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WMB | Mahomes Chiefs slide past Ravens | Quarterback Patrick Mahomes passed for 374 yards and three touchdowns on Sunday as Kansas City outlasted the Baltimore Ravens 33 28 in the Chiefs home opener at Kansas City Mo
Their 10th consecutive September win pushed the Chiefs to 3 0 for the third straight season Playing in soggy conditions Kansas City rallied from a scoreless first quarter for the second straight game
The 300 yard passing performance was the 13th for Mahomes in 20 career starts Baltimore quarterback Lamar Jackson suffered just his second defeat in 10 career starts both in Kansas City
A 14 yard pass to LeSean McCoy with 2 07 left in the third quarter resulted in the Chiefs last touchdown as Mahomes went 27 of 37 Tight end Travis Kelce topped the Chiefs with seven receptions while Darrel Williams NYSE WMB had 62 of the team s 140 rushing yards
Jackson completed 22 of 43 passes for 267 yards He rushed for a 9 yard touchdown with 2 01 remaining but his two point rush failed
Mark Ingram added three touchdowns for the Ravens 2 1 on 103 yards rushing
After generating 28 second quarter points a week earlier in a win at Oakland the Chiefs raced for 23 second quarter points and a 23 6 halftime advantage
Mahomes passed for touchdowns of 18 yards to Demarcus Robinson and 83 to Mecole Hardman with 7 52 and 3 00 left respectively It marked the 14th straight game Mahomes fired multiple touchdowns
LeSean McCoy scored on a 1 yard TD rush on the second play of the second quarter and Harrison Butker s extra point gave the Chiefs a 7 6 lead Butker also kicked a 42 yard field goal late in the half
Baltimore drove 84 yards in 14 plays for a touchdown on its first series converting a fourth and 3 call from the Chiefs 9 on a 7 yard carry by Jackson Ingram s 2 yard scoring run was followed by a failed two point conversion and a fourth and 2 gamble from the Ravens 46 also came up empty and that put the Chiefs in great position before the TD strike to Robinson
Mahomes completed 11 of 12 attempts for 192 yards in the second quarter while the Chiefs defense blanked the Ravens on 74 yards
Field Level Media |
WMB | Asian Markets Mixed Chinese Stocks Down Despite Constructive Trade Discussions | Investing com Asian markets were mixed in morning trade on Monday Chinese stocks were down more than 1 even after trade teams from Beijing and Washington held constructive discussions
China s Ministry of Commerce confirmed the meeting took place late last week The two sides agreed to maintain in contact China said
The news failed to lift stocks in China The Shanghai Composite and the Shenzhen Component were both down 1 3 by 10 40 PM ET 02 40 GMT
Before the talks began some reports had suggested that an interim deal was being considered involving Chinese purchases of U S farm goods some improvements in Chinese market access and an easing of U S sanctions on Huawei
But U S President Donald Trump made clear on Friday that he would prefer a complete deal
We re looking for a complete deal I m not looking for a partial deal he told reporters adding that he did not need a deal to happen before the 2020 presidential election
Earlier reports said China cancelled a visit to U S farms last week However China Business News reported that China s Vice Agriculture Minister Han Jun said the withdrawal had nothing to do with trade talks
Hong Kong s Hang Seng Index declined 0 8
South Korea s KOSPI was largely unchanged Down under Australia s ASX 200 gained 0 4
Japan s stock market is closed today for a holiday
Looking ahead investors will get to hear from a number of Fed officials this week including New York Fed President John Williams NYSE WMB St Louis Fed President James Bullard and Chicago Fed President Charles Evans
The Fed delivered its second rate cut of 2019 last week as expected |
WMB | Forex U S Dollar Flat Fed Officials Appearances Brexit In Focus | Investing com The U S dollar was little changed on Monday in Asia Investors will be looking ahead to appearances by a number of Federal Reserve policymakers this week while Brexit developments also remained in the spotlight
The U S dollar index that tracks the greenback against a basket of other currencies slipped 0 1 to 98 090 by 1 15 AM ET 05 15 GMT
New York Fed President John Williams NYSE WMB St Louis Fed President James Bullard and Chicago Fed President Charles Evans will deliver speeches this week Their comments will come after last week s Fed meeting pointed to growing divisions among officials over the future direction of monetary policy
The Federal Reserve slashed interest rates for the second time in 2019 last week as expected Other major central banks including the Bank of England the Bank of Japan and the Swiss National Bank left rates unchanged last week
Meanwhile the GBP USD pair inched up 0 1 to 1 2485 Brexit developments are being closely watched as Britain s Supreme Court is expected to make a ruling on whether Prime Minister Boris Johnson acted unlawfully in suspending parliament
Hopes that a no deal Brexit could be avoided increased since last week after European Commission President Jean Claude Juncker said last Thursday he thought Brussels could reach agreement with Britain on its departure from the European Union
The AUD USD pair rose 0 1 to 0 6777 while the NZD USD pair gained 0 3
The USD CNY pair traded 0 3 higher to 7 1125 |
WMB | NFL roundup Jones rallies Giants past Bucs in debut | Rookie quarterback Daniel Jones led the Saquon Barkley less New York Giants on a game winning drive in the final two minutes in his first career start to defeat the host Tampa Bay Buccaneers 32 31 on Sunday Matt Gay missed a 34 yard field goal as time expired to seal the victory for New York 1 2 Gay had made four previous field goals but had missed two extra points one of which was blocked Jones completed 23 of 36 passes for 336 yards and two touchdowns plus two scores on the ground He was 5 of 7 on the go ahead drive that covered 75 yards and ended with his 7 yard rushing score with 1 16 remaining to put the Giants up for the first time all day Jones was the team s leading rusher with 28 yards Barkley who hurt his ankle in the second quarter when tackled awkwardly by safety Mike Edwards had to be helped off the field The running back who had eight carries for 10 yards was later seen on the sidelines with a walking boot and using crutches Chiefs 33 Ravens 28 Patrick Mahomes passed for 374 yards and three touchdowns as Kansas City won its home opener by outlasting Baltimore The 300 yard passing performance was the 13th for Mahomes in 20 career starts Ravens quarterback Lamar Jackson completed 22 of 43 passes for 267 yards and rushed for a 9 yard touchdown with 2 01 remaining but his two point rush failed A 14 yard pass to LeSean McCoy with 2 07 left in the third quarter resulted in the Chiefs last touchdown as Mahomes went 27 of 37 Tight end Travis Kelce topped the Chiefs with seven receptions while Darrel Williams NYSE WMB had 62 of the team s 140 rushing yards Patriots 30 Jets 14 Quarterback Tom Brady threw for 306 yards and two touchdowns while passing Drew Brees for second place in career touchdown passes and New England continued its early season roll with a victory over New York in Foxborough Mass Brady was 28 of 42 passing and threw first half touchdown passes to Phillip Dorsett and Julian Edelman giving him 524 career touchdown passes two more than Brees in league history and trailing only Peyton Manning 539 Brees is expected to miss another five weeks or more with a thumb injury Sony Michel and Rex Burkhead had rushing touchdowns for the Patriots who threatened an NFL record for fewest points allowed in the first three games of the season before Jamal Adams intercepted a Jarrett Stidham pass and went 61 yards for a touchdown with 6 23 remaining Rams 20 Browns 13 Jared Goff passed for 269 yards and two touchdowns as Los Angeles shook off a slow first half to remain undefeated by beating host Cleveland The Browns had a chance to tie the game after a Juston Burris interception of Goff with 2 54 remaining but a potential 57 yard drive fell 4 yards short when Baker Mayfield s pass on fourth down was intercepted in the end zone by Rams safety John Johnson with 27 seconds remaining The Rams 3 0 had just three first half points and went into halftime trailing for the first time this season but they opened the second half with a 75 yard touchdown drive capped by Goff s 11 yard scoring toss to Cooper Kupp Cowboys 31 Dolphins 6 Dak Prescott passed for 246 yards and two touchdowns and ran for a third TD as Dallas rolled past hapless Miami 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 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 Packers 27 Broncos 16 Aaron Rodgers threw for 235 yards and one touchdown as Green Bay beat visiting Denver in a battle of first year head coaches and Super Bowl winning quarterbacks The Packers improved to 3 0 under coach Matt LaFleur while the Broncos fell to 0 3 under Vic Fangio Denver s Joe Flacco threw for 213 yards but tossed one interception and was sacked six times The Broncos controlled the ball for more than 35 minutes and ran 21 more plays Six of their first nine possessions reached Green Bay s side of the field Their final possession in Green Bay territory came late in the fourth quarter with Denver trailing by 11 The Packers got a turnover on downs when outside linebacker Preston Smith made his third sack of the game Colts 27 Falcons 24 Jacoby Brissett threw for 310 yards as host Indianapolis earned its second straight win holding off Atlanta Brissett completed 28 of 37 passes including an 11 yard strike to Jack Doyle in the final two minutes for a first down to the Atlanta 16 that sealed the outcome The Colts also got 74 yards and a touchdown on 16 carries from Marlon Mack who provided the Colts final score running 4 yards with 8 40 left to lead 27 17 The Falcons drew back within a field goal on Matt Ryan s 10 yard touchdown pass to Julio Jones with 4 11 left but never saw the ball again Lions 27 Eagles 24 Matthew Stafford completed 18 of 32 passes for 201 yards and one touchdown and Detroit remained unbeaten with a victory at Philadelphia Wide receiver Marvin Jones Jr had six receptions for 101 yards and one touchdown as the Lions improved to 2 0 1 Eagles quarterback Carson Wentz was 19 of 36 for 259 yards and two touchdowns to Nelson Agholor but Philadelphia fell to 1 2 The Eagles had one last chance to win when Malcolm Jenkins blocked a 46 yard field goal attempt by Matt Prater just inside the two minute warning Wentz connected with running back Darren Sproles on fourth and 5 for a 25 yard strike to get to the Lions 20 but Sproles was called for pass interference to negate the play Texans 27 Chargers 20 Deshaun Watson connected with tight end Jordan Akins for two second half touchdowns to lead Houston to a come from behind victory over Los Angeles on Sunday at Carson Calif Watson escaped the grasp of Melvin Ingram and hit Akins for a 53 yard scoring play with 9 40 left in the fourth quarter to make it 27 17 The Texans missed the PAT The Chargers had appeared to stop the Texans drive five plays earlier on Rayshawn Jenkins interception but the turnover was nullified by offsetting penalties including a facemask infraction on Desmond King Los Angeles 14 play 60 yard drive in the final minutes ended when Philip Rivers fourth and 14 pass fell incomplete Vikings 34 Raiders 14 Minnesota got rushing touchdowns from three different players and totaled 211 yards on the ground in bulldozing visiting Oakland in Minneapolis Adam Thielen scored twice once on a pass from Kirk Cousins and the Vikings defense harassed Derek Carr into four sacks and an interception in the most lopsided game in 38 years in the 16 game all time series between the Super Bowl XI combatants Dalvin Cook rushed for 110 yards and a second quarter touchdown and also caught four passes for 33 yards He went over 100 yards rushing for the third straight game a feat last accomplished by a Viking when Adrian Peterson did it in 2015 49ers 24 Steelers 20 Jimmy Garoppolo s 5 yard touchdown pass to Dante Pettis with 1 15 left boosted the error prone San Francisco to a 3 0 start as it rallied past winless Pittsburgh in Santa Clara Calif Garoppolo completed 23 of 32 passes for 277 yards with two interceptions The Niners won despite making five turnovers and committing 71 yards worth of penalties Steelers quarterback Mason Rudolph hit on 14 of 27 passes for 174 yards and two touchdowns including a 39 yarder to rookie Diontae Johnson with 10 22 left in the game for a 20 17 edge But Pittsburgh 0 3 was outgained 436 239 on the day Saints 33 Seahawks 27 Teddy Bridgewater threw two touchdown passes in his first start in place of Drew Brees as New Orleans won at Seattle Bridgewater was making his second NFL start since the 2015 season as he fills in for Brees The former Pro Bowl quarterback completed 19 of 27 passes for 177 yards He hit running back Alvin Kamara on a 29 yard touchdown late in the second quarter and wide receiver Michael Thomas from 1 yard out in the third The Saints defense and special teams each contributed a touchdown as New Orleans improved to 2 1 It was just the third time in Saints history that the team scored a touchdown in all three phases in the same game Panthers 38 Cardinals 20 Kyle Allen threw two of his four touchdown passes to tight end Greg Olsen as Carolina notched its first victory by defeating host Arizona at Glendale Ariz Allen who made his first start of the season and second of his career was filling in for injured Cam Newton foot For Allen who is from Arizona it was a happy homecoming as he completed 19 of 26 passes for 261 yards For Arizona quarterback Kyler Murray and first year coach Kliff Kingsbury they ll have to wait to produce their first NFL victory The Cardinals are 0 2 1 Murray finished 30 for 43 passing for 173 yards with two touchdowns and two interceptions taking eight sacks Bills 21 Bengals 17 Frank Gore scored on a 1 yard run with 1 50 remaining to give Buffalo a victory over visiting Cincinnati in its home opener After Gore s touchdown the Bengals mounted a drive in the final minute to Buffalo s 28 yard line but Tre Davious White intercepted a pass by Bengals quarterback Andy Dalton at the 10 yard line to end the game Buffalo is 3 0 for the first time since 2008
Gore rushed for a team high 76 yards on 14 carries Bills quarterback Josh Allen completed 23 of 36 passes for 243 yards with a touchdown and interception Dalton was 20 of 36 for 249 yards with a touchdown and two interceptions Field Level Media |
WMB | NY Fed s Williams says NY Fed actions had desired effect of reducing market strains | By Jonnelle Marte
NEW YORK Reuters New York Federal Reserve President John Williams NYSE WMB on Monday defended the bank s handling of volatility in money markets last week saying officials anticipated the liquidity crunch and were successful in easing the markets
Williams also emphasized the need for urgency for financial firms to move away from using Libor a benchmark that is being phased out in a few years The bank president spoke in New York at a Treasury markets conference attended by regulators financial firms and other market experts
We were prepared for such an event acted quickly and appropriately and our actions were successful Williams said
His remarks followed a week of unusual volatility in the overnight lending markets for cash a typically sleepy part of financial markets
The New York Fed had to intervene and inject billions of dollars of cash into the financial system to address a shortage in the cash available to help banks finance their short term funding needs The repo rate a key measure of liquidity in the global banking system shot up to 10 on Tuesday or more than four times the federal funds rate
Williams said on Monday that officials anticipated some developments that were expected to reduce liquidity including quarterly corporate tax payments and the settlement of Treasury auctions but said the reaction in the repo market was outside of recent experience
Repo rates returned to more normal levels after the Fed made multiple rounds of repo operations On Friday the bank said it would keep pouring tens of billions of dollars a day into the U S banking system through early October
These actions had the desired effect of reducing strains in markets he said
Williams also urged financial firms to finalize their plans for replacing Libor a benchmark that is linked to 200 trillion in financial contracts The rate which was tainted after it was revealed that financial firms rigged the rate to steal billions of dollars in profits could be eliminated by the end of 2021 but banks have been slow to move to a replacement benchmark
We are now 831 days away from that world and while some institutions are making good progress others are sticking their metaphorical heads in the sand hoping the issue will go away Williams said
The central bank official said the New York Fed is taking steps to make it easier for firms to potentially use the Secured Overnight Financing Rate or SOFR as a replacement benchmark The New York Fed is preparing a SOFR index and aims to publish average SOFR rates daily by the middle of next year
The SOFR rate which measures the costs of borrowing cash overnight is viewed by some investors as a more reliable benchmark because it is based on more volume of trading than the Libor
Williams stressed that banks should not wait to adjust the loans and investments that are tied to Libor
There s no one size fits all approach for closing out or converting existing LIBOR positions so market participants need to get ahead of this issue he said A lot of progress has been made but there s still much to do |
WMB | Netanyahu Gantz in unity talks may rotate as Israel PM | By Dan Williams NYSE WMB JERUSALEM Reuters Prime Minister Benjamin Netanyahu and his rival Benny Gantz launched negotiations on Monday over a proposed Israeli unity government and a key politician said the focus was on who would lead it first under a rotation deal After failing to secure a clear victory in the second election in six months Netanyahu Israel s longest serving premier seems to reckon he can stay in power only by sharing it Going solo neither he nor ex general Gantz have enough support from respective allies for a majority in the 120 member parliament Gantz head of the centrist Blue and White Party has been publicly resistant to the idea of allying with Netanyahu s right wing Likud citing looming corruption charges against the incumbent President Reuven Rivlin tasked with picking a candidate best placed to try to form the next governing coalition has spoken in favor of unity and on Monday summoned Netanyahu and Gantz for closed door talks Gantz met earlier with Avigdor Lieberman a political free agent and likely kingmaker thanks to his eight seats in parliament Happily the two big parties have internalized the pressing necessity of setting up a unity government with a rotating premiership Lieberman said on Facebook NASDAQ FB Concluding their meeting at Rivlin s Jerusalem office Netanyahu and Gantz issued a joint statement saying they had discussed moving forward with unity It did not elaborate The entire argument right now is over the question of who will serve first as prime minister and who second said Lieberman Such a rotation has a precedent in the 1984 88 unity government of left leaning Shimon Peres and right winger Yitzhak Shamir who took turns as prime minister If a power sharing deal is forged it could be imperative for Netanyahu to serve as prime minister first should he seek to avoid prosecution IMMUNITY Next month Israel s attorney general will hold a pre trial hearing on his announced intention to indict the Israeli leader on fraud and bribery charges in three corruption cases Netanyahu who denies any wrongdoing can argue against an indictment at the hearing As prime minister Netanyahu would be under no legal obligation to resign if formal charges are filed But any other cabinet post might not offer him that protection The candidates negotiating teams would confer on Tuesday ahead of another possible Rivlin hosted meeting of Netanyahu and Gantz on Wednesday the statement said Likud won 31 parliament seats to Blue and White s 33 in Tuesday s election near complete results show On paper Netanyahu has a slim lead over Gantz in building a parliamentary bloc with pledges of support from 55 members of a right wing grouping to 54 for Gantz from left leaning and Arab parties Both are short of a 61 seat majority Netanyahu s slight edge might move Rivlin to ask him to try to build a narrow coalition if a unity government proves impossible A nominee gets 28 days to do so with a possible 14 day extension before Rivlin can turn to someone else Gantz had appeared to have 57 backers but three of the Arab Joint List s 13 members on Monday withdrew support they had pledged to him a day earlier Lieberman of the far right Yisrael Beitenu party wants an alliance with Likud and Blue and White But he has refused to commit to either Netanyahu or Gantz citing his own policy differences with Likud s Jewish ultra Orthodox allies and Blue and White s Arab backers Netanyahu and Gantz appear close on many important issues such as relations with the United States the regional struggle against Iran and the Palestinian conflict Gantz however has called for a liberal administration political shorthand for one that does not include Netanyahu s ultra Orthodox partners After the election Netanyahu swiftly signed a new alliance with them
Any unity deal would likely also force Gantz to address the issue of parliamentary immunity from prosecution that Netanyahu s supporters have pledged to seek |
WMB | Hong Kong leader says police under extreme pressure acknowledges long road ahead | By Anne Marie Roantree and Donny Kwok HONG KONG Reuters Hong Kong leader Carrie Lam said on Tuesday the city s police force which has been accused of beating activists and using excessive force during protests is under extreme pressure and acknowledged it will be a long road toward healing rifts Beijing backed Lam said it was quite remarkable there had not been fatalities during three months of protests and she hoped dialogue would help resolve the political crisis gripping the Asian financial center Police cast doubt over allegations that officers beat a man during a protest on Saturday while Amnesty International called on the government to investigate police use of force against demonstrators Police Acting Senior Superintendent Vasco Williams NYSE WMB told reporters on Monday that footage of the alleged incident appeared to show an officer kicking a yellow object not a man in an alley He conceded that the incident needed to be investigated although he ruled out police malpractice and added that the video could have been doctored What started as protests over a now shelved extradition bill that would have allowed criminal suspects to be sent to mainland China for trial have evolved into broader calls for greater democracy and an independent inquiry into police actions Demonstrators are frustrated at what they see as Beijing s tightening grip over the former British colony which returned to China in 1997 under a one country two systems formula intended to guarantee freedoms not enjoyed on the mainland China has said it is committed to the arrangement and denies interfering Lam said that while she supported the police to safeguard the rule of law that doesn t mean that I would condone irregularities or wrong practices done by the police force I know the level of mutual trust is now relatively low in Hong Kong but we have to make sure that we can continue to operate as a civil society she told reporters RED LINES Lam was speaking after Amnesty called for an investigation into police actions and urged the Hong Kong government to encourage Beijing to safeguard protesters right to peaceful assembly Ordering an independent and effective investigation into police actions would be a vital first step Joshua Rosenzweig head of Amnesty s East Asia regional office said in a report Authorities need to show they are willing to protect human rights in Hong Kong even if this means pushing back against Beijing s red line In 2017 Chinese President Xi Jinping warned in a speech marking the 20th anniversary of Hong Kong s handover to Beijing that any attempt to undermine China s sovereignty was a red line that would not be tolerated The protests have weighed on Hong Kong s stock exchange On Tuesday the Asia Pacific unit of brewer Anheuser Busch InBev NV AB InBev raised about 5 billion in a Hong Kong IPO after being priced at the bottom of a marketed range In July the company canceled plans for an IPO aiming to raise 9 8 billion The wider economy has also been hit The Hong Kong Trade Development Council said on Monday that it expects Hong Kong s exports to shrink by 4 this year in what would mark its worst export performance in a decade LAWMAKER ATTACKED A democratic lawmaker Roy Kwong was taken to hospital on Tuesday after being punched and kicked by three men in the Tin Shui Wai district close to the border with mainland China Fellow Democratic Party lawmaker Lam Cheuk ting said the assailants had suspected triad or organized criminal backgrounds and intended to send a message to threaten all pro democracy lawmakers Over more than three months many peaceful protests have degenerated into running battles between black clad protesters and police who have responded with tear gas water cannon rubber bullets bean bag rounds and several live rounds fired into the air Police who have also been seen beating protesters on the ground with batons say they have shown restraint in the face of increased violence including protesters hurling petrol bombs Lam said she hoped a dialogue session on Thursday evening with 150 members of the public would help bridge the divide but conceded it will be a long journey to achieve reconciliation in society In a direct challenge to Communist Party rulers in mainland China some protesters have targeted Beijing s representative office in Hong Kong thrown bricks outside the Chinese People s Liberation Army base and set fire to the Chinese flag The city is on edge ahead of the 70th anniversary of the founding of the People s Republic on Oct 1 with authorities eager to avoid scenes that could embarrass the central government in Beijing Lam said all national events should be respected and held in a safe environment
Guests at a flag raising ceremony to mark the occasion will be moved indoors so it can be carried out in a solemn and orderly manner the Home Affairs Department told Reuters on Tuesday |
WMB | Unbeaten Lions get ultimate test in Mahomes Chiefs | The Detroit Lions have a chance to head into their bye week undefeated In order to reach that goal however they ll have to slow down the league s most dynamic offense
Opposing defensive coordinators this season haven t had any more luck keeping Patrick Mahomes in check than they did last season when he tossed 50 touchdown passes
The Kansas City Chiefs third year quarterback has already thrown for 10 scores without an interception while leading his club to a 3 0 start They ll take on the 2 0 1 Lions in Detroit on Sunday
Lions second year coach Matt Patricia New England s former defensive coordinator would prefer an easier assignment
On the sidelines is probably where I d like to see him the most Patricia told reporters this week of Mahomes
Patricia won t have that luxury against a team that s averaging 33 7 points
He s a really good young player Patricia said Every single play it s extremely dangerous He can get that thing downfield He s does a great job too of just controlling There s an element to this offense that s definitely a ball control passing game
Mahomes ability to pick his spots then gash the defense with a deep shot puts secondaries on their heels
In the Chiefs season opener he hooked up with Sammy Watkins on scoring strikes of 68 and 49 yards Against Oakland the following week he connected with Demarcus Robinson for 44 and 39 yard touchdowns and Mecole Hardman from 42 yards out
Last week against Baltimore Mahomes aired it out with Hardman once again for an 83 yard TD
It s just such a dangerous offense to try to defend against Patricia said
Mahomes has the freedom to improvise and full command of the huddle
He s a competitor He s the leader of that bunch Chiefs coach Andy Reid said of his quarterback He s the one on the field so if he wants certain things out of a play then as a player you ve got to get those things down That s where my trust in him and the coaches trust in him comes in You want to make sure you re demanding the right things and he s very good with that
The Chiefs receiving corps hasn t missed a beat despite the absence of top threat Tyreek Hill who remains sidelined by a shoulder injury Robinson 21 5 yards per catch and Hardman 26 3 have stretched defenses vertically to keep the attack humming
They can run and run fast and they both have a good feel for the game Reid said
Top running back Damien Williams NYSE WMB knee missed the Ravens game and didn t practice on Wednesday Tackle Eric Fisher groin is also sidelined Hill Williams and Fisher all missed Wednesday s practice
The Chiefs will likely have to rely once again on the backfield combination of Darrel Williams and LeSean McCoy to provide some balance
