Cowboys quarterback Dak Prescott then took over the game throwing touchdown passes of 40 and 53 yards to make it 34 24 with 7 46 remaining in the game Dallas pushed into the red zone on its next possession but the drive bogged down and kicker Brett Maher missed a 33 yard field goal wide right to seal Dallas second consecutive loss following a 3 0 start Ravens 26 Steelers 23 OT Baltimore s Marlon Humphrey caused and recovered a JuJu Smith Schuster fumble setting up Justin Tucker s 46 yard field goal in overtime as the Ravens won in Pittsburgh The game was marred by a concussion to Steelers quarterback Mason Rudolph who was knocked unconscious at 7 26 of the third quarter He was replaced by Devlin Hodges who was 7 of 9 for 68 yards in his NFL debut Baltimore s Lamar Jackson was 19 of 28 for 161 yards with one touchdown He was intercepted three times and sacked five times by Pittsburgh 1 4 Mark Ingram II ran for a touchdown for the Ravens 3 2 who lost safety Tony Jefferson in the fourth quarter to a torn ACL Panthers 34 Jaguars 27 Christian McCaffrey ran for 176 yards and scored three touchdowns and Carolina won its third straight game by holding off Jacksonville in Charlotte N C After McCaffrey limped off the field with about five minutes left backup Reggie Bonnafon broke off a 59 yard touchdown run to put the Panthers 3 2 ahead by seven with 3 34 to play DJ Chark caught eight passes for 164 yards and two touchdowns to lead the Jaguars 2 3 who drove to the Carolina 24 in the waning seconds before ending the game with an incomplete pass by Gardner Minshew II Bills 14 Titans 7 Josh Allen s 7 yard touchdown pass to Duke Williams NYSE WMB in the fourth quarter lifted Buffalo to victory against Tennessee in a defensive battle in Nashville Tenn Allen who took a hit to the head from New England s Jonathan Jones last week had been in concussion protocol until Saturday morning He finished 23 of 32 for 219 yards two TDs and one interception for the Bills 4 1 Allen found Williams in the end zone to give Buffalo a 14 7 advantage with 9 46 left in the fourth The six play 77 yard drive was highlighted by Isaiah McKenzie s 46 yard reception Raiders 24 Bears 21 Oakland used a fake punt in their own territory to set up Josh Jacobs go ahead touchdown with 1 57 remaining in a 24 21 triumph over Chicago at Tottenham Hotspur Stadium in London Jacobs rushed for 123 yards and scored twice for the Raiders 3 2 who have responded with consecutive wins after back to back losses Tarik Cohen had a 71 yard punt return to set up a go ahead touchdown in the third quarter for the Bears 3 2 who rallied from a 17 0 deficit with a 21 point blitz in the third period Texans 53 Falcons 32 Deshaun Watson passed for a career high 426 yards and five touchdowns and Will Fuller tied a franchise record with 14 catches for a career high 217 yards and three TDs as host Houston stormed past Atlanta The Texans 3 2 amassed a season high 592 yards and did not allow a sack of Watson who entered the game having been sacked 18 times the third highest total in the league The slumping Falcons 1 4 led 17 16 at halftime but lost momentum in the third quarter punting on all three of their possessions while surrendering 222 yards as Houston scored 17 unanswered points Saints 31 Buccaneers 24 Teddy Bridgewater passed for 314 yards and four touchdowns as New Orleans defeated visiting Tampa Bay improving to 3 0 since he replaced injured Drew Brees in the starting lineup Bridgewater completed 26 of 34 passes and had his highest yardage total of the season for the Saints 4 1 Michael Thomas caught two of the touchdown passes and finished with 11 catches for 182 yards Jared Cook and Ted Ginn Jr caught one touchdown each The Buccaneers 2 3 who set a franchise record for points in a 55 40 victory over the Los Angeles Rams a week earlier finished with 252 total yards Jameis Winston completed 15 of 27 passes for 204 yards and was sacked six times Eagles 31 Jets 6 Nathan Gerry and Orlando Scandrick each scored touchdowns on defense for host Philadelphia which cruised to a 31 6 win over reeling New York The Eagles 3 2 have won two straight The Jets who were without starting quarterback Sam Darnold mononucleosis for the third straight game are 0 4 for the first time since 2003 Luke Falk the third quarterback to start this season for the Jets struggled mightily against the Eagles who entered Sunday with just five takeaways and three sacks this season But Philadelphia forced three turnovers and collected 10 sacks including three by Brandon Graham and two by Scandrick Patriots 33 Redskins 7 Tom Brady passed for 348 yards to move into third place on the NFL s all time leaderboard as unbeaten New England methodically defeated winless Washington in Landover Md Brady surpassed Brett Favre 71 838 on a 15 yard toss to Julian Edelman with 6 56 left in the third quarter He finished with 71 923 to creep within 17 yards of second place Peyton Manning 71 940 Brady completed 28 of 42 passes with three touchdowns and one interception and recorded his 90th career 300 yard effort for the Patriots 5 0 An early 65 yard touchdown run by Steven Sims Jr was the only highlight for the Redskins 0 5 off to their worst start since 2001 Cardinals 26 Bengals 23 Rookie quarterback Kyler Murray s late scamper set up Zane Gonzalez s 31 yard field goal as time expired lifting Arizona to its first victory of the season at Cincinnati Murray who rushed for a 6 yard touchdown in the first quarter used his feet again to rush 24 yards up the middle on the final drive for the Cardinals 1 3 1 who were playing their first game since the death of owner Bill Bidwill He passed away at the age of 88 on Wednesday Murray rushed for a team leading 93 yards and Chase Edmonds added a 37 yard touchdown run as Arizona was able to present Kliff Kingsbury with his first win as a coach while preventing Cincinnati 0 5 from doing the same for Zac Taylor Broncos 20 Chargers 13 Phillip Lindsay rushed for 114 yards and a touchdown as Denver upset Los Angeles in Carson Calif presenting Vic Fangio with his first win as an NFL coach The Broncos 1 4 led 17 0 at halftime and did just enough to hold off the Chargers 2 3 after the break Denver s only points in the second half came on Brandon McManus 46 yard field goal with 1 55 left providing a 20 10 lead Rookie kicker Chase McLaughlin drew Los Angeles within seven points on a 32 yard field goal with 10 seconds left but Denver recovered the ensuing onside kick to seal the outcome Vikings 28 Giants 10 Kirk Cousins Dalvin Cook and Adam Thielen had monster games and Minnesota became the first team to quiet Daniel Jones mania defeating New York Giants in East Rutherford N J Cousins completed 22 of 27 passes for 306 yards and two scores both to Thielen 130 yards and Cook had 218 total yards to snap the Vikings five game losing streak in outdoor stadiums
It was the first loss for Jones who had engineered a two game winning streak since taking over for Eli Manning The rookie finished with just 182 yards on 21 of 38 passing with a touchdown and a late interception for the Giants 2 3 against the Vikings 3 2 Field Level Media |
WMB | NFL roundup Colts hand Chiefs first loss | Marlon Mack rushed for 132 yards on 29 carries Sunday as the Indianapolis Colts controlled the clock with a potent run game and shocked the Kansas City Chiefs 19 13 at Kansas City Mo
Mack led a 180 yard ground attack that enabled the Colts 3 2 to control the football for 37 plus minutes on 45 rushes They kept Patrick Mahomes and the high powered Chiefs 4 1 from finding any rhythm in handing them their first loss of the season
Mahomes turned his ankle in the first half and aggravated the injury while playing on it in the second half He passed for 321 yards but was sacked four times The Chiefs committed 11 penalties for 125 yards and scored just three points over the final 44 plus minutes
The outcome left the New England Patriots 5 0 and San Francisco 49ers 3 0 as the only unbeaten teams in the NFL
Packers 34 Cowboys 24
Aaron Jones tied a franchise record with four touchdown runs and Green Bay held off a furious comeback to defeat Dallas in Arlington Texas
The Packers had won all four previous visits to AT T Stadium including Super Bowl XLV and were led in three of the four by quarterback Aaron Rodgers But it was Green Bay s other Aaron that carried the load Sunday as Jones had 19 carries for 107 yards and added team leading figures of seven receptions for 75 yards while the Packers 4 1 played without star receiver Davante Adams
Jones fourth touchdown gave Green Bay a 31 3 lead with 3 30 left in the third quarter but Cowboys quarterback Dak Prescott then took over the game throwing touchdown passes of 40 and 53 yards to make it 34 24 with 7 46 remaining in the game Dallas pushed into the red zone on its next possession but the drive bogged down and kicker Brett Maher missed a 33 yard field goal wide right to seal Dallas second consecutive loss following a 3 0 start
Ravens 26 Steelers 23 OT
Baltimore s Marlon Humphrey caused and recovered a JuJu Smith Schuster fumble setting up Justin Tucker s 46 yard field goal in overtime as the Ravens won in Pittsburgh
The game was marred by a concussion to Steelers quarterback Mason Rudolph who was knocked unconscious at 7 26 of the third quarter He was replaced by Devlin Hodges who was 7 of 9 for 68 yards in his NFL debut
Baltimore s Lamar Jackson was 19 of 28 for 161 yards with one touchdown He was intercepted three times and sacked five times by Pittsburgh 1 4 Mark Ingram II ran for a touchdown for the Ravens 3 2 who lost safety Tony Jefferson in the fourth quarter to a torn ACL
Panthers 34 Jaguars 27
Christian McCaffrey ran for 176 yards and scored three touchdowns and Carolina won its third straight game by holding off Jacksonville in Charlotte N C
After McCaffrey limped off the field with about five minutes left backup Reggie Bonnafon broke off a 59 yard touchdown run to put the Panthers 3 2 ahead by seven with 3 34 to play
DJ Chark caught eight passes for 164 yards and two touchdowns to lead the Jaguars 2 3 who drove to the Carolina 24 in the waning seconds before ending the game with an incomplete pass by Gardner Minshew II
Bills 14 Titans 7
Josh Allen s 7 yard touchdown pass to Duke Williams NYSE WMB in the fourth quarter lifted Buffalo to victory against Tennessee in a defensive battle in Nashville Tenn
Allen who took a hit to the head from New England s Jonathan Jones last week had been in concussion protocol until Saturday morning He finished 23 of 32 for 219 yards two TDs and one interception for the Bills 4 1
Allen found Williams in the end zone to give Buffalo a 14 7 advantage with 9 46 left in the fourth The six play 77 yard drive was highlighted by Isaiah McKenzie s 46 yard reception
Raiders 24 Bears 21
Oakland used a fake punt in their own territory to set up Josh Jacobs go ahead touchdown with 1 57 remaining in a 24 21 triumph over Chicago at Tottenham Hotspur Stadium in London
Jacobs rushed for 123 yards and scored twice for the Raiders 3 2 who have responded with consecutive wins after back to back losses
Tarik Cohen had a 71 yard punt return to set up a go ahead touchdown in the third quarter for the Bears 3 2 who rallied from a 17 0 deficit with a 21 point blitz in the third period
Texans 53 Falcons 32
Deshaun Watson passed for a career high 426 yards and five touchdowns and Will Fuller tied a franchise record with 14 catches for a career high 217 yards and three TDs as host Houston stormed past Atlanta
The Texans 3 2 amassed a season high 592 yards and did not allow a sack of Watson who entered the game having been sacked 18 times the third highest total in the league
The slumping Falcons 1 4 led 17 16 at halftime but lost momentum in the third quarter punting on all three of their possessions while surrendering 222 yards as Houston scored 17 unanswered points
Saints 31 Buccaneers 24
Teddy Bridgewater passed for 314 yards and four touchdowns as New Orleans defeated visiting Tampa Bay improving to 3 0 since he replaced injured Drew Brees in the starting lineup
Bridgewater completed 26 of 34 passes and had his highest yardage total of the season for the Saints 4 1 Michael Thomas caught two of the touchdown passes and finished with 11 catches for 182 yards Jared Cook and Ted Ginn Jr caught one touchdown each
The Buccaneers 2 3 who set a franchise record for points in a 55 40 victory over the Los Angeles Rams a week earlier finished with 252 total yards Jameis Winston completed 15 of 27 passes for 204 yards and was sacked six times
Eagles 31 Jets 6
Nathan Gerry and Orlando Scandrick each scored touchdowns on defense for host Philadelphia which cruised to a 31 6 win over reeling New York
The Eagles 3 2 have won two straight The Jets who were without starting quarterback Sam Darnold mononucleosis for the third straight game are 0 4 for the first time since 2003
Luke Falk the third quarterback to start this season for the Jets struggled mightily against the Eagles who entered Sunday with just five takeaways and three sacks this season But Philadelphia forced three turnovers and collected 10 sacks including three by Brandon Graham and two by Scandrick
Patriots 33 Redskins 7
Tom Brady passed for 348 yards to move into third place on the NFL s all time leaderboard as unbeaten New England methodically defeated winless Washington in Landover Md
Brady surpassed Brett Favre 71 838 on a 15 yard toss to Julian Edelman with 6 56 left in the third quarter He finished with 71 923 to creep within 17 yards of second place Peyton Manning 71 940
Brady completed 28 of 42 passes with three touchdowns and one interception and recorded his 90th career 300 yard effort for the Patriots 5 0 An early 65 yard touchdown run by Steven Sims Jr was the only highlight for the Redskins 0 5 off to their worst start since 2001
Cardinals 26 Bengals 23
Rookie quarterback Kyler Murray s late scamper set up Zane Gonzalez s 31 yard field goal as time expired lifting Arizona to its first victory of the season at Cincinnati
Murray who rushed for a 6 yard touchdown in the first quarter used his feet again to rush 24 yards up the middle on the final drive for the Cardinals 1 3 1 who were playing their first game since the death of owner Bill Bidwill He passed away at the age of 88 on Wednesday
Murray rushed for a team leading 93 yards and Chase Edmonds added a 37 yard touchdown run as Arizona was able to present Kliff Kingsbury with his first win as a coach while preventing Cincinnati 0 5 from doing the same for Zac Taylor
Broncos 20 Chargers 13
Phillip Lindsay rushed for 114 yards and a touchdown as Denver upset Los Angeles in Carson Calif presenting Vic Fangio with his first win as an NFL coach
Marlon Mack rushed for 132 yards on 29 carries Sunday as the Indianapolis Colts controlled the clock with a potent run game and shocked the Kansas City Chiefs 19 13 at Kansas City Mo
Mack led a 180 yard ground attack that enabled the Colts 3 2 to control the football for 37 plus minutes on 45 rushes They kept Patrick Mahomes and the high powered Chiefs 4 1 from finding any rhythm in handing them their first loss of the season
Mahomes turned his ankle in the first half and aggravated the injury while playing on it in the second half He passed for 321 yards but was sacked four times The Chiefs committed 11 penalties for 125 yards and scored just three points over the final 44 plus minutes
The outcome left the New England Patriots 5 0 and San Francisco 49ers 3 0 as the only unbeaten teams in the NFL
Vikings 28 Giants 10
Kirk Cousins Dalvin Cook and Adam Thielen had monster games and Minnesota became the first team to quiet Daniel Jones mania defeating New York Giants in East Rutherford N J
Cousins completed 22 of 27 passes for 306 yards and two scores both to Thielen 130 yards and Cook had 218 total yards to snap the Vikings five game losing streak in outdoor stadiums
It was the first loss for Jones who had engineered a two game winning streak since taking over for Eli Manning The rookie finished with just 182 yards on 21 of 38 passing with a touchdown and a late interception for the Giants 2 3 against the Vikings 3 2
Field Level Media |