For his part Lions quarterback Matthew Stafford has been solid completing 62 6 percent of his attempts with six touchdowns compared to two interceptions Detroit has thus overcome an ineffective running game averaging only 3 4 yards per rush
The Lions defense has forced two turnovers in each of the last two games
They ve got a good scheme and play hard Reid said They tackle well and they ve made a living off of turnovers
However Detroit may be without some key regulars Defensive tackle Mike Daniels is battling a foot issue while top cover corner Darius Slay is nursing a hamstring injury Daniels missed Wednesday s practice while Slay was limited Another cornerback Rashaan Melvin is dealing with a sore knee and was limited Offensively slot receiver Danny Amendola sat out with a chest injury
Field Level Media |
JPM | POLL India growth forecast up but still seen at 7 yr low | By Swati Bhat
MUMBAI July 15 Reuters India s economic prospects have
brightened in recent months prompting analysts to raise their
2009 10 growth forecast but the economy is still expected to
post its weakest performance in seven years
Analysts in a Reuters poll raised their median forecast for
growth in Asia s third biggest economy to 6 3 percent for the
year to the end of March 2010 from a forecast of 5 7 percent in
a similar poll three months ago
However that is below 6 7 percent in 2008 09 and would be
the weakest rate since the economy grew 3 8 percent in 2002 03
The government expects growth to pick up to 7 percent in
2009 10 or FY10 as the economy recovers from the global
downturn
Growth is expected to remain low in FY10 owing to the
weakness in consumption and investment spending said Gunjan
Gulati an economist with JP Morgan Chase
External demand also remains sluggish as evident from
still contracting exports
Growth will pick up to 7 2 percent in 2010 11 helped by
stimulus measures including large rate cuts increased
government spending and tax cuts the poll shows
Demand led domestic recovery and a gradual pick up in
global economic activity would make it possible for growth to
rebound in FY10 11 Rupa Rege Nitsure chief economist at Bank
of Baroda said
With signs that the worst of the slowdown is over most
economists think the central bank has finished cutting interest
rates after aggressively lowering them between October and
April
Indeed sharper growth in 2010 will prompt the central bank
to start raising interest rates again the poll showed with
most forecasts expecting a move around the middle of the year
The Reserve Bank of India has cut its lending rate 4 25
percentage points since October to 4 75 percent
For its part the government has ramped up spending to
support the economy which is expected to swell the fiscal
deficit to an estimated 6 8 percent of GDP the highest in 16
years For a factbox on deficits in BRIC economies see
A big concern would be the states deficit which could
sizeably inflate the consolidated deficit of the government
JP Morgan s Gulati said
Wholesale price inflation the most watched price barometer
in India is forecast to accelerate sharply from 2 0 percent in
2009 10 to 5 5 percent in 2010 11 as economic activity picks up
domestically and globally
Wholesale prices started falling from a year earlier in
June reflecting high prices last year rather than deflationary
pressures
Additional reporting by Neha D silva
Editing by John Mair |
C | FOREX Yen gains across board after China GDP disappoints | Yen rises vs dollar Aussie other majors after China GDP
Yen fell before data on anticipation of more upbeat number
By Kaori Kaneko
TOKYO April 16 Reuters The yen jumped against the dollar
and other major currencies on Thursday after news that China s
economic growth slowed to its weakest on record disappointing
players who had bought higher yielding currencies in anticipation
of more upbeat numbers
The yen had fallen earlier in the day as short term
speculators bought commodity currencies such as the Australian
dollar ahead of the GDP announcement expecting the figures would
outstrip forecasts in a positive signal for the global economy
Low interest rates in Japan mean the yen has been used to
sell against higher yielding currencies such as the Australian
dollar where official rates are 3 percent and the economy is
expected to benefit from a pick up in Chinese growth
In the event China s annual GDP growth slowed to 6 1 percent
in the first quarter from 6 8 percent in the final three months
of last year prompting market players to reverse positions and
buy the yen back
The data disappointed the market because there was talk that
China s GDP would be around 8 percent which pushed currencies
such as the Australian dollar and sterling higher before the
data said Masato Mori a senior manager at NTT SmartTrade
With the global economy weak there had been hopes that
stronger than expected Chinese GDP would help pull it out of
recession he said
The dollar slipped 0 5 percent on the day to 98 88 yen from
99 42 before the Chinese data and well below a six month high of
101 45 set last week
A trader at a European bank in Singapore said Japanese banks
had dollar yen sell orders at 98 80 60 yen which if triggered
could spark a further drop
STILL QUICK TO PULL THE PLUG
The Australian dollar lost 0 6 percent to 71 81 yen after
climbing to 72 75 ahead of the Chinese data and fell 0 1 percent
on the day to 0 7267 while the Canadian and New Zealand dollars
also fell against the yen
Masafumi Yamamoto head of FX strategy at Royal Bank of
Scotland said other data from China signalled the economy may be
through the worst and the currency market reaction had been
overdone but investors remained extremely cautious and quick to
take profits or close positions
He said the Australian dollar had been on a rising trend
against the yen for a while and short term investors were trading
on trends rather than interest rate differentials The Aussie has
gained about 26 percent on the yen since the start of February
People are just following the trends Since April the trend
has been very strong he said
But investors are very wary of risks and not convinced yet
that the economy has bottomed out he said
Sterling hit a three month high of 1 5069 early in the day
after a report on Wednesday showed the pace of decline in house
prices in England and Wales moderated to its slowest in a year
Dealers said buy orders were triggered as the pound went
through 1 5030 40 pushing the currency even higher It later
stood 0 1 percent up at 1 5007
It fell 0 3 percent to 148 42 yen from about 149 46 yen
before the Chinese numbers were released
The euro eased 0 2 percent to 1 3194 Traders said comments
by an ECB official that the central bank would lay out a package
in May of non traditional monetary policy measures to boost the
economy was likely to weigh on the currency
The market was also awaiting earnings reports from major U S
companies such as JPMorgan on Thursday and Citigroup on Friday
traders said
Additional reporting by Charlotte Cooper Editing by Michael
Watson |
C | FOREX Yen dollar rise on uncertainty over recovery | Yen rises 0 7 percent vs dlr up 1 1 percent vs euro
China s GDP disappoints sending yen higher
Dollar index up 0 2 percent U S stock futures lower
Euro on defensive eyes on euro zone CPI industry output
By Tamawa Desai
LONDON April 16 Reuters The yen and dollar rose against
other major currencies on Thursday as hopes for a speedy
economic recovery receded pushing investors toward perceived
safer assets
Market players were disappointed after data showed China s
economic growth slowed to its weakest on record That came after
weak U S retail sales and a fall in inflation the previous day
U S stock market futures were also lower indicating
increased economic concerns while European share prices pared
earlier gains
Investors are reassessing whether a recent rally in risk
assets is sustainable and if a economic recovery is taking
place said Lee Hardman currency economist at Bank of
Tokyo Mitsubishi UFJ
When such views are exacerbated to the downside the yen is
perched to move higher he added
As of 0747 GMT the yen was up 0 7 percent against the
dollar at 98 64 yen while it was up 1 1 percent against the
euro at 129 79 yen
The Australian dollar was down 1 32 percent at 71 28 yen
while the New Zealand dollar fell 2 1 percent at 56 37 yen
The dollar rose 0 2 percent against a basket of currencies
Meanwhile the euro remained on the back foot as the
prospect of further monetary easing remains a risk after
European Central Bank Governing Council member Axel Weber said
on Wednesday the central bank will lay out a package of
non standard measures that will stretch into next year
Traders will keep an eye on euro zone final inflation data
for March with prices expected to be confirmed to rise by 0 6
percent from the same period a year ago
Separately euro zone industrial production is forecast to
fall 2 4 percent month on month and to drop by 17 6 percent
year on year
The yen had fallen earlier in the global session as
short term speculators bought commodity currencies such as the
Australian dollar ahead of the China GDP announcement expecting
the figures would outstrip forecasts in a positive signal for
the global economy
Low interest rates in Japan mean the yen has been used to
sell against higher yielding currencies such as the Australian
dollar where official rates are 3 percent and the economy is
expected to benefit from a pick up in Chinese growth
But China s annual GDP growth slowed to 6 1 percent in the
first quarter from 6 8 percent in the final three months of last
year prompting market players to reverse positions and buy the
yen back
The data disappointed the market because there was talk
that China s GDP would be around 8 percent which pushed
currencies such as the Australian dollar and sterling higher
before the data said Masato Mori a senior manager at NTT
SmartTrade
With the global economy weak there had been hopes that
stronger than expected Chinese GDP would help pull it out of
recession he said
The market was also awaiting earnings reports from major
U S companies such as JPMorgan on Thursday and Citigroup on
Friday traders said
U S housing starts data later in the session will also be
closely watched
The U S Treasury Department on Wednesday declined to label
China a currency manipulator retreating from tough talk last
year when a campaigning Barack Obama said Beijing had kept its
currency s exchange rate unfairly low
In a semiannual report to Congress on currency practices of
key trading partners the Treasury said all were suffering from
the current global economic downturn but said none manipulate
their currencies for trade advantage
Additional reporting by Kaori Kaneko in Tokyo Editing by Toby
Chopra |
C | FOREX Yen slips on short term bets economy Citi eyed | Yen falls vs dollar Aussie kiwi
Short term trading dominates making trade choppy
Market awaiting Citi results later
By Charlotte Cooper
TOKYO April 17 Reuters The yen slipped against the
dollar and other majors on Friday as short term traders pushed
it down but uncertainty about economic recovery prospects left
the market struggling for momentum as it also awaited results
from Citigroup
The yen had risen against the greenback and commodity
currencies on Thursday after China s 6 1 percent economic
growth rate disappointed many who had bet on a faster pace
But it failed to maintain the gains into Friday prompting
short term speculators to push the dollar up instead
triggering dollar buy orders at higher levels and taking the
likes of the Australian and New Zealand dollar up with it
Analysts said investors remain cautious of holding
positions for very long given uncertainty about the prospects
for economic recovery in the United States and other big
economies which was reinforced by mixed U S data on jobless
claims and housing starts on Thursday As a result day to day
trading was choppy
It is speculators and intraday trading which are running
the market action said Sue Trinh senior currency strategist
at RBC Capital Markets in Sydney
But if you take a step back we are in a very wide range
overall with a very modest bias towards risk appetite on a
one month timeframe
The dollar which has climbed gradually against the yen
since hitting a 13 year low in January rose 0 3 percent to
99 65 yen on Friday after breaching support from its 200 day
moving average at 98 88 on Thursday but then not staying below
it
The dollar yen temporarily went lower than that level but
failed to close below it this one reason why the yen s
appreciation didn t continue said Toru Umemoto chief FX
strategist Japan at Barclays Capital
With trading short term and chart based the Australian
dollar rose 0 3 percent to 71 80 yen and edged up 0 1 percent
to 0 7203 after sliding 1 percent on Thursday
The euro firmed 0 1 percent to 131 05 yen but slipped 0 3
percent to 1 3149
Wall Street closed higher with better than expected JP
Morgan results adding to hopes of bank sector stabilisation but
the currency market was waiting to see earnings from Citigroup
expected later in the day
U S housing starts and building permits both fell in March
while continued claims for jobless benefits rose to a record
high in early April as the recession bit and added to the
gloom
But Federal Reserve Bank of Atlanta President Dennis
Lockhart said the U S recession should end by mid year with
growth slowly picking up in the following months
Editing by Kazunori Takada |
C | FOREX Euro hits 1 month low vs dlr weak shares weigh | Euro hits 1 mth low vs dlr 3 wk low v yen as shares fall
European equities tumble 1 8 percent BoA results awaited
Uncertainty over ECB steps EZ economic worries dent euro
Sterling Aussie down 1 6 percent vs dollar as higher risk
FX fall
Recasts adds quotes updates prices
By Jessica Mortimer
LONDON April 20 Reuters The euro slid to a one month
low against the dollar on Monday as sharp falls in equities sent
investors back to the perceived security of the U S currency
European equities tumbled 1 8 percent on caution before
Bank of America earnings due later in the session
This also sent the euro to a three week low against the
Japanese yen which typically gains during heightened risk
aversion and weighed hard on currencies seen as high risk
with sterling and the Australian dollar both falling sharply
Better than expected earnings from the likes of JP Morgan
and Citigroup last week helped assuage concerns over U S
banking sector health but investors are still bracing for a
raft of major U S bluechip earnings reports this week
Equity markets have turned down sharply and they are likely
to be the key for currency markets today along with the Bank of
America results CMC Markets analyst James Hughes said
The euro was also under selling pressure as investors
anticipated that the European Central Bank will cut rates next
month and on uncertainty over what kind of additional
unconventional policy measures they may announce
The euro fell 0 6 percent against the dollar to a one month
low of 1 2953 and also hit a three week low of 127 84 yen
Among currencies seen as higher risk the Australian dollar
tumbled by 1 6 percent against its U S counterpart hitting an
11 day low of 0 7087 Sterling also fell 1 6 percent to a low
of 1 4559 its weakest in nearly 3 weeks
At 0936 GMT the dollar fell 0 4 percent against the yen to
98 72 yen
ECB UNCERTAINTY
ECB President Jean Claude Trichet signalled on Sunday that
the bank was likely to cut interest rates by 25 basis points
from their current 1 25 percent on May 7 though he gave no
details of plans for further steps to stimulate the economy
Further downbeat comments came from ECB Executive Board
member Lorenzo Bini Smaghi who warned against overstating the
risks of deflation in an interview with the Financial Times
Deutschland on Monday
There are worries about what the ECB will do and also that
they may have been too hesitant to introduce these measures
Frankfurt based Commerzbank currency strategist Antje Praefcke
said
We are also seeing some dollar strength due to the view
that the U S may come out of the crisis first she added
Market players are keen to see whether the ECB will follow
the Federal Reserve the Bank of England and the Bank of Japan
in making asset purchases to contain the financial crisis
The single currency also remains under pressure due to
concerns over the weakness of the euro zone economy just as the
United States shows signs of recovery
Monday is a quiet day for data but investors will be
watching the release of German ZEW and Ifo surveys as well as
euro zone purchasing managers indices later in the week where
weak readings could further dent the euro
Reporting by Jessica Mortimer Editing by Ruth Pitchford |
WMB | Jackson Mahomes do battle as Ravens visit Chiefs | Plentiful reasons exist for Patrick Mahomes to think he s a trendsetting NFL quarterback After all he is the reigning MVP following his first season as a starter
Yet Mahomes remains humble as he leads the Kansas City Chiefs 2 0 into a home matchup on Sunday against another young phenom among NFL quarterbacks Lamar Jackson of the Baltimore Ravens 2 0
Could a pattern be emerging to try to emulate the flashy substance Mahomes brings
I don t think it s necessarily my success but the success of the offense in general Mahomes said As coaches adopted Air Raid spread offenses and intertwined that with NFL offenses of old it s kind of helping other guys come into the league and have their opportunities
Jackson dazzled the first two weeks throwing for 324 yards and five touchdowns in an opening romp over Miami before rushing for 120 yards and throwing for 272 last week against Arizona
With a potent mix of RPOs Jackson can help Baltimore control the clock and keep the electric Mahomes from possessing the football
That s not my job My job is to score touchdowns drive the ball downfield Jackson countered I m not really worried about him My job is to worry about my team my side of the ball offense scoring points
Nonetheless comparisons will be drawn between the two young quarterbacks particularly since Mahomes was not even voted among the top 10 for the Heisman Trophy in his last season 2016 at Texas Tech That was the year Jackson won the Heisman while at Louisville
Mahomes did go 10th in the 2017 draft after the Chiefs moved up 17 spots to snag him
Among his eye popping highlights a year ago was a 48 yard heave on fourth and 9 to Tyreek Hill to help the Chiefs overtake the Ravens in a 27 24 overtime outcome
That pretty much gave us home field advantage in the playoffs said Mahomes so it was one of my favorite NFL throws if not my favorite so far
Coming off four second quarter touchdown passes last Sunday to shellshock Oakland 28 10 rates as spectacular too Mahomes fired for a whopping 278 yards in the period second in NFL passing annals behind a 294 yard quarter Drew Brees provided New Orleans in a 2008 game
The Chiefs will be without left tackle Eric Fisher who started the game at Oakland but hobbled off with a groin injury he suffered in practice He underwent surgery Wednesday and will miss a few weeks Hill collarbone also remains out Running backs LeSean McCoy ankle and Damien Williams NYSE WMB knee both missed practice on Wednesday
Five players did not practice Wednesday for the Ravens Injuries to cornerback Jimmy Smith knee and safety Brynden Trawick elbow are considered most serious Mark Andrews continues to deal with a sore foot though he tops NFL tight ends with 220 yards receiving and is ready for another opportunity in Kansas City
A lot of guys kind of grew up in that game last year Andrews said I think Lamar being able to play a tight game like that was big for his growth It s one of those games that I don t think a lot of people have forgotten
Andrews also missed practice last Wednesday but was fine for Sunday totaling eight catches for 112 yards and a touchdown against Arizona
Field Level Media |
WMB | Jets limp into Foxborough to face roaring Patriots | Tom Brady and the New England Patriots dominated the Miami Dolphins last week and now the defending champions get another chance to beat a struggling divisional opponent
Brady and the Patriots host the winless New York Jets on Sunday afternoon in Foxborough Mass seeking their seventh straight win in the series
As a starter Brady is 28 8 all time including playoffs against the Jets and New England has not lost to New York since Ryan Fitzpatrick connected with Eric Decker for a 6 yard touchdown in overtime on Dec 27 2015 Brady and the Patriots also have won the past eight regular season meetings in Foxborough since a 28 14 loss on Sept 19 2010 The past three have seen the Patriots outscore the Jets 105 12
All the way across we ve got a lot of work to do Patriots coach Bill Belichick said I d say mentally this is not the easiest game because of the amount of things that they do and how well they do them So that ll be a challenge for us here as well as just what normally comes with preparation for the game
During those past three home blowouts over the Jets Brady has completed 59 of 97 passes for 654 yards and nine touchdowns
Brady who was limited at Wednesday s practice with what s believed to be a minor calf injury and the Patriots put up similar numbers through two weeks in easy wins over Pittsburgh and Miami Attempting to open 3 0 for the first time since the 2016 season they have outscored their opponents 76 3 and Brady has completed 44 of 64 passes for 605 yards and five touchdowns
One of those TDs was to Antonio Brown who had four catches for 56 yards in his New England debut last week Brown s status for Sunday s game is unclear as he is being investigated under the NFL s personal conduct policy following accusations of sexual assault
Since Brady became the starter in 2001 the Jets have used 11 different starting quarterbacks against New England and Luke Falk will be the 12th The Jets were hoping Sam Darnold would make his second career start against New England but he was diagnosed with mononucleosis last week
They re rolling pretty good Jets coach Adam Gase said of the Patriots It seems like they have really good continuity going on right now in a short period of time playing well off each other unselfish football Guys are playing with energy playing violent Nobody s consistently moved the ball on them yet So it s going to be a challenge
Darnold s fill in Trevor Siemian suffered significant ligament damage in his left ankle while absorbing a hit from Myles Garrett in Monday s 23 3 loss to Cleveland Siemian was ruled out for the season Tuesday and Falk will make the start in New England
Falk who starred at Washington State completed 20 of 25 passes for 198 yards without committing a turnover in his NFL debut after spending last season with Gase in Miami
Falk will be hoping to keep the Jets from their first 0 3 start since they lost their first four games in 2003 Darnold told reporters Wednesday he is targeting a return in Week 5 in Philadelphia after New York s bye week which would limit Falk to just one start
New York gave up 325 yards to Baker Mayfield and has been outscored 40 3 since Le Veon Bell scored the Jets lone offensive touchdown in the third quarter of Week 1 against Buffalo
The Jets lost linebacker C J Mosley to a groin injury in the second half of their season opener He sat out Monday did not practice Wednesday and may be out this week Top rookie Quinnen Williams NYSE WMB ankle and wideout Demaryius Thomas hamstring knee also sat out Wednesday
Field Level Media |
WMB | Age not an obstacle to Serena s pursuit of 24th major Mouratoglou | Reuters Serena Williams NYSE WMB is getting faster and fitter in her hunt for an elusive 24th Grand Slam title and the 37 year old still has time on time on her side despite missed opportunities the American s coach Patrick Mouratoglou has said
Williams suffered her fourth consecutive defeat in a Grand Slam final at the U S Open earlier this month as she again came agonizingly close to Australian Margaret Court s all time record of 24 majors before falling in straight sets
Williams has not won a set in any of the four Grand Slam finals she has reached since returning from maternity leave in September 2017 At Flushing Meadows she fell to a first time Grand Slam finalist in Canadian teenager Bianca Andreescu
Williams may not need statistics to prove her standing in the game but Mouratoglou is confident she has plenty of gas in the tank to continue her pursuit next season
I think time is working for her Mouratoglou told Sky Sports
I think she was much better at the U S Open than she was at Wimbledon and Wimbledon was better than Roland Garros
She is getting back in shape and the more in shape she will be the more dangerous she will be I think she has started to play really good tennis
Mouratoglou said Williams must play without the pressure of having to solidify her place in tennis history
This is the highest pressure anyone can have in life and on the other side of the court she plays girls who have zero pressure because it is their first final he said
At some point she will figure out how to deal with that |
WMB | Take 5 Ravens rematch vs Mahomes highlights Week 3 | In a scheduling oddity Week 3 s slate only has one game featuring two 2 0 teams the Baltimore Ravens at the Kansas City Chiefs but that game shouldn t disappoint
Lamar Jackson is off to a roaring start in Year 2 but we re going to focus on the other side of the ball where megastar Patrick Mahomes will face Ravens coordinator Don Wink Martindale s unit for the second time
1 Mahomes vs Ravens D Round 2
Last season s Week 13 heavyweight bout between the Kansas City offense and Baltimore defense was the best unit vs unit clash all year
Martindale won the schematic battle against Andy Reid putting Mahomes off balance Known for amoeba fronts and fire zone blitzes on passing downs the Ravens unleashed those designs at random basically any down any time to keep Reid and Mahomes guessing
Baltimore slowed Mahomes processing with disciplined disguises and late coverage rotations and sprung free rushers on blitzes to disrupt timing The first year starter forced an ugly interception had a few other near picks and a self forced fumble while scrambling in overtime
But Mahomes countered with deadly off schedule playmaking epitomized by a 48 yard heave to Tyreek Hill on fourth and 9 en route to forcing overtime He created just enough with pure talent to thwart the Ravens brilliant game plan
So what will Martindale do in the rematch How about the exact same thing
Yes the Ravens lost but they held the Chiefs to 27 points one shy of the lowest output of Mahomes starting tenure And while replicating a game plan against the same opponent sounds predictable the sheer randomness and chaos of this plan eases concerns Surely Martindale will tweak and tinker but expect the same core plan
The challenge is getting new faces up to speed enough to execute sharply Earl Thomas has been terrific but he s not yet the orchestrator Eric Weddle was Likewise new pieces up front must be comfortable dropping blitzing or stunting on any given play
Reid doesn t have Tyreek Hill or left tackle Eric Fisher absences that will be felt more vs Baltimore than last week in Oakland Like always he ll create some splash plays purely through scheme but the burden will again fall on Mahomes legs and arm
2 What to expect from Daniel Jones
Jones preseason numbers 29 of 34 416 yards two TDs weren t a mirage even if he benefited from some contested downfield catches He showed excellent mechanics diligence with pre snap reads and eye discipline like at Duke and his ball placement was consistently sharper than in college He also ran Pat Shurmur s scheme effectively though he didn t face much pressure
Expect Shurmur to employ plenty of half field reads Sunday at Tampa including flood concepts three level route combinations putting zone defenders in conflict rub routes against man coverage and deep play action shot plays Shurmur will also break out some double moves likely with 7 or 8 man protections to provide time
Todd Bowles defense tends to be static pre snap uncommon for a blitz heavy scheme He doesn t draw up many exotic disguises or late coverage rotations but he might consider some against a rookie starter
Either way Jones will face blitzes especially up the A gaps either side of the center If the Giants want Saquon Barkley receiving more than blocking that s an emphatic yes they must plan other counters to A gap blitzes including slides and 6 man protections
Any extra attention should slide toward Shaquil Barrett three sacks last week whose shorter stature 6 foot 2 is a weapon giving him leverage on bull rushes and helping him dip around the edge
3 Rams new wrinkles could trouble Browns
Despite their efficiency neither Sean McVay s nor Wade Phillips schemes are particularly complicated That said the Rams have added schematic diversity on both sides this season
On offense McVay has made the crack toss a tight end or wideout cracks a defensive end s outside shoulder while an O lineman pulls outside to lead a toss a staple He ran it eight times last week producing 58 yards and a TD Because it attacks the perimeter it exploits the 6 1 fronts defenses have used to stop the Rams outside zone runs since late last season
Toss plays could be especially effective against the Browns stressing cornerbacks Denzel Ward and Greedy Williams NYSE WMB in run support Ward is willing but undersized while Williams earned a reputation at LSU for avoiding contact
On defense Phillips introduced more pre snap complexity with the arrival of safety Eric Weddle the defensive playcaller and a master disguiser
Phillips could continue or even ramp up the complexity this week as Baker Mayfield was slow to process the Titans and Jets coverage rotations in Weeks 1 and 2 That s hardly uncommon for a second year signal caller but it s one reason Cleveland s offense has been spotty
4 Rodgers and Fangio meet again with a twist
In seven games against Vic Fangio s Bears defense Aaron Rodgers totaled 1 708 yards 14 touchdowns and two interceptions 99 2 rating He diced Fangio s best version of the unit in Week 1 last year famously hobbling through a knee injury with 286 yards and three TDs in a 20 point comeback win
But Fangio won the last battle limiting Rodgers to 274 yards and a pick on 42 attempts in Week 15 and Rodgers new offense has been touch and go under Matt LaFleur The scheme happens to be a cousin of McVay s which Fangio dominated in Week 14 last year
The Packers run game might make the difference Sunday when the Broncos visit The offensive line ground down a tough Vikings front and now faces a vulnerable Denver group Once a rock against double teams defensive end Derek Wolfe has wobbled early in his eighth season and nose tackle Shelby Harris isn t the plugger Domata Peko was
One other thing to watch Fangio uncharacteristically tweaked his approach last week to have Chris Harris Jr shadow Allen Robinson four catches 41 yards Given the Packers lack of other weapons Harris could shadow Davante Adams on Sunday
5 Chargers will expose Texans interior
As it turns out one player cannot fix a team s pass protection by himself Deshaun Watson has taken 10 sacks and 18 QB hits through two games despite the addition of Laremy Tunsil who has been as advertised aside from a few ugly plays
Watson s style inherently invites more pressure but Houston s line still has weak links too especially at guard Right guard Zach Fulton is limited athletically and first rounder Tytus Howard played like a rookie in his first start Sunday at left guard
That s a problem against the Chargers who love isolating Joey Bosa and especially Melvin Ingram against guards in obvious passing situations If the Texans fall behind early or are repeatedly behind the chains Watson will be battered again
David DeChant DavidDeChant Field Level Media |
WMB | Motor racing Kubica to leave Williams at end of F1 season | By Abhishek Takle
SINGAPORE Reuters Robert Kubica will leave former champions Williams NYSE WMB at the end of the season a move likely to bring the curtain down on the Polish driver s extraordinary Formula One racing comeback following a rally crash eight years ago
The 34 year old made his race return this season after suffering near fatal injuries including a partially severed right arm in a minor rally in Italy on the eve of the 2011 season
In order to evaluate other opportunities I have taken the decision that I will not continue more with Williams after this year he told reporters at a Singapore Grand Prix news conference
It took a lot of time to recover and come back to the sport I said this year will be a goal to remain in F1 but not at every cost
I have to first of all do what will bring me back a bit of joy of racing This season has been very tough from a performance point of view but it has been also very demanding Being back in Formula One after a long time is not easy
Williams are last in the championship after 14 races with an uncompetitive car and just one point scored by Kubica in Germany after drivers ahead of him were demoted by penalties
The Pole a race winner with now defunct BMW Sauber in Canada in 2008 and once seen as a potential champion remains the only Polish driver to have competed in the Formula One championship
Mercedes five times world champion Lewis Hamilton a boyhood rival in karting hailed Kubica s strength and determination
Not a lot of people can come through those circumstances and come back make it back into the sport and deliver against others who don t have the same situation that he s been in I think it s been great to have him back he said
I understand his position and I don t know what s given him the reason to make the decision but I hope there s a position for him next year
French driver Romain Grosjean said the Pole had been an inspiration In motorsport he is an example but also in life generally to come back to the highest level and fight the way he fought back is very impressive
2020 LINEUP
Williams said they would announce their 2020 lineup in due course
British rookie and last year s Formula Two champion George Russell is backed by engine provider Mercedes and is sure to stay with Canadian reserve Nicholas Latifi seen as Kubica s likely replacement
Latifi who is second in the F2 championship has put in three practice appearances for Williams
Deputy team principal Claire Williams daughter of co founder Frank has already marked the 24 year old out as a contender
Nico Hulkenberg who is being replaced by Frenchman Esteban Ocon next season at Renault PA RENA could also be in the frame
The German had been strongly linked with a move to Haas next year but the U S owned team is sticking with its lineup of Grosjean and Kevin Magnussen
Kubica s sponsor Polish oil refiner PKN Orlen is set to go with him
At this stage we are considering different scenarios for the next season said the company s Chief Executive Daniel Obajtek We intend to stay in Formula One strengthening the international recognition of the Orlen brand |
WMB | Jets limp into Foxborough to face roaring Patriots | Tom Brady and the New England Patriots dominated the Miami Dolphins last week and now the defending champions get another chance to beat a struggling divisional opponent
Brady and the Patriots host the winless New York Jets on Sunday afternoon in Foxborough Mass seeking their seventh straight win in the series
As a starter Brady is 28 8 all time including playoffs against the Jets and New England has not lost to New York since Ryan Fitzpatrick connected with Eric Decker for a 6 yard touchdown in overtime on Dec 27 2015 Brady and the Patriots also have won the past eight regular season meetings in Foxborough since a 28 14 loss on Sept 19 2010 The past three have seen the Patriots outscore the Jets 105 12
All the way across we ve got a lot of work to do Patriots coach Bill Belichick said I d say mentally this is not the easiest game because of the amount of things that they do and how well they do them So that ll be a challenge for us here as well as just what normally comes with preparation for the game
During those past three home blowouts over the Jets Brady has completed 59 of 97 passes for 654 yards and nine touchdowns
Brady who was limited at Wednesday s practice with what s believed to be a minor calf injury and the Patriots put up similar numbers through two weeks in easy wins over Pittsburgh and Miami Attempting to open 3 0 for the first time since the 2016 season they have outscored their opponents 76 3 and Brady has completed 44 of 64 passes for 605 yards and five touchdowns
One of those TDs was to Antonio Brown who had four catches for 56 yards in his New England debut last week But those will be Brown s only yards in a New England uniform The Patriots released the controversial wideout on Friday amid mounting allegations of off field misconduct including sexual assault
Since Brady became the starter in 2001 the Jets have used 11 different starting quarterbacks against New England and Luke Falk will be the 12th The Jets were hoping Sam Darnold would make his second career start against New England but he was diagnosed with mononucleosis last week
They re rolling pretty good Jets coach Adam Gase said of the Patriots It seems like they have really good continuity going on right now in a short period of time playing well off each other unselfish football Guys are playing with energy playing violent Nobody s consistently moved the ball on them yet So it s going to be a challenge
Darnold s fill in Trevor Siemian suffered significant ligament damage in his left ankle while absorbing a hit from Myles Garrett in Monday s 23 3 loss to Cleveland Siemian was ruled out for the season Tuesday and Falk will make the start in New England
Falk who starred at Washington State completed 20 of 25 passes for 198 yards without committing a turnover in his NFL debut after spending last season with Gase in Miami
Falk will be hoping to keep the Jets from their first 0 3 start since they lost their first four games in 2003 Darnold told reporters Wednesday he is targeting a return in Week 5 in Philadelphia after New York s bye week which would limit Falk to just one start
New York gave up 325 yards to Baker Mayfield and has been outscored 40 3 since Le Veon Bell scored the Jets lone offensive touchdown in the third quarter of Week 1 against Buffalo
The Jets lost linebacker C J Mosley to a groin injury in the second half of their season opener He sat out Monday s game and is listed as doubtful to play against the Patriots Top rookie Quinnen Williams NYSE WMB ankle and wideout Demaryius Thomas hamstring knee also are doubtful
Field Level Media |
WMB | Collins Sabalenka make winning starts at Wuhan Open | Reuters American Danielle Collins overcame former world number one Venus Williams NYSE WMB in the opening round of the Wuhan Open on Sunday while defending champion Aryna Sabalenka advanced with ease
Collins who had defeated compatriot Williams in their only previous meeting in Miami last year fired 32 winners to grind out a 7 5 7 6 5 victory over the seven times Grand Slam champion
I just tried to play point by point not think too much about the future just stay in the present and do the best that I could Collins said
The 25 year old will next take on ninth seed Sabalenka who showed power and precision to get past Belarusian compatriot Aliaksandra Sasnovich 6 1 6 2
Sabalenka who won the singles title in Shenzhen earlier this year and the U S Open doubles crown with Elise Mertens said she was reaping the benefits of playing more freely
I learned a lot of things this year One of the important ones is that the freer I play the more fearless I am on the court the 21 year old said
I m starting to play more consistently trying to forget about anything else being in the moment putting my focus on each point and going for shots without being afraid
Former U S Open champion Sloane Stephens also progressed to the second round with a 7 5 6 4 victory over Zhang Shuai while France s Caroline Garcia outclassed Daria Kasatkina 6 2 6 2
Also reaching the second round were Dayana Yastremska who beat Ajla Tomljanovic 7 6 5 6 2 in a rematch of February s Hua Hin final and Elena Rybakina who outlasted local hope Zhu Lin 7 5 2 6 6 0
Australia s Ash Barty is the top seed in the tournament which also features Petra Kvitova Caroline Wozniacki and Angelique Kerber |
WMB | WTA roundup Osaka cruises to title in hometown event | Top seed Naomi Osaka held off Russia s Anastasia Pavlyuchenkova 6 2 6 3 to finally win the Toray Pan Pacific Open after two previous runner up finishes at the event in Osaka Japan
Born in Osaka she finished second in the tournament in 2016 and 2018 when the event was held in Tokyo
It s the first title for Osaka since winning the Australian Open in January
Osaka lost to Pavlyuchenkova in their only previous meeting in 2017 but set the tone early on Sunday with a dominating serve and never let up Osaka finished with a 100 percent winning percentage on first serves put into play and fired four aces in the one hour nine minute victory
Korea Open
Third seeded Karolina Muchova of the Czech Republic dominated fourth seeded Magda Linette of Poland 6 1 6 1 to earn her first career title
After waiting out a six hour rain delay Muchova needed just 68 minutes to dispatch Linette Muchova logged an incredible 86 percent winning percentage on her first serve and never faced a break point in the match
Muchova also avenged a loss to Linette in their only previous meeting
Wuhan Open
American Sloane Stephens seeded 10th topped country favorite Zhang Shuai 7 5 6 4 in the opening round in Wuhan China
It ended a three match skid by Stephens and also avenged losses to Shuai in their past two meetings
Ninth seeded Aryna Sabalenka of Belarus was the only other seeded player in action She cruised past countrymate Aliaksandra Sasnovich 6 1 6 2
In an all American match Danielle Rose Collins held off Venus Williams NYSE WMB 7 5 7 6 5
Field Level Media |
WMB | Vikings ground game bulldozes Raiders in rout | The Minnesota Vikings got rushing touchdowns from three different players and totaled 211 yards on the ground Sunday afternoon in bulldozing the visiting Oakland Raiders 34 14
Adam Thielen scored twice once on a pass from Kirk Cousins and the Minnesota defense harassed Derek Carr into four sacks and an interception in the most lopsided game in 38 years in the 16 game all time series between the Super Bowl XI combatants
Dalvin Cook rushed for 110 yards and a second quarter touchdown Thielen plunged in from a yard out on an inside handoff on Minnesota s next possession and Alexander Mattison went 10 yards for a third quarter score the first of his NFL career in helping the Vikings 2 1 rebound from last week s loss at Green Bay
Cook who also caught four passes for 33 yards went over 100 yards rushing for the third straight game a feat last accomplished by a Viking when Adrian Peterson did it in 2015 He entered as the NFL s leading rusher
The Vikings had begun the day tied for second in the NFL in rushing while the Raiders took the field as the league s fifth ranked run defense
Thielen s TD connection with Cousins covered 35 yards and opened the game s scoring in the first quarter Minnesota scored the contest s first 21 points Dan Bailey added two field goals for Minnesota which won its second straight against the Raiders
Cousins finished 15 of 21 for 174 yards and the one TD He was neither sacked nor intercepted
The last time a Vikings Raiders game was decided by more than 20 points was a 36 10 Raiders win at Minnesota in 1981
Carr threw 29 yards to J J Nelson midway through the second quarter and 11 yards to Tyrell Williams NYSE WMB with 1 23 remaining for Oakland s only scores
Carr finished 27 of 34 for 242 yards and two touchdowns with 13 completions going to tight end Darren Waller for 134 yards
Former Vikings kicker Dan Carlson missed his only field goal attempt a 52 yarder in the fourth quarter that hit the right upright
The Raiders 1 2 who opened with a win over Denver lost their second straight as they embarked on a 49 day stretch without a home game
The Vikings outgained the Raiders 385 302
Field Level Media |
JPM | US STOCKS Wall Street rebounds to end flat | Wall Street bounces back late in the session
McDonald s shares fall after May sales
Apple slides on iPhone pricing report
Dow up 0 02 pct S P down 0 1 pct Nasdaq off 0 4 pct
Updates to close
By Chuck Mikolajczak
NEW YORK June 8 Reuters U S stocks rebounded late on
Monday to end flat shrugging off lighter than expected sales
from McDonald s and lowered iPhone prices from Apple
The three major U S stock indexes had fallen more than 1
percent before rallying in the last hour of trading led by
bank shares
Analysts pointed to the S P 500 s recent piercing of its
200 day moving average as a positive sign giving investors
confidence to buy stocks on dips in the market
What we re seeing is investors both institutional and
individuals looking at dips as an opportunity to buy said
Bucky Hellwig senior vice president at Morgan Asset
Management in Birmingham Alabama
It s a sign of the broader strength that s in the
market
The S P 500 has rallied 39 percent since hitting a 12 year
closing low on March 9 leading analysts to speculate a
correction was looming although recent dips have been
short lived
The market has been in an uptrend and ever since we broke
through that 200 day moving average the market has been
acting pretty well said Todd Leone head of listed trading
at Cowen Co in New York
You re still seeing buyers out there
The Dow Jones industrial average gained 1 36 points or
0 02 percent to 8 764 49 The Standard Poor s 500 Index
dropped 0 95 of a point or 0 10 percent to 939 14 The
Nasdaq Composite Index dropped 7 02 points or 0 38 percent
to 1 842 40
Financial stocks led the rebound with JP Morgan Chase
Co up 2 4 percent at 35 39 The big U S banking company s
stock gave the biggest lift to the Dow as investors awaited
news from Federal Reserve and Treasury officials who are
expected to announce which banks will be allowed to repay TARP
money soon The KBW Bank index added 1 3 percent
McDonald s was the blue chip Dow s primary laggard after
the world s largest hamburger chain said May sales at U S
restaurants open at least 13 months rose 2 8 percent but were
significantly less than the 6 1 percent growth in the previous
month The stock lost 1 9 percent to 58 72
Apple shares slid 0 6 percent to 143 85 The stock was
the heaviest weight on the Nasdaq after the company cut the
price on its base model 8 gibabyte iPhone Earlier Apple
unveiled a cheaper Mac notebook at its annual developers
conference
AT T Inc shares slid 0 7 percent to 24 40 on the New York
Stock Exchange after the exclusive carrier of Apple s iPhone
was removed from the conviction buy list at Goldman Sachs
which cited the stock s recent underperformance
AT T said late in the session that it will start selling
the reduced price iPhones without impacting its profit
targets
Trading volume was low on the New York Stock Exchange
with about 1 08 billion shares changing hands well below last
year s estimated daily average of 1 49 billion while on
Nasdaq about 1 99 billion shares traded below last year s
daily average of 2 28 billion
Declining stocks outnumbered advancing ones on the NYSE by
1 890 to 1 106 while on the Nasdaq decliners beat advancers
by 1 657 to 1 026
Additional reporting be Leah Schnurr Reporting by Chuck
Mikolajczak Editing by Jan Paschal |
JPM | US STOCKS Wall Street rallies late ends flat | Repeats update of comment on U S stock market s close
Wall Street bounces back late in the session
McDonald s shares fall after May sales
Apple slides on iPhone pricing report
Texas Instruments increases EPS and revenue guidance
Dow up 0 02 pct S P down 0 1 pct Nasdaq off 0 4 pct
Adds Texas Instruments guidance after the bell updates
Nasdaq volume
By Chuck Mikolajczak
NEW YORK June 8 Reuters U S stocks rebounded late on
Monday to end flat shrugging off lighter than expected sales
from McDonald s and lowered iPhone prices from Apple
The three major U S stock indexes had fallen more than 1
percent before rallying in the last hour of trading led by
bank shares
Analysts pointed to the S P 500 s recent piercing of its
200 day moving average as a positive sign giving investors
confidence to buy stocks on dips in the market
What we re seeing is investors both institutional and
individuals looking at dips as an opportunity to buy said
Bucky Hellwig senior vice president at Morgan Asset
Management in Birmingham Alabama
It s a sign of the broader strength that s in the
market
The S P 500 has rallied 39 percent since hitting a 12 year
closing low on March 9 leading analysts to speculate a
correction was looming although recent dips have been
short lived
The market has been in an uptrend and ever since we broke
through that 200 day moving average the market has been
acting pretty well said Todd Leone head of listed trading
at Cowen Co in New York
You re still seeing buyers out there
The Dow Jones industrial average gained 1 36 points or
0 02 percent to 8 764 49 The Standard Poor s 500 Index
dropped 0 95 of a point or 0 10 percent to 939 14 The
Nasdaq Composite Index dropped 7 02 points or 0 38 percent
to 1 842 40
TEXAS INSTRUMENTS LEAPS AFTER BELL
After the closing bell shares of Texas Instruments Inc
jumped 5 2 percent to 20 80 after the chip supplier raised
its earnings per share and revenue outlook for the
second quarter
Financial stocks led the rebound with JP Morgan Chase
Co up 2 4 percent at 35 39 The big U S banking company s
stock gave the biggest lift to the Dow as investors awaited
news from Federal Reserve and Treasury officials who are
expected to announce which banks will be allowed to repay TARP
money soon The KBW Bank index added 1 3 percent
McDonald s was the blue chip Dow s primary laggard after
the world s largest hamburger chain said May sales at U S
restaurants open at least 13 months rose 2 8 percent but were
significantly less than the 6 1 percent growth in the previous
month The stock lost 1 9 percent to 58 72
Apple shares slid 0 6 percent to 143 85 The stock was
the heaviest weight on the Nasdaq after the company cut the
price on its base model 8 gibabyte iPhone Earlier Apple
unveiled a cheaper Mac notebook at its annual developers
conference
AT T Inc shares slid 0 7 percent to 24 40 on the New York
Stock Exchange after the exclusive carrier of Apple s iPhone
was removed from the conviction buy list at Goldman Sachs
which cited the stock s recent underperformance
AT T said late in the session that it will start selling
the reduced price iPhones without impacting its profit
targets
Trading volume was low on the New York Stock Exchange
with about 1 08 billion shares changing hands well below last
year s estimated daily average of 1 49 billion while on
Nasdaq about 2 00 billion shares traded below last year s
daily average of 2 28 billion
Declining stocks outnumbered advancing ones on the NYSE by
1 890 to 1 106 while on the Nasdaq decliners beat advancers
by 1 657 to 1 026
Additional reporting be Leah Schnurr Reporting by Chuck
Mikolajczak Editing by Jan Paschal |
JPM | WRAPUP 1 U S jobless claims drop data skewed by auto jobs | New jobless claims at lowest level since January
Continued jobless claims hit record high
Wholesale inventories drop for 9th straight month
By Alister Bull
WASHINGTON July 9 Reuters The number of U S workers
filing new claims for jobless benefits fell to the lowest level
since January but the seasonally adjusted data was distorted
by an unusual pattern of layoffs in the automotive industry
Economists watch the labor market closely for signs that
the impact of the most severe recession in decades is fading
and worry that failure to curb unemployment that has spiked to
9 5 percent will thwart official efforts to stimulate growth
The Labor Department tries to anticipate seasonal changes
in jobless claims such as the auto industry usually closing
plants in July to retool for the new model year However the
bankruptcies of U S automakers has distorted the normal
pattern of plant closings
Major U S stock indexes rose on the jobs data but later
turned mixed U S government debt prices and the dollar were
lower
A separate report on Thursday showed wholesale inventories
declined again in May but at a slower pace than in the
previous month keeping alive hopes for a rebound in
stock building that could aid growth in the remainder of 2009
Economists say large inventory liquidations will reduce
economic growth in the second quarter but lay the foundation
for a recovery as firms replenish depleted stocks in
anticipation that sales will pick up
However weak June retail sales reports from a number of
big stores on Thursday signaled that shoppers remain cautious
The state of the jobs market will be a crucial factor in
determining what happens to consumer demand
The Labor Department said that initial claims for state
unemployment insurance fell 52 000 the largest drop since
December to a much lower than expected seasonally adjusted
565 000 in the week ended July 4 from 617 000 the prior week
It was the lowest reading since January Analysts polled by
Reuters had forecast claims to drop to 605 000 from a
previously reported 614 000
CONTINUED CLAIMS RECORD
However in a sign of ongoing employment weakness
continued claims of people still on jobless aid after an
initial week of benefits rose by 159 000 to a record 6 88
million in the week ending June 27 the latest for which data
is available
The move higher in continuing claims is particularly
discouraging given that the stabilization and slight move down
in this series over the prior few weeks was one of the more
uplifting pieces of data coming out of the labor market
recently Michael Feroli an economist at JP Morgan Chase
wrote in a note to clients
In addition the new claims data appears to have been
significantly distorted by seasonal factors
Ignore this number Our old and unpredictable friend the
annual auto shutdowns has struck again rendering the data
meaningless this week and for the next few weeks said Ian
Shepherdson chief U S economist at High Frequency Economics
A Labor Department official said there had been far fewer
automotive and other manufacturing layoffs last week than
anticipated on the basis of past experience in July when many
plants are commonly idled
The seasonal factors the department uses to adjust the
data to provide a better sense of the underlying trend had
expected a large increase in claims last week Actual claims in
fact rose by a much smaller amount which when seasonally
adjusted generated a large fall
A number of states said that auto sector layoffs apparently
had already happened reflecting closures in the battered U S
automotive industry while other states said they did not get
the layoffs they had anticipated
The 4 week moving average for new claims declined by 10 000
to 606 000 the lowest reading since February This measure is
closely watched because it irons out weekly volatility and it
has now declined in four out of the last five weeks
GLOOMY RETAILERS INVENTORIES SHRINK
The news from the retail sector was gloomy with many U S
apparel retailers and warehouse club stores reporting that
sales fell in June including Costco Wholesale Corp
which saw a 6 percent drop in sales at stores open a year
A separate report from the Commerce Department showed that
U S wholesale inventories shrank for the ninth month in a row
in May to 402 24 billion the lowest level since August 2007
The 0 8 percent drop was smaller than the 1 percent decline
analysts polled by Reuters had expected
Sales at wholesalers rose 0 2 percent beating analysts
expectations that they would be unchanged and pushing the
inventory to sales ratio a measure of how long it would take
to deplete stocks at the current sales pace down to 1 29
months worth from April s 1 31 months
That was the lowest since a matching ratio in November and
economists think that this trend will be reversed in the coming
months as merchants rebuild stocks
This will give production a boost although economists say
there will only be a lasting addition to growth if employment
picks up consumers feel confident enough to resume spending
We have a positive growth forecast for the third quarter
and it s very hard not to get a better outcome than the last
three quarters given the inventory cycle said Mike Englund
an economist at Action Economics People will be pretty
worried if the only addition to production is coming through a
bump in inventories
Additional reporting by Aarthi Sivaram and Ryan Vlastelica
in New York Lisa Lambert in Washington Editing by Neil
Stempleman |
C | UPDATE 1 China sees rays of hope despite export import falls | Adds reaction
By Jason Subler and Zhou Xin
BEIJING April 10 Reuters China s exports and imports
fell in March from year earlier levels for the fifth month in a
row but the government and economists saw signs in the data that
the contraction in trade flows may be peaking
Exports were down 17 1 percent from March 2008 not as weak
as market forecasts of a 21 5 percent decline and better than
February s 25 7 percent slump
Imports though fell 25 1 percent deeper than both the 22 0
percent drop economists had projected and February s 24 1 percent
slide
The figures show signs of improvement from February but it
is still too early to say that the worst is over for China s
trade sector said Zhou Xi an analyst with Bohai Securities in
Tianjin
However with the overall economy perking up further
stimulus on top of the government s existing 4 trillion yuan
585 billion package looked increasingly unnecessary Zhou
said
Ken Peng an economist with Citigroup in Shanghai said China
might witness further large year on year declines in exports
given that U S imports are still falling hard
Moreover the steep drop in China s own imports last month
pointed to weakness in domestic demand
But Peng said import declines should slow as the government s
stimulus kicked in and he agreed that Beijing was likely to keep
the rest of its fiscal powder dry for now
Markets should not expect more incremental positive policy
announcements unless we have a renewed round of weakness he
said
China s trade surplus in March was 18 56 billion compared
with 4 84 billion in February and a near record 39 1 billion in
January Economists had expected a reading of 10 4 billion
ID nPEK179458
All the indicators have shown that China s foreign trade in
March has started to witness a noticeable recovery the customs
administration said in a statement on its website
When adjusted for the difference in working days exports in
March rose 32 8 percent from February while imports rose 14 0
percent the agency said
Not everyone is convinced that the improvement is now
sufficiently well grounded to allow the government to sit back