BMY | Clovis CLVS Q3 Loss Wider Than Expected Revenues Miss | Clovis Oncology Inc NASDAQ CLVS incurred third quarter 2017 loss of 1 24 per share which was narrower than the year ago loss of 1 70 per share However the reported figure was wider than the Zacks Consensus Estimate of a loss of 1 16 Clovis only marketed drug Rubraca was granted accelerated approval by the FDA in December 2016 for the treatment of advanced ovarian cancer in patients who have received prior chemotherapies Net product revenues entirely from Rubraca were approximately 16 8 million in the quarter up 15 1 sequentially However it missed the Zacks Consensus Estimate of 20 46 million Markedly the company registered 1100 new patients in the reported quarter However adoption of Rubraca was slower due to limited BRCA mutant label and increased competition from recently approved maintenance therapies including Tesaro Inc s NASDAQ TSRO Zejula and AstraZeneca PLC s NYSE AZN Lynparza In the year ago quarter Clovis did not generate any revenues Shares of the company declined 4 47 in after market trading on Wednesday on lower than expected Rubraca sales Nonetheless Clovis significantly outperformed the year to date While the stock has been up 64 the industry gained 2 7 Quarter in DetailDuring the third quarter research development expenses decreased 28 4 year over year to 38 9 million primarily due to decreased development activities related to Rubraca and rociletinib programs However selling general and administrative SG A expenses climbed 280 year over year to 35 million reflecting increased activities to support commercialization of Rubraca Cash used in operating activities in the quarter was 45 8 million less than 60 3 million in the year ago quarter Clovis ended the quarter with 628 million of cash equivalents and available for sale securities supported by the proceeds raised through share offerings in January and June Update on RubracaLast month Clovis submitted a supplemental new drug application sNDA for Rubraca seeking label expansion as a maintenance treatment for patients with platinum sensitive recurrent ovarian cancer The sNDA was submitted based on positive data from ARIEL 3 confirmatory study Rubraca is also under review in the EU for a comparable ovarian cancer indication Clovis expects an opinion from the Committee for Medicinal Products for Human Use later this year Additionally it has plans to submit a supplemental application for the second line or later maintenance treatment indication in the EU upon potential approval in ovarian cancer In July 2017 Clovis collaborated with Bristol Myers Squibb Company NYSE BMY to evaluate Rubraca in combination with the latter s Opdivo in multiple tumor types After ARIEL 3 another confirmatory study ARIEL4 is evaluating Rubraca versus chemotherapy in patients who have failed two prior lines of therapy and is open for enrolment Going forward Clovis plans to expand Rubraca s label into additional indications like prostrate breast and pancreatic cancers among others either as monotherapy or in combination with other agents Clovis Oncology Inc Price Consensus and EPS Surprise
Zacks RankClovis holds a Zacks Rank 2 Buy You can see Zacks Best Private Investment IdeasWhile we are happy to share many articles like this on the website our best recommendations and most in depth research are not available to the public Starting today for the next month you can follow all Zacks private buys and sells in real time Our experts cover all kinds of trades from value to momentum from stocks under 10 to ETF and option moves from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises You can even look inside exclusive portfolios that are normally closed to new investors |
C | UPDATE 1 Euro zone retail sales in record fall ECB cut seen | Euro zone March retail sales sink 4 2 pct yr yr
Further weakness in household demand expected
ECB seen cutting rates easing policy in other ways Thurs
Adds economist comments
By Jan Strupczewski
BRUSSELS May 6 Reuters Euro zone retail sales dropped
by a record 4 2 percent year on year in March data showed on
Wednesday underlining the weakness of consumer demand a day
before the European Central Bank meets on interest rates
Retail sales in the 16 countries using the euro also fell
0 6 percent from February the European Union s statistics
office said confounding analyst expectations of a small rise
Economists polled by Reuters had expected a gain of 0 1
percent month on month and a fall of 2 6 percent year on year
While there are mounting signs that the rate of euro zone
economic contraction is now moderating the further fall in
retail sales in March maintains concerns about the health of the
consumer said Howard Archer economist at IHS Global Insight
Consequently we expect the ECB to cut interest rates by a
further 25 basis points to 1 00 percent at Thursday s policy
meeting and to deliver on its promise to announce significant
non conventional measures he said
Archer said the unconventional steps were most likely to
include lending funds to banks at fixed interest rates for
longer terms than the current six months
The ECB wants inflation to be just below 2 percent over the
medium term Price growth however slowed to 0 6 percent
year on year in March and April and the bank expects prices to
fall for a few months in mid year
Economists said the rapid disinflation which would normally
help boost household consumption was offset by quickly rising
unemployment which in March increased to 8 9 percent
It all suggests that the increase in unemployment and the
loss in the consumers wealth position are likely to be a drag
for consumption activity for a while said Juergen Michels
economist at Citigroup
Regarding overall consumption I think it is very hard to
see an improvement before the end of the year he said
A monthly survey by the European Commission showed sentiment
in the euro zone retail sector deteriorated in April with stock
volumes rising and intentions to place orders falling
But it also showed selling price expectations rebounded
slightly from all time lows in March and the outlook for
business ahead improved marginally
Reporting by Jan Strupczewski and Dale Hudson additional
reporting by Marcin Grajewski and Bate Felix |
C | UPDATE 2 UK may see share of financial services shrink report | Share may decline as Gulf Asia centres expand
Needs to work more closely with international partners
Business groups welcome report
Adds reaction
By Frank Prenesti
LONDON May 7 Reuters Britain s share of the
international financial services market may reduce as business
expands in the Gulf and Asia a government sponsored report on
the sector s future competitiveness said on Thursday
To maintain its position as a world centre for financial
services Britain needed to start working more closely with
overseas partners said the report s co chairman Win Bischoff
former chairman of Citigroup
The cake will grow very much larger It is likely however
that with other financial services centres growing the
proportion that we might have might actually slightly reduce
Bischoff told a news conference
What I think is terribly important is that in global
financial services no financial centre no international
financial centre on its own can actually do all the kinds of
things that it needs to do
Britain s financial services sector employs more than one
million people accounts for 8 percent of national output and
provides almost 14 percent of the nation s tax revenue
However it has been hit by the effects of the global credit
crisis with the decline in revenues from the sector one of the
factors pushing the British budget deficit to 175 billion pounds
265 billion
PARTNERSHIPS
In order to maintain market share Britain would need to
look at partnerships with emerging markets such as Hong Kong
Singapore and Mumbai he said
Bischoff cited Britain s work in India on financial
inclusion and developing the corporate bonds market in China as
examples of such joint ventures
Bischoff acknowledged that regulation of the sector which
has come in for major criticism for its light touch approach
has to change
We believe that strong high standard regulation is
actually good for a financial centre and we believe that London
will benefit from that
However Treasury Minister Paul Myners said any regulation
had to be proportionate to avoid extinguishing the spark of
innovation and creativity
Bischoff stressed that Britain s financial services sector
was not just about London with nearly half the profits of the
sector being generated outside the capital and more than one
million people employed by the industry in areas outside the
southeast of the country
In spite of heavy job losses in the sector and a reduction
in tax revenues Myners said he was confident these would
stabilise and we will see a recovery in due course
The report which outlines future strategies over the next
15 years was broadly welcomed by business groups
The Association of British Insurers ABI said it should
help ensure the current banking crisis does not taint the
benefits of financial services to consumers or the UK economy
1 0 6597 pound
Reporting by Frank Prenesti and Matt Falloon editing by
Stephen Nisbet |
C | EARNINGS POLL Iberia Q1 oper loss seen widening fourfold | Q1 results Tuesday May 12 before the market opens
Operating loss seen at 117 million eur
Analysts focus on trading conditions and BA merger plans
MADRID May 7 Reuters Spanish airline Iberia s
first quarter operating loss is seen widening fourfold
year on year as the economic crisis hits passenger numbers
A Reuters poll of eight analysts expects losses before
interest and tax EBIT to balloon to 117 5 million euros from
a 28 3 million euro loss in the first three months of 2008
after traffic fell 9 5 percent in the first quarter amid the
country s worst economic crisis since the 1936 39 Civil War
On April 23 a union source told Reuters the airline had
indicated it had lost over 100 million euros in January and
February and later that day the company said it was unlikely to
make a profit this year and would propose scrapping its 2008
dividend
Analysts took the statement as a profit warning after
management had previously said it expected to make a profit this
year and on the back of the announcement Iberia shares have
since fallen 13 7 percent
The airline is reducing capacity by 4 percent this year a
deeper cut than initially announced in January and plans to
delay investments freeze managers salaries and temporarily lay
off handling and ground staff
As well as any update on whether trading pain is easing
analysts on a conference call at 0800 GMT on Tuesday will also
be listening for any update on Iberia s planned merger with
British Airways
Here follows the consensus of analyst forecasts expressed
in millions of euros
Q1 2009 Q1 2008 PERCENT CHANGE RANGE
REVENUES 1 121 1 300 14 1 075 to 1 174
EBITDAR 20 7 124 83 23 to 57 5
EBIT 117 5 28 319 82 to 162
NET PROFIT 97 4 0 4 N A 61 to 136
CONTRIBUTORS Ahorro Corporacion BNP Paribas Citigroup
Deutsche Bank Fortis Renta 4 RBS Venture Finanzas
Reporting by Ben Harding editing by Simon Jessop |
C | FOREX Dollar falls sharply as buoyant mood continues | Dollar index at 4 month low euro hits 7 week high vs dlr
Strong UK data supports sterling high yielders
Persistent optimism on global economy fuels risk rally
Adds quotes updates prices changes byline
By Jessica Mortimer
LONDON May 12 Reuters The dollar fell to a four month
low against a currency basket on Tuesday as solid UK data fanned
optimism that the global recession is easing boosting sterling
as well as the euro and other perceived higher risk currencies
Stronger than expected UK retail sales housing market and
industrial production data pushed sterling up well over 1
percent versus the dollar while the euro also hit a seven week
high against the U S currency
The higher yielding Australian and New Zealand dollars
benefited from the rally in riskier assets which helped to push
oil prices to a six month high just below 60 a barrel while
U S stock futures also edged higher
The UK data is highlighting that the worst is probably
behind us which is giving a bit of a bid to riskier assets
RBC Capital Markets currency strategist Christian Lawrence said
It makes sense to see sterling rallying so much after the
data while the Australian and New Zealand dollars have been bid
for most of the session he added
European Central Bank President Jean Claude Trichet said on
Monday that the global economy is at an inflection point and
could turn the corner soon
At 1154 GMT the dollar index was down 0 8 percent on the
day hitting a four month low of 82 138
The dollar index is well on track for its third consecutive
close below the 200 day moving average and is below the
longer term technical support now resistance of the
200 day moving average at 82 755
The euro rose 0 9 percent to a seven week high of 1 3695
It is firmly on track for a third daily close above the 200 day
moving average and second straight week above the 200 week
moving average
Sterling was up 1 4 percent on the day at 1 5336 its
highest since Jan 9
The Australian dollar was up 0 9 percent at 0 7647 while
the New Zealand dollar gained 0 6 percent to 0 6049
Against the yen the euro rose 0 4 percent to 132 93 yen and
the dollar fell 0 4 percent against the yen at 97 18 yen
GREEN SHOOTS
UK surveys overnight showed retail sales rising at their
fastest rate in three years last month while house prices
declined at their slowest pace in 15 months
Adding to this data also showed UK industrial and
manufacturing output fell less than forecast in March
Investors also took heart from data from China overnight
which showed investment spending surged even though exports fell
more steeply than expected
In the bigger picture not much has changed The green
shoots still have roots said Maurice Pomery managing director
of Strategic Alpha in London
Michael Hart currency strategist at Citigroup in London
advised caution however noting the numbers are merely less
catastrophic and that the currency market s technical picture
is triggering much of the dollar selling from model funds
Australia s government unveiled on Tuesday its largest
deficit on record cut its growth predictions and raised its
jobless forecasts though this failed to put a significant dent
into the global risk rally
Reporting by Jessica Mortimer additional reporting by
Jamie McGeever editing by David Stamp |
WMB | Frustrated Osaka battles past Pegula in Beijing opener | Reuters Japan s two time Grand Slam winner Naomi Osaka produced scowls rather than smiles at the China Open in Beijing on Sunday despite reaching the second round with a straight sets win
Fourth seed Osaka fresh off her title triumph at the Pan Pacific Open struck 26 winners win a 6 3 7 6 5 win over American Jessica Pegula only to complain about the way she had played
During tournaments the first match is always the worst for me Osaka said But I was kind of expecting it to be better because I just played really well in Tokyo Osaka
I don t know I thought it would carry on I was a little bit frustrated that I felt my game wasn t really where I left it I just felt like today I was really riled up not really sure why
After committing only seven unforced errors in the opening set Osaka s game began to leak mistakes as Pegula forced break points early in the second
In the second set tiebreak Osaka was unable to serve out of win and let a 4 1 led slip to fall 4 5 behind
But in the clutch moments of the match Osaka displayed her nimbleness around the court to force consecutive errors from Pegula and seal victory in an hour and 31 minutes
Reigning Wimbledon champion Simona Halep showed no signs of the lower back injury that forced her out of Wuhan Open last week as she raced past qualifier Rebecca Peterson 6 1 6 1
Third seed Elina Svitolina recovered from a sloppy start to beat last year s Beijing runner up Latvian Anastasija Sevastova 6 7 4 6 1 6 2
Former world number one Venus Williams NYSE WMB came back from a break down in the final set to overcome Barbora Strycova 6 3 4 6 7 5 extending her winning record against the Czech to five matches |