Liu Nenghua an economist with Bank of Communications in
Shanghai expects exports to relapse in coming months as the
banking crisis overseas takes a fresh turn for the worse denting
consumption and investment
For China we cannot rule out the possibility of additional
stimulus measures Liu said I tend to believe in the necessity
for further measures mainly on the consumption side
Additional reporting by Langi Chiang and Aileen Wang Writing
by Alan Wheatley Editing by Ken Wills |
C | GLOBAL MARKETS UBS data push stocks lower buoys yen | MSCI world equity index down 0 5 percent at 216 73
UBS other corporate results and grim data weigh
Low yielding yen dollar firm oil rises
By Natsuko Waki
LONDON April 15 Reuters World stocks fell on Wednesday
stepping back from the previous session s three month high and
the low yielding yen firmed as news of job cuts at Swiss bank
UBS and weak U S and Chinese data fanned economic concerns
UBS warned of a first quarter loss of nearly 2 billion Swiss
francs and said it would cut a further 8 700 jobs weighing on
other banking shares
Compounding the corporate gloom Dutch chip equipment maker
ASML reported a Q1 net loss while India s Infosys Technologies
forecast its first decline in annual revenue
Latest economic data has been grim too Surprisingly weak
U S retail sales data were followed by a Chinese local media
report that China s economy probably grew at its slowest annual
rate on record in Q1
The setback in stock markets is not really a surprise
because the market rallied strongly over the last couple of
weeks while the fundamental context didn t change that much
said Patrick Jacq euro zone interest rate strategist at BNP
Paribas in Paris
MSCI world equity index fell 0 4 percent having hit its
highest level since mid January on Tuesday
The FTSEurofirst 300 index lost 0 5 percent
Wall Street fell on Tuesday as fears grew that Goldman
Sachs 5 billion share sale could prompt others to follow suit
Major banks reporting this week include JP Morgan and Citigroup
following better than expected results from Goldman on Monday
More bank news will be coming along this week and the risk
now looms to the downside given the better news already
priced in Societe Generale said in a note to clients
Emerging stocks fell 0 6 percent having hit a six month
peak on Tuesday
U S crude oil rose 0 8 percent to 49 77 a barrel
The June bund futures rose 37 ticks
The low yielding yen rose 0 3 percent to 98 55 per dollar
while the euro also fell a third percent to 1 3216 The dollar
rose a quarter percent against a basket of major currencies
Additional reporting by Emelia Sithole Materise editing by
Mike Peacock |
C | Spain March inflation negative deflation unlikely | MADRID April 15 Reuters Spanish consumer prices showed
their first annual fall on record during March but while some
analysts saw a risk of deflation most expected the economy to
avoid a prolonged period of negative inflation
Spain s March consumer price index fell by 0 1 percent from
a year earlier and rose 0 2 percent month on month final data
from the National Statistics Institute showed on Wednesday
This was the first annual fall in records dating back to
January 1962
The risk of deflation is significant but we don t think it
will occur We will see negative figures for a few months but
inflation will pick up at the end of the year said Citigroup
analyst Jose Luis Martinez
Consumer price inflation has been falling rapidly across the
16 member euro zone on lower oil prices and recession with
Ireland and Portugal also showing annual declines in March
As the year progresses Spanish prices are expected to
suffer much sharper falls of up to 2 percent then return to
positive territory early next year on comparative effects of low
food and oil prices in 2009
Economists are more worried about core inflation which
strips out volatile fresh food and oil prices
Spain s core or underlying consumer price index tumbled to a
rate of 1 3 percent in March from 1 6 percent in February
We have in our central scenario a relatively long period of
negative core inflation in Spain starting from mid next year
and lasting for a couple of years like in the euro zone said
BNP Paribas economist Luigi Speranza
Reporting by Andrew Hay Editing by Toby Chopra |
C | FOREX Euro recovers yen slips as stocks trim losses | Euro trims losses after stocks momentarily turn positive
Yen slips stocks move quells some risk aversion
Markets await U S data due later in the day
Reledes adds comment updates throughout
By Naomi Tajitsu
LONDON April 15 Reuters The euro inched up on
Wednesday cutting early losses as a recovery in European share
prices prompted some traders to pick up currencies considered to
be higher risk
Some in the market added that the euro was drawing some
support after European Central Bank Governing Council member
Axel Weber on Wednesday said he was critical of cutting the
central bank s official rate below 1 percent
European shares poked into positive territory after spending
much of the morning session in the red and market participants
said that traders were taking the move as a cue to sell the
dollar often considered a safe bet in times of market
uncertainty
It only takes a slight improvement in stocks to increase
risk preference and for currencies like sterling and the euro to
do better said Neil Jones head of European hedge fund sales
at Mizuho Corporate Bank in London
It s really just market positioning
In a speech Weber said that the ECB s refinancing rate had
room to fall and the central bank should use the rate as a
tool to help the economy while warning that a rate under 1
percent could cause problems
The ECB s refinancing rate is at 1 25 percent at the moment
following a string of cuts to help the euro zone economy weather
broad weakness at home and abroad
More cuts to that rate would further deteriorate what
remains of the euro s yield advantage against the dollar and the
yen a process which has kept the euro under broad downward
pressure in past months
The euro was little changed at 1 3250 by 0940 GMT pulling
back from a session low of 1 3204 in earlier trade Against the
yen it was up 0 2 percent at 131 25 yen having earlier slumped
as low as 129 95 yen
A momentary move in European shares into positive territory
had lifted the single European currency from the day s low In
late morning trade stocks were down 0 3 percent
Despite the fleeting pop higher stock prices remained on
the back foot as weak U S retail sales figures released on
Tuesday had tempered optimism the global economic downturn may
have hit a trough
Sterling traded 0 2 percent higher at 1 4935 after the
turnaround in stock prices had pushed the UK currency to a
two month high of 1 4975
The dollar inched up 0 2 percent to 99 05 yen as the
Japanese currency slipped across the board due to the slight
thaw in risk aversion
U S DATA AHEAD
Analysts were cautious about market movements with some
arguing that it was too early to get too hopeful that the global
economic downturn was coming to an end
They added that market participants were awaiting
first quarter earnings reports from U S financial giants
JPMorgan Chase Co and Citigroup due later this week
While strong results from Goldman Sachs earlier this week
raised hopes U S banks are recuperating from the financial
sector meltdown evidence of ongoing weakness in other banks may
be taken as a cue to keep selling risky assets
An announcement by Swiss bank UBS on Wednesday that it made
losses in the first quarter and would cut an additional 8 700
jobs underlined the continuing fragility of global financial
institutions due to the global financial crisis
Risk aversion had boosted the dollar and the yen in past
sessions as both currencies are seen to be safer investment
destinations than their UK and eurozone counterparts as well as
high yielding currencies including the New Zealand and
Australian dollars
Market participants awaited a barrage of U S economic data
later in the day including readings of U S consumer prices as
well as the New York Federal Reserve s Empire State Survey and
the U S central bank s Beige Book of regional economic
conditions
Also due on Wednesday are figures on U S earnings capital
flows industrial production and the housing market
Reporting by Naomi Tajitsu editing by Toby Chopra |
C | UPDATE 1 Spanish CPI shows first fall in half century | By Andrew Hay
MADRID April 15 Reuters Spanish consumer prices posted
their first annual fall in 47 years in March beginning an
expected period of decline that could cut crippling costs but
might also turn into long term deflation
Spain s March consumer price index fell by 0 1 percent from
a year earlier marking the first annual decline in records
dating back to January 1962 final data from the National
Statistics Institute showed on Wednesday
The risk of deflation is significant but we don t think it
will occur We will see negative figures for a few months but
inflation will pick up at the end of the year said Citigroup
analyst Jose Luis Martinez
Consumer price inflation has been falling rapidly across the
16 member euro zone on lower oil prices and recession with
Ireland and Portugal also showing annual declines in March
Analysts say Spain faces a higher risk of deflation than
most euro zone economies as the global crisis coincides with a
construction sector collapse to create the country s worst
recession since its 1936 1939 civil war
We see a clear risk of deflation not just in Spain but the
whole of the euro zone said BNP economist Luigi Speranza
The Spanish government on Wednesday ruled out deflation
defined as a prolonged period of generalized price declines
Economy Secretary David Vegara expected a return to
inflation late this year on oil price base effects He saw the
economy starting to level out after months of sharp decline
There are some elements that are beginning to indicate a
stabilisation of the data Vegara said when asked if he saw
cause for optimism of economic recovery
2 YEAR DEFLATION RISK
The Bank of Spain sees negative inflation as a blessing so
long as it does not turn into a deflationary spiral in which
consumers put off purchases on expectations of lower prices
Spanish inflation has outpaced the European average for the
past 15 years due to a costly service sector and indexation of
collective wage deals to consumer prices
Some economists say Spain must cut costs by up to 20 percent
if it is to build competitive economic alternatives to troubled
construction and real estate sectors that formerly drove nearly
a third of growth more than twice the euro zone average
What worries analysts like Speranza is a rapid fall in
Spanish underlying or core inflation which discounts volatile
energy and food components
Spain s core inflation fell to a rate of 1 3 percent in
March from 1 6 percent in February and 3 1 percent in April of
last year
While headline consumer prices may rise again in 2010 due
to oil and food price base effects wider core prices will enter
deflation says Speranza
We have in our central scenario a relatively long period of
negative core inflation in Spain starting from mid next year
and lasting for a couple of years he said
Reporting by Andrew Hay Editing by Toby Chopra |
C | FOREX Yen slips sterling hits 3 mth high vs dlr | Yen slips on stocks as short term players buy crosses
Sterling buoyed buy UK housing news
TOKYO April 16 Reuters The yen slipped against major
currencies on Thursday following strong gains in Tokyo share
prices while sterling jumped after brighter British housing data
gave investors the chance to test higher ground for the currency
Japan s Nikkei share average rose 3 percent fuelled by a
gain on Wall Street on optimism the U S recession may be
abating although currency market players expressed caution
following a mixed set of data from the United States on
Wednesday
Sterling hit a three month high against the dollar after a
report on Wednesday showed the pace of decline in house prices in
England and Wales moderated to its slowest in a year and sales
volumes picked up from record low levels
Higher yielding currencies such as the Australian dollar and
sterling were also getting a lift versus the yen
The crosses against the yen are being bought by short term
players mainly foreign hedge funds a trader at a Japanese
banks said
The market was also awaiting earnings reports from major U S
companies such as JPMorgan on Thursday and Citigroup on Friday
traders said
Recent optimism has waned but better than expected U S
earnings so far are preventing stocks from falling sharply With
more business results coming the market lacks decisive factors
said Akira Takeuchi manager at Chuo Mitsui Trust and Banking
U S data showed consumer prices posted their first 12 month
drop in nearly 54 years in March and industrial production
slipped further But the Federal Reserve said economic activity
in some parts of economy appeared to be stabilising
The dollar was at 99 44 yen little changed from late U S
trade on Wednesday
The euro rose 0 3 percent to 131 83 yen while the Australian
dollar gained 0 5 percent to 72 62 yen
The Aussie was also up 0 5 percent at 0 7304 while sterling
climbed 0 5 percent to 1 5057 It hit a peak of 1 5069 its
highest since early January according to Reuters data
The euro rose 0 2 percent to 1 3252 although traders said
comments by an ECB official that the central bank would lay out a
package in May of non traditional monetary policy measures to
boost the economy was likely to keep the currency under pressure
Reporting by Kaori Kaneko Editing by Michael Watson |
C | FOREX Yen rebounds after China GDP disappoints | Yen jumps vs dollar Aussie other majors after China GDP
Yen fell before data on anticipation of more upbeat number
By Kaori Kaneko
TOKYO April 16 Reuters The yen jumped against the dollar
and other major currencies on Thursday after data showed China s
economic growth slowed to its weakest on record disappointing
players who had bought higher yielding currencies in anticipation
of more upbeat numbers
The yen had fallen earlier in the day as short term
speculators bought commodity currencies such as the Australian
dollar ahead of the GDP figures expecting the data would
outstrip forecasts in a positive signal for the global economy
Low interest rates in Japan have made investors use the yen
as a funding currency to buy higher yielding assets such as the
Australian and New Zealand dollars where official rates are 3
percent
In the event China s annual GDP growth slowed to 6 1 percent
in the first quarter from 6 8 percent in the final three months
of last year prompting market players to reverse positions and
buy the yen back
The data disappointed the market because there was talk that
China s GDP would be around 8 percent which pushed currencies
such as the Australian dollar and sterling higher before the
data said Masato Mori a senior manager at NTT SmartTrade
With the global economy weak there had been hopes that
stronger than expected Chinese GDP would help pull it out of
recession he said
The dollar slipped 0 3 percent on the day to 99 15 yen after
the data from 99 42 beforehand and well below a six month high
of 101 45 set last week
The Australian dollar lost 0 4 percent to 71 94 yen after
climbing to 72 75 ahead of the data and fell 0 1 percent on the
day to 0 7267 while the Canadian and New Zealand dollars also
fell against the yen
Sterling had hit a three month high of 1 5069 early in the
session after a report on Wednesday showed the pace of decline in
house prices in England and Wales moderated to its slowest in a
year
Dealers said buy orders were triggered as the pound went
through 1 5030 40 pushing the currency even higher But it
later shed the gains to stand flat on the day at 1 5000
It fell 0 2 percent to 148 63 yen from about 149 46 yen
before the Chinese numbers were released
The euro was steady at 1 3218 although traders said
comments by an ECB official that the central bank would lay out a
package in May of non traditional monetary policy measures to
boost the economy was likely to weigh on the currency
The market was also awaiting earnings reports from major U S
companies such as JPMorgan on Thursday and Citigroup on Friday
traders said
Editing by Michael Watson |
WMB | MLB roundup Goldschmidt s slam powers Cards past Brewers | Paul Goldschmidt hit two homers including a grand slam and drove in a career high seven runs as the St Louis Cardinals rolled past the visiting Milwaukee Brewers 10 0 Friday night
The victory kept the National League Central leading Cardinals four games ahead of the second place Chicago Cubs The Cardinals have gone 39 19 since July 12 and 25 9 since Aug 7
The injury depleted Brewers snapped their seven game winning streak and fell to third place in the division five games off the pace They also slipped a game behind the Cubs for the NL s second wild card spot
Cardinals starter Adam Wainwright 12 9 allowed just two hits and struck out seven in six scoreless innings He also contributed to the offense hitting a double and scoring a run
Cubs 17 Pirates 8
Anthony Rizzo hit a grand slam Willson Contreras homered twice and Chicago overcame an early four run deficit to defeat Pittsburgh for the eighth time in the past nine home meetings
Nicholas Castellanos and rookie Nico Hoerner hit two run homers as Chicago capitalized on friendly wind conditions and produced its highest run total of the season The wind was blowing out to center field at 20 mph at first pitch
Pittsburgh first baseman Josh Bell exited the game after the top of the fifth inning with an undisclosed injury
Braves 5 Nationals 0
Nick Markakis celebrated his return to the roster with a pair of hits and rookie Mike Soroka threw six shutout innings to help Atlanta earn a win at Washington
Markakis was activated before the game after missing 44 games with a left wrist fracture He went 2 for 4 with a double scored a run drove in a run with a sacrifice fly and made three nice catches in left field in his return
Soroka 12 4 who had battled a stomach virus the last two days gave up only one hit and earned his first career win against Washington He gave up three walks and struck out four Soroka lowered his ERA to 2 57 second in the major leagues
Giants 1 Marlins 0
Tyler Beede made a second consecutive scoreless start and Buster Posey drove in the game s only run with a sixth inning single as host San Francisco blanked Miami
Beede 5 9 Tyler Rogers and Shaun Anderson combined on a four hitter helping the Giants win for just the second time in five tries on their seven game homestand
Sandy Alcantara 5 13 was the hard luck loser for the Marlins He completed seven innings allowing just one run on nine hits He struck out six and did not walk a batter
Dodgers 9 Mets 2
Clayton Kershaw snapped a three start losing streak by tossing 6 1 3 solid innings and Gavin Lux gave Los Angeles the lead for good with a three run homer in the fourth inning as the Dodgers won in New York
The NL West champion Dodgers have won eight of 11 The loss damaged the playoff hopes for the Mets who had their four game winning streak snapped and fell three games behind the Chicago Cubs in the race for the second NL wild card
Kershaw 14 5 ensured he would not lose four straight starts or four straight decisions in the regular season for the first time in his career He allowed two runs on four hits and three walks with five strikeouts
Blue Jays 6 Yankees 5 12 innings
Bo Bichette led off the bottom of the 12th inning with a home run as Toronto defeated visiting New York
Bichette s 11th homer of the season came against Tyler Lyons 1 2 Toronto s Wilmer Font 3 2 pitched two perfect innings to earn the win
Yankees starter Masahiro Tanaka allowed four runs on eight hits with six strikeouts and no walks in five innings Toronto left hander Anthony Kay making his second career major league start allowed five runs seven hits and one walk while striking out two in 4 1 3 innings
Rays 11 Angels 4
Tampa Bay blasted four home runs including three in one inning to roll past Los Angeles in Anaheim Calif The Rays remained in the second American League wild card spot one game ahead of the Indians and a half game behind the Athletics
Willy Adames Austin Meadows and Jesus Aguilar homered in the third inning and Guillermo Heredia went deep to lead off the sixth for the Rays who have won seven of nine
Angels center fielder Mike Trout was not in the starting lineup for the sixth consecutive game because of a nerve issue in his right foot He is day to day
Athletics 14 Rangers 9
Khris Davis hit two home runs and drove in four runs Ramon Laureano homered and had four RBIs and Matt Olson and Marcus Semien also went deep as Oakland extended its winning streak to four games with a victory in Arlington Texas
Sean Murphy doubled three times and scored four runs and Sheldon Neuse went 4 for 5 with three RBIs for Oakland Davis has 19 career homers at Globe Life Park tying David Ortiz Carlos Delgado and Tino Martinez for second most in stadium history by a visiting player one behind Jason Giambi
Shin Soo Choo and Danny Santana hit three run homers for Texas
Astros 4 Royals 1
Gerrit Cole struck out 11 over eight solid innings and George Springer hit a three run home run in the ninth as Houston won at Kansas City
Cole 17 5 allowed one unearned run on four hits and two walks It was the 18th time he s reached double figures in strikeouts this year and he leads the major leagues with 292 K s He has won 13 straight decisions dating back to March sporting a 1 85 ERA in that stretch
With the game tied at 1 1 in the top of the ninth Kyle Tucker singled with one out and pinch hitter Michael Brantley walked After Josh Reddick struck out Springer bashed his 35th homer of the season to left center
Rockies 10 Padres 8
Trevor Story homered twice among his three hits and Colorado beat San Diego in Denver
Garrett Hampson also went deep and had three hits and Nolan Arenado had a home run his 40th of the season and a double for Colorado 63 85 Daniel Murphy Pat Valaika and Drew Butera had two hits each to help Jeff Hoffman 2 6 win for the first time since May 29
Austin Hedges homered and Wil Myers Josh Naylor and Luis Urias had two hits each for San Diego
Reds 4 Diamondbacks 3
Joey Votto and Josh VanMeter hit two run homers and Luis Castillo went five innings for his 15th victory as visiting Cincinnati won in Phoenix handing Arizona its sixth straight defeat
Votto had two hits his fifth multiple hit game in the last nine Castillo 15 6 gave up two runs on four hits and three walks while striking out three He extended his career highs in wins and strikeouts 211
Eduardo Escobar had two hits and an RBI and Wilmer Flores had two hits but made a crucial error for the Diamondbacks who fell 4 1 2 games behind the Cubs for the second NL wild card spot
White Sox 9 Mariners 7
Yoan Moncada went 3 for 5 with a double a triple and four RBIs as Chicago won at Seattle
Jose Abreu Adam Engel and Eloy Jimenez homered for the White Sox who snapped a two game losing streak Josh Osich 3 0 got the victory with 2 1 3 scoreless innings of relief Alex Colome recorded the last four outs for his 27th save
Mariners starter Yusei Kikuchi 6 10 lasted only 2 1 3 innings giving up five runs on 10 hits with a walk and a strikeout
Orioles 6 Tigers 2
Trey Mancini homered and drove in three runs DJ Stewart added a two run blast and Baltimore defeated host Detroit
Aaron Brooks 5 8 earned the victory while giving up two runs on seven hits in 5 1 3 innings Jonathan Villar added two hits a run and a stolen base for the Orioles
The Orioles Mason Williams NYSE WMB walked twice scored a run and drove in another in the opener of a four game series between the teams with the majors worst records
Twins at Indians ppd
Minnesota s scheduled game at Cleveland was postponed due to inclement weather The teams will play a day night doubleheader Saturday
Field Level Media |
WMB | Top 25 roundup Florida loses Franks rallies past Kentucky | No 9 Florida with backup quarterback Kyle Trask under center scored three fourth quarter touchdowns to rally for a 29 21 victory over Kentucky on Saturday night in their SEC matchup in Lexington Ky
Trask who entered the game after third year starter Feleipe Franks dislocated his ankle and was carted off completed 9 of 13 passes for 126 yards He also rushed 4 yards for the go ahead touchdown with 4 11 remaining
Running back Lamical Perine cut Florida s deficit to 21 16 with 12 41 remaining in the game when he scored on an 8 yard run capping a six play 62 yard drive that required just 2 15 Trask put the Gators 3 0 up for good eight minutes later
Kentucky 2 1 which dominated the first three quarters had a chance to retake the lead late when the Wildcats marched 58 yards to set up a 35 yard field goal attempt with 33 seconds remaining But Chance Poore s kick sailed wide right and Josh Hammond put the game away with a 76 yard rushing touchdown
No 1 Clemson 41 Syracuse 6
Sophomore quarterback Trevor Lawrence passed for three touchdowns and ran for a fourth as the Tigers extended the nation s longest active winning streak to 18 games with a victory over the Orange at the Carrier Dome
Despite being intercepted twice Lawrence completed 22 of 39 passes for a career high 395 yards hitting Amari Rodgers for touchdowns of 16 and 87 yards
Clemson 3 0 2 0 ACC has not lost an ACC game since a 27 24 setback against Syracuse at the Carrier Dome on Oct 13 2017 The Tigers 18 game winning streak is the longest in school history and the second longest by an ACC member
No 2 Alabama 47 South Carolina 23
Junior quarterback Tua Tagovailoa threw for five touchdowns as the Crimson Tide shook off the Gamecocks in the second half for in their Southeastern Conference opener in Columbia S C
Playing in the fourth quarter for the first time this season Tagovailoa completed 28 of 36 passes for 444 yards to help the Crimson Tide 3 0 1 0 SEC outscore the Gamecocks 1 2 0 1 23 13 in the second half Tagovailoa registered his eighth career game with at least four touchdowns passes
Receiver DeVonta Smith and running back Najee Harris had two touchdown receptions each while combining for 13 catches for 223 yards Receiver Henry Ruggs III had six catches for 122 yards including an 81 yard touchdown reception in the first quarter
No 3 Georgia 55 Arkansas State 0
Quarterback Jake Fromm completed 17 of 22 passes for 279 yards and three touchdowns in just over a half of work as the Bulldogs rolled over the Red Wolves in Athens Ga
Backup quarterback Stetson Bennett completed 9 of 10 passes for 109 yards for Georgia 3 0 which piled up 656 yards 388 passing 268 rushing Georgia led 34 0 at halftime and Fromm s day was finished after James Cook scored on a 37 yard run to cap the Bulldogs first possession of the third quarter
Georgia running back D Andre Swift had nine carries for 76 yards and had two receptions for 64 yards including one catch that he took in for a 48 yard score
No 4 LSU 65 Northwestern State 14
Joe Burrow and the Tigers passing game continued rolling in a demolition of the visiting Demons from the FCS in Baton Rouge La It was the 800th victory in LSU history
Burrow who passed for the second most yards in school history 471 in a 45 38 victory at then No 9 Texas a week earlier was nearly flawless against the in state rival Demons 0 3 He completed 21 of 24 for 373 yards and two touchdowns with one interception before leaving the game late in the third quarter
Terrace Marshall Jr caught both of Burrow s touchdown passes as he had his second multi touchdown game and increased his season touchdown reception total to six as LSU improved to 3 0 Justin Jefferson added 124 receiving yards on five catches
No 5 Oklahoma 48 UCLA 14
Jalen Hurts passed for 289 yards rushed for 150 more and accounted for four touchdowns to lead the visiting Sooners over the Bruins at the Rose Bowl in Pasadena Calif
Hurts set the tone rushing for 99 yards on five carries on the opening possession The Oklahoma drive officially went 89 yards but a holding penalty provided the nation s fifth ranked player in total offense coming into Saturday with an opportunity to further pad his lofty stats
With Hurts clicking the Sooners 3 0 scored on every first half possession en route to a 34 7 halftime advantage Hurts found Charleston Rambo and CeeDee Lamb on scoring passes of 48 and 39 yards respectively and Lamb finished a short 36 yard drive just before intermission with a 1 yard rush
No 6 Ohio State 51 Indiana 10
Sophomore quarterback Justin Fields passed for 199 yards and three touchdowns as the Buckeyes dominated in all phases in a win over the Hoosiers in Bloomington Ind
Junior running back J K Dobbins added 193 yards rushing and a touchdown and Master Teague had 106 rushing yards and a score
On defense Ohio State 3 0 1 0 Big Ten had five sacks and scored on a 96 yard interception return by cornerback Damon Arnette the fifth longest interception return for a TD in school history On special teams Ohio State blocked a punt out of the end zone for a safety helping first year coach Ryan Day pick up his second career Big Ten coaching win Day led Ohio State to a win over Rutgers as interim coach last season
No 7 Notre Dame 66 New Mexico 14
Ian Book passed for 360 yards and five touchdowns and the Irish crushed the Lobos in South Bend Ind in the first meeting between the programs