WMB | Hamilton wins in Russia Ferrari trip on team orders | SOCHI Russia Reuters Formula One leader Lewis Hamilton won the Russian Grand Prix in a surprise Mercedes one two on Sunday after Ferrari NYSE RACE tripped over team orders and were undone by a virtual safety car they triggered The five times world champion also banked a bonus for the fastest lap of the race to go 73 points clear of Finnish team mate Valtteri Bottas with five races remaining The Briton cannot clinch the championship at the next race in Japan but Mexico round 18 of 21 is looking a distinct possibility Ferrari s Charles Leclerc was third while team mate Sebastian Vettel who resisted pressure to give back a lead gained at the start with the young Monegasque s assistance retired It s just incredible to have this result today considering how quick they Ferrari were off the start Just keeping up with them was an incredibly hard task said Hamilton Mercedes s victory was their sixth in a row in Sochi the team having won every Russian Grand Prix since the first in 2014 It was also the 82nd of Hamilton s career and ninth of the season leaving him nine short of Michael Schumacher s all time record of 91 It feels like a long time coming it feels like the first time as well said the 34 year old after his first win since Hungary on the eve of the August break Honestly I try not to think too much about the championship One race at a time and one step at a time one foot in front of the other We don t want to stumble HAT TRICK OF WINS Ferrari had arrived in Sochi after a hat trick of wins and with a hefty speed advantage looking set for another triumph after Leclerc seized pole position for the fourth race in a row But there was controversy after Leclerc allowed Vettel third on the grid to slipstream down the long straight and lead into turn two while Hamilton suffered wheelspin and fell to third The agreement was for the German to hand back the place once Ferrari had settled into a one two formation but instead Vettel began banging in a series of fastest laps Sebastian will let you by next lap the 21 year old was told over the radio on lap four but the four times world champion refused to ease off Leclerc already smarting after being undone in Singapore by a strategy that worked in Vettel s favor again made his feelings clear over the team radio You put me behind I respected everything he said as Vettel winner in Singapore after more than a year off the top of the podium pulled away I respected I gave him the slipstream he added later with Ferrari telling him they were switching to Plan C and a later swap Leclerc pitted from second on lap 23 and came back out in fourth Vettel made his stop three laps later with the Monegasque making up the place while Hamilton led for a record 143rd race Two laps later Vettel coasted to a halt by the side of the track with an apparent motor generator problem and the virtual safety car VSC period gave Hamilton the chance to take a free pitstop and return ahead of Leclerc Leclerc pitted again on lap 31 when the real safety car was deployed as the VSC period was ending after George Russell crashed in his Williams NYSE WMB The Ferrari resumed in third but was unable to pass Bottas SAFETY CAR The real safety car made two appearances the first after an opening lap collision between Haas s Romain Grosjean Renault s Daniel Ricciardo and Alfa Romeo s Antonio Giovinazzi who appeared to be tagged by Racing Point s Lance Stroll Ricciardo limped back to the pits with a puncture but retired on lap 26 while Grosjean was pitched into the barriers and out of the race Red Bull s Max Verstappen and Alexander Albon who started from the pit lane after a crash in qualifying and engine penalties finished fourth and fifth Spaniard Carlos Sainz was sixth for McLaren with Racing Point s Mexican Sergio Perez seventh and McLaren s Lando Norris eighth Kevin Magnussen bagged two points for Haas despite collecting a five second time penalty for leaving the track and gaining an advantage with Nico Hulkenberg 10th for Renault PA RENA
Mercedes now lead Ferrari in the constructors standings by 162 points |
WMB | Former NY Fed markets leader Potter joins Peterson Institute | By Jonnelle Marte
Reuters Simon Potter who ran the markets desk at the New York Federal Reserve until June is now a senior fellow at the Peterson Institute for International Economics the think tank announced Monday
Potter worked at the New York Fed in various capacities for more than 20 years including as director of economic research He became the head of the markets desk in June 2012
Some investors and economists who work regularly with the New York Fed have raised questions about whether Potter s departure contributed to what some perceived to be a delayed response from the bank to the recent volatility in money markets
But New York Federal Reserve President John Williams NYSE WMB and other Fed officials say the bank moved quickly to provide liquidity and that they are monitoring the market to develop a long term fix
The volatility in overnight lending markets for cash was quelled after the New York Fed repeatedly injected cash into the system and announced that it will continue the operations until Oct 10
We were prepared for such an event acted quickly and appropriately and our actions were successful Williams said last week He said Fed officials will assess whether there are enough cash reserves in the system
Dave Wilcox who was previously director of the division of research and statistics at the Federal Reserve in Washington is also joining the Peterson institute as a senior fellow Wilcox served as the chief economist and senior adviser for three Fed chairs including Jerome Powell Janet Yellen and Ben Bernanke |
WMB | With Mystics Delle Donne hurt Sun level WNBA Finals | The Washington Mystics playing without injured league MVP Elena Delle Donne for most of the game fell to the visiting Connecticut Sun 99 87 in Game 2 of the WNBA Finals on Tuesday night
The Sun got a combined 53 points and 30 rebounds from Jonquel Jones and Alyssa Thomas in leveling the best of five series at one game apiece
Jones finished with 32 points and 18 rebounds including nine offensive rebounds a WNBA Finals record It was the first 30 15 game in WNBA Finals history Thomas had 21 points 12 rebounds and six assists Connecticut won the rebounding battle 41 27
Delle Donne played only 3 28 of the game all in the first quarter before experiencing back spasms Delle Donne who had 22 points 10 rebounds and five assists in Washington s 95 86 win in Game 1 on Sunday was 0 of 2 from the field in Tuesday s game She wound up with no points and one rebound
ESPN reported that a team of physicians worked on Delle Donne s back in the locker room but was unable to get her back on the court
The series shifts to Connecticut for Game 3 on Sunday and Game 4 on Oct 8 Game 5 if necessary would be back in Washington on Oct 10
Jones layup with 41 9 seconds left capped a 10 2 run that put Washington ahead 96 85 Jones a center made another 3 pointer with 7 9 seconds left to seal the win
Emma Meesseman finished with 23 points on 10 of 17 shooting and had eight rebounds for Washington Kristi Toliver contributed 13 points and seven assists and Tianna Hawkins had 16 points and six rebounds
Jones who finished with 12 points in Game 1 while taking only eight shots became more of a focus of Connecticut s offense early
By halftime when the Sun led 56 46 Jones had 18 points on 7 of 13 shooting from the field She also had 10 rebounds which tied the WNBA Finals record for most rebounds in a half that was achieved seven times before
Jones had no offensive rebounds in Game 1
Connecticut also warmed up beyond the arc after making only 3 of 14 shots in the first game At the half the Sun were 4 of 8 from 3 point range They finished 8 of 19 from long distance
Washington went on a 12 2 run to cut Connecticut s lead to 71 69 with 1 30 left in the third quarter on a layup by Aerial Powers on a pass from Toliver
Jones was whistled for her fourth foul in that stretch in which the Sun missed 10 straight field goals and she was forced to sit the last 2 26 of the third
Connecticut s shooting drought ended with a pull up jumper by Courtney Williams NYSE WMB 14 points to give the Sun a four point edge heading to the fourth quarter
Toliver tied the game for the first time since it was 4 4 in the first quarter with a bank shot that made it 76 76 with 8 14 left in regulation
Jones returned and ignited a 6 0 run with a basket and two offensive rebounds to put Washington ahead 82 76 with 6 36 remaining She picked up her fifth foul with 5 07 left trying to defend a driving shot by Hawkins who made one of two free throws to cut the deficit to 84 81 Jones remained in the game to the end
Field Level Media |
WMB | Fed s Williams says outlook for U S economy mixed | SAN DIEGO Reuters New York Federal Reserve Bank President John Williams NYSE WMB said on Wednesday that while the U S economy looked to be in a favorable place when viewed through the rearview mirror the outlook through the windshield ahead was mixed Trade uncertainty geopolitical risks and other factors were creating crosscurrents that needed to be navigated as the Fed tries to keep the economy in roughly the same place it is currently Williams said at an economics roundtable at the University of California San Diego The inverted yield curve showed negative investor sentiment about the outlook for U S economic growth he said a signal he said he takes seriously Still Williams said the labor market was strong and the U S economy was in a positive place compared to the rest of the global economy We ve got monetary policy in the right place he said The influential Fed official said he believes U S policymakers are close to achieving their goal of maximum employment He added he would like inflation to be a little bit higher to make up for several years of inflation falling short of the Fed s 2 target The Fed last month cut its overnight policy rate by a quarter of a percentage point for the second time this year to target a range between 1 75 and 2 0 Williams left the door open to further adjustments to monetary policy to manage those crosscurrents though he gave no hint of whether or when any further rate cuts may be needed in sync with the view of Fed Chair Jerome Powell with whom Williams collaborates closely on policy Asked what keeps him up at night Williams said he was working to figure out what caused the volatility in money markets in mid September when a key borrowing rate on overnight cash loans temporarily spiked up to 10 Williams said it appeared that banks held back from lending cash and that an overall decrease in reserves held at the central bank may have contributed to the volatility These reserves sitting there in accounts at the Fed basically were keeping short term rates from moving around a lot he said adding that officials were evaluating why banks did not lend cash when rates were higher Williams said he was looking at how effective their intervention has been
Open market operations are not a frequent operation but obviously always there as needed he said |
WMB | Britain s Johnson Thompson leads heptathlon after four events | DOHA Reuters Britain s Katarina Johnson Thompson holds a 96 point lead over defending champion Nafissatou Thiam after four events of the heptathlon at the world athletics championships on Wednesday
The 26 year old Johnson Thompson took an early lead after a personal best of 13 09 seconds in the 100m hurdles before matching Thiam with a clearance of 1 95m in the high jump
The Belgian briefly reclaimed top spot with a 15 22 meter throw in the shot put while Johnson Thompson managed a personal best of 13 86 meters
Johnson Thompson retook the lead with a season s best of 23 08 seconds in the 200 meters to move onto 4 138 points
Thiam trails Johnson Thompson with 4042 points going into the three remaining events on Thursday the long jump the javelin and the 800m
I m happy with what I did today and I hope I can be good like that tomorrow and see what happens Thiam said
Kendell Williams NYSE WMB of the United States sits in third with 3 855 points |
WMB | NFL notebook Cardinals owner Bidwill dies at 88 | Bill Bidwill the sole owner of the NFL s Cardinals franchise since 1972 died Wednesday at 88
Bill Bidwill s father Charles Bidwill bought the Cardinals then in Chicago in 1932 Bill and his brother Charles Jr inherited the team then in St Louis in 1962 before Bill purchased his brother s share in 1972 He moved the team to the Phoenix area in 1988
Bill Bidwill was part of the NFL family his entire life starting from his days as a ball boy through his time as an owner NFL commissioner Roger Goodell said in a statement
Buffalo Bills quarterback Josh Allen remains in the NFL concussion protocol but took part in individual drills
Still he has yet to be cleared for full football activity Backup Matt Barkley is preparing to play in case Allen can t on Sunday at Tennessee
New York Jets quarterback Sam Darnold returned to practice but hasn t been cleared for contact as he continues his recovery from mononucleosis
Coach Adam Gase told reporters that Darnold would take part in drills with the first unit but his status for the Sunday game at Philadelphia remains up in the air Luke Falk will be ready to go if Darnold isn t Gase said
Washington Redskins coach Jay Gruden admitted that the team doesn t have a plan at quarterback heading into its Sunday game against the New England Patriots
Rookie Dwayne Haskins threw three interceptions in relief of Case Keenum in Washington s 24 3 loss to the New York Giants on Sunday
Chicago Bears linebacker Roquan Smith who missed last week s win against Minnesota for personal reasons said he will play Sunday against the Oakland Raiders in London The news wasn t as good for quarterback Mitchell Trubisky who dislocated his left shoulder last weekend
Coach Matt Nagy said that Smith would practice but didn t guarantee he would play against Oakland and he added Trubisky wasn t expected to play
The Patriots placed veteran kicker Stephen Gostkowski on injured reserve ESPN s Adam Schefter reported that Gostkowski will require season ending surgery for a left hip injury and would be ready for the 2020 season
Multiple outlets reported that the Patriots worked out free agent kickers Wednesday and ESPN s Mike Reiss reported that veteran Kai Forbath was among them
The Bengals placed wideout John Ross on injured reserve because of a right shoulder injury sustained during Cincinnati s Monday night loss in Pittsburgh
No surgery was scheduled and Ross is expected back this season according to NFL Network In a corresponding move the Bengals signed rookie receiver Stanley Morgan Jr from their practice squad
The Kansas City Chiefs offense got two key players back at practice as wide receiver Tyreek Hill and running back Damien Williams NYSE WMB were both present
Hill who hadn t practiced since injuring his collarbone in Week 1 got in a limited session Williams who hurt his knee in Week 2 and hadn t practiced since was a full participant Coach Andy Reid declined to commit to either player returning Sunday night when the Chiefs host the Colts
Giants running back Saquon Barkley who has been recovering from a high ankle sprain appears to be on the mend sooner than expected and was spotted on the practice field according to multiple outlets
The Jacksonville Jaguars announced that disgruntled cornerback Jalen Ramsey was sitting out practice due to a lingering back injury Ramsey has asked for a trade
Tampa Bay Buccaneers linebacker Shaq Barrett sat out practice due to an ailing groin
The Green Bay Packers claimed outside linebacker Tim Williams off waivers from the Ravens Earlier this week Baltimore gave up on Williams a 2017 third round pick after he managed only two sacks in 19 games no starts over three seasons
The Baltimore Ravens signed inside linebacker Josh Bynes who was part of their 2013 Super Bowl winning team He will fill Tim Williams roster spot
Cleveland Browns linebacker Christian Kirksey on injured reserve since Sept 21 is expected to miss the rest of the season after surgery to repair a torn pectoral tendon
Denver Broncos offensive tackle Ja Wuan James who sustained a knee injury in the season opener and hasn t played since returned to practice on a limited basis
Carolina Panthers wide receiver Chris Hogan landed on injured reserve due to a left knee injury he sustained last week He will undergo arthroscopic surgery according to general manager Marty Hurney
Los Angeles Chargers wide receiver Dontrelle Inman was placed on injured reserve due to a quadriceps injury
Former NFL wide receiver Percy Harvin admitted he dealt his anxiety by self medicating with marijuana There s not a game there s not a game I played that I wasn t high Harvin told Bleacher Report
Field Level Media |
JPM | European shares hit year high oils miners soar | FTSEurofirst 300 rises 2 2 percent hits 1 year high
Weak dollar boosts oil metals prices
Banks extend gains after JP Morgan
BASF up on upbeat outlook
Intel ASML boost tech stocks
For up to the minute market news click on
By Brian Gorman
LONDON Oct 14 Reuters European shares rallied to a
one year high on Wednesday as a weaker dollar boosted
commodities prices and as earnings from Intel BASF and JP
Morgan further reassured investors
At 1115 GMT the FTSEurofirst 300 index of top European
shares was up 2 1 percent at 1 016 16 points and had risen as
high as 1 017 75 the highest since Oct 7 2008
The European benchmark index is up more than 57 percent from
its lifetime low of March 9 as investors have become more
confident on the prospects of economic recovery
It seems the earnings side will come out quite good said
Gerhard Schwarz head of global equity strategy at UniCredit in
Munich It s our view earnings will continue to beat
expectations We will see further underpinning of equity
markets
U S banking giant JP Morgan Chase helped the index extend
gains after its results beat forecasts reporting a net third