Javon McKinley had two touchdown receptions for the Fighting Irish 2 0 who won their 12th consecutive game at home Chase Claypool led all Notre Dame receivers with four catches for 96 yards and a touchdown Notre Dame outgained New Mexico 591 363
Lobos quarterback Tevaka Tuioti completed 6 of 13 passes for 132 yards after coming in to replace starter Sheriron Jones New Mexico 1 1 played under Saga Tuitele who coached in place of Bob Davie as he recovers from a health scare
No 8 Auburn 55 Kent State 16
A week after losing two of three fumbles sophomore running back JaTarvious Boobee Whitlow led a trio of 100 yard rushers as the Tigers crushed the visiting Golden Flashes
With its top deep threat receiver Seth Williams NYSE WMB out injured Auburn 3 0 emphasized its running game Whitlow went over the 100 yard mark with an 11 yard run on his first carry of the second half
Running back Shaun Shivers and backup quarterback Joey Gatewood each rushed for 102 yards on 12 runs and running back Kam Martin rushed for 71 yards with 35 coming on a first quarter touchdown run The Tigers ended up rushing for 467 yards of their 633 yards of total offense
No 11 Utah 31 Idaho State 0
The Utes started fast built a big lead and never looked back in a rout of the FCS Bengals in Salt Lake City
Utah quarterback Tyler Huntley completed 15 of 19 passes for 282 yards and three touchdowns including two long TD passes in the first half He played three quarters before exiting
Sophomore Bryan Thompson s only two catches of the afternoon were for touchdowns one for 82 yards in the first quarter to give the Utes 3 0 a 17 0 lead and the second midway through the third quarter for 23 yards and a 31 0 lead
No 12 Texas 48 Rice 13
Sam Ehlinger passed for 279 yards and three touchdowns two to freshman Jake Smith in less than three quarters of play as the Longhorns overwhelmed the winless Owls in Houston
The Longhorns 2 1 bounced back in a big way after a seven point loss at home to No 4 LSU last week making things look easy in taking a 31 0 lead by halftime and strolling to the finish against the Owls Texas has now defeated Rice in 42 of 43 meetings since 1966
Ehlinger connected on 23 of his 27 throws without an interception he s still without one for the season and did not get sacked Tom Stewart passed for 179 yards and two fourth quarter touchdowns to lead Rice 0 3 but the Owls were never in the game
No 13 Penn State 17 Pitt 10
True freshman Devyn Ford and Noah Cain each rushed for one touchdown to lift the Nittany Lions over the Panthers in University Park in the 100th meeting between the programs
Penn State quarterback Sean Clifford was 14 of 30 for 222 yards The Nittany Lions 3 0 received the opening kickoff of the second half and proceeded on a 13 play 88 yard drive that ended with Cain s 13 yard run for a 17 10 lead
Pittsburgh quarterback Kenny Pickett was 35 of 51 for 372 yards but his last play pass from the Penn State 26 was knocked down in the end zone
No 15 Oregon 35 Montana 3
Justin Herbert threw for 316 yards and five touchdowns leading the Ducks over the Grizzlies in Eugene Ore
Herbert completed his first 10 passes of the game finishing 30 of 42 He threw two touchdown passes each to tight end Jacob Breeland and wide receiver Johnny Johnson III and had five touchdowns for the second straight game
It s the first time an Oregon quarterback has thrown five TD passes in back to back games Herbert did so despite four receivers and a top tight end out with injury The Ducks 2 1 extended their non conference home win streak to 26 games dating back to 2008
No 16 Texas A M 62 Lamar 3
Isaiah Spiller rushed for 116 yards and two touchdowns while Kellen Mond added 317 passing yards and another score through the air as the Aggies routed the FCS Cardinals in College Station Texas
Mond and Jacob Kibodi added rushing touchdowns for the Aggies 2 1 who outclassed the Cardinals 2 1 from the opening kickoff Doing what a ranked team should do against a foe with 23 fewer scholarships Texas A M outgained Lamar 633 197 and picked up 35 first downs to the Cardinals nine
The Aggies scored 13 points in the first quarter and led 27 0 at the break They turned it into a laugher with three touchdowns in the final 7 39 of the third quarter
No 17 UCF 45 Stanford 27
Freshman quarterback Dillon Gabriel threw four touchdown passes and the Knights scored on six of their first seven possessions while defeating the Cardinal in Orlando
In just his second start Gabriel completed 22 of 30 pass attempts for 347 yards UCF amassed 413 yards in the first half and finished with 545 total yards on a humid day with game time temperatures in the high 80s
The Knights 3 0 have now outscored their three opponents 155 41 and have scored at least 30 points in 29 straight games the longest streak in Football Bowl Subdivision since 1936
Arizona State 10 No 18 Michigan State 7
The Sun Devils marched 75 yards for the winning touchdown a 1 yard run by Eno Benjamin with 50 seconds to play to knock off the Spartans in East Lansing Mich
The drive was highlighted by Arizona State s conversion on fourth and 13 leading to the winning score Freshman quarterback Jayden Daniels dropped back to pass but took off running with a wide open field in front of him picking up 15 Four plays later the Sun Devils 3 0 were in the end zone
Michigan State 2 1 appeared to tie the game in the final seconds on a 42 yard field goal from junior kicker Matt Coghlin but the Spartans were flagged for too many men on the field His 47 yarder as time expired went wide left The loss kept Michigan State coach Mark Dantonio from becoming the winningest coach in program history
No 19 Iowa 18 Iowa State 17
Keith Duncan kicked four field goals including the go ahead boot inside the final five minutes to lead the Hawkeyes past the host Cyclones in a game delayed twice by lightning in Ames Iowa
After Duncan s 39 yard kick gave Iowa the lead at 4 51 the third lead change of the fourth quarter the Hawkeyes forced a turnover on downs and recovered a muffed punt at 1 29 to preserve the win
Nate Stanley rushed for a score and passed for 201 yards for Iowa 3 0 which won for the fifth straight time and the sixth in seven games over Iowa State 1 1 improving to 45 22 in the series
Temple 20 No 21 Maryland 17
The Owls put the clamps on the Terrapins and their high scoring offense in an upset in Philadelphia
Maryland 2 1 entered the game averaging 71 points and Temple 2 0 scored 56 in its win over Bucknell
But Temple s defense stole the show holding Maryland without an offensive score in the first half also recording four sacks and stopping the Terrapins twice in the final minutes on fourth down attempts deep in Temple territory
No 22 Boise State 45 Portland State 10
John Hightower caught a touchdown pass and returned a kickoff for another score to help the host Broncos paste the FCS Vikings in a non conference mismatch
Curtis Weaver recorded four sacks for Boise State 3 0 to match the school s single game record Chris Wing had four in 1996 also coming against Portland State 1 2
True freshman quarterback Hank Bachmeier passed for 238 yards and two touchdowns in two plus quarters for the Broncos Junior receiver CT Thomas had two scoring receptions
No 23 Washington 52 Hawaii 20
Jacob Eason completed 18 of 25 passes for 262 yards and three touchdowns as the Huskies defeated the Rainbow Warriors
Washington 2 1 scored touchdowns on five of its first six possessions and took a 38 7 halftime lead in rebounding from an upset loss at home last weekend to California in its Pac 12 opener Salvon Ahmed rushed eight times for a game high 83 yards for the Huskies
Hawaii 2 1 failed to make it three wins in a row against Pac 12 competition after defeating Arizona and Oregon State at home in its first two games of the season
BYU 30 No 24 USC 27 OT
Zach Wilson threw for 280 yards and one touchdown and ran for another score to help the host Cougars 2 1 upset the Trojans 2 1 in overtime in Provo Utah
BYU s Jake Oldroyd made a 43 yard field goal on the first possession of overtime and safety Dayan Ghanwoloku intercepted a third down pass from USC quarterback Kedon Slovis to clinch the victory the Cougars second straight win in overtime
Slovis a true freshman completed 24 of 34 passes for 281 yards and two touchdowns both to wide receiver Michael Pittman But he threw three interceptions the first two of which led to 10 BYU points in the first half
No 25 Virginia 31 Florida State 24
Wayne Taulapapa rushed for two of his three touchdowns late in the fourth quarter to rally the Cavaliers to just their fourth win in 19 meetings with the Seminoles as host Virginia improved to 3 0 for the first time since 2005
James Blackman passed for 234 yards and three touchdowns and had Florida State 1 2 0 1 ACC in front 24 17 in the fourth quarter before another defensive collapse The Seminoles were outscored 21 7 in the fourth quarter and have been outscored 75 31 in the second half and overtime this season
Bryce Perkins completed 30 of 40 passes for 295 yards one touchdown and two interceptions for Virginia 3 0 2 0 The Seminoles had first and goal at the 4 with just a few seconds remaining but elected not to spike the ball to stop the clock instead direct snapping to running back Cam Akers who was stopped short as time expired
Field Level Media |
WMB | Surfing Brazil fires warning shot in Olympic qualifier | By Lincoln Feast Reuters Powerhouse Brazil showed just what a threat it will be at surfing s Olympic debut in Tokyo next year claiming gold and bronze in the men s division and silver in the women s to win top overall team honors at a qualifying competition in Japan Less than a year out from the Games Italo Ferreira capped a dominant performance with a perfect 10 point ride to win the International Surfing Association s World Surfing Games in Miyazaki He beat Team USA captain Kolohe Andino fellow Brazilian Gabriel Medina and local hero Shun Murakami in Sunday s final Earlier veteran Brazilian Silvana Lima took silver in the women s event behind Peru s Sofia Mulanovich South Africa s Bianca Buitendag was third while American Carissa Moore was fourth Team USA finished second in the overall rankings behind Brazil with host nation Japan claiming a creditable bronze Ferreira almost missed the competition after having his passport and other belongings stolen in the United States He arrived at Kisakihama Beach last week with his opening heat already half done He borrowed a board before paddling out in his jean shorts and winning the heat That was a super cool contest Ferreira said after the final I want to congratulate every surfer and country here I am so tired that was a lot of heats with a lot of emotional moments I just tried to show my best surfing Ferreira s radical surfing mixing powerful turns with technical modern aerials saw him score the highest total in the competition in the final 17 77 points out of a possible 20 including his perfect 10 for a huge backside spin that he barely held onto with his toenails Under surfing s complicated qualification system Ferreira and many other top competitors in the professional World Surfing League WSL will still need to finish this year s World Championship Tour WCT ranked among the top two from their countries to make it to Tokyo Only 20 men and 20 women will qualify with a maximum of two men and two women from each country The 2019 WCT will determine the top 10 men and eight women with the remainder coming from the 2019 and 2020 ISA World Surfing Games the 2019 Pan American Games and slots for one man and one woman from hosts Japan Provisional qualifiers for Tokyo 2020 from the 2019 ISA World Surfing Games are Japan s Murakami Ramzi Boukhiam from Morocco New Zealand s Billy Stairmand and Frederico Morais from Portugal Women s provisional qualifiers are Shina Matsuda from Japan Anat Lelior from Israel South Africa s Buitendag and New Zealander Ella Williams NYSE WMB Kelly Slater the dominant figure in world surfing for the past three decades remains in contention for an Olympics berth Currently the fourth ranked American on the WCT with four events remaining the 47 year old Floridian showed his skill and stamina in the stormy over head surf at Kisakihama Beach making it through to the penultimate round to finish fifth
It was really fun and great meeting all the countries from around the world here said Slater With all the camaraderie between the teams this is one of the more fun events that you can surf in |
WMB | Canada s Queen B feted by hometown crowd | NEW YORK Reuters Newly minted U S Open champion Bianca Andreescu received a hero s welcome on Sunday arriving back in her hometown of Mississauga Canada for a celebratory rally as Canadians embraced their very own SheTheNorth
Andreescu who beat Serena Williams NYSE WMB earlier this month to become the first ever Canadian Grand Slam title holder has rapidly become a home country favorite with Prime Minister Justin Trudeau among the throngs of adoring fans at the rally held in the Toronto suburb
In Canada anything is possible Trudeau tweeted You re an inspiration Bandreescu and we re all so proud of you
The gathering was capped off with the unveiling of a street sign in the hard hitting 19 year old s honor Andreescu Way
A day that I ll never forget tweeted the No 5 ranked Andreescu along with photos of the flag waving cheering crowds at the event I feel so blessed |
WMB | MLB notebook Heart procedure for Nats Martinez | Nationals manager Dave Martinez underwent a heart procedure Monday in Washington and it was uncertain when he will be able to rejoin the team
The news about Martinez came from general manager Mike Rizzo who spoke to the media in St Louis on Monday before the Nationals opened a key series against the Cardinals
The team previously announced that Martinez 54 did not join the club on its trip to St Louis opting to remain in the nation s capital for precautionary medical testing He first left the club Sunday in the sixth inning of Washington s 7 0 win over the Atlanta Braves and he was hospitalized due to chest pains
Martinez wound up having a cardiac catheterization and he will remain in Washington for additional testing according to Rizzo This is something we have to take care of Rizzo said according to the Washington Post adding that Martinez was upbeat
Chicago Cubs first baseman Anthony Rizzo must wear a boot five to seven days to immobilize a moderate lateral right ankle sprain and then be re evaluated the team said
I have every intention of doing everything I can with the training staff to be back on the field with the boys Rizzo told reporters before the Cubs played a home game against the Cincinnati Reds on Monday night I think in a few days really will tell us a lot more
X rays didn t reveal a fracture so surgery is not required Rizzo who also underwent an MRI suffered the injury in the top of the third inning of Sunday s victory over the Pirates His ankle turned while charging a bunt attempt by Pirates pitcher Trevor Williams NYSE WMB He fell to the ground after making the play and was replaced at first base by Ian Happ
Milwaukee Brewers outfielder Christian Yelich said he has accepted his season ending injury and was ready to support his teammates in their fight for a posteason berth Yelich suffered a fractured right kneecap when fouling off a pitch in the first inning at Miami on Sept 10
It was the worst pain I ever felt in my life said Yelich speaking to reporters for the first time since the injury I couldn t breathe
The reigning National League Most Valuable Player underwent X rays at Marlins Park after leaving the field and knew his kneecap was broken The timing of it is very unfortunate it sucks he said It seems to be one of those things that s not fair at the moment Trust me I had my pity party that night at the stadium I felt terrible I was down in the dumps After leaving the stadium and getting going it s all about being positive and trying to get back
David Ortiz said he feared the worst after being shot in the Dominican Republic in early June
I thought I wasn t going to be able to be who I am right now and go back to normal you know At some point I started losing hope the former Boston Red Sox slugger told MLB com
Doctors discovered that this bullet gave me a bacteria that they had never seen before Ortiz said They had this team antibacteria team They were really on me hard because they want to get this out of my body The reality is that they did but they fought with it The reason why they went in the third time is because the bacteria had my intestine all kinked It wasn t able to function
President Donald Trump awarded the Presidential Medal of Freedom to record setting reliever Mariano Rivera The longtime New York Yankees closer received the nation s highest civilian honor two months after he entered the famed Cooperstown museum as the first unanimously elected Hall of Famer
He is the most dominant relief pitcher in the history of baseball and more than that he has lived the American dream and shines as an example of American greatness for all to see Trump said
Rivera 49 earned a record 652 saves over 19 seasons with the Yankees 1995 2013 He made 13 All Star teams and won five World Series championships in the Bronx
Field Level Media |
WMB | No 8 Auburn opens SEC play at No 17 Texas AM | Freshman quarterback Bo Nix faces his first true road test when No 8 Auburn opens SEC play Saturday at No 17 Texas A M
Tigers coach Gus Malzahn hopes the experience Nix gained in a season opening neutral site win over Oregon prepared him for what he will experience at a packed Kyle Field in College Station Texas
Although we had more fans than Oregon it was still an exciting atmosphere and a big game Malzahn said of the Aug 31 win in Arlington Texas He has that in his back pocket as far as experience on the road
What we are going to see is us truly on the road at one of the loudest places in our league so we are going to do a good job preparing for the crowd noise and we have done that the last three weeks even when playing at home
Texas A M coach Jimbo Fisher said Nix s background could play in his favor Nix is the son of former Auburn quarterback Patrick Nix and also the grandson of a former coach
I ve known Bo for a long time Fisher said Again his father played for me and was one heck of a football player Not only that as a competitor and as a football mind he s one of the best I ve ever been associated with
His dad s a winner I mean he s a great coach he s coached in college coached in high school so he ll have a lot of intangibles in his blood that some other freshmen may not just from the experiences of being around those things
Nix has completed only 52 4 percent of his passes but he had his most efficient outing last week when he completed 12 of 16 attempts for 161 yards and a touchdown against Kent State And that was without his top deep threat receiver Seth Williams NYSE WMB
Backup quarterback Joey Gatewood was one of three players who ran for more than 100 yards against Kent State Gatewood gained 102 on 12 carries
Williams shoulder and two other starters left tackle Prince Tega Wanogho leg and defensive tackle Derrick Brown upper body contusion could return Williams who made the catch for the deciding TD in the opening win over Oregon and Wanogho missed last week s home win Brown was injured on the opening drive and sat out the rest of that game
We ll see how they re doing Malzahn said I m not ready to say it s still day to day but they ll be out there and we ll be evaluating
The game between the Tigers 3 0 and Aggies 2 1 whose lone loss came at No 1 Clemson could decide who joins LSU as a challenger to SEC West Division favorite Alabama although Fisher downplayed any do or die aspect to the matchup
Well I mean you set a tone but you got to reset that tone each and every week Fisher said of the game s potential impact I mean that s the thing about it It doesn t matter It s just one game at a time It s a conference game so it s an important game and it s an intra division game so it s an important game
It puts you in a great position if you can have success
Texas A M is led offensively by quarterback Kellen Mond who has completed 63 of 97 passes for 747 yards with five touchdowns and three interceptions He was sacked five times in last season s 28 24 loss to Auburn which got the winning touchdown on a pass to Williams in the final two minutes
Field Level Media |
WMB | Sun pull away from Sparks to take Game 1 of semifinal | Alyssa Thomas posted a double double with 22 points and 10 rebounds and Jasmine Thomas added 19 points and eight assists to lift the host Connecticut Sun to an 84 75 victory against the Los Angeles Sparks in Game 1 of a best of five WNBA semifinal at Mohegan Sun Arena in Uncasville Conn on Tuesday night
Second seeded Connecticut which went 15 2 at home during the regular season to tie No 3 Los Angeles for tops in the league drew within two victories of its first finals appearance since 2005 Game 2 is set for Thursday at Connecticut
Jonquel Jones scored 16 points and Courtney Williams NYSE WMB added 15 as the Sun earned their first postseason victory since 2012 Both Jones and Williams grabbed seven rebounds while Alyssa Thomas chipped in five assists and four steals
Candace Parker scored a game high 24 points and snagged 10 rebounds for Los Angeles which also received a double double from Nneka Ogwumike who had 20 points and 10 boards
Shekinna Stricklen drilled a pair of 3s to pace the Sun during a 12 2 run over the first 3 01 of the third quarter The burst helped the Sun to a 49 42 lead but the Sparks hardly faded during a contest that featured five ties and 11 lead changes
Parker swished a trey with 10 5 seconds remaining in the third quarter to give the Sparks a 58 57 lead but a Jasmine Thomas layup with 1 2 seconds to go in the quarter put the Sun ahead 59 58 After the Sparks tied the game at 64 all with 6 47 to go the Sun built separation with a 9 2 run over the next 2 47
Connecticut responded from an early shooting funk Alyssa Thomas started 4 for 5 from the floor while the rest of the team went 0 for 8 to grab a 21 14 lead after 10 minutes Jasmine Thomas drilled a trey from the left wing to beat the first quarter buzzer
The Sun extended their lead to 12 points when Jones hit a pair of free throws with 8 08 to go in the second quarter but Los Angeles recovered after that The Sparks scored 26 of the game s next 37 points to take a 40 37 lead into the break
Field Level Media |
JPM | ANALYSIS Big deficits may force Turkey towards IMF | By Selcuk Gokoluk
ANKARA Nov 5 Reuters Turkey will face a balance of
payments problem next year that could snuff out growth if the
government does not overcome its reticence to join the queue of
emerging countries seeking International Monetary Fund help
Politicians are loath to ask for IMF help before municipal
elections next year given the public backlash against the six
years of fiscal austerity demanded by the IMF in return for
helping Turkey through a financial and economic crisis in 2001
However economists say its 70 billion foreign exchange
reserve is not a large enough buffer given the current account
deficit is seen rising to 50 4 billion in 2009 and the funding
need of the private sector is estimated at around 90 billion
Turkey s business community has therefore been calling for
an IMF loan deal to limit the fallout from a global financial
crisis which has already forced Ukraine Hungary Iceland and
Serbia to seek IMF help
Such aid comes with strings attached and while the
government is reluctant to accept big spending curbs and other
painful steps that might exacerbate the economic slowdown
economists say IMF credit may be the only source of credit if
Turkey finds itself in a balance of payments difficulties
Turkey is not an EU member with access to the European
Central Bank credit lines that have been made available nor
does it have a swap line with the United States Fed as do a
few other emerging markets now to boost dollar liquidity
Kristin Lindow Moody s Investors lead sovereign analyst for
Turkey told Reuters
Turkey is carrying out accession negotiations with the
European Union but is not expected to join the 27 members bloc
for several years at the earliest
FINANCING NEEDS
Turkey economy is in much better shape than it was in 2001
when it had a severe crisis and signed one of the biggest ever
IMF bailouts but some economists say the Treasury may not be
able to maintain its current cash holding
Government spending is expected to pick up in coming months
and appetite for Turkish bonds has faded as investors favour
safe heaven U S dollar assets
Analysts say Ankara needs 15 20 billion IMF credit to meet
its short term financing needs even if such help is made
contingent on measures such as cutting spending raising taxes
accelerating privatisation and increasing interest rates to
correct fiscal and external imbalances and control inflation
For the first time in a couple of years the balance of
payment will be a binding concern for Turkey in the sense that
Turkish corporates might have to cut back their borrowing from
international markets said Reinhard Cluse economist at UBS
It is estimated the non bank corporate sector will roll over
roughly 20 billion in debt in the coming months
Curbs on firms ability to borrow will dampen economic
activity which has already weakened
The economy expanded by 1 9 percent in the second quarter a
a sharp slowdown from 6 7 percent in the first quarter and some
economists expect it will grow by only 2 3 percent next year
Turkish banks have strong loan deposit and capital adequacy
ratios compared with their western peers and are tightly
regulated but this is not the case for manufacturing firms
I don t think banks will have a problem rolling over their
debt The unknown factors are more in the non financial sectors
The non financial sector firms borrowed 18 billion in the first
eight months This is a very high figure said JP Morgan Chase
senior economist Yarkin Cebeci said
An IMF deal will cut the size of the shock waves even if it
can t stop the financial volatility More importantly is that an
IMF deal will comfort both the financial and non bank corporate
sectors Cebeci added
An IMF deal would also help shore up financial market
sentiment economists said Global financial turmoil has hit
Turkish markets in the last two months with the lira losing one
third of its value and stocks halving in value
An IMF deal will ensure a gradual and softer fall If the
market attempts to make a correction on their own the fall will
be sharper and faster I mean further slowdown of growth and
more lira weakening Merrill Lynch EMEA economist Turker
Hamzaoglu said
Editing by Swaha Pattanaik |
JPM | POLL Philippines 2009 growth seen slowing to 8 yr low | By Karen Lema
MANILA Dec 11 Reuters The Philippine economy may post
its slowest growth in eight years in 2009 as a global recession
crimps export demand and domestic consumption shrinks due to
lower remittances from workers overseas a Reuters poll showed
Ten economists polled by Reuters forecast gross domestic
product would rise 3 3 percent in 2009 substantially lower
than the 4 7 percent in a similar poll in September and below
the government s estimate of 3 7 4 7 percent growth
All economists revised down their 2009 forecasts to account
for the impact of the worst financial crisis in decades on the
export driven country of 90 million people Forecasts ranged
from 0 7 4 1 percent for 2009
Our view that the Philippine economy will suffer a sharp
slowdown remains as the global recession clearly gained pace in
fourth quarter after the series of financial shocks in
October said Simon Wong an economist with Standard Chartered
Bank in Hong Kong said
As such we expect Philippine exports to contract in
coming months and well into the first half of 2009 and
remittance growth to slow to low single digit in 2009 thus
cooling off domestic consumption Wong said
The International Monetary Fund has forecast growth to slow
to 3 5 percent next year after 4 4 percent projected for this
year
The Reuters poll forecasts 2010 growth at 4 8 percent
The Philippine economy grew 7 2 percent in 2007 its
strongest pace in three decades
Remittances from Filipinos working overseas has played a
large part in driving domestic consumption They are still
growing at double digit pace but growth could slow to as low as
6 percent in 2009 central bank documents over the weekend
showed
Falling fuel prices are expected to reduce inflation to an
average of 4 9 percent in 2009 from 9 5 percent this year the
poll showed The Philippines imports nearly all of its crude
oil needs
Some economists expect monetary authorities to follow
central banks around the world in cutting rates as early as
this month to help shield the economy from the global financial
crisis that pushed developed economies into recession
Results of the poll
GDP CPI TRADE BALANCE
pct change pct change billion
2009 2010 2009 2010 2009
2010
HSBC 2 3 4 8 5 0 4 3 16 6
18 0
Credit Suisse 3 5 N A 4 7 N A N A
N A
Royal Bank of Scotland 2 1 5 4 6 0 5 0 14 8
14 6
Citigroup 3 0 N A 3 9 N A 10 9
N A
JP Morgan Chase 3 5 N A 4 7 N A N A
N A
ING Bank 4 1 6 0 5 9 3 9 N A
N A
Ideaglobal 3 5 5 0 5 0 3 5 N A
N A
Standard Chartered 0 7 2 7 2 6 1 6 N A
N A
UBS 1 8 3 4 3 0 3 8 N A
N A
Informa Global Markets 3 8 4 0 8 5 N A N A
N A
MEDIAN 3 3 4 8 4 9 3 9 14 8
16 3
Note For trade balance only forecasts based on the central
bank s balance of payments definition were included