quarter income of 3 6 billion or 0 82 per share
MSCI s all country world index also hit its highest in a
year
Sentiment in Asia and beyond was also boosted by strong
trade data from China and talk that the country will release
stronger than expected GDP data next week
The dollar hit a 14 month low versus the euro and a currency
basket on Wednesday on the view that U S interest rates will
stay low
This boosted commodities prices and the shares of their
producers Crude oil surged to a 2009 high above 75 a barrel
while gold hit yet another record high above 1 069 an ounce
BP Royal Dutch Shell BG Group Repsol Total and
StatoilHydro rose between 2 3 and 2 9 percent
Global miner Rio Tinto was up 5 5 percent as it raised its
production guidance for iron ore this year by 5 to 7 5 percent
to 210 million to 215 million tonnes after reporting a 12
percent jump in third quarter output
Other mining stocks that rose included BHP Billiton Anglo
American Antofagasta and Xstrata rose between 3 4 and 5 3
percent
Chemicals giant BASF rose 6 6 percent after the company in
an unscheduled indication of results said its third quarter
operating earnings dropped 20 percent better than expected by
analysts
Across Europe Britain s FTSE 100 index Germany s DAX and
France s CAC 40 rose between 1 7 and 1 9 percent
FINANCIALS GAIN
Financial shares gained with the DJ Stoxx banking index
rising 2 5 percent The sector has surged more than 170 percent
since hitting a low in early March
Banco Santander Barclays Credit Suisse HSBC Lloyds
Societe Generale and UBS gained 2 3 3 8 percent
Diageo the world s biggest spirits group fell 2 8 percent
after underlying sales fell 6 percent in the first quarter
French peer Pernod Ricard was 3 8 percent lower following the
numbers Exane analysts downgraded Pernod to underperform from
neutral
After the closing bell on Wall Street on Tuesday Intel
posted a quarterly outlook and results that were better than
expected while Dutch chip equipment maker ASML swung to a
third quarter net profit of 20 million euros 30 million as
orders picked up after nine months of falls
Tech shares were in demand with DJ STOXX technology index
rising 1 9 percent ASML shares rose 1 5 percent while Infineon
Nokia STMicroelectronics and ARM climbed 2 3 to 4 2 percent
September U S retail sales data were due at 1230 GMT
Economists in a Reuters survey forecast a 2 1 percent fall
compared with a 2 7 percent rise in August
Futures for the Dow Jones S P 500 and Nasdaq were up
between 1 1 and 1 3 percent
Euro zone industrial output accelerated month on month in
August and July production was revised upwards data showed
providing evidence the area s economy is likely to have started
growing in the third quarter
Additional reporting by Atul Prakash Editing by Hans
Peters |
JPM | Europe shares end lower as energy sector sags DAX down 0 17 | Investing com European stocks ended lower on Wednesday with losses in the energy and commodity sectors leading markets lower and after a flurry of mixed U S data added to fears over the fragile global economic recovery At the close of European trade the EURO STOXX 50 was down 0 37 France s CAC 40 was off 0 47 and Germany s DAX slipped 0 17 Earlier in the day official data showed that industrial production in the U S fell more than expected in August while the capacity utilization rate fell unexpectedly in August Meanwhile separate data showed that an index of manufacturing conditions in New York State fell more than expected in September while import prices increased more than expected in August rising for a second consecutive month Shares in Drax the operator of Western Europe s largest coal fired power plant tumbled 3 79 after both Goldman Sachs and JP Morgan Chase downgraded the stock In London the FTSE 100 ended down 0 22 as copper prices retreated on the London Metal Exchange Miners Rio Tinto tumbled 1 37 while Xstrata the world s largest copper producer fell 0 85 Across the Atlantic U S markets moved higher the Dow Jones Industrial Average was up 0 41 the S P 500 index climbed 0 20 and the Nasdaq Composite index gained 0 33 Earlier Wednesday official data showed that consumer price inflation in the euro zone declined in line with expectations in August |
BMY | Bristol Myers BMY Misses On Q3 Earnings Opdivo In Focus | Bristol Myers Squibb Company s NYSE BMY third quarter 2017 earnings of 75 cents per share fell short of the Zacks Consensus Estimate as well as the year ago quarter earnings of 77 cents However total revenue of 5 25 billion came ahead of the Zacks Consensus Estimate of 5 2 billion as well as 4 9 billion recorded in the year ago period Strong sales of Opdivo and Eliquis contributed to the top line in the reported quarter Shares of the company were down 1 9 in pre market trading presumably due to the lower than expected earnings Bristol Myers shares have increased 9 5 so far this year which compares unfavorably with the s increase of 17 8 Quarterly DetailsRevenues were up 6 year over year when adjusted for foreign exchange impact Revenues in the United States increased 3 to 2 9 billion and increased 12 outside the United States Ex U S revenues were up 11 when adjusted for foreign exchange impact Leukemia drug Sprycel raked in sales of 509 million up 8 year over year Melanoma drug Yervoy contributed 323 million to the top line during the reported quarter up 13 Opdivo which is approved for multiple cancer indications generated revenues of 1 27 billion up 38 from the year ago period The drug received approval for its label expansion in three more indications which includes hepatocellular carcinoma metastatic colorectal cancer and recurrent gastric cancer However the performance of key drugs in the Virology unit continues to disappoint Sales of Baraclude declined 14 to 264 million The Reyataz and Sustiva franchises deteriorated 27 and 33 year over year to 174 million and 183 million respectively Nevertheless sales of Eliquis were 1 23 billion during the reported quarter up 29 year over year Multiple myeloma drug Empliciti recorded sales of 60 million up 46 year over year Research and development R D expenses in the quarter increased 36 to 1 5 billion mainly due to a charge of 310 million related to acquisition of IFM Therapeutics while marketing selling and administrative expenses remained flat at 1 1 billion Gross margin was 70 1 in the quarter compared with 73 5 in the year ago quarter due to change in product mix and recognition of an inventory charge In September 2017 Bristol Myers completed the acquisition of all outstanding capital stock of IFM and gained full rights to IFM s preclinical STING and NLRP3 agonist programs which enhance the body s immune response for treating cancer Moreover the company signed a global collaboration and license agreement with Halozyme Therapeutics for developing subcutaneous administration of its immuno oncology medicines using Halozyme s ENHANZE drug delivery technology During the quarter Bristol Myers entered into multiple collaborations to develop Opdivo in combination with two antibody drug conjugates a PARP inhibitor or tyrosine kinases inhibitor in several tumor types These include Daiichi Sankyo s investigational candidate DS 8201 AbbVie Inc s NYSE ABBV ABBV 399 Exelixis Inc s NASDAQ EXEL Cabometyx and Clovis Oncology Inc s NASDAQ CLVS Rubraca Pipeline UpdateIn September Bristol Myers announced data from a phase III study CheckMate 238 which showed significant improvement in recurrence free survival in stage IIIb c or stage IV melanoma treated with Opdivo Yervoy combination compared to Yervoy alone Meanwhile another phase III study CheckMate 214 was stopped early as Opdivo Yervoy achieved superior overall survival compared to current standard of care sunitinib The study was conducted on previously untreated patients with advanced or metastatic renal cell carcinoma However three studies were placed under partial clinical hold evaluating Opdivo based combinations in patients with relapsed or refractory multiple myeloma The hold was placed based on risk observed in studies evaluating another anti PD 1 agent pembrolizumab in multiple myeloma patients 2017 Earnings Guidance RevisedBristol Myers has raised its adjusted earnings expectations for 2017 The company now projects earnings in the range of 2 95 to 3 05 per share old guidance 2 90 to 3 00 The Zacks Consensus Estimate for earnings is pegged at 2 99 Our TakeBristol Myers missed earnings expectations primarily due to an increase in R D expenses However robust sales of drugs like Opdivo Eliquis and Yervoy in the quarter drove the top line The revised 2017 guidance was also encouraging Meanwhile we are positive on Bristol Myers efforts to develop its pipeline especially Opdivo Bristol Myers Squibb Company Price Consensus and EPS Surprise
Bristol Myers 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 | FOREX Yen drops on better risk appetite awaits US news | Dollar and yen ease ahead of U S GDP and Fed s decision
Yen drops across the board in light trading
Aussie kiwi regain ground as risk aversion ebbs
By Anirban Nag
SYDNEY April 29 Reuters The U S dollar and the yen
fell on Wednesday as risk aversion subsided slightly lifting
high yielding currencies though many were cautious ahead of
U S gross domestic product data and a Federal Reserve meeting
Trading was light in Asia with Tokyo shut for a local
holiday Selling in the yen however picked up with the euro
rebounding from six week lows against the Japanese currency and
the Aussie recovering strongly from a one month low
Investors unwound some of the safe haven trades of recent
days partly in response to improved U S economic data on
consumer confidence and home prices which supported tentative
hopes the economy may be stabilising
The euro rose 0 8 percent to 127 83 yen
Dealers said the rise was fuelled in part by short term
speculators covering short positions taken out at the start of
the week when concerns about the swine flu outbreak escalated
The market is not ignoring swine flu but putting it in a
bit more perspective and looking to put risk trades back on so
there s been buying in euro yen said Gerrard Katz head of
currency trading at Standard Chartered in Hong Kong
The U S dollar also gained 0 4 percent against the yen to
96 82 yen Traders said sell offers were building at 97 00 20
and preventing the U S currency from making further gains
The Federal Reserve ends a two day meeting on Wednesday and
while rates are already near zero analysts will be looking for
any extension of quantitative easing and for any comments
supporting a theory of green shoots of recovery appearing in
the world s largest economy
The Fed is due to issue a statement around 1815 GMT
Patrick Bennett a currency and rate strategist at Societe
Generale suspects the Federal Open Markets Committee FOMC
will not entirely buy into the green shoots theory
There is a temptation to building on green shoots but we
suspect the FOMC will be cautious on the growth outlook and
this could be a disappointment for investors said Bennett
U S GROWTH DATA
Markets also wait for first quarter U S gross domestic
product figures due at 1230 GMT Median forecast is for an
annualised contraction of 4 9 percent but estimates range as
deep as an 8 0 percent drop
Business investment and inventories will subtract
drastically from growth but if our view of a 2 8 percent
contraction is correct risk will certainly get another boost
said Alan Ruskin chief international strategist at RBS Global
Banking and Markets
Risk appetite took a beating on Tuesday after the Wall
Street Journal reported regulators had told Citigroup Inc and
Bank of America they may need to raise more capital based on
early results of the government s stress tests on banks
The market is pretty neutral right now on risk appetite
Let s see what happens with the stress tests said a senior
trader at a U S bank in Hong Kong
The U S authorities are due to publish the results of
stress tests of U S banks next week
The euro found support from comments by a senior European
Central Bank official Lorenzo Bini Smaghi who doused
expectations that the ECB will embark on quantitative easing
a policy of flooding the economy with funds to jump start
spending and lending
Speculation the ECB may announce unconventional policy
steps at its May 7 meeting has hurt the euro in recent weeks
But it extended gains on Wednesday rising 0 4 percent on the
day to 1 3205
Additional reporting by Eric Burroughs in Hong Kong and
Charlotte Cooper in Tokyo Editing by Tomasz Janowski |
C | FOREX Dollar slips as risk aversion eases | Dollar falls as risk aversion eases somewhat
Dollar index down 0 3 percent dollar up 0 3 percent vs
yen
Yen trading light markets wary of U S Q1 GDP Fed
ECB s Stark Juergen to speak
Adds quotes updates prices changes dateline prvs SYDNEY
By Tamawa Desai
LONDON April 29 Reuters The dollar was down against
other major currencies apart from the yen on Wednesday as risk
aversion eased somewhat after stronger than expected U S
economic data offset concerns about the banking sector and swine
flu
But sentiment remained wary ahead of the release of first
quarter growth figures in the United States as well as a policy
decision by the U S Federal Reserve later in the day
For now better risk conditions are acting as a drag on the
dollar said Tom Levinson currency strategist at ING Much
uncertainty surrounds today s Q1 GDP figure
In all while the dollar is under some pressure we would be
cautious over further near term losses with both swine flu
issues and Monday s bank stress test results offering concern
he added
The dollar was lower against a basket of currencies down
0 3 percent at 84 866
At 0740 GMT the euro was up 0 3 percent at 1 3195
Sentiment improved after stronger than expected U S
economic data on consumer confidence and home prices as well as
positive corporate earnings results which supported tentative
hopes the economy may be stabilising
Speculators also covered short positions taken out at the
start of the week when concerns about the swine flu outbreak
escalated
The market is not ignoring swine flu but putting it in a
bit more perspective and looking to put risk trades back on so
there s been buying in euro yen said Gerrard Katz head of
currency trading at Standard Chartered in Hong Kong
Euro zone data on Wednesday include sentiment indicators
European Central Bank Executive Board members Axel Weber and
Juergen Stark are also scheduled to speak at separate events
Yen trading was relatively light as Tokyo markets were
closed for a public holiday and as many market participants are
expected to be away for the duration of the Golden Week
holiday period which runs through next Wednesday
The euro was up 0 6 percent against the yen at 127 54 yen
It had risen to 127 83 yen
Higher yielding currencies were also up The Aussie jumped
more than 1 5 percent on the day to as high as 69 27 yen from a
one month low
Risk appetite took a beating on Tuesday after the Wall
Street Journal reported regulators had told Citigroup Inc and
Bank of America they may need to raise more capital based on
early results of the government s stress tests on banks
Results are due out next week
Markets await first quarter U S gross domestic product
figures to be released at 1230 GMT Economists forecast an
annualised contraction of 4 9 percent but estimates range as
deep as an 8 0 percent drop
The Fed ends a two day meeting on Wednesday and as rates are
already near zero markets will be looking for any extension of
quantitative easing and will focus on the central bank s
economic outlook amid signs that a downturn is easing A
statement is due out around 1815 GMT
Additional reporting by Anirban Nag in Sydney editing by
Stephen Nisbet |
WMB | Fed Should Buy 250 Billion in Treasuries Ex Officials Suggest | Bloomberg The Federal Reserve should consider increasing its balance sheet by 250 billion over the next two quarters through outright purchases of Treasury securities to help diminish the risk of future money market turmoil two former U S central bank officials said
In a blog posting on the Peterson Institute for International Economics website Joseph Gagnon and Brian Sack write that a case can be made for such a move to build up a buffer of bank reserves at the Fed
After the purchases are completed the Fed should continue to grow its balance sheet as needed to expand reserves in line with nominal GDP or gross domestic product said Gagnon now a senior fellow at Peterson and Sack currently director of global economics for the D E Shaw Group
Last week s turmoil in the money markets focused attention on the level of bank reserves and whether the Fed went too far in shrinking its securities holdings Its balance sheet now totals 3 8 trillion down from a high of 4 5 trillion in January 2015