N A No forecast given or estimate was based on a different
definition
PESO DOLLAR END JUNE 2009 END DEC 2009
HSBC 52 00 52 00
Royal Bank of Scotland 49 70 50 0
Standard Chartered 49 75 47 90
UBS 52 00 48 0
InformaGlobal 51 00 N A
JP Morgan Chase 52 00 50 0
Citigroup 51 50 N A
ATR Kim Eng 47 43 45 13
BDO Universal Bank 48 50 48 50
Action Economics 52 00 N A
MEDIAN 51 25 48 50
Forecasts made in previous Reuters surveys
GDP CPI TRADE
BALANCE
pct change pct change US
bln
2008 2009 2008 2009 2008
2009
Sept 2008 4 6 4 7 9 9 6 2 12 7
13 7
July 2008 5 1 5 0 8 2 5 0 13 3
17 3
Mar 2008 5 8 6 2 4 5 3 8 9 0
9 6
Dec 2007 6 1 n a 3 8 n a 7 2
n a
Sept 2007 6 5 n a 4 0 n a 7 8
n a
Historical data
GDP CPI TRADE BALANCE
pct change pct change US bln
2003 4 7 3 5 5 85
2004 6 0 6 0 5 68
2005 5 0 7 6 7 77
2006 5 4 6 2 6 73
2007 7 2 2 8 8 24
5 yr avg 5 7 5 2 6 85
NOTE Revised by the government
The trade balance historical data was based on the
central bank s balance of payments definition Trade data in
previous poll stories showed actual figures based on customs
definition which reflected just merchandise trade |
JPM | UPDATE 2 UK industrial output slumps at end of 2008 | Adds detail comment
By Fiona Shaikh and Matt Falloon
LONDON Feb 6 Reuters British factories endured the
biggest slump in production in nearly 35 years at the end of
last year data showed on Friday in a sign that Britain s slide
into recession was even more dramatic than first thought
The Office for National Statistics said industrial
production fell 4 5 percent in the three months to December
the biggest drop since 1974 when the government imposed a
three day working week because of energy shortages during the
coal miners strikes
Production fell 1 7 percent on the month in December
leaving it 9 4 percent down on a year ago the largest annual
decline since January 1981
The ONS said all other things being equal those figures
would shave its GDP estimate for the last three months of 2008
by 0 1 percentage points The first reading showed a 1 5 percent
decline in Q4 2008 the sharpest since 1980
The numbers are horrendously weak said Malcolm Barr
chief UK economist at JP Morgan Chase
Manufacturing output dropped 2 2 percent on the month and
5 1 percent on the quarter matching the record low set in the
first quarter of 1974
MORE RATE CUTS
Sterling fell against the dollar and the euro after the data
as investors reinforced bets that the Bank of England will have
to reduce interest rates still further from the current record
low of one percent
The BoE as it chopped 50 basis points off borrowing costs
on Thursday said the world was in the throes of a severe and
synchronised downturn
Expectations are growing that policymakers may need to
resort to unconventional meeasures to revive the economy once
interest rates near zero and there is also speculation that the
government will have to take further supportive fiscal action
The International Monetary Fund believes Britain will be the
hardest hit of the leading G7 industrialised nations during the
downturn forecasting a 2 8 percent drop in GDP this year
In further evidence of the severity of Britain s downturn
official insolvency figures on Friday showed just over 4 600
businesses were liquidated in England and Wales in the last
three months of 2008 alone according to seasonally adjusted data
52 percent more than in the same period in 2007 The number
of companies that went bust in 2008 was 15 535 the highest for
any year since 1994
The ONS data shows there is little sign yet that the weaker
pound is boosting overseas demand for British made goods
The real worry is that the various surveys suggest that
things are set to get even worse over the coming months with no
signs at all that the drop in the exchange rate is yet boosting
manufacturers export order books said Jonathan Loynes chief
European economist at Capital Economics
The weaker pound may be having some impact on the costs
British companies are paying for imported goods and materials
however putting even more pressure on margins
The ONS showed said producer price inflation was stronger
than expected in January although the annual rates are
continuing to ease
On the month input prices jumped by 1 5 percent three
times analyst forecasts The annual rate eased to 2 3 percent
from 3 5 percent in December the weakest since August 2007
Output prices unexpectedly rose 0 1 percent on the month
while the annual rate cooled to 3 5 percent from 4 6 percent in
December the weakest since September 2007
Editing by Stephen Nisbet |
JPM | GLOBAL MARKETS WEEKAHEAD Equity faith at risk 14 yr low looms | By Natsuko Waki
LONDON March 8 Reuters Investors this week risk losing
further faith in equities as the benchmark index nears a 14 year
trough firms around the globe cut dividends and policymakers
struggle to come up with an effective crisis cure
The week starts with a bi monthly meeting of developed and
emerging nation central bank governors in Basel Switzerland and
ends with a gathering of Group of 20 finance ministers in
London who are likely to scramble to find words of reassurance
as deterioration in the global economy accelerates
World stocks measured by MSCI lost another 6 4 percent last
week with the index down 21 percent so far this year falling
in 8 out of 10 weeks and hovering close to a 14 year low
If you take a very long term perspective equity prices
have brought you nothing over the past 12 years and dividends
were the only thing but dividends are now being cut on top of
that This is affecting people s mind said Joost van Leenders
investment specialist at Fortis Investments
General Electric JP Morgan Chase Motorola Pfizer and Old
Mutual are among the companies which have either slashed or
scrapped dividends in recent weeks
G20 finance ministers and central bank governors meet to lay
the groundwork for an April summit of world leaders who will try
to map out next steps to tackle the global financial crisis
If investors are left unimpressed by the April meeting
analysts say the market consequences are incalculable
Markets are highly impatient They want plans to have an
immediate effect which is almost impossible Policymakers come
up with statements but you always need to see how it s
implemented because they never come up with fully operational
plans van Leenders said
DIVIDENDS SHOCK
According to Nomura the dividend swap market for stocks
measured by EuroStoxx 50 suggests that dividends will decline
by 32 percent and 51 percent in 2009 and 2010 and the market
implies no recovery in dividends until 2012
The market is pricing in a peak to trough decline of 67
percent in dividends a worse outcome than in the 1930s when
U S dividends declined by a total 55 percent from their peak in
1930 to 1933
JP Morgan expects the dividend payout of S P 500 companies
may decline 20 percent decline and the current pace of dividend
cuts is four times faster than a year ago
Dividend cuts are affecting the number of stocks that appear
attractive from a valuation point of view
Societe Generale uses four criteria an earnings yield at
least twice the triple A bond yield a dividend yield at least
two thirds of the triple A bond yield total debt less than
two thirds of tangible book value and a price earnings ratio of
less than 16 times to classify stocks that are attractive
according to valuation
Currently only two percent of U S large cap non financial
stocks meet those criteria compared with 4 percent in November
2008 In Europe six percent pass the criteria compared with 9
percent in November
Despite the fact that the markets are now below the levels
seen in November 2008 the number of bottom up opportunities is
actually lower The reason for this is all too obvious
dividends have been cut the bank said in a note to clients
Societe Generale added however that the quality of firms
passing the criteria is impressive Microsoft BP Novartis
Sony are among them
PENSION WORRIES
According to the World Federation of Exchanges market
capitalisation on global bourses has more than halved falling
to 31 trillion at the end of January from 63 trillion at the
end of October 2007
This puts enormous pressure on pension funds as companies
focusing on preserving cash to restore balance sheets now have
little extra money to spare to cover losses on portfolios and
meet liabilities
There is major focus on the current difficult economic
conditions and the impact this is having on retirement plans
said Adrian Hartshorn a member of the financial strategy group
at investment consultant Mercer
There is clear evidence emerging from the 2009 reporting
season that companies that adopted risk mitigation strategies in
2008 are being rewarded with better 2008 year end funded status
and lower 2009 pension expense However for most companies the
significant equity market exposure has negatively impacted
financial results
At some point pension funds will also have to start
worrying about the future impact of inflation on their assets as
a result of fiscal stimulus plans by governments around the
world and quantitative easing policies reflating economies
Joe Moody head of liability driven investing at State
Street Global Advisors says an environment of low inflation
presents a great opportunity for pension funds to hedge their
future inflation risks cheaply by using inflation swaps
You have to think about what impact quantitative easing is
going to have Moody said
He saw no rapid recovery in shell shocked stock markets
The point about the equity market at the moment is it s not
discounting recovery or improvement The equity market is not
buying the story and selling the fact It s going to buy the
fact when it sees it he said
Editing by Mike Peacock |
BMY | AVEO Pharmaceuticals AVEO Q2 Loss Narrower Than Expected | AVEO Pharmaceuticals Inc NASDAQ AVEO reported second quarter 2017 adjusted loss of 8 cents per share excluding change in fair value of warrant liability narrower than the Zacks Consensus Estimate of 10 cents as well as the year ago loss of 11 cents However reported loss for the quarter was 30 cents per share Shares of the company rose more than 3 6 on Wednesday In fact AVEO s share price movement shows that the stock has significantly outperformed the year to date AVEO has surged 427 8 during this period compared with the industry s gain of 8 7 during this period AVEO does not have any approved products in its portfolio The company s top line mainly comprises of collaboration revenues milestone and other payments Total collaboration revenues in the second quarter were approximately 0 35 million compared with 0 2 million in the year ago quarter Quarterly HighlightsResearch development expenses were up 22 8 to about 6 9 million However general and administrative expenses increased 33 year over year to 2 3 million Pipeline UpdatesAVEO has made significant progress with its lead pipeline candidate tivozanib It is currently under review in the EU for the first line treatment of advanced RCC In Jun 2017 the Committee for Medicinal Products for Human Use CHMP recommended the approval of the candidate A final response on the approval status of the candidate is expected in the third quarter of 2017 The company also announced achievement of enrollment target in a phase III study TIVO 3 evaluating tivozanib in June ahead of its prior deadline of Aug 2017 Top line data is expected in the first quarter of 2018 The study will compare tivozanib with Bayer s OTC BAYRY Nexavar in patients with refractory advanced renal cell carcinoma RCC The data from this study along with previously completed TIVO 1 study will support the regulatory application for approval of tivozanib in the U S as a first and third line treatment for RCC AVEO Pharmaceuticals announced in June that the phase I II study TiNivo evaluating Tivozanib in combination with Bristol Myers Squibb s NYSE BMY Opdivo in patients with advanced RCC has been advanced to phase II study The successful completion of phase I II study established a tivozanib regimen of 1 5 mg daily for 21 days followed by a rest period of one week 2017 GuidanceAVEO expects that its present cash resources of 40 1 million will allow the company to fund its planned operations into the second quarter of 2018 Our TakeThe positive CHMP recommendation for tivozanib was encouraging We expect investor focus to remain on the TIVO 3 trial for the third line treatment of patients with refractory RCC The trial is being conducted to address the overall survival concerns from the TIVO 1 trial identified by the FDA However AVEO is heavily dependent on partnerships for pipeline development Ophthotech Corporation NASDAQ OPHT terminated its agreement to develop tivozanib in Apr 2017 Any hiccups in the partnership or development and regulatory process of lead candidate tivozanib will pull down the stock significantly AVEO Pharmaceuticals Inc Price Consensus and EPS Surprise
Zacks RankAVEO Pharma carries a Zacks Rank 2 Buy You can see One Simple Trading IdeaSince 1988 the Zacks system has more than doubled the S P 500 with an average gain of 25 per year With compounding rebalancing and exclusive of fees it can turn thousands into millions of dollars This proven stock picking system is grounded on a single big idea that can be fortune shaping and life changing You can apply it to your portfolio starting today |
BMY | Clovis CLVS Focuses On Label Expansion Rubraca Impresses | We issued an updated research report on Boulder CO based Clovis Oncology Inc NASDAQ CLVS on Aug 14 Rubraca has shown impressive growth trend in 2017 on the back of the company s commercialization efforts Rubraca sales doubled sequentially in the second quarter Rubraca sales were 14 6 million in the quarter However general and administrative expenses increased 276 year over year to 29 2 million due to commercialization efforts Rubraca is the only approved drug in the company s portfolio and is the first and only oral PARP inhibitor to receive approval as monotherapy The drug is approved for patients who have been treated with two or more chemotherapies and selected for therapy based on an FDA approved companion diagnostic for Rubraca Clovis is conducting two confirmatory studies ARIEL3 and ARIEL4 for converting the accelerated approval to continued approval of Rubraca Rubraca was in licensed from Pfizer Inc NYSE PFE in 2011 In Jun 2017 the company announced promising progression free survival PFS and safety results from the pivotal maintenance confirmatory study ARIEL3 The study demonstrated that Rubraca has a meaningful impact in delaying disease recurrence in advanced ovarian cancer patients Clovis intends to submit a supplemental new drug application sNDA for label expansion of Rubraca in the second line or later maintenance indication for advanced ovarian cancer by October this year The company believes that the label will increase patient population by at least four times Meanwhile the second phase III confirmatory study ARIEL4 is evaluating Rubraca versus chemotherapy in patients who have failed two prior lines of therapy Meanwhile Rubraca is also under review in the EU for a comparable ovarian cancer indication An approval is expected in EU in the first quarter of 2018 and Clovis is establishing the commercial infrastructure for the same Rubraca has immense commercial potential in the target market as there is tremendous demand for PARP inhibitors Per the American Cancer Society ovarian cancer ranks fifth in deaths from cancer among women Over 22 440 cases of ovarian cancer are estimated to be diagnosed in the U S in 2017 There is a huge unmet need for new treatment options given that one in four women with ovarian cancer has a germline or somatic BRCA mutation Clovis is also developing Rubraca in additional cancer indications either as monotherapy or in combination with other agents including Tecentriq Rubraca combination in gynecologic cancers This combination study is sponsored by Roche Moreover the company collaborated with Bristol Myers Squibb Company NYSE BMY in Jul 2017 to evaluate the Rubraca in combination with the latter s Opdivo in ovarian breast and prostate cancer The ovarian cancer market is already crowded with the presence of major players With the launch of Tesaro Inc s NASDAQ TSRO Zejula in Apr 2017 competition has intensified further Zacks 10 Minute Stock Picking SecretSince 1988 the Zacks system has more than doubled the S P 500 with an average gain of 25 per year With compounding rebalancing and exclusive of fees it can turn thousands into millions of dollars But here s something even more remarkable You can master this proven system without going to a single class or seminar And then you can apply it to your portfolio in as little as 10 minutes a month |
BMY | Exelixis Submits SNDA For Kidney Cancer Drug Cabometyx | Exelixis Inc NASDAQ EXEL announced that it has completed the submission of a supplemental New Drug Application sNDA to the FDA for Cabometyx tablets for patients with previously untreated advanced renal cell carcinoma RCC
The sNDA submission was based on positive results from phase II trial CABOSUN in patients with previously untreated advanced RCC with intermediate or poor risk disease per the International Metastatic Renal Cell Carcinoma Database Consortium IMDC
An independent radiology review committee has confirmed the primary efficacy endpoint results of investigator assessed progression free survival PFS in the CABOSUN trial The study compared Cabometyx to Pfizer s NYSE PFE Sutent in the first line treatment of intermediate or poor risk advanced RCC patients As per the analysis from the committee Cabometyx demonstrated a clinically meaningful and statistically significant reduction in the rate of disease progression or death as measured by PFS
In May 2016 Exelixis announced that CABOSUN met its primary endpoint as Cabometyx demonstrated a statistically significant and clinically meaningful improvement in PFS compared to Sutent in patients with advanced intermediate or poor risk RCC as determined by investigator assessment
We remind investors that Cabometyx was approved by the FDA in Apr 2016 for the treatment of patients with advanced RCC who received prior anti angiogenic therapy A potential label expansion of the drug will further boost results
New patient starts refills for patients already on therapy and continued expansion of the prescriber base for Cabometyx are driving the drug s sales The sequential increase in Cabometyx sales was driven by growth in prescriptions
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 agents
Exelixis share price has increased 79 6 year to date compared with the gain of 7 4
Earlier in the week Bristol Myers announced disappointing top line results from the CheckMate 214 trial which investigated immuno oncology drug Opdivo in combination with Yervoy versus Sutent in intermediate and poor risk patients previously untreated advanced or metastatic RCC The trial did not meet its primary endpoint
We note that renal cell carcinoma RCC is the most common type of kidney cancer in adults and accounts for more than 100 000 deaths worldwide each year Among these clear cell RCC is the most prevalent type of RCC and constitutes 80 90 of all cases thereby underlying the demand for the same
Hence a potential approval of Cabometyx for previously untreated advanced or metastatic RCC will boost sales
Zacks Rank
Exelixis currently carries a Zacks Rank 3 Hold You can see
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BMY | Here s Why Clovis Stock Is Up Almost 60 So Far In 2017 | Shares of Clovis Oncology Inc NASDAQ CLVS have witnessed a continuous upside this year Shares of this small biotech company are up 62 3 so far this year outperforming the 7 2 increase registered by the during this period Let s analyze the factors that have driven the rally so far
The company s only approved drug Rubraca has shown an impressive growth trend in 2017 The drug received accelerated approval in Dec 2016 The company s commercialization efforts have helped the ovarian cancer drug register almost 100 growth in sales sequentially in the second quarter of 2017 Rubraca sales were 21 7 million in the first half of 2017 The company had 1100 new patients on therapy in the period
Rubraca is a PARP inhibitor which is approved as a monotherapy for the treatment of advanced ovarian cancer in patients who have been treated with two or more chemotherapies The patients are selected for therapy based on an FDA approved companion diagnostic for Rubraca The drug was in licensed from Pfizer Inc NYSE PFE in 2011
Two confirmatory studies ARIEL3 and ARIEL4 are being conducted by Clovis for converting the accelerated approval to continued approval of Rubraca
The company s shares got a boost when it announced positive top line results from ARIEL 3 in June 2017 Promising progression free survival PFS and safety results from the pivotal maintenance confirmatory study demonstrated that Rubraca had a meaningful impact in delaying disease recurrence in advanced ovarian cancer patients
Clovis is planning to file a supplemental new drug application sNDA to the FDA by October this year based on ARIEL 3 data to include second line or later maintenance indication for advanced ovarian cancer on the label of Rubraca The company expects the label expansion to increase patient population by at least four times
Meanwhile the other phase III confirmatory study ARIEL4 is evaluating Rubraca versus chemotherapy in patients who have failed two prior lines of therapy Rubraca is also under review in the EU for a comparable ovarian cancer indication An approval is expected in EU in the first quarter of 2018 and Clovis is establishing the commercial infrastructure for the same
There is immense commercial potential for Rubraca in the target market due to increasing demand for PARP inhibitors Per the American Cancer Society ovarian cancer ranks fifth in deaths from cancer among women Over 22 440 cases of ovarian cancer are estimated to be diagnosed in the U S in 2017 There is a huge unmet need for new treatment options given that one in four women with ovarian cancer has a germline or somatic BRCA mutation
Rubraca is also being developed in additional cancer indications either as monotherapy or in combination with other agents including Tecentriq Rubraca combination in gynecologic cancers This combination study is sponsored by Roche Moreover in Jul 2017 the company collaborated with Bristol Myers Squibb Company NYSE BMY to evaluate Rubraca in combination with the latter s Opdivo in ovarian breast and prostate cancer
It is important to note that the ovarian cancer market is already crowded with the presence of major players With the launch of Tesaro Inc s NASDAQ TSRO Zejula in Apr 2017 competition has intensified further Clovis Oncology Inc Price and Consensus
Clovis currently has a Zacks Rank 3 Hold You can see
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C | TOPWRAP 2 Eyes on ECB G20 for response to crisis | Eyes on ECB for rate cut policy easing signs
G20 leaders begin meeting in London
European shares up on hope downturn moderating
By David Ljunggren and Lesley Wroughton
LONDON April 2 Reuters The European Central Bank was
expected to cut rates one more time on Thursday as world leaders
met against a background of rising share markets which were
responding to hope the giant U S economy was reaching a bottom
But the mood everywhere fell short of outright optimism
especially in Europe where the leaders of the world s richest
nation and biggest developing economies were meeting in London
to address the financial crisis amid signs of division between
the United States and a French and German bloc
The immediate focus was on the European Central Bank s ECB
meeting and particularly on whether its policymakers would give
a nod to quantitative easing effectively printing more money to
spur growth as espoused by U S and British counterparts
A Reuters poll of analysts found most saw the ECB cutting
its key interest rate by another 50 basis points to a record low
of 1 0 percent hoping to draw funding into banks and trimming
its overnight deposit rate by 25 basis points to just 0 25
percent Its decision will be announced at 1145 GMT
The quantitative easing argument was harder to pin down
with a vast expansion of its balance sheet to buy government
bonds much harder to do in the 16 country euro zone than in a
single national context
The euro jumped to session highs against the Swiss franc
after SNB vice president Philipp Hildebrand said the bank would
use all means to prevent a further appreciation of the currency
NEW RULES
World leaders are set to impose new financial rules and come
up with more funds for the IMF after France and Germany demanded
they make good on promises to temper the worst economic crisis
since the 1930s
A communique drafted for the G20 summit obtained by
Reuters said leaders would submit large hedge funds to
supervision for the first time and enhance regulation through a
new agency and a beefed up International Monetary Fund
As world leaders gathered there were plenty of signs of how
bad the global crisis had become and growing debate over
whether the worst of the downturn has passed
U S private sector job losses also accelerated more than
expected in March while in Japan a key survey on Wednesday
showed business confidence had hit an all time low in the
world s second largest economy
In Spain on Thursday data showed the number of people
claiming jobless benefit continued to climb steeply in March and
at a much higher rate than larger European economies during a
fierce recession
BOTTOMED OUT
Data on Wednesday showed U S euro zone and British
manufacturing had inched away from February s lows even though
they remained negative
A U S index of pending home sales rose more than expected
and auto sales while weak were not as bad as expected all of
which hinted at improvement
There are a few spots where we can have hope said Juergen
Michels an economist at Citigroup in London
In Britain where the property market is key to consumer
confidence data from home loan company Nationwide showed house
prices rose in March for the first time since October 2007
although the lender cautioned about jumping to conclusions about
a housing market rebound
Asian stocks climbed on hopes the U S economy had bottomed
out If recession weary U S consumers and companies do not
start spending again a global recovery is unlikely
In Europe shares rose on the tentative view that the
economic downturn was moderating By 0850 GMT the FTSEurofirst
300 index of top European shares was up 3 percent to 767 77
points on track for its third straight day of gains
But there remain plenty of concerns in the corporate sector
with Swedish Swiss engineering group ABB warning that base
orders were deteriorating and that it expected volatility in
commodities and currencies to hurt its profits this quarter
ABB which competes with peers like Germany s Siemens and
Rockwell in America said the environment remained challenging
despite three large orders won in the first quarter
In Japan the Nikkei share average rose 4 4 percent to its
highest close in three months as carmakers pushed up on hopes
for the U S economy on better than expected data
Asian stocks outside Japan were up for a third straight day
rising 3 6 percent
While the news about GM and smaller rival Chrysler has been
almost universally bleak since U S President Barack Obama
rejected their restructuring plans on Monday U S auto sales in
March also contained a glimmer of hope
Although down 37 percent in March their 17th straight month
of declines sales in the world s largest car market had at
least not been as bad as expected
Additional reporting by Marc Jones in FRANKFURT Kevin
Plumberg in HONG KONG Poornima Gupta and Soyoung Kim in
Detroit Wayne Cole in SYDNEY and Reuters bureaux around the
world Writing by Keiron Henderson Editing by Richard Hubbard |
C | UPDATE 4 S Korea revives sovereign bond sale seeks 2 bln | Government revives bond sale as credit markets stabilise
Economy may be bottoming but dollar needs still acute
Guidance for 1 bln in 5 yrs at around T 400 bps sources
Guidance for 1 bln in 10 yrs at around T 437 5 bps sources
Orderbook at 2 bln as of Asia early evening
Updates with amounts of orders received in graf 10
By Rafael Nam and Yoo Choonsik
HONG KONG SEOUL April 7 Reuters South Korea aims to
raise 2 billion in its first dollar denominated debt sale since
2006 sources said as its need for dollars sparks the country s
return to foreign markets after an aborted sale last year
South Korea has been emboldened by a recovery in its domestic
bond and equity markets from the turmoil early last month when
the won tumbled to 11 year lows against the dollar on
concerns the country was facing severe dollar shortages
A rally in global credit markets has also improved investor
demand for riskier assets from Asia and other emerging markets
despite a flood of gloomy economic news Indonesia and the
Philippines raised a combined 4 5 billion in overseas debt this
year while Abu Dhabi last week launched a 3 billion bond sale
Analysts said recent indicators which hinted Asia s
fourth largest economy may be turning the corner and improvement
in its external balance of payments also boded well for its first
global dollar denominated deal since 2006 though concerns about
the health of its banking system and economy remain
The external position has turned far less negative and the
global market sentiment has improved quite a lot compared to
early March This is well timed said Young Sun Kwon an
economist at Nomura International in Hong Kong
However South Korea is marketing its debt amid a deluge of
debt worldwide from governments looking to pay for massive
economic stimulus measures It is also competing for investor
attention against private sector issuers in some countries who
are armed with government guarantees
That is creating a tussle between issuers looking to keep
their borrowing costs down and investors who are looking for
bigger premiums especially from emerging markets which are
generally considered riskier even if their economies are showing
signs of bottoming out
South Korea has set price guidance for its five year note at
around 400 basis points over U S Treasuries and at around 437 5
basis point for the 10 year note said one source who was not
allowed to talk publicly about the sale
That matches earlier indications reported by Reuters
The country has set a goal of raising 1 billion per tranche
said a separate source adding South Korea had already received
2 billion in orders as of early Asia evening
Pricing is set for Wednesday morning during U S hours and
the issuer will continue to receive orders from U S and European
investors
Investors said the pricing seemed fair though they added
Hana Bank s 1 billion government guaranteed bond sale last week
offered bigger concessions relative to existing debt while some
were spooked by a 1 5 billion sale from blue chip Hutchison
Whampoa 0013 HK that fizzled in its trading debut
It presents a modest pick up to the current South Korean
sovereign curve so it should be successful but it won t be a
hot issue said Scott Bennett Head of Asian credit for Aberdeen
Asset Management in Singapore
WORST MAY BE OVER
The deal marks a return for South Korea after it scrapped a
1 billion sale of 10 year notes right before the implosion of
Lehman Brothers investment bank last September after the
government could not agree on pricing with investors
A successful sovereign bond sale this time would establish a
fresh pricing benchmark for South Korean debt helping its
companies and banks to tap overseas debt markets for funds as
they battle the worst global financial crisis in decades
South Korea has taken a series of steps since last year to
ease fears of a dollar crunch and cushion the impact of the
global slowdown on its banking system and economy On Tuesday it
said it would extend its government debt guarantee for financial
firms borrowing abroad ID nSEO155641
South Korea has registered with the U S Securities and
Exchange Commission to sell up to 7 billion in debt this year
But it will still be a painful year
Exports continue to slump albeit at a slower pace and South
Korea has officially forecast a 2 percent drop in its economy in
2009 though private analysts expect a bigger contraction as the
global economic crisis is unlikely to ease at least until later
this year
South Korea s last sovereign sale was in November 2006 via
the sale of about 1 billion in a dollar and euro denominated
tranche
Citigroup Credit Suisse Deutsche Bank
Goldman Sachs Merrill Lynch and
Samsung Securities 016360 KS are the lead managers for the
sale the government said in a statement announcing the revival
of the deal It did not give further details |
C | UPDATE 2 German exports fall for fifth month in Feb | Recasts adds details
By Brian Rohan
BERLIN April 8 Reuters German exports fell for a fifth
month running in February and imports slumped signalling the
economic downturn likely worsened for the world s largest
exporter in the first quarter of 2009
Exports fell 0 7 percent on the month preliminary Federal
Statistics Office data showed on Wednesday Revised data also
showed a 7 4 percent fall in January much steeper than the
originally reported 4 4 percent drop
Global trade has really caved in in recent months said
economist Juergen Michels at Citigroup
It looks as though the German recession got worse in the
first quarter The economy should have contracted by around 2 5
percent due to the slump in exports and investment
The data meshed with figures from neighbouring France where
both imports and exports were sharply down on the year
Europe s largest economy enjoyed robust foreign demand for
its engineering products until the economic downturn took hold
last year and sent the export orientated economy sharply into
reverse
Last month the BGA trade association forecast German exports
will fall by up to 15 percent this year
Hamburg based logistics company HHLA said last week it saw
2009 container shipping volumes declining sharply on routes
between Asia and Europe as well as to and from the Baltic
region
For the first time since the container was introduced more
than 40 years ago the global container handling volume appears
likely to decrease said HHLA which ships containers in and
out of Hamburg Europe s second biggest port
Germany s economy shrank 2 1 percent in the final quarter of
2008 and Commerzbank has forecast a contraction of 6 7 percent
this year though that is easily the gloomiest outlook of any
leading bank or think tank
Finance Minister Peer Steinbrueck has also said the
government cannot stand by a forecast for a contraction of only
2 25 percent this year Since World War Two the economy has
never contracted by more than one percent in a single year
Imports fell in February by a steeper than forecast 4 2
percent in seasonally adjusted terms outpacing the fall in
exports and leading to a trade surplus of 8 9 billion euros
11 7 billion for the month
The dip in exports was the smallest since exports started
falling in October and down from a double digit drop reported
in November but analysts found little comfort in that
Hope remains that we are in a bottoming out phase said
Sebastian Wanke from Dekabank
But if you consider the January data things look almost as
bad as economic forecasters fear |
C | WRAPUP 1 Germany France suffer from global trade slump | German exports fall 23 1 percent on the year in February
German industry orders fall by more than expected
French exports sink 20 9 percent y y in February
By Paul Carrel
BERLIN April 8 Reuters German exports fell for a fifth
month running in February and in France exports dropped by more
than a fifth on the year aggravating recessionary pressures in
the euro zone s two biggest economies as global trade slows
sharply
German exports fell by 0 7 percent on the month and figures
for January were revised down to show a 7 4 percent slump
compared to 4 4 percent originally reported Unadjusted exports
dropped by 23 1 percent on the year in February and imports fell
16 4 percent
Adding to the bleak news out of Germany Europe s largest
economy a sharp drop in domestic demand led a
steeper than expected 3 5 percent fall in manufacturing orders
in February Economy Ministry data released on Wednesday showed
The fall in incoming orders in Germany is unprecedented In
just six months since August last year orders are down by 33 3
percent Citigroup economist Juergen Michels wrote in a
research note
We expect a further contraction in GDP in the second
quarter but probably a smaller one than in the first quarter
and forecast some stabilisation of economic activity in the
second half he added
In the final quarter of 2008 GDP contracted by 2 1 percent
and many analysts expect the economy to have shrunk by even more
in the first three months of this year Germany is facing its
deepest recession since World War Two this year
As the world s largest exporter of goods Germany enjoyed
robust foreign demand for its manufactured products until the
economic downturn took hold last year and sent the
export orientated economy sharply into reverse
The domestic economy is now suffering too with retail sales
falling in February and Wednesday s trade data showing imports
fell by 4 2 percent in February
A Reuters poll of economists published on Wednesday pointed
to gross domestic product GDP contracting by 4 4 percent this
year dragged down by falling exports and private consumption
STALLING TRADE
Germany and France accounted for 45 percent of euro zone
exports last year but their businesses are now being hit by the
global economic downturn stemming from the financial crisis
Earlier on Wednesday German carmaker Daimler forecast a
significant drop in revenue in all of its automotive businesses
this year and pushed back its expectations of when the
crisis hit sector may recover
Last month Air France KLM ditched its forecast for an
operating profit in the current financial year as a slump in
trade rocks airlines
In France imports and exports both fell sharply on the year
in February indicating the depth of the economic slowdown
Exports totalled 28 86 billion euros compared with 36 5 billion
euros last year
We re importing less because we re spending less and
companies are investing less said Alexander Law an analyst at
Paris researchers Xerfi
Separately the Bank of France in its latest survey revised
down its first quarter economic forecast saying it expected the
French economy to shrink by 0 8 percent in the period against a
previous prediction for a 0 6 percent contraction
Many independent analysts are predicting French growth will
decline by at least one percentage point in the first quarter
Bank of France Governor Christian Noyer told France s BFM
radio he expected the French economy to stabilise by year end
and to grow from early 2010
In Germany a study by state owned bank KfW and the Ifo
economic institute showed morale among small and mid sized firms
the so called Mittelstand hit a record low in March
Additional reporting by Jan Strupczewski in Brussels Editing
by Andy Bruce |
C | TABLE Breakdown of forecasts for China Q1 March data | BEIJING April 9 Reuters China s annual economic growth
probably slowed to 6 3 percent in the first three months of the
year the slowest quarterly pace on record according to a
Reuters poll
For a story double click on ID nPEK325406
Following are the detailed forecasts of 24 banks and
brokerages for Q1 GDP as well as the consumer price index
producer price index urban fixed asset investment industrial
output and retail sales for March
Percent change from a year earlier
Institution GDP CPI PPI FAI IO
RS
China Construction Bank 6 5 0 6 2 5 26 0 3 5
13 9
China Securities 6 2 1 0 5 5 27 8 5 8
15 5
CICC 6 2 1 0 6 3 26 5 6 5
14 6
CITIC Securities 6 7 1 7 6 5 26 0 6 8
14 5
Citigroup 0 9 4 2 27 0 6 0
15 5
Deutsche Bank 1 2 8 0 26 2 6 0
15 1
Essence Securities 6 6 1 2 5 8 27 0 7 0
14 5
Fortune Trust 6 5 1 0 5 5 26 7 7 0
14 7
Galaxy Asset Management 6 5 1 0 5 0 25 0 5 0
14 2
Galaxy Securities 6 9 1 2 4 8 27 2 5 2
15 4
Goldman Sachs 5 9 1 4 5 4 27 6 3 6
14 0
Guotai Junan Securities 6 5 1 0 4 3 23 0 4 5
16 0
Hang Seng 6 0 1 3 26 5 6 0
15 0
Industrial Bank 6 9 1 6 6 8 27 5 9 0
13 0
ING 6 3 1 0 6 0 26 0 7 5
17 2
Merrill Lynch 5 7 1 5 6 2 27 0 6 5
14 2
Moody s Economy com 5 8 1 5 5 5 25 8 1 2
14 3
Nomura 6 8 1 2 5 1 26 0 6 5
10 0
Orient Securities 6 0 1 0 5 9 26 1 4 0
13 8
Royal Bank of Scotland 1 0 5 0 26 0 7 0
11 0
Shanghai Securities 6 5 1 5 5 0 25 0 2 0
14 0
Shenyin Wanguo Securities 6 0 1 7 6 4 26 7 6 0
14 6
Southwest Securities 5 9 0 9 4 0 27 5 5 5
13 5
UBS Securities 5 8 1 2 6 0 27 0 6 5
15 0
Median 6 3 1 2 5 5 26 5 6 0
14 5
Minimum 5 7 1 7 8 0 23 0 1 2
10 0
Maximum 6 9 0 6 2 5 27 8 9 0
17 2
Not available
Fixed asset investment in urban areas year to date
Reporting by Beijing Economics Team Editing by Ken Wills |
C | FOREX Euro slides in holiday trade ECB next move eyed | Euro hits lowest in almost a month vs dollar
Dented by view ECB edging closer to unconventional easing
Many major financial centres shut for Easter weekend
By Charlotte Cooper
TOKYO April 10 Reuters The euro slipped to its lowest in
almost a month against the dollar on Friday dented by holiday
trade and views that the European Central Bank may be edging
closer to unconventional easing while the greenback lost early
buoyancy against the yen
With the United States and much of Asia and Europe on
holiday traders said the euro had been pressured by closing of
long positions ahead of the long weekend
ECB President Jean Claude Trichet said on Thursday the ECB
still had some leeway to cut its main interest rate from its
record low of 1 25 percent
He repeated it would lay out plans for possible
unconventional monetary policy measures at its next meeting in
May He did not give details but another ECB official said
buying debt could ease credit availability
The market has been watching for signs the ECB will take
unconventional steps to improve credit after similar moves by the
Federal Reserve and other major central banks to keep longer term
interest rates down and help lift their economies from recession
Speculation on the ECB s further rate cuts and the
possibility of its adopting quantitative easing are weighing on
the euro prompting investors to take profits on its recent
gains said Akira Takeuchi a manager at Chuo Mitsui Trust and
Banking
As investors have grown more confident in recent weeks and
stock markets have rallied the euro and higher yielding
currencies such as the Australian dollar have risen too only to
retreat when investor confidence ebbs
The euro or yen crosses seem to be breaking from the
rising pattern with stock gains That may suggest a new trading
theme is emerging said Minoru Shioiri chief manager of FX
trading at Mitsubishi UFJ Securities
But it s hard to tell at this point because the move could
be just a temporary blip in a holiday thinned market
The euro fell 0 2 percent to 1 3138 after dipping as low as
1 3090 a level not seen since mid March when the Fed shocked
markets by announcing it would start large scale buying of
long term government debt and sent the dollar down sharply
Against the yen the euro slipped 0 2 percent to 131 85 after
hitting its highest in almost six months on Monday at 137 42
STOCKS RALLY
The dollar gained 0 8 percent against the yen on Thursday
buoyed by a rally in U S stocks following positive earnings
guidance from U S bank Wells Fargo
Wall Street indexes rose between 3 and 4 percent after Wells
Fargo said it expected to report a record quarterly profit in an
encouraging sign for the troubled banking sector which has been
at the heart of the global financial crisis
The greenback initially extended those gains in early Asian
trade on expected demand from Japanese companies at the Tokyo
fixing at 0100 GMT traders said
But with the fixing out of the way it drifted down to lose
0 1 percent on the day at 100 36 yen
It hit its highest in six months at 101 45 yen early in the
week but then faced a bout of profit taking ahead of the long
weekend and the onset of quarterly earnings
The yen which has slid in recent weeks as rising investor
confidence has seen it sold in part to fund short term yield
plays was steady against the Australian and New Zealand dollars
Financial shares will be a market focus next week as several
large U S banks report quarterly earnings such as Goldman Sachs
JPMorgan Chase Co and Citigroup Inc
The market has already priced in to some extent some
positive news in earnings next week So the market may react more
to negative surprises said Takeuchi at Chuo Mitsui Trust and
Banking Co
The U S Treasury has asked banks not to mention regulatory
stress tests designed to determine their capital needs under
adverse economic conditions when they report their results a
source said on Friday
The results are expected to be released at the end of April
Fed policy makers warned that the U S economy would skid
more deeply into recession in the coming months but said it was
time to start planning how to wind down spending to avert an
inflationary surge
The number of U S workers filing new claims for unemployment
benefit fell last week but was still at levels indicating
contraction in the labour market has yet to hit bottom
Additional reporting by Kaori Kaneko and Satomi Noguchi
Editing by Michael Watson |
WMB | Exclusive Former Starboard executive pushes for sale of Mobile Mini sources | By Greg Roumeliotis Reuters The Donerail Group an investment firm led by former activist hedge fund Starboard Value LP executive William Wyatt has built a stake in Mobile Mini Inc O MINI and is pushing the world s largest provider of portable storage solutions to explore a sale people familiar with the matter said on Wednesday The position Donerail s first major investment comes at a time of leadership changes at Phoenix Arizona based Mobile Mini which announced in May that CEO Erik Olsson will become chairman in October He will be succeeded at the helm by the President and Chief Operating Officer Kelly Williams NYSE WMB Donerail has asked Mobile Mini to explore strategic alternatives including a potential sale given the fragmented nature of the portable storage sector the sources said requesting anonymity because the matter is confidential It was not clear how Mobile Mini plans to respond Mobile Mini did not immediately respond to a request for comment Donerail which was launched by Wyatt last year declined to comment Mobile Mini shares rose 5 3 to 34 90 on the news giving the company a market capitalization of close to 1 6 billion The company also had a debt pile of 900 million as of the end of June Mobile Mini has a rental fleet of about 198 000 storage containers and office units as well 12 700 liquid and solid containment units and pumps that it also rents out The company has 155 locations in the United States Britain and Canada Mobile Mini s shares have lost 17 of their value in the last 12 months The company s most recent quarterly earnings call in July said the business has been pressured by uncertainty fueled by Britain s protracted negotiations to cease membership in the European Union Mergers and acquisitions in the storage sector have been on the rise Last year WillScot Corp another U S warehousing and storage services company acquired Modular Space Holdings Inc a provider of office trailers portable storage units and modular buildings for 1 2 billion |
WMB | A bit more celebrating then back to work says Andreescu | By Steve Keating
TORONTO Reuters U S Open champion Bianca Andreescu returned to her hometown a conquering hero on Wednesday with a little more celebrating to do before getting back to work and setting new goals such as staying injury free
Looking weary after a whirlwind media tour of New York Andreescu said she was running on adrenaline after her shock straight sets win over 23 times Grand Slam champion Serena Williams NYSE WMB in the final of the U S Open on Saturday
The celebrations are expected to become a regular thing for Andreescu who pundits predict will soon climb to number one in the world rankings and win many more Grand Slams
The future seems impossibly bright for the 19 year old Canadian but her meteoric rise has not come without challenges particularly with injuries which at one point threatened to derail her breakthrough season
If I m healthy then I think I can do even bigger things in this sport Andreescu told reporters One of an athlete s biggest enemies I think is being injured
I think the main goal right now is to stay as healthy as I can because I ve been injured quite a bit in my short career
Not yet out of her teens Andreescu has already spent a good chunk of her young career battling back leg and shoulder issues that caused her to miss a big chunk of the claycourt campaign and all of the of the grasscourt season including Wimbledon
But on the North American hardcourts Andreescu looked invincible
She beat Williams in the final of the Rogers Cup in August to become the first Canadian to win the national title in 50 years then staged a remarkable run to the trophy in Flushing Meadows
Having won her first Grand Slam two of the WTA Tour s elite events in Toronto and Indian Wells and shot to number five in the world rankings Andreescu has had to do a quick reset of her goals having already far exceeded her targets for 2019
Now she is focused on qualifying for season ending WTA Tour finals climbing further up the rankings and representing Canada at the 2020 Tokyo Olympics
I have pretty big expectations for myself said Andreescu I kind of have an idea I want to do well in my next couple of tournaments in Asia to hopefully qualify for the WTA Tour finals in China and crack the top three
I ve accomplished a lot this past year and I feel I can do even more now I actually believe I can do more after all of this success so I am going to keep striving and hopefully win many more Grand Slams
I have been thinking about playing the Olympics for a couple of years I think it is a very special event
Before all that Andreescu will bask in the glow of her U S Open triumph just a little bit longer
She plans to celebrate a bit more with her hometown friends but is also looking forward to sleeping in her own bed
I ve been getting more recognized than usual said Andreescu who was ranked an anonymous 178th in the world at the end of last season It s been hectic
I am definitely going to celebrate with some of my friends but it is time to move on after all this media stuff
Today I will celebrate a little bit but I am focused on what s to come |
WMB | Jamaica name Williams in Doha team despite positive dope test | By Kayon Raynor
KINGSTON Jamaica Reuters Briana Williams NYSE WMB was named in Jamaica s team for the world athletics championships in Doha on Wednesday despite facing a hearing into a positive doping test
The inclusion of the world under 20 double sprint champion in Jamaica s 55 member squad is contingent on the outcome of her disciplinary hearing which is set for Sept 23 25 in Kingston
We have entered Briana Williams in the 100m and the 4x100 relay subject of course to clearance Lincoln Eatmon the second vice president of the Jamaica Athletics AdministrativeAssociation JAAA told a news conference in Kingston
Jonielle Smith is the reserve for the 100m and is a part of the 4x100 relay pool he added
Double Olympic champion Elaine Thompson and three times 100m world champion Shelly Ann Fraser Pryce who are both set to contest the 100m 200m and sprint relay headline Jamaica s team for the global championships which get underway on Sept 27
With Danielle Williams winning the 100m hurdles Diamond Trophy to secure a wildcard entry to the world championships the JAAA has named four athletes to contest the sprint hurdles with Janeek Brown Megan Tapper and Yanique Thompson completing the lineup
Akeem Bloomfield who only contested the 200m at the Jamaican trials in June but finished third in the 400m final at the IAAF Diamond League meeting in Brussels in a time of 44 67 seconds will contest one lap event in Doha
Diamond League finalist Nathon Allen who also missed the trials due to illness has been named as a reserve for the 400m
Yohan Blake 100m world Champion in 2011 and Omar Mcleod the defending sprint hurdles champion headline the men s team which also includes Commonwealth discus champion Fedrick Dacres |
WMB | Jets down Darnold draw testy Browns in primetime | The New York Jets will look to avoid an 0 2 start when they go to battle without Sam Darnold The quarterback is sidelined indefinitely due to mononucleosis and the Jets will start Trevor Siemian when they host the Cleveland Browns on Monday night Darnold was losing weight and lacking energy so the team ran some tests that detected the illness Jets coach Adam Gase offensive coordinator Dowell Loggains and a team trainer informed Darnold late Wednesday night that he couldn t play against Cleveland 0 1 Gase said during a Thursday press conference of how Darnold reacted Not well He wasn t real happy about it He knew something was up when Dowell and myself showed up I just wanted to make sure it was delivered right and I figured I could be the bearer of bad news on this one Darnold passed for just 175 yards with one touchdown in a season opening 17 16 loss to the Buffalo Bills Gase said Darnold was not ill during that game Siemian who was signed in the offseason as a free agent started 24 games for the Denver Broncos over a two season span 2016 17 so he is no stranger when it comes to leading a team He has passed for 5 686 yards and 30 touchdowns against 24 interceptions Luke Falk was promoted from the practice squad to be the backup I look at it like this It starts with me and my attitude Gase said What s our attitude going to be The sky is falling Or is it this is a challenge we re going to embrace Guys just getting tighter in the locker room and everybody coming together and doing their job as well as they can to help us win I think we re going to look back at this and this is going to be a good thing for us I think it s going to bring that locker room even tighter The Darnold development was an untimely one for the Jets as they prepare to play an angry Cleveland team that was pummeled 43 13 by the Tennessee Titans in its opener The QB s illness seems to be a good break for the Browns but coach Freddie Kitchens insists it will have no effect on the squad s defensive game strategy We re going to be focused on our preparation during the week the same as we would have been before Kitchens told reporters at a press conference on Thursday We re going to try to get after the quarterback just like we did before We try to affect the quarterback every way we can through coverage through pressure Nothing changes What Kitchens hopes will change is the play as much hyped Cleveland didn t look like an improved club against the Titans The Browns were outscored 31 7 in the second half of a game in which they committed 18 penalties and second year quarterback Baker Mayfield threw three interceptions Everybody s going to throw us in the trash and I think that s good Mayfield told reporters I know what type of men we have in this locker room and quite frankly I don t really give a damn what happens on the outside I know how we re going to react I know what we re going to do and how we re going to bounce back Offseason acquisition Odell Beckham Jr had seven receptions for 71 yards in his team debut Standout defensive end Myles Garrett got off to a good start by recording two of the team s four sacks Running back Le Veon Bell had 60 yards on 17 carries in his New York debut but banged up a shoulder and was slated to undergo an MRI exam Linebacker C J Mosley groin safety Jamal Adams hip and defensive tackle Quinnen Williams NYSE WMB ankle are also battling ailments
Cleveland defeated the Jets 21 17 last season to halt a five game losing streak in the series Field Level Media |
WMB | Alarm Bells Darnold out Bell hurt as Jets prep for Browns | Quarterback Sam Darnold is out indefinitely with mono and will not play Monday when the New York Jets host the Cleveland Browns But that s only the beginning of the bad news spreading for New York
Darnold could wind up missing more than just one game coach Adam Gase said and has already lost weight The Jets play the New England Patriots in Week 3 before a bye the following week
14 Darnold has mono and will be out for this game Gase said in a dismal toned press conference Thursday morning So Trevor Siemian will be starting Luke Falk will be elevated from the practice squad at some point and be the backup So that will be that
Le Veon Bell played his first NFL game in 20 months last week and the running back appeared to hold up fine Gase said Bell would not practice Thursday because of a sore shoulder and ESPN s Adam Schefter reported Bell was scheduled for an MRI exam ESPN s Jeremy Fowler reported Thursday afternoon the exam was mostly precautionary and didn t show any major damage or tears
Also not practicing are inside linebacker C J Mosley who injured his groin in Sunday s loss to the Buffalo Bills and safety Jamal Adams hip Defensive lineman Quinnen Williams NYSE WMB ankle was also listed as not practicing for the Jets although his injury is not considered serious
Field Level Media |
WMB | OBJ Jets DC Williams promotes cheap shots | Cleveland Browns wide receiver Odell Beckham Jr on Thursday accused New York Jets defensive coordinator Gregg Williams NYSE WMB of encouraging dirty hits and said the coach s tactics cost him much of the 2017 season
Beckham injured his ankle in a 2017 preseason game against the Browns whose defense was coached by Williams The receiver then with the New York Giants eventually broke the ankle and missed 12 games that year
I had players on this team telling me that s what he was telling them to do take me out of the game and it s preseason Beckham told reporters So you just know who he is That s the man who s calling the plays
I had people who were here when he was here telling them If you get a chance take a shot at him If you can hurt him I guarantee he s going to leave the game hurt and stuff like that It s fine It s football in a sense But we re all men out there so there s no need for doing any of that kind of stuff
In the preseason game two years ago Beckham sprained his ankle after being undercut by Browns cornerback Briean Boddy Calhoun who drove his shoulder and helmet into the star receiver s left leg The receiver said he tried to return from that injury too soon and ultimately broke his ankle sidelining him for the season
I came back too early for my team he said I gave them all I had even though I know I was three weeks out I probably came back three weeks too early because the Giants lost the first game of the season last year and I felt the pressure to be able to come out there and do what I can to help the team I just came back too early