New York Fed President John Williams NYSE WMB said on Monday that policy makers will assess the implications of recent market moves for the appropriate level of reserves and time to resume organic growth of the Federal Reserve s balance sheet
In a Sept 23 note Wrightson ICAP LON NXGN LLC chief economist Lou Crandall reckoned that such an organic approach would result in the Fed increasing its purchases of Treasuries by roughly 15 billion per month
Last week s turbulence in the repurchase agreement market indicates that the Fed s operating framework is not as resilient as it could be according to Gagnon and Sack
Volatility in this market threatens the functioning of markets more broadly and could ultimately hurt the economy they said
They urged the Fed to adopt a standing fixed rate repo facility under which banks and other selected financial institutions could borrow from the central bank arguing that would provide a guard rail against unexpected market developments
Fed policy makers discussed the possibility of establishing such a facility when they met in June but reached no conclusions according to the minutes of that gathering
Gagnon and Sack also called on the central bank to abandon its federal funds rate target and adopt the repo rate as measured by the secured overnight financing rate as its objective instead
The Fed should be explicit about its desire to control the repo rate they said
Sack was formerly an executive vice president at the Federal Reserve Bank of New York where he served as the head of the Markets Group and the manager of the System Open Market Account for the Fed from 2009 to 2012
Before joining Peterson in 2009 Gagnon was visiting associate director for the Fed s Division of Monetary Affairs He also served in a variety of other posts at the central bank and the Treasury Department in a public sector career that began in 1987 |
WMB | How Ukraine got caught up in Trump s impeachment battle | By Matthias Williams NYSE WMB
KIEV Reuters Ukraine is the unwitting participant in a political battle in Washington between President Donald Trump and the Democrats ahead of the 2020 election
Democrats launched an inquiry to impeach Trump over allegations he pressed Ukrainian President Volodymyr Zelenskiy to help smear Joe Biden the frontrunner in the race to challenge Trump as the Democratic Party nominee next year
Trump and Zelenskiy spoke by phone on July 25 and the White House has released a reconstruction of their conversation in which Trump asks Zelenskiy to investigate the Biden family and Zelenskiy agrees to do so
Earlier Trump had frozen nearly 400 million of aid to Ukraine His critics accuse him of using the funds as leverage to pressure Zelenskiy into pursuing the investigation
Zelenskiy denies being put under pressure and Trump dismissed the inquiry as a witch hunt
WHAT ARE TRUMP S ACCUSATIONS AGAINST BIDEN
Biden was vice president in President Barack Obama s administration and the point person for Ukraine Trump alleges that Biden bullied the Ukrainian authorities to fire General Prosecutor Viktor Shokin in 2016 threatening to withhold 1 billion in loan guarantees if Kiev failed to comply
According to Trump Biden had Shokin fired because he was investigating the activities of Biden s son Hunter who was working for a Ukrainian gas company called Burisma
Hunter Biden denies any wrongdoing during his work for Burisma Joe Biden denies trying to protect his son and says pressure to fire Shokin was being applied widely by European governments at the time because of concern over corruption
Burisma was founded by a former minister and member of ex President Viktor Yanukovich s party After the Kremlin friendly Yanukovich was ousted following street protests in 2014 prosecutors opened a criminal probe into Burisma
WHAT ELSE DOES TRUMP SAY ABOUT UKRAINE
Trump s personal attorney Rudolph Giuliani also alleges some officials in Ukraine conspired to help Trump s Democratic challenger Hillary Clinton in 2016 by leaking information damaging to Trump s then campaign manager Paul Manafort
Manafort a long time Republican political consultant who is now serving a sentence after being convicted of fraud had worked in Ukraine for Yanukovich for years before being hired by Trump
Giuliani has singled out Serhiy Leshchenko a former lawmaker who published details of off the books payments made by Yanukovich to Manafort
HOW DID GIULIANI APPROACH ZELENSKIY
A former comedian with no prior political experience Zelenskiy won a landslide election victory in April Before Zelenskiy was inaugurated Giuliani announced in May that he would visit Ukraine but then abruptly canceled his visit saying Zelenskiy was surrounded by Trump s enemies He named Leshchenko who had been an advisor to Zelenskiy during his campaign
After Giuliani canceled the trip Andriy Yermak an aide to Zelenskiy sought to meet Giuliani on what Yermak said was his own initiative
HOW WAS SHOKIN S SACKING VIEWED AT THE TIME
Shokin became General Prosecutor in February 2015 at a time when Ukraine s Western backers were calling for Kiev to tackle corruption in exchange for billions of dollars in aid Diplomats anti corruption activists and some officials accused Shokin s office of blocking reform and stalling investigations
Shokin s critics included his deputy Vitaliy Kasko who publicly resigned in February 2016 saying the General Prosecutor s office was a brake on the reform of criminal justice a hotbed of corruption Shokin s office dismissed the resignation as a stunt
The U S Ambassador at the time Geoffrey Pyatt in a September 2015 speech singled out Shokin s office as an obstacle to fighting corruption by openly and aggressively undermining reform
While Trump calls Shokin a tough prosecutor and Giuliani asserts that Shokin was fired for investigating Burisma Pyatt accused Shokin s office of deliberately undermining a probe into Burisma s founder both in Ukraine and in Great Britain
Shokin was pushed out in March 2016 a decision publicly endorsed by the European Union In 2017 Burisma said all investigations against the company and its founder were closed
HAS UKRAINE BEEN INVESTIGATING HUNTER BIDEN
Shokin and Shokin s successor Yuriy Lutsenko both spoke to The Hill newspaper in Washington in articles published in March and April of this year Shokin said before he was fired he had made specific plans for an investigation that included interrogations and other crime investigation procedures into all members of the executive board including Hunter Biden
Lutsenko said he had begun looking into Burisma and Biden s activities in connection to it However Lutsenko told Reuters last week there was no evidence of wrongdoing on the part of Biden s son in his relationship with the energy firm
According to the White House summary of Zelenskiy s phone call with Trump Zelenskiy assured Trump that his next prosecutor general the man who replaced Lutsenko will be 100 my person and will look into the situation
WHAT ABOUT THE U S AMBASSADOR
Pyatt s successor as U S ambassador to Ukraine was Marie Yovanovitch a career diplomat who had previously served as ambassador to other ex Soviet republics She returned home in May Trump strongly criticized her in his phone call to Zelenskiy and Zelenskiy agreed with Trump s criticism
Lutsenko has alleged that Yovanovitch had given him a list of people not to prosecute The State Department called the allegation an outright fabrication Trump s son called her a joker while Giuliani accuses her of colluding on Clinton s behalf Yovanovitch left her post after what Democrats called a political hit job |
WMB | Powell in Position to Overcome Divisions Seen in Fed s Dot Plot | Bloomberg The Federal Reserve s dot plot of interest rate projections shows plenty of disagreement among central bankers over where monetary policy should go in the next three months
That doesn t mean Chairman Jerome Powell will have trouble corralling his colleagues into a another cut in 2019 if that s ultimately what he wants
The dot plot is a very very imperfect way to understand what s going on in the committee said Narayana Kocherlakota former president of the Minneapolis Fed and now an economics professor at the University of Rochester Engineering another 2019 cut is well within Powell s ability if he were inclined to make it happen
The Fed published its latest dot plot on Sept 18 the same day officials cut rates for a second time this year It showed seven of the 17 member Federal Open Market Committee favored even lower borrowing costs by year end The remaining 10 indicated the Fed had either reduced rates enough or had already cut too much The division suggests resistance to further decreases might prove formidable when the FOMC gathers in October and again in December
A look behind the dots plus an understanding of the dynamic underlying FOMC voting suggests otherwise
For starters the group of seven looking for another cut clearly included St Louis Fed President James Bullard and Minneapolis Fed chief Neel Kashkari the most consistently dovish members of the committee in recent months Bullard who even favored a half point decrease in September votes this year so if Powell is convinced there s a need for another reduction he s got one supporter in the bag among regional presidents
It s also important to consider the pressure on policy makers to show a united front behind Powell
According to Vincent Reinhart a former senior staff economist at the Fed there s an understanding within the central bank that officials should form a consensus around any policy decision and that any dissent is essentially a rebuke of the chair
Regional presidents who run their own institutions with deep research departments can more easily resist that pressure than Fed governors if they feel strongly about their policy position Powell has seen six dissents from regional presidents in just the last three meetings But a dissent from a Fed governor is far rarer there hasn t been one since 2005 and would signal a more serious division
Same Floor
It s tougher if you re a governor because you work on the same floor you rely on the chair for committee assignments and access to staff Reinhart said It also means you couldn t convince the chair of your view You re not in the in club and as a governor you should be in the in club
Like the governors New York Fed President John Williams NYSE WMB also has a permanent vote He s viewed as occupying a spot in the inner core of FOMC decision making alongside Powell and Vice Chairman Richard Clarida A Williams dissent would make big headlines and undermine Powell s credibility making it very unlikely
As a result the governors plus Williams can safely be viewed as a single voting bloc no matter where their dots fell in September
Dots may diverge votes will converge said Carl Riccadonna chief U S economist at Bloomberg Economics
That means Powell if he ends up wanting to cut rates again could open either of the next two FOMC meeting with seven votes including his own already in his pocket the five Fed governors plus Williams and Bullard
Evans Vote
Chicago Fed President Charles Evans a 2019 voter could be an eighth despite his revelation this week that his dot implies no further cutting this year He s viewed as especially dovish over below target inflation so if inflation doesn t rise as he predicts he could revert That might leave the two remaining voters Boston s Eric Rosengren and Kansas City s Esther George as the only hawkish dissenters for the third time this year
It would still be awkward should all the remaining non voting presidents line their December dots up with Rosengren and George to reveal a 9 8 split on the committee But that s also unlikely
Powell could probably persuade a few more of his colleagues to lower their 2019 dots starting with Dallas chief Robert Kaplan who told reporters on Sept 20 that he didn t favor more rate cuts this year but was open minded Atlanta s Raphael Bostic and San Francisco s Mary Daly assuming neither is already in the bottom seven might also prove accommodating
So when it comes to predicting the FOMC s next move instead of looking for swing voters on the FOMC it s probably more important to focus on the key policy makers
As a Fed watcher I m listening to Clarida I m listening to Williams and I m listening to Powell said Kocherlakota who s also a Bloomberg Opinion columnist The dot plot is fun but I don t think it s that meaningful |
WMB | Packers RB Williams exits on stretcher after Green Bay s first play | Green Bay Packers running back Jamaal Williams NYSE WMB left the field on a stretcher Thursday night following a helmet to helmet hit after the whistle by Philadelphia Eagles defensive end Derek Barnett
Williams caught a first down pass from Aaron Rodgers at the line of scrimmage and as he turned in the left flat was corralled immediately for no gain by linebacker Nigel Bradham As the whistle blew Barnett charged helmet first into Williams who appeared to immediately lose feeling in his arms Bradham with one hand on Williams facemask drove Williams into the Lambeau Field turf
Players for both teams stood around a medical team as Williams was loaded to a backboard and secured to a stretcher He was taken to a local hospital according to ESPN
Barnett walked over and appeared to say something to Williams tapping his left shoulder pad as the Packers medical team ushered Barnett out of the way
Williams 24 did motion with his hands to give a thumbs up as he exited through the tunnel FOX Sports Erin Andrews reported during the Packers second possession that Williams had movement in his extremities
A fourth round pick in 2017 out of BYU Williams has 26 carries for 87 yards and seven catches for 55 yards in 2019
Field Level Media |
WMB | Oxfam Readies Phase Two of Dai Based Vanuatu Disaster Relief Program | Following the first phase of the Unblocked Cash program in Vanuatu Oxfam is readying to launch the pilot program s second phase using the Dai stablecoin to distribute disaster relief
Speaking exclusively to Cointelegraph Oxfam Pacific Cash and Livelihoods lead and co founder of partner company Sempo Nick Williams NYSE WMB discussed the challenges and successes of the program s first phase as well as the changes planned for the second pilot phase |
WMB | Ukraine security official offered to quit before Zelenskiy s U S trip | By Matthias Williams NYSE WMB KIEV Reuters A senior Ukrainian security official offered to quit before President Volodymyr Zelenskiy began a visit to the United States this week the president s office said on Friday Oleksandr Danylyuk the secretary of Ukraine s National Security and Defense Council gave no reason for his decision and will stay on until Zelenskiy decides whether to accept his resignation it said in a statement The statement gave no indication that the resignation was connected with a telephone call between Zelenskiy and Donald Trump that is at the center of a formal impeachment inquiry into the U S president In the July 25 call Trump asked Zelenskiy to investigate Joe Biden and his son Hunter who worked for a Ukrainian gas company for several years according to a summary of the conversation released by the White House Biden a former vice president is a leading contender in the Democratic race to take on Trump in the 2020 presidential election Trump s administration also released a whistleblower s complaint that questioned whether U S aid was held up until Ukraine showed it would act on Trump s request Reuters could not immediately contact Danylyuk for comment Earlier this week he told Reuters Ukraine did want not to be dragged into U S domestic politics Danylyuk is a former finance minister who oversaw the nationalization of PrivatBank Ukraine s largest lender and his appointment to his security role in May sent a positive signal to investors gauging Zelenskiy s reformist credentials Investors are also looking for Kiev to conclude a new loan agreement with the International Monetary Fund to help underpin economic stability tackle reforms and fight corruption An IMF delegation left Ukraine on Friday without finalizing an agreement |
WMB | ECB s Lane plays down divisions after top skeptic quits board | By Howard Schneider and Jonnelle Marte NEW YORK Reuters The European Central Bank s chief economist Philip Lane played down divisions at the institution on Friday after the shock resignation of a fellow board member earlier in the week in contrast with the ECB s ultra aggressive stimulus policy Sabine Lautenschlaeger a German who had criticized the ECB s easy money policy under Mario Draghi said on Wednesday she would quit the central bank after finding herself in a situation in which this is the best course of action She was one of just a third of the 25 members of the Governing Council who had dissented with a decision to resume bond purchases as part of an easing package that also included a rate cut and a pledge to keep money cheap for a long time Lane did not mention Lautenschlaeger but he acknowledged differences of view among ECB policymakers on issues such as the massive purchase of government bonds something that he found perfectly reasonable What is true that on individual elements of what we do there are differences of view he told a Reuters event in New York Some of it are structural about the role of sovereign bond purchases in monetary policy others are technical He added there was a very high degree of consensus on the need to ease policy and that talk of deep divisions was exaggerated Earlier on Friday Bundesbank President Jens Weidmann who had also expressed his opposition to the new bond purchases on Sept 12 said that he found the rate cut appropriate STRONG DEMAND Lane also defended two elements of the package that have raised eyebrows on the market the tiered system of interest rates and a new series of cheap multi year loans to banks known as Targeted Long Term Refinancing Operations TLTRO The first TLTRO auction received few bids a disappointment for the ECB that had portrayed the facility as a powerful tool to keep credit flowing to the economy But Lane had not given up hope We expect a significant TLTRO take up over time he said This would also be crucial to offset some tightening in inter bank rates particularly in Italy since the ECB announced it would tier its deposit rate currently set at 0 5 from Oct 30 The tiering system will exempt banks from paying the ECB a charge on their idle cash on a portion of their excess reserves This had fueled expectations that banks will trade their reserves to profit from the tiered system effectively reducing the amount of cash available on the money markets Lane took note of this minor issue but did not expect this to jeopardize the pass through of the ECB s policy stance
In the grand scheme of things this is a minor issue he said There is complete pass through Additional Reporting by Dan Burns Writing by Francesco Canepa in Frankfurt Editing by Alison Williams NYSE WMB |
WMB | NFL notebook Lions QB Stafford questionable for Chiefs showdown | Detroit Lions on Friday listed quarterback Matthew Stafford as questionable for their home game Sunday against the Kansas City Chiefs a matchup of unbeaten teams because of a hip injury
Stafford 31 was a full participant in practice on Wednesday and Thursday but was listed as limited on Friday s injury report
If Stafford can t go for the Lions 2 0 1 coach Matt Patricia will turn to either David Blough an undrafted rookie from Purdue or the recently signed Jeff Driskel who backed up Andy Dalton in Cincinnati in 2018 The Chiefs enter the game 3 0
Stafford the No 1 pick in the 2009 NFL Draft has been remarkably durable since his first two seasons in the league He played in all 16 games from 2011 through 2018 as well as all three games this season 131 games in a row the NFL s third longest active starting streak among quarterbacks
The Jacksonville Jaguars listed disgruntled cornerback Jalen Ramsey questionable for their game against the Denver Broncos the latest move in a busy week for the All Pro
Between calling in sick reporting back and hamstring injuries and being present at the birth of his daughter Ramsey has not practiced all week Earlier this week Ramsey said on a satellite radio interview that his trade request made following Week 2 still stands
Thursday Night Fallout
Philadelphia cornerback Avonte Maddox who was strapped to a backboard and stretchered off the field late in the Eagles win in Green Bay on Thursday night was diagnosed with a concussion and neck injury during an evaluation at the hospital after the game and was allowed to return home with the team He collided with teammate Andrew Sendejo in pass coverage late in the game Later Friday the Eagles signed cornerback Orlando Scandrick whom they cut late in preseason
ESPN reported that Eagles defensive end Derek Barnett is unlikely to be suspended for his after the whistle helmet to helmet hit that sent Packers running back Jamaal Williams NYSE WMB to the hospital on a stretcher
A day after his career night was cut short by what appeared to be a foot or toe injury Green Bay Packers wide receiver Davante Adams underwent an MRI exam and according to NFL Network s Ian Rapoport the injury is not believed to be serious Adams had 10 catches for a career high 180 yards before the fourth quarter injury then told reporters the injury was akin to turf toe
More Injury Updates
The Los Angeles Chargers ruled running back Justin Jackson out against Miami because of a calf strain meaning Melvin Gordon could be asked to play a limited role despite having only two practices under his belt since June Gordon ended his protracted holdout and reported to the Chargers this week but the original idea was to get the Pro Bowler ready for Week 5
Chiefs running back Damien Williams will miss the Detroit game because of a knee injury coach Andy Reid told reporters Williams also missed last week s game against the Baltimore Ravens and did not practice this week LeSean McCoy ankle was a full practice participant and could be in line for an increased workload
Indianapolis Colts standout linebacker Darius Leonard will miss his second straight game due to a concussion coach Frank Reich told reporters In addition star receiver T Y Hilton quadriceps is listed as doubtful on the team s injury report for Sunday s game against the Oakland Raiders Hilton hasn t practiced all week
New England Patriots wide receiver Julian Edelman is listed as questionable ahead of Sunday s AFC East showdown of unbeatens against the Buffalo Bills Edelman 33 was forced to leave the Patriots 30 14 win over the New York Jets in Week 3 after catching seven passes for 62 yards and a touchdown
The Bills listed rookie running back Devin Singletary as questionable He is recovering from a hamstring injury suffered in Week 2 against the New York Giants and did not play last week against Cincinnati
Tennessee tight end Delanie Walker returned to practice and was cleared to play against the Atlanta Falcons He missed the two previous days of practice due to a knee injury
Field Level Media |
WMB | Top 25 roundup No 1 Clemson hangs on vs North Carolina | Top ranked Clemson needed a late defensive stop on North Carolina s two point conversion attempt to hold on for a 21 20 victory Saturday in Chapel Hill N C UNC s Javonte Williams NYSE WMB ran in from the 1 yard line with 1 17 left but the Tigers swarmed and thwarted the two point attempt on quarterback Sam Howell s rushing attempt around right end Clemson 5 0 3 0 ACC boosted its school record winning streak to 20 games but this shaped up as the biggest scare in quite some time and certainly the closest call this season Trevor Lawrence completed 18 of 30 passes for 206 yards throwing two touchdowns and rushing for a score that tied the game 14 14 just before halftime Howell finished 15 of 27 for 144 yards and two touchdowns for North Carolina 2 3 1 1 ACC No 2 Alabama 59 Ole Miss 31 The Crimson Tide trailed for the first time this season but quickly retook command and rolled to an easy victory behind record setting performances by quarterback Tua Tagovailoa and wide receiver DaVonta Smith in Tuscaloosa Ala Tagovailoa ran for one touchdown and passed for a school record six also setting a school mark in touchdown responsibility with seven He has 86 total touchdowns for his career topping AJ McCarron s former record 80 Smith ended up with single game school records with 274 receiving yards and five touchdown catches for Alabama 5 0 2 0 SEC Freshman quarterback John Rhys Plumlee passed for 141 yards and led all players with 109 rushing yards in his first career start for the Rebels 2 3 1 1 SEC He had touchdown passes for Jerrion Ealy 9 yards and Jonathan Mingo 26 No 5 Ohio State 48 Nebraska 7 The Buckeyes scored on six of their seven first half possessions while their defense shut down the Cornhuskers offense intercepting three passes in an overwhelming win at Memorial Stadium in Lincoln Neb In upping their record to 5 0 overall and 2 0 in the conference the Buckeyes finished with 580 total yards of offense while limiting the Cornhuskers 3 2 1 1 to 231 Quarterback Justin Fields turned in another efficient effort hitting 15 of 21 passes for 212 yards and three touchdowns while rushing for 72 yards and another score on 12 carries Running back J K Dobbins amassed 177 yards on 24 carries becoming the 11th player in school history to rush for 3 000 yards in his career Ohio State added clean play to its prodigious stats committing just two penalties and no turnovers No 6 Oklahoma 55 Texas Tech 16 Jalen Hurts completed 17 of 24 passes for a career high 415 yards and three touchdowns while running for 70 yards and a score as the Sooners cruised in Norman Okla Oklahoma s CeeDee Lamb had a career high 185 yards and three touchdowns of 71 14 and 65 yards on seven receptions Trey Sermon added a pair of rushing touchdowns The Sooners 4 0 1 0 Big 12 outgained Texas Tech 644 314 Texas Tech 2 2 0 1 was playing its first game without quarterback Alan Bowman who suffered a shoulder injury in a loss to Arizona on Sept 14 Two quarterbacks combined to complete 12 of 26 passes for 122 yards No 7 Auburn 56 Mississippi State 23 Freshman quarterback Bo Nix passed for a season high 335 yards and two touchdowns sophomore running back JaTarvious Whitlow rushed for a career high three touchdowns and Auburn s defense did the rest as the No 7 Tigers dominated visiting Mississippi State Nix also rushed for a touchdown as the Tigers 5 0 2 0 SEC scored touchdowns on their first five possessions Freshman quarterback Garrett Shrader had his moments for Mississippi State in relief of injured starter Tommy Stevens rushing for a team high 89 yards and a touchdown and passing for 209 yards and two touchdowns No 8 Wisconsin 24 Northwestern 15 Jonathan Taylor scored one touchdown and rushed for 100 plus yards for a fourth consecutive game as the Badgers won a matchup of Big Ten Conference West rivals in Madison Wis Taylor rushed for a 13 yard touchdown on Wisconsin s first series to give the Badgers 4 0 2 0 Big Ten a 7 0 lead He finished with 26 carries for 119 yards and one touchdown Northwestern 1 3 0 2 made a statement early becoming the first opponent to score in the first quarter against Wisconsin in 2019 But two quarterbacks combined to complete just 18 of 41 passes with an interception that was returned for a touchdown in the fourth quarter No 9 Florida 38 Towson 0 Kyle Trask completed 18 of 20 passes for 188 yards and two touchdowns while running for a third to lead the Gators to a convincing victory in Gainesville Fla Kyle Pitts caught two scoring passes as the Gators improved to 5 0 for the first time since the 2015 squad won its first six games Dameon Pierce rushed for 84 yards and a touchdown on six carries Florida 5 0 3 0 SEC outgained Towson 422 248 while forcing three turnovers and notching their second shutout of the season Tom Flacco completed 16 of 27 passes for 157 yards and two interceptions for Towson 3 2 which is ranked 10th in the FCS coaches poll Flacco is the younger brother of Denver Broncos quarterback Joe Flacco No 10 Notre Dame 35 No 18 Virginia 20 Running back Tony Jones Jr had 18 carries for 131 yards and three touchdowns as the Fighting Irish showcased an opportune defense in a win over the visiting Cavaliers in South Bend Ind Notre Dame 3 1 outscored Virginia 21 3 in the second half after trailing by three points at the break forcing five turnovers recording eight sacks and allowing just 4 rushing yards The Irish scored a defensive touchdown when Ade Ogundeji returned a fumble 25 yards Bryce Perkins completed 30 of 43 passes for 334 yards two touchdowns and two interceptions for Virginia 4 1 His top receiving targets were Hasise Dubois 143 yards TD and Joe Reed 107 yards TD Fighting Irish quarterback Ian Book completed 17 of 25 passes for 165 yards No 14 Iowa 48 Middle Tennessee 3 Nate Stanley completed 17 of 25 passes for 276 yards and two touchdowns to help the Hawkeyes roll over the Blue Raiders in Iowa City Toren Young rushed for 131 yards on 11 carries for his first career 100 yard outing as Iowa rolled up 351 yards on the ground The Hawkeyes are 4 0 for the fifth time in Kirk Ferentz s 21 year career as head coach Iowa racked up 644 yards of total offense the most during Ferentz s tenure The previous high of 613 came against Minnesota in 2005 Middle Tennessee has been outscored 129 42 in its three losses with the first two occurring against Michigan and Duke No 17 Washington 28 No 21 USC 14 Salvon Ahmed rushed for 153 yards including an 89 yard touchdown run as the Huskies beat the Trojans with the help of three interceptions in Seattle Jacob Eason completed 16 of 26 passes for 180 yards for the Huskies 4 1 1 1 Pac 12 who scored 15 points off USC turnovers Matt Fink was 19 for 32 passing for 163 yards with one touchdown for the Trojans 3 2 2 1 Two of Fink s three interceptions were thrown inside the Washington 1 yard line including one with 2 20 remaining to end USC s last drive No 19 Utah 38 Washington State 13 Tyler Huntley threw for 334 yards and two touchdowns to lead No 19 Utah to a victory over Washington State in Salt Lake City Huntley also ran for two touchdowns to help the Utes beat the Cougars for the first time since 2012 Utah totaled 526 yards of offense and averaged 7 4 yards per play en route to the team s first Pac 12 win of the season Anthony Gordon totaled 252 yards passing a touchdown and two interceptions for the Cougars Gordon threw for at least 400 yards in each of his first four starts before Utah s defense clamped down on him for much of the game No 20 Michigan 52 Rutgers 0 Shea Patterson ran for three touchdowns and passed for another and the Wolverines bounced back from a loss and thrashed the Scarlet Knights in Ann Arbor Mich Patterson completed 17 of 23 passes for 276 yards Christian Turner rushed for 48 yards and a score and Ronnie Bell led the receiving corps with six catches for 83 yards as Michigan 3 1 1 1 gained its first Big Ten win of the season The Wolverines jumped to a 24 0 halftime lead Rutgers 1 3 0 2 was held to 152 total yards while being shut out for the second time in conference play Artur Sitkowski completed 17 of 24 passes for 106 yards No 22 UCF 56 Connecticut 21 The Knights scored four first quarter touchdowns and the defense forced four turnovers and scored once in a blowout of the Huskies in Orlando Fla In the American Athletic Conference opener for both schools UCF 4 1 1 0 blitzed the Huskies 1 3 0 1 for 369 yards on just 20 plays from scrimmage on the way to a 42 0 halftime lead Freshman quarterback Dillon Gabriel played just the first half and went 11 of 16 for 281 yards and three touchdowns all of them to wide receiver Gabriel Davis five catches 119 yards three touchdowns No 23 Texas A M 31 Arkansas 27 Kellen Mond threw two of his three touchdown passes to Quartney Davis as the Aggies won their eighth straight game against the Razorbacks in Arlington Texas Mond completed 23 of 35 passes for 251 yards for Texas A M 3 2 1 1 SEC and tossed 22 and 3 yard scoring strikes to Davis as well as a 9 yard touchdown to Ainias Smith Ben Hicks replaced former Texas A M quarterback Nick Starkel and tossed a 13 yard touchdown pass to Mike Woods for the Razorbacks 2 3 0 2 who have lost their last 13 SEC games and 17 of 18 overall Oklahoma State 26 No 24 Kansas State 13 Chuba Hubbard ran for career high 296 yards on 25 carries and Matt Ammendola kicked four field goals as the host Cowboys withstood Mother Nature and ran over the Wildcats Hubbard the nation s leading rusher now has 938 yards on the ground in five games Saturday s effort was his third 200 plus yard performance this year for the Cowboys 4 1 1 1 Big 12 who snapped a two game losing streak to Kansas State 3 1 0 1 The game was halted with 8 31 to go in the second quarter for 75 minutes because of lightning in the area No 25 Michigan State 40 Indiana 31 Brian Lewerke threw for three touchdowns and had a 30 yard run in the final minutes to set up the Spartans winning score in East Lansing Mich Junior kicker Matt Coghlin converted from 21 yards with five seconds left for a 34 31 lead and Michigan State recovered a fumble for a touchdown on the final play by Indiana 3 2 0 2 for the final margin
Lewerke passed for 300 yards connecting for a pair of scores with fifth year senior Darrell Stewart who had five catches for 117 yards Redshirt freshman running back Elijah Collins rushed for 56 yards and a touchdown for Michigan State 4 1 2 0 Big Ten Field Level Media |
JPM | UPDATE 2 India food prices surging on poor monsoon WPI falls | Food price index up 14 8 pct yr yr
Wholesale price index falls 0 12 pct yr yr in Aug 29
Food driven inflation not seen prompting rate rise
Recasts adds analysts view
By Rajkumar Ray
NEW DELHI Sept 10 Reuters Indian food prices surged
nearly 15 percent in the year ended August as a poor monsoon hit
crops but analysts said moderate price pressures elsewhere in
the economy meant an interest rate rise was unlikely for now
The annual change in the overall wholesale price index was
negative on Aug 29 for a 13th week although a return to
inflation looked imminent in September as the effect of last
year s high fuel and commodity prices fade out of calculations
The WPI fell 0 12 percent in year to Aug 29
close to expectations and slowing from the previous week s 0 21
percent fall However the food articles sub index rose an
annual 14 8 percent up from the previous week s 14 5 percent
rise
Food prices have surged as drought has hit nearly half of
India s districts hurting summer crops and forcing the
government to take steps to bolster supplies
The weakest monsoon in nearly four decades could also hurt
the winter crop keeping pressure on prices in coming months
Gunjan Gulati an economist at JP Morgan Chase said supply
concerns had driven up food prices but noted that other prices
were subdued and credit demand was sluggish
I thus expect that the fiscal measures releasing the
food stocks with the government importing the foodgrains in
short supply will be the first mode of action likely to be
adopted by the government rather than monetary tightening to
stem higher inflation said
For a graphic on Indian inflation click
POLICY DILEMMA
Prime Minister Manmohan Singh said on Wednesday there was no
shortage of food stocks but the government had to step up
efforts to mitigate rural distress from the drought
ID nDEL114516
The rise in food prices has put pressure on Singh s Congress
party led coalition government which was re elected this year
partly on the back of its pro farmer policies
Economists and government officials agree that inflation
will exceed the central bank s July forecast of 5 percent at the
end of the fiscal year in March largely due to food prices
Food prices will remain high for some time Inflation could
be between 7 and 8 percent by end of March said Saugata
Bhattacharya senior vice president and economist at Axis Bank
Reserve Bank of India governor Duvvuri Subbarao said on
Monday inflation was becoming a concern sooner than expected and
the current monetary stance must be unwound although the impact
on growth had to be considered ID nL7679419
However Finance secretary Ashok Chawla said Wednesday that
growth was the main economic worry even though inflation could
rise to 5 6 percent at the end of 2009 10 highlighting the
dilemma policy makers face trying to rein in inflation caused by
shortages in food supply
Until the RBI sees inflation becoming more broader based
than just the commodities sector I think it will be wary of
raising interest rates at this point as this may kill the
recovery that is still nascent said Atsi Sheth chief
economist at Reliance Equities
In its July policy review the central bank left its key
policy rate unchanged after cutting it by 425 basis points
between October and April
The economy grew 6 7 percent in 2008 09 slower than rates
of 9 percent or more growth clocked in the previous three years
and policy makers expect it ti slow towards 6 percent in 2009 10
due to lower farm output
Editing by John Mair and Toby Chopra |
JPM | GLOBAL ECONOMY WEEKAHEAD G20 seeks balanced growth | By Alister Bull
PITTSBURGH Sept 27 Reuters G20 leaders promised last
week to rebalance world growth and upcoming data will show
that it is already happening although not for the reasons they
want
While the world s economic leaders would prefer the
rebalancing come as a result of strengthening economies around
the globe it s primarily due to the weakness of the U S
rebound
A monthly U S employment report due on Friday even if it
shows conditions slowly improving is expected to underscore
the feeble state of the country s labor market That will keep
U S household spending soft and the savings rate high
Leading indicators will provide additional evidence of a
gradual improvement in the outlook for manufacturing with
purchasing managers reports due on Thursday
Group of 20 leaders committed themselves during their
summit here to shrink imbalances between debtors like the
United States and export led economies like China
Their communique on Friday laid out a framework for
achieving this goal backed up by enforcement through peer
review and International Monetary Fund scrutiny
The U S current account has already retreated from
pre financial crisis highs as the country imports less and
saves more U S Treasury Secretary Timothy Geithner said on
Thursday that higher savings were healthy and desirable
Rebalancing is happening said Michael Feroli an
economist at JP Morgan Chase in New York
But economists said the only thing that really matters is
the lasting behavior of the United States as the world s
largest economy and how everyone else adapts
I think the key to the outcome is whether the other
countries believe the United States is serious about not going
back to being consumer of last resort and running big trade
deficits said Fred Bergsten director of the Peterson
Institute for International Economics in Washington
If the other countries believe that they have to draw the
conclusion they cannot rely on export led growth he said
That could have significant consequences for currency
markets although Geithner reiterated Washington s
long standing mantra that a strong dollar is in the nation s
interest and its position as the world s primary reserve
currency would remain unchallenged for many years
The imbalance needs to be addressed by the adjustment of
the currencies The yuan needs to float against the dollar
said Roger Aliaga Diaz senior economist at Vanguard in Valley
Forge Pennsylvania
Clearly the increase in savings rate in the United States
will help address this he said
President Barack Obama assured his G20 guests that the
country would not return to its old habits of living beyond its
means U S households are certainly not in any condition to
stage a speedy return to their profligate ways of the past
Friday s jobs report is forecast to show the U S economy
lost another 188 000 jobs in September
This would represent a slight improvement in the pace of
job destruction from 216 000 in August but will still drive
the U S unemployment rate to 9 8 percent in September up from
9 7 percent in August and the highest reading since 1983
Although faint this glimmer of an hope is expected to be
reinforced by modest upticks in manufacturing purchasing
manager surveys for the United States the euro zone and other
key economies last month
Analysts surveyed by Reuters expect the U S manufacturing
PMI to rise to 54 from 52 9 in August while the euro zone s
manufacturing PMI would edge up to 49 9 from 48 2 |
JPM | RPT GLOBAL ECONOMY WEEKAHEAD G20 seeks balanced growth | Repeat of item initially transmitted Sunday Sept 27
By Alister Bull
PITTSBURGH Sept 28 Reuters G20 leaders promised last
week to rebalance world growth and upcoming data will show
that it is already happening although not for the reasons they
want
While the world s economic leaders would prefer the
rebalancing come as a result of strengthening economies around
the globe it s primarily due to the weakness of the U S
rebound
A monthly U S employment report due on Friday even if it
shows conditions slowly improving is expected to underscore
the feeble state of the country s labor market That will keep
U S household spending soft and the savings rate high
Leading indicators will provide additional evidence of a
gradual improvement in the outlook for manufacturing with
purchasing managers reports due on Thursday
Group of 20 leaders committed themselves during their
summit here to shrink imbalances between debtors like the
United States and export led economies like China
Their communique on Friday laid out a framework for
achieving this goal backed up by enforcement through peer
review and International Monetary Fund scrutiny
The U S current account has already retreated from
pre financial crisis highs as the country imports less and
saves more U S Treasury Secretary Timothy Geithner said on
Thursday that higher savings were healthy and desirable
Rebalancing is happening said Michael Feroli an
economist at JP Morgan Chase in New York
But economists said the only thing that really matters is
the lasting behavior of the United States as the world s
largest economy and how everyone else adapts
I think the key to the outcome is whether the other
countries believe the United States is serious about not going
back to being consumer of last resort and running big trade
deficits said Fred Bergsten director of the Peterson
Institute for International Economics in Washington
If the other countries believe that they have to draw the
conclusion they cannot rely on export led growth he said
That could have significant consequences for currency
markets although Geithner reiterated Washington s
long standing mantra that a strong dollar is in the nation s
interest and its position as the world s primary reserve
currency would remain unchallenged for many years
The imbalance needs to be addressed by the adjustment of
the currencies The yuan needs to float against the dollar
said Roger Aliaga Diaz senior economist at Vanguard in Valley
Forge Pennsylvania
Clearly the increase in savings rate in the United States
will help address this he said
President Barack Obama assured his G20 guests that the
country would not return to its old habits of living beyond its
means U S households are certainly not in any condition to
stage a speedy return to their profligate ways of the past
Friday s jobs report is forecast to show the U S economy
lost another 188 000 jobs in September
This would represent a slight improvement in the pace of
job destruction from 216 000 in August but will still drive
the U S unemployment rate to 9 8 percent in September up from
9 7 percent in August and the highest reading since 1983
Although faint this glimmer of an hope is expected to be
reinforced by modest upticks in manufacturing purchasing
manager surveys for the United States the euro zone and other
key economies last month
Analysts surveyed by Reuters expect the U S manufacturing
PMI to rise to 54 from 52 9 in August while the euro zone s
manufacturing PMI would edge up to 49 9 from 48 2 |
JPM | FOREX Dollar gains vs yen sterling slammed | Dollar holds above 90 yen as short positions trimmed
Sterling slammed on report rates to stay low
Focus on U S third quarter earnings
Holiday in U S Tokyo keeps activity thin
By Tamawa Desai
LONDON Oct 12 Reuters The dollar hit a two week high
against the yen on Monday with traders continuing to cover short
positions as they debated how long U S interest rates will stay
low
The dollar had been under heavy selling pressure on the
prospect that U S interest rates could remain low for some
time It hit its weakest level in eight months against the yen
last week and a 14 month low against a basket of six currencies
St Louis Federal Reserve President James Bullard added to
the debate on Sunday saying medium term inflation risks in the
U S economy could be higher than thought
This prospect which could lead to monetary tightening
follows Australia s surprise interest rate hike last week and
remarks by U S Fed Chairman Ben Bernanke on Thursday that
policy could be tightened as a recovery takes hold
His comments led to a sell off in Treasuries with 10 year
U S government bond yields rising to two week highs Fed fund
futures moved to price in a funds rate of around 0 3 percent in
the March contract up from near zero
Higher U S bond yields will provide a degree of support
for the dollar though the risks remain skewed toward the
downside said Lee Hardman currency strategist at Bank of
Tokyo Mitsubishi UFJ
At 0738 GMT the dollar rose 0 5 percent from late Friday s
levels to 90 23 yen after rising to 90 46 its strongest level
since the start of the month and pushing up from the eight month
low of 88 01
Dealers said there was talk of dollar stop loss buy orders
above 90 50 55 yen with support for the U S currency down
around 89 20
Latest data on the Tokyo Financial Exchange showed net
dollar yen long positions exploded last week tripling between
Monday and Thursday analysts at RBC Capital Markets said
Sterling fell broadly hitting a near six month low against
a basket of currencies after a report said British interest
rates would stay at current rock bottom levels for some time
The Centre for Economics and Business Research CEBR said
on Monday British interest rates would stay at 0 5 percent until
2011 and not rise to 2 percent until 2014
The consultancy said in a report on the outlook for the UK
economy that the pound could fall to 1 40 and possibly below
parity with the euro as UK rates remained low and the
government raised taxes and cuts spending to reduce its budget
deficit
Activity was light with Tokyo markets shut for a one day
holiday and a federal holiday in the United States
Going forward traders will focus on financial earnings
with results from JP Morgan Chase and Goldman Sachs slated later
in the week
U S economic data this week includes September retail sales
and consumer prices as well as industrial and manufacturing
numbers
The dollar index a measure of the greenback against six
major currencies edged up to 76 630 after closing at 76 431 on
Friday It had hit a 14 month low of 75 767 last week
The euro slid 0 2 percent to 1 4691 having lost 0 5
percent on Friday but advanced 0 5 percent to 132 89 yen
The Australian dollar gained to a two month high of 81 49
yen but retreated from last month s 14 month peak of 0 9092 to
stand at 0 8992
Additional reporting by Charlotte Cooper in Tokyo editing
by Nigel Stephenson |
JPM | FOREX Dollar edges higher vs yen sterling slammed | Dollar holds above 90 yen as short positions trimmed
Euro sheds loss vs dollar at 1 4726
Sterling slammed on report rates to stay low
Focus on U S third quarter earnings
By Tamawa Desai
LONDON Oct 12 Reuters The dollar hit a two week high
against the yen on Monday with traders covering short positions
as they debated the timing of tightening in U S monetary
policy though sentiment on the greenback remained bearish
The U S currency shed early gains against the euro as
factors such as large deficits and concern about its status as
the pre eminent reserve currency weighed on the dollar Data
last week showed speculators held large dollar short positions
The dollar has pulled away from its lows late last week
but it remains to be seen whether it was anything other than a
short squeeze said Tom Levinson currency strategist at ING
By 0856 GMT the dollar was 0 5 percent higher compared with
late Friday s levels at 90 25 yen after rising to 90 46 yen its
strongest since the start of the month and up from an
eight month low of 88 01 yen hit last week
The euro was flat on the day at 1 4733 after paring early
losses The single European currency also rose 0 5 percent
against the yen at 132 94 yen
Activity was light with Tokyo markets shut for a one day
holiday and a federal holiday in the United States
Sterling fell broadly hitting a near six month low against
a basket of currencies after a report said British interest
rates would stay at rock bottom levels for some time
The Centre for Economics and Business Research CEBR said
British interest rates would stay at 0 5 percent until 2011 and
not rise to 2 percent until 2014 ID nLB53176
INTEREST RATES
A surprise rate hike by Australia last week put renewed
market focus on the direction of interest rates
The dollar rebounded after U S Federal Reserve Chairman Ben
Bernanke said on Thursday that policy could be tightened as a
recovery takes hold
His comments also led to a sell off in Treasuries with
10 year U S government bond yields rising to two week highs
Fed fund futures moved to price in a funds rate of around 0 3
percent in the March contract up from near zero
St Louis Federal Reserve President James Bullard added to
the debate on Sunday saying medium term inflation risks in the
U S economy could be higher than thought
Later in the week traders will focus on financial earnings
with results from JP Morgan Chase and Goldman Sachs slated
Earnings should be broadly supportive for risk taking
said Lee Hardman currency analyst at Bank of Tokyo Mitsubishi
UFJ
U S economic data this week include September retail sales
and consumer prices as well as industrial and manufacturing
numbers
The dollar index a measure of the greenback against six
major currencies was little changed from Friday s close of
76 431 It had hit a 14 month low of 75 767 last week
The Australian dollar hit a two month high of 81 49 yen and
hovered near last month s 14 month peak of 0 9092 to stand at
0 9041
The Swedish crown hit a two week low of 10 3778 crowns per
euro with concerns about the outlook for Latvia weighing on the
currency as Swedish banks are seen having large exposure to the
region
Editing by Nigel Stephenson |
JPM | FOREX Dollar up vs yen euro recovers on higher stocks | Dollar holds above 90 yen as short positions trimmed
Euro recovers vs dollar as Europe shares rise 1 percent
Sterling slammed on report rates to stay low
Focus on U S third quarter earnings later in week
By Tamawa Desai
LONDON Oct 12 Reuters The dollar hit a two week high
against the yen on Monday with traders covering short positions
in the U S currency as they debated the timing of tightening in
U S monetary policy
Despite its gains against the yen dollar sentiment remained
bearish and it relinquished early gains against the euro after
a 1 percent rise in European shares prompted some
demand for riskier assets
The dollar remains under selling pressure due to factors
including large deficits and concern about the U S currency s
status as the pre eminent reserve currency
Analysts said the dollar s rise on Monday was mainly an
adjustment of short positions in the currency which were shown
to have been piling up last week
The dollar has pulled away from its lows late last week
but it remains to be seen whether it was anything other than a
short squeeze said Tom Levinson currency strategist at ING
By 1024 GMT the dollar was 0 5 percent higher compared with
late Friday levels at 90 30 yen It rose as high as 90 46
yen its strongest since the start of the month and up from an
eight month low of 88 01 yen hit last week
The euro rose 0 2 percent to 1 4755 recovering from
a slide to the day s low of 1 4677 The single European
currency rose 0 8 percent against the yen to 133 20 yen
Activity was light with Tokyo markets shut for a one day
holiday and a federal holiday in the United States
Sterling fell broadly hitting a six month low against a
basket of currencies after a report said British interest rates
would stay at rock bottom levels for some time
The Centre for Economics and Business Research CEBR said
British interest rates would stay at 0 5 percent until 2011 and
not rise to 2 percent until 2014 ID nLB53176
INTEREST RATES
A surprise rate hike by Australia last week put renewed
market focus on the direction of interest rates
The dollar rebounded after U S Federal Reserve Chairman Ben
Bernanke said on Thursday that U S policy could be tightened as
a recovery takes hold
His comments also led to a sell off in Treasuries with
10 year U S government bond yields hitting two week highs Fed
fund futures moved to price in a funds rate of around 0 3
percent in the March contract 0 FF up from near zero at the
moment
St Louis Fed President James Bullard added to the debate on
Sunday saying medium term inflation risks in the U S economy
could be higher than thought
Later in the week traders will focus on financial earnings
with results from JP Morgan Chase and Goldman Sachs
scheduled RESF US
Earnings should be broadly supportive for risk taking
said Lee Hardman currency analyst at Bank of Tokyo Mitsubishi
UFJ
U S data this week include September retail sales and
consumer prices as well as industrial and manufacturing numbers
The dollar index a measure of the greenback against
six major currencies slipped 0 2 percent to 76 302 It had hit
a 14 month low of 75 767 last week
The Australian dollar hit a two month high of 81 87 yen
and hovered near last month s 14 month peak of
0 9092 against the U S dollar to stand at 0 9053
The Swedish crown hit a two week low around 10 3778 crowns
per euro with concerns about the outlook for Latvia
weighing on the currency as Swedish banks are seen having large
exposure to the region
Additional reporting by Naomi Tajitsu editing by Nigel
Stephenson |
BMY | FDA Grants Priority Review For Exelixis RCC Drug Cabomteyx | Exelixis Inc NASDAQ EXEL announced that the FDA has granted priority review to its supplemental New Drug Application sNDA for Cabomteyx The sNDA seeks approval of Cabometyx for patients with previously untreated advanced renal cell carcinoma RCC The FDA determined the sNDA to be sufficiently complete Consequently the FDA assigned a Prescription Drug User Fee Act action date of Feb 15 2018 The sNDA is based on data from the phase II trial CABOSUN which is being conducted by The Alliance for Clinical Trials in Oncology as part of Exelixis collaboration with the National Cancer Institute s Cancer Therapy Evaluation Program The market for advanced RCC is huge Per the American Cancer Society s 2017 statistic data clear cell RCC is the most common type of kidney cancer in adults 30 000 patients in the United States and 68 000 globally require treatment and an estimated 14 000 patients in the United States are in need of a first line treatment for advanced kidney cancer every year We remind investors that Cabometyx was approved by the FDA in April 2016 for the treatment of patients with advanced RCC who received prior anti angiogenic therapy New patient starts refills for patients already on therapy and continued expansion of the prescriber base for Cabometyx are driving the drug s sales Hence a potential approval of Cabometyx is expected to boost sales Concurrently Exelixis and partner Ipsen announced that the phase III trial CELESTIAL met its primary endpoint of overall survival OS with cabozantinib providing a statistically significant and clinically meaningful improvement in median OS compared to placebo in patients with advanced hepatocellular carcinoma HCC Consequently the independent data monitoring committee for the study recommended that the trial should be stopped for efficacy following review of the second planned interim analysis The company s shares moved up 17 2 following the news Exelixis share price has increased 94 6 year to date higher than the gain of 14 0 Exelixis has collaborated with Bristol Myers Squibb Co NYSE BMY and Roche Holdings OTC RHHBY for the development of the drug in combination with immunotherapy agentsWe note that GlaxoSmithKline plc s NYSE GSK Votrient is also approved for clear cell RCC
Zacks Rank
Exelixis currently carries a Zacks Rank 3 Hold You can see
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C | UPDATE 3 Game shares soar as trading tops hopes | Underlying year pretax profit 126 2 million pounds
11 weeks to April 18 like for like sales down 6 3 percent
11 weeks to April 18 gross margin up 150 basis points
Says confident on outlook for year to January 2010
Shares up 15 9 percent at 0855 GMT
Adds further detail
By James Davey
LONDON April 22 Reuters British video games retailer
Game Group reported better than expected recent trading along
with a 67 percent jump in full year profit adding to growing
optimism in the sector and sending its shares up to 18 percent
higher
Current trading performance is ahead of our expectations
and this is particularly pleasing when set against the
double digit growth achieved last year said Chairman Peter
Lewis
Game said like for like sales fell 6 3 percent in the 11
weeks to April 18 well ahead of some analyst forecasts of a
fall of over 10 percent while gross margins were up around 150
basis points
Game shares which have lost a third of their value over the
past year underperforming the FTSE All Share General Retailers
index by 24 percent were up 26 pence or 15 9 percent at 191
pence at 0855 GMT valuing the business at 670 million pounds
The group s positive update came as British telecoms and
retail group Carphone Warehouse beat fourth quarter customer
growth forecasts and Citigroup raised its investment ratings
and price targets on a raft of British retailers
Game which trades from 1 340 stores concessions and
franchises in nine European countries and Australia made a
pretax profit before non recurring costs of 126 2 million pounds
183 million for the 53 weeks to Jan 31
That compared with company guidance of not less than 122
million pounds analysts consensus forecast of 124 million
according to Reuters Estimates and 75 5 million in 2008 09
Turnover increased 32 percent to 1 97 billion pounds with
like for like sales up 8 8 percent and gross margin up 140 basis
points to just over 26 percent as more higher margin software
was sold
This was in the context of an unprecedented line up of new
software releases and rapid growth of console ownership
Chief Executive Lisa Morgan told reporters noting the installed
base of third generation consoles Playstation 3 Xbox 360 and
Wii is now over 22 million units in the UK 9 million ahead of
this time last year
Video gaming seen as a more affordable alternative to many
other family leisure activities is one of a few areas that have
bucked the economic downturn
Game which raised its dividend 25 percent to 5 5 pence and
ended the year with net cash of 81 4 million pounds said it was
confident in the outlook for the year to end Jan 2010
Morgan said second quarter trading will be helped by strong
sales of the new Nintendo DSi and a robust software new release
list including Sin III and a new Harry Potter game
Given tough comparatives Game does not expect to return to
like for like sales growth in the 2009 10 year but forecast
gross margin will improve by 150 to 175 basis points
The second quarter comparatives are even tougher so things
may get worse in the short term but the key is the Christmas
outlook said Nick Bubb analyst at Pali International
He added that given good new software titles in the
pipeline the huge installed base of hardware and the
availability of 10 percent of market share from the demise of
retailers Woolworths and Zavvi Game are entitled to be
confident
Analysts at Deutsche Bank raised their current year
forecast from 115 million to 117 million pounds
Editing by David Cowell
1 0 6896 pound |
C | Singapore says to improve disclosure on tax evasion | TOKYO April 27 Reuters Singapore will revise its laws
this year to improve disclosure on foreigners evading income
taxes in their home countries the island nation s finance
minister told his Japanese counterpart according to a Japanese
Finance Ministry official
Singapore agreed at the beginning of March to bring its tax
laws in line with Organisation for Economic Cooperation and
Development OECD standards after the Paris based group put it
on a grey list of countries that have not signed
international accords to combat tax evasion
Japanese Finance Minister Kaoru Yosano welcomed Singapore
Finance Minister Tharman Shanmugaratnam s pledge the official
told reporters after the two met on Monday
World leaders said at a Group of 20 summit this month that
they would crack down on tax havens including sanctions
against non cooperative jurisdictions by using information
from the OECD
Singapore s government has previously denied suggestions
that the country is a tax haven It has strict bank secrecy
laws and has been promoting itself as a rival financial centre
to Hong Kong to attract banks such as UBS Credit
Suisse and Citigroup to manage money for rich
local and foreign clients
Tharman also told Yosano that he hoped officials could
agree on a broad range of measures including expanding
currency swaps at a meeting of the Association of Southeast
Asian Nations China South Korea and Japan on May 3 according
to the official
Asian countries pledged last year to pool bilateral
currency swap arrangements under the Chiang Mai Initiative in
an 80 billion multilateral fund that could be tapped in
emergencies ASEAN groups Cambodia Malaysia Indonesia
Singapore Vietnam Philippines Laos Thailand Myanmar and
Brunei
Reporting by Stanley White Editing by Jan Dahinten |
C | GLOBAL MARKETS Stocks fall yen gains on US bank flu worries | MSCI world equity index down 1 3 percent at 217 55
Yen hits one month high against dollar
Oil drops nearly 3 percent
By Carolyn Cohn
LONDON April 28 Reuters World stocks and oil fell for a
second day on Tuesday and investors took refuge in the yen as a
report that major U S banks may need more capital hit markets
already dropping on fears of a swine flu pandemic
European stocks and U S stock futures fell around 2 percent
and the yen hit a one month high against the dollar after the
Wall Street Journal said U S regulators were pushing Bank of
America and Citigroup to raise more capital following the
initial results of stress tests
While most of the 19 banks that have been tested are
expected to show less negative results Citi and BofA seem to be
in a shaky situation prompting investors to pick up the yen on
risk aversion as stocks fell said Takashi Kudo a director at
NTT SmartTrade in Tokyo
The World Health Organization raised its alert level on
swine flu to a phase 4 one step closer to declaring the first
flu pandemic in 40 years
More countries have reported cases of the flu and countries
such as Australia and South Korea were testing for the virus
But so far the deaths have not spread beyond Mexico where
the outbreak began and 149 people were killed
This won t help sentiment but for now we re at the
beginning of the outbreak and it s hard to anticipate the impact
on the world economy said Sebastien Barthelemi analyst at
Louis Capital Markets in Paris
In the short term airlines hotel and oil companies are
vulnerable while drug companies could benefit from the
situation
The MSCI world equity index fell 1 32 percent to 217 36
extending Monday s losses after seven weeks of gains and the
FTSEurofirst 300 index fell 2 27 percent to 795 35
Airline stocks were among the hardest hit with British
Airways down 5 69 percent
Futures on the U S S P 500 dropped 1 8 percent
Emerging market stocks fell 2 percent with export dependent
economies seen vulnerable to the spread of swine flu
The traditionally safe haven yen rose around 0 8 percent
against the dollar to 95 85 just off earlier 1 month highs and
the same amount against the euro to 124 85 close to earlier
7 week highs
Market players cut back on holdings of riskier
higher yielding currencies and commodities for a second day
taking profits on winning bets since the beginning of March that
a global economic recovery was taking root
Oil fell 2 73 percent to 48 77 a barrel and copper dropped
over 2 5 percent to 4 235 a tonne
The Mexican peso steadied against the dollar after hitting
four week lows The peso plunged more than 5 percent on Monday
Government bonds jumped as equity market losses accelerated
The June Bund future rose 48 ticks to 123 26
Additional reporting by Satomi Noguchi in Tokyo and Blaise
Robinson in Paris Editing by Victoria Main |
WMB | Prescott s three touchdowns pace Cowboys past Dolphins | Dak Prescott passed for 246 yards and two touchdowns and ran for a third TD as the Dallas Cowboys rolled past the hapless Miami Dolphins 31 6 on Sunday in Arlington Texas and remained undefeated Both of Prescott s scoring passes went to Amari Cooper who led the Cowboys with six catches for 88 yards Ezekiel Elliott ran for 125 yards on 19 carries and Tony Pollard added 103 yards and a touchdown on 13 carries as Dallas recorded its first back to back games with 200 yards rushing since 2009 Josh Rosen who was acquired in the offseason after starting 13 games last season for Arizona started for the first time for the Dolphins 0 3 and passed for 200 yards He was sacked three times by the Cowboys who entered the game with just two sacks in their first two games The Cowboys 3 0 got on the scoreboard on their first possession on a 28 yard field goal by Brett Maher Dallas added to its lead via a 5 yard touchdown pass from Prescott to Cooper with 5 57 to play in the first quarter But the rest of the half belonged to the Dolphins who had been outscored in their first two games by a combined score of 102 10 Miami clawed back to within 10 6 at halftime first driving 72 yards in 10 plays to a field goal by Jason Sanders with 58 seconds remaining in the first quarter The Dolphins had to settle for another Sanders field goal this one from 33 yards out at the 5 48 mark of the second quarter after Preston Williams NYSE WMB dropped a potential TD pass from Rosen in the end zone The Dolphins then moved into the red zone in the final minute of the half before Kenyan Drake fumbled at the Dallas 7 yard line erasing Miami s chance to take the lead before the half Dallas opened the third quarter with a bang moving 75 yards in five plays to the second Prescott to Cooper TD hook up this one from 19 yards out
Prescott strolled into the end zone for a 8 yard TD run with 3 30 to play in the third quarter to push the Cowboys lead to 24 6 before Pollard got loose for a 16 yard scoring run with 3 50 remaining in the game Field Level Media |
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