If God hadn t blessed me the way that I am I probably would ve blown out my knee in that preseason game And that high ankle sprain led to the broken ankle on the left which led to compensation in many different areas It was kinda like a little spiral So it s something that I never forget It changed my life forever
The men s paths will cross Monday night when the Browns play the Jets in East Rutherford N J
Just gotta watch out for the cheap shots and the dirty hits and all of the things that he likes to teach Beckham said
The NFL suspended Williams for one season for his role in the infamous Bountygate scandal in which the New Orleans Saints were found to have operated a bounty system from 2009 11 whereby players were paid bonuses for hard hits and deliberately injuring players Williams was New Orleans defensive coordinator at the time
Field Level Media |
WMB | Osaka sacks her second coach of 2019 | Reuters Twice Grand Slam champion Naomi Osaka has sacked her second coach in seven months splitting with Jermaine Jenkins in the wake of her disappointing U S Open title defense
Jenkins a long time hitting partner of Venus Williams NYSE WMB replaced Sascha Bajin in February weeks after Osaka s Australian Open triumph
I m super grateful for the time we spent together and the things I learned on and off the court but I feel like now is an appropriate time for change the Japanese 21 year old wrote on Twitter
Appreciate you forever warmed by you Thank you for everything it was a blast
Top seed at Flushing Meadows former world number one Osaka struggled with a knee problem before being upset by 13th seed Belinda Bencic in straight sets in the fourth round
It continued a difficult season for the power hitter since her second Grand Slam title at Melbourne Park with early exits at the French Open and Wimbledon
The Australian Open win made her Asia s first world number one and the first player of any nation to claim the first two Grand Slam titles back to back since Jennifer Capriati in 2001
However the top ranking and the attention that goes with it proved a heavy burden she admitted after a tearful first round exit from the Dubai Duty Free Tennis Championships in February
Australian Ash Barty later took the number one spot in the leadup to Wimbledon where Osaka crashed out of the first round saying the fun had gone out of her game
As Barty faltered during the North American hardcourt season Osaka reclaimed the top ranking in the leadup to the U S Open despite tepid form in Cincinnati and Toronto
Her early exit from New York has seen her ranking slide to four behind world number one Barty Karolina Pliskova and Elina Svitolina |
WMB | U S Open winner Andreescu among trio pulling out of Pan Pacific Open | Reuters U S Open champion Bianca Andreescu has withdrawn from next week s Pan Pacific Open in Osaka with a right leg injury the 19 year old Canadian said on Friday
World number five Andreescu was joined in pulling out of the tournament by French Open finalist Marketa Vondrousova who is battling a left wrist injury and Flushing Meadows semi finalist Belinda Bencic who has a left foot problem
I m sorry to have to miss the Toray Pan Pacific Open this year Andreescu who claimed her maiden Grand Slam by defeating Serena Williams NYSE WMB in the U S Open final last week in New York told the WTA website
I know it s the biggest women s tennis event in Japan and one I look forward to playing in future Hope to see you all soon
As a result of the pullouts American Alison Riske Kazakhstan s Yulia Putintseva and Puerto Rico s Monica Puig will move into the main draw of the Sept 16 22 tournament |
C | UPDATE 1 Euro zone trade gap widens in Jan as exports sink | Adds details analysts comments
By Bate Felix
BRUSSELS March 23 Reuters The euro zone had a wider
than expected trade deficit in January as seasonally adjusted
exports sank more than 10 percent from December setting the
currency area on course for a sharp drop in first quarter GDP
The unadjusted trade deficit in the 16 countries using the
euro in January was 10 5 billion euros 14 4 billion against a
downwardly revised gap of 1 7 billion euros in December the
Eurostat European Union statistics office said on Monday
Economists polled by Reuters had on average expected a
January trade deficit of 9 billion euros
Seasonally adjusted exports fell 10 7 percent and imports by
7 3 percent in January compared with December 2008
On an unadjusted basis imports sank 23 percent in January
year on year while exports plunged 24 percent Eurostat said
The 10 7 percent fall in month on month exports is pretty
dire We knew it was going to be weak but that really is
scary said Capital Economics analyst Ben May adding that the
figures could mean a sharp fall in first quarter GDP
Economists have blamed falling imports on shrinking domestic
demand as the euro zone sinks deeper into its first recession
Declining exports are seen as a result of falling demand caused
by the global slowdown
The euro zone s trade deficit last year with oil exporter
Russia widened to 35 5 billion euros from 30 8 billion euros in
2007 the data showed Against China it expanded to 117 8
billion euros from 2007 s 111 0 billion
The trade surplus against the euro zone s biggest trading
partner Britain fell to 55 4 billion euros in 2008 from 60 2
billion euros in 2007 while that with the United States dropped
to 49 3 billion euros from 63 4 billion
Overall the trade balance is worsening And it s getting to
a level which is fairly close or probably worse than it has ever
been since the introduction of the euro so since 1999 said
Giada Giani economist at Citigroup
Editing by Dale Hudson |
C | TOPWRAP 3 Obama demands G20 action UK s Brown touts for support | Obama calls for G20 to agree on more action
UK s Brown on tour to drum up support meets banks
Euro zone activity edges up UK inflation stubborn
Europe stocks flat following U S toxic debt plan
For more on the financial crisis click on
By Madeline Chambers and Steve Slater
BERLIN LONDON March 24 Reuters U S President Barack
Obama urged fellow leaders on Tuesday to agree swift action at a
G20 summit next week and Britain s Gordon Brown embarked on a
tour seeking international consensus to spur global recovery
A day after Washington unveiled a plan to soak up toxic
assets plaguing credit markets Obama called in an article for
German newspaper Die Welt for agreement on measures at the April
2 meeting in London to revive growth
First we must take quick measures to stimulate growth
Obama wrote according to the translation of his comments
Economic data suggested some loosening of the stranglehold
the worst financial crisis since the 1930s has exerted on the
world economy But few experts forecast an upturn soon
Markit s Flash Eurozone Purchasing Managers Index for the
euro zone s dominant service sector rose to 40 1 in March still
well below the 50 mark where growth begins but above February s
39 2 and considerably above expectations
In Britain consumer price inflation rose unexpectedly to
3 2 percent year on year in February defying expectations that
deflation would take a grip
But policymakers warned of a sharper economic contraction in
the first quarter than the last three months of 2008 when the
euro zone and Britain both shrank by 1 5 percent on the quarter
Asked about the outlook in Europe and the United States
Bank of England Governor Mervyn King told a parliamentary
committee In the short run it s not bright because the first
quarter looks as if it could be even more of a downturn than the
fourth quarter of last year
In Prague Chicago Federal Reserve President Charles Evans
said the U S economy was set for a severe contraction in the
first quarter but should start growing by the year end
BROWN MEETS BANKS GOES ON TOUR
Britain s Brown starts a diplomatic offensive on Tuesday to
win support for his plans to reverse world recession before he
hosts the G20 summit which investors are looking to for concrete
policy plans
He will give a speech at the European Parliament in
Strasbourg before flying to New York for a meeting with U N
Secretary General Ban Ki moon and then to Latin America for
talks in Brazil and Chile
Brown said the summit would come out with a proposal to
provide credit for international trade according to an
interview run in several newspapers on Tuesday
Relaunching commerce is essential in this phase For all
but particularly for developing countries he was quoted as
saying in Italy s Il Sole 24 Ore
Before embarking on his travels Brown met the chiefs of 13
major banks for talks about capital adequacy regulatory reform
and economic measures after upbeat comments from Deutsche Bank
and Credit Suisse
Deutsche Bank will return to profit this year if the global
economy financial markets and regulatory environment develop as
expected its chief executive said
Switzerland s Credit Suisse said 2009 had started well
matching recent guidance from Citigroup HSBC and others and
that it would ask shareholders for the option to raise capital
for acquisitions
U S EUROPE AT ODDS
The United States and Europe have been at odds over whether
more spending was needed on top of what governments have already
adopted to pull out of recession with many Europeans arguing
the stress should now shift to strengthening market regulation
Obama said it was too early to close the fiscal taps If
the London summit contributes towards immediately initiating
joint measures we can smooth the path for a secure recovery and
prevent future crises he wrote
He will hold a news conference later on Tuesday to explain
his economic strategy to a recession weary public
Emphasising the trans Atlantic gap French Economy Minister
Christine Lagarde emphasised the need for more coordinated
regulation
We need coordination at all levels no loopholes no
black holes she told a financial conference in Prague in a
taped video message
U S Treasury Secretary Timothy Geithner on Monday detailed
a raft of incentives for private investors to buy up to as much
as 1 trillion of troubled assets that have strangled global
debt markets and pushed the world economy into recession
Relief that the details of a long awaited scheme were
finally out and hopes it will attract enough buyers to unclog
credit markets spurred a stellar rally on Wall Street
But European shares failed to follow suit just edging
higher after the euro zone and UK data pointed to mounting job
losses and stubborn inflation
Some analysts wondered whether the U S scheme would reach a
critical mass and said Obama s administration would have no
choice but to ask lawmakers for more money at a time when the
U S public is growing increasingly wary of underwriting further
bail out efforts
Writing by Mike Peacock editing by Stephen Nisbet |
C | TOPWRAP 5 Obama seeks G20 action abroad new powers at home | Obama asks G20 to stimulate world economy
U S Treasury wants power to intervene in failing firms
Britain s Brown on tour to promote recovery plan
U S stocks sag a day after 7 pct rally
For more on the financial crisis double click nCRISIS
By Daniel Trotta
NEW YORK March 24 Reuters U S President Barack Obama
sought swift action from G20 leaders on stimulating the
economy abroad and new powers to wind down failing financial
firms at home on Tuesday a day after markets cheered his plan
to soak up toxic assets weighing down the banks
With the Group of 20 leaders and finance ministers
preparing to meet in London on April 2 Obama called for the
world s leading economies to enact robust stimulus spending
repair credit markets and extend aid to poor countries
My message is clear The United States is ready to lead
and we call upon our partners to join us with a sense of
urgency and common purpose Obama said in an article published
in newspapers around the world
The United States and Europe have differed over whether
more spending was needed on top of the trillions of dollars
governments have already pledged with many Europeans arguing
the priority was to strengthen market regulation
The European Commission warned member states to control
ballooning budget deficits that threaten established limits
ID nLO955320 Economists debated whether Europe needed more
stimulus and how fast it should be rolled out ID nLO68691
On the interest rate front European Central Bank Governing
Council member Erkki Liikanen said the ECB had additional room
for maneuver on all important policy rates ID nLO85011
Asian powers were acting to bolster their economies South
Korea vowed to spend nearly 13 billion extra to shield Asia s
fourth largest economy from an almost certain recession and
Japan s central bank governor urged banks to improve their
capital bases ID nSEO53508 ID nT316154
GEITHNER BERNANKE BEFORE CONGRESS
Obama s treasury secretary Timothy Geithner told an angry
Congress that he needs authority to step in to shut down
troubled institutions like American International Group
to avoid future government bailouts ID nN24335995
AIG highlights the urgent need for new resolution
procedures for systemically important nonbank financial firms
Fed Chairman Ben Bernanke said in support of the measure
ID nN23260113
But the Republican opposition immediately labeled it a
White House abuse of authority ID nN24344813
This is an unprecedented grab of power and before that
occurs there ought to be a real debate about whether we should
give that authority to the Treasury Secretary House Minority
Leader John Boehner said
U S stocks N were down slightly after Monday s seven
percent rally and the MSCI World index was
flat European shares closed 0 2 percent higher after
Japan s main share index gained 3 3 percent Oil fell
below 53 ID nSP459944
BROWN ON TOUR
British Prime Minister Gordon Brown launched his own
diplomatic offensive to win support for his plans to help pull
the world out of its worst financial crisis since the 1930s
ID nLN81627
Before embarking on his travels to Europe New York and
Latin America Brown met the chiefs of 13 major banks for talks
about capital adequacy regulatory reform and economic
measures after upbeat comments from Deutsche Bank and Credit
Suisse ID nLO937482
Deutsche Bank s CEO said the bank will return to
profit this year if the global economy financial markets and
regulatory environment develop as expected ID nLO206203
Switzerland s Credit Suisse said 2009 had started
well matching recent guidance from Citigroup HSBC
and others and that it would ask shareholders for the
option to raise capital for acquisitions ID nLN484738
Reporting by Reuters bureaus around the world |
C | Panel recommends sweeping changes to IMF | By Lesley Wroughton
WASHINGTON March 25 Reuters A panel led by South
African Finance Minister Trevor Manuel on Wednesday recommended
sweeping changes on how the International Monetary Fund is run
and proposed a new council of ministers to coordinate and take
key decisions on policies that affect the global economy
The eight member panel appointed by IMF Managing Director
Dominique Strauss Kahn last year to look into ways to make the
IMF more effective as the main overseer of the global financial
system said the IMF s advice had lost traction and influence
The current global financial crisis has highlighted the
need for a strong mulitlateral institution at the center of the
global financial system the panel added
The institution requires a strong and respected voice
human and financial resources appropriate for its mission and
it must be accountable to its members it said in a report
published on Wednesday
The panel included Michel Camdessus former IMF managing
director Robert Rubin former U S treasury secretary and
former Citigroup senior counselor Mohamed El Erian co chief
executive of Pimco Sri Mulyani Indrawati Indonesian finance
minister Guillermo Ortiz Mexico s central bank governor and
Amartya Sen a Harvard University professor
The panel said the proposed council of ministers would
provide a more direct political voice to the Fund s decisions
and should be made up of finance ministers or officials with a
high level of authority to take decisions related to the
economy
The panel did not give details on how big the council
should be but some IMF officials have suggested its make up
and size should be similar to the Group of 20 made up of
developed and developing nations
It also said the council was a way to give emerging market
economies a greater say in the IMF and recommended accelerating
the process for reviewing voting power in the Fund as well as
reconfiguring chairs on the IMF board which is dominated by
Europeans
The panel said major economic powers such as the United
States Japan and European countries had preferred to resolve
the world s monetary and financial issues in smaller
international fora which had diminished commitment to
multilateral solutions
The panel suggested the reform measures should be agreed as
part of a single package and include other changes such as
Expanding the IMF s surveillance mandate beyond exchange
rate policies to give it greater oversight of broader economic
and financial issues affecting the world economy
Introducing a new transparent and merit based system for
appointing the head of the institution which has always been a
European
Lowering the voting threshhold on critical decisions from
85 percent to 70 75 percent and extending double majorities to
a wider range of decisions ensuring that a majority of members
can have a say
Elevating the executive board s function from day to day
overseer to a more supervisory role
Reporting by Lesley Wroughton |
WMB | Nadal and Williams headline party for all ages at U S Open | By Steve Keating
NEW YORK Reuters There will be something for every age at the U S Open this weekend with golden oldies Rafa Nadal and Serena Williams NYSE WMB looking for more U S Open Grand Slam glory and Daniil Medvedev and teenager Bianca Andreescu poised to usher in a new era
Nadal booked his place in a fifth U S Open final in familiar fashion on Saturday out muscling big hitting Italian Matteo Berrettini 7 6 6 6 4 6 1 to set up an intriguing Sunday showdown against Russian villain Medvedev who seems to have as many weapons in his tennis arsenal as personalities
With Roger Federer and Novak Djokovic having been shown the Flushing Meadows exit Nadal is the last member of the Big Three still standing so it will be up to the Spaniard to extend the old guard s run of 11 consecutive Grand Slam wins
A fourth U S Open title would also give the 33 year old Spaniard 19 Grand Slams moving him to within one of matching Federer s record of 20
I just focus on trying to be 100 ready for it said Nadal who will be contesting his 27th Grand Slam final When I arrived here my goal was to produce a chance to compete for the big thing again Here I am
I give myself another chance as I did in Wimbledon as I did in Australia as I did in Roland Garros
You win you lose That s part of all the sport
I would love to be the one who achieve more Grand Slams but I still sleep very well without being the one who have more Grand Slams
In Medvedev who will be appearing in his fourth consecutive final Nadal will face the hottest player in the men s game and perhaps one of the most complex
The 23 year old Russian who admits to sometimes being unable to control his inner demons when on court has embraced the role of U S Open villain smashing racquets and giving the crowd the middle finger
But in a Jekyll and Hyde type switch Medvedev on Saturday turned into a soft spoken apologist
I will not say that I m a kind person or a good person I can only say I m a really calm person in life said Medvedev who has picked up 19 000 in fines for his antics I actually have no idea why the demons go out when I play tennis
I m not proud of what I did I m working to never do it again
As unpredictable as Medvedev can be Nadal is a man of routine from the exact placing of water bottles to a twitchy pre serve ritual
Opponents and fans both know what they will get from the Spaniard each and every time he steps on court relentless effort and refusal to surrender
Medvedev will certainly be needing a better effort than the one he showed at the Rogers Cup final in Montreal in August when the Spaniard swept past him 6 3 6 0
Talking about Rafa it s tough to find words said Medvedev He s one of the greatest champions in the history of our sport He s just a machine a beast on the court
The same could be said about Williams who has shown devastating form in getting to her 10th U S Open final
Before Nadal and Medvedev take center stage on Sunday the women will have their day on Saturday with 37 year old Williams needing a win over 19 year old sensation Andreescu to snatch a record equaling 24th career Grand Slam singles title |
C | UPDATE 1 Euro zone industry orders log record fall in Jan | Updates with analysts comments
By Marcin Grajewski
BRUSSELS March 27 Reuters Factories in the euro zone
saw demand shrink by over a third in January from a year
earlier the biggest ever such drop data showed on Friday
Industrial new orders in the 16 countries using the euro
fell 3 4 percent month on month in January for a 34 1 percent
annual decline the steepest fall since measurements started in
1996 European Union statistics office Eurostat said
Economists polled by Reuters had expected an annual decline
of 28 7 percent
Eurostat also revised down December order figures to 8 0
percent on the month and 23 8 percent year on year from
previous readings of 5 2 percent and 22 3 respectively
The data pointed to deep recession in the currency area as
the world struggles with the worst financial crisis in decades
Car makers and other industries face stoppages and governments
are launching aid programmes
The outlook continues to remain very grim for the first
quarter and probably the second quarter as well There are no
signs whatsoever of an improvement in real activity said Giada
Giani analyst at Citigroup
Demand fell for all categories of goods although producers
of non durable consumer goods suffered the least Eurostat said
Germany the euro zone s largest economy saw the heftiest
orders decline in the currency area by 7 6 percent
month on month and 37 7 percent annually
In France the second biggest economy in the bloc they fell
by 1 4 percent from December and 30 9 percent from a year ago
But the data offered some hope for Ireland which has been
hit especially hard by the crisis in the euro zone showing a
16 6 percent increase in orders month on month for a 7 2 percent
annual gain
ECB MEETING LOOMS
The figures strengthened expectations that the European
Central Bank would cut interest rates once more at its meeting
next week after it cut borrowing costs to an all time low of
1 5 percent
Plunging industrial orders in January reinforces fears that
Eurozone GDP will contract in the first quarter of 2009 by even
more than the 1 5 percent quarter on quarter drop seen in the
fourth quarter of 2008 said Howard Archer chief European
economist at IHS Global Insight
Consequently there is intense pressure on the ECB to cut
interest rates further at its April 2 policy meeting and we
expect the bank to deliver another 50 basis points reduction
from 1 50 percent to 1 00 percent he added
Eurostat said orders excluding volatile transport equipment
motor vehicles ships trains and planes dropped by 3 3
percent on the month and 34 1 percent year on year
The figures for capital goods plunged 4 4 percent from the
previous month and 39 7 percent in annual terms For durable
consumer products orders fell by 1 1 percent and 25 7 percent
respectively
Non durable consumer goods declined 2 3 percent on the month
and 10 6 percent year on year
Eurostat also said that in the wider 27 nation European
Union industrial new orders fell by 2 2 percent month on month
and 30 7 percent annually
Writing by Marcin Grajewski editing by Mike Peacock |
C | TOPWRAP 5 Hints of hope amid gloom as G20 leaders gather | Euro zone UK purchasing managers indexes stabilize
Obama plays down G20 differences with France Germany
U S euro zone job losses worse than expected
Japanese business confidence hits record low
Stocks rise globally Dow up 1 percent
By Brian Moss and Nigel Davies
NEW YORK LONDON April 1 Reuters The global economy
showed more signs of weakness but there were hints of hope as
leaders of rich and emerging nations gathered in London on
Wednesday for crisis talks
Data from purchasing managers indexes showed U S euro
zone and British manufacturing inched away from February s lows
but remained in negative territory A U S index of pending
home sales rose more than expected
The numbers hinted at improvement but still pointed to
further sharp contraction for European economies and leaders
of the Group of 20 G20 nations had plenty of other evidence
of the worst downturn since the 1930s
U S President Barack Obama said there was enormous
consensus among the world s largest developed and emerging
economies on plans to haul the world out of the deepest
recession since the 1930s
The core notion that government has to take some steps to
deal with a contracting global market place and that we should
be promoting growth that s not in dispute Obama told a
news conference
He spoke after French President Nicholas Sarkozy said he
would not go along with false compromises and won support
from German Chancellor Angela Merkel
HOPE
There are a few spots where we can have hope said
Juergen Michels an economist at Citigroup in London But for
the time being it s all hope There are no clear signals that
the recession will end any time soon
The human cost of the crisis was underscored by euro zone
figures that showed unemployment jumped more than expected to
8 5 percent in February while U S private sector job losses
accelerated in March to 742 000 jobs from a revised 706 000 in
February
As government leaders met demonstrators clashed with riot
police and smashed bank windows in Britain s financial center
in protest against a system they said robbed the poor to
benefit the rich
Hundreds of protesters converged on a branch of the Royal
Bank of Scotland shattering windows Rescued by the government
in October RBS has become a lightning rod for public anger
over banker excess blamed for the crisis
Washington is pushing hard for governments to pump more
money into economic stimulus programs But France and Germany
say they do not want this to distract from the need to regulate
and rein in financial market excess
NEW LOW
On the economic front Japanese business confidence hit a
new low in March the central bank s tankan sentiment survey
showed with companies saying they faced a collapse of domestic
and foreign demand
China s manufacturing sector saw a tentative improvement
falter in March although a survey pointed to signs the worst
might be over there
Hints of improvement in some areas were met with the
likelihood of deteriorating performances in others In the
United States automakers were expected later on Wednesday to
report March sales figures near 40 year lows
The International Monetary Fund predicted the global
economy could contract by between 0 5 percent and 1 percent
this year
IMF Managing Director Dominique Strauss Kahn told the
Spanish newspaper El Pais he believed if the right economic
policies were followed the global economy could begin to
recover in the first two quarters of 2010
World stocks kicked off the new quarter with strong gains
in Japan After a weak start in Europe and on Wall Street they
turned around on the better than expected U S factory news and
a pending home sales report
The Dow Jones Industrial average rose by 1 percent near
midday while the FTSEurofirst index of 300 leading European
stocks was up 1 4 percent Earlier Japan s Nikkei average
closed 3 percent higher
Oil fell below 48 down nearly 4 percent as U S crude
inventories climbed to a 16 year high
Investors were firmly focused on the G20 meeting looking
for confirmation there would be coordinated efforts to ward off
a prolonged slump in world economic growth
The danger is that the outcome vastly disappoints the
hype Gary Dugan chief investment officer of Merrill Lynch
Global Wealth Management said in a preview note
Additional reporting by Caren Bohan Sumeet Desai and Kate
Kelland in London Writing by Malcolm Davidson Editing by Sue
Thomas and Steve Orlofsky |
C | GLOBAL ECONOMY Factory stress eases but far from recovery | Global factory contraction show signs of slowing
U S euro zone UK factory indexes rise in March
Indexes still far from recovery threshold
Updates with U S ISM changes dateline previous London
By Richard Leong and Nigel Davies
NEW YORK LONDON April 1 Reuters Global manufacturing
activity continued to contract in March but at a slower rate
than in recent months as the United States Britain and the
euro zone all showed improvement according to private data
released on Wednesday
An index on global manufacturing activity produced by JP
Morgan rose to a reading of 37 2 in March its highest level
in five months from 35 8 in February
The March readings however were far below the levels of
last year
It seems as if we are bouncing along the bottom Things
aren t improving but it doesn t look as if the situation is
deteriorating said Jack Bauer senior economist at Manning
Napier in Rochester New York
On a regional basis the Institute for Supply Management
reported its index on U S factory activity rose to 36 3 from
35 8 in February slightly above the median forecast for a
reading of 36 0 See ID nN01486265
In the euro zone an index of about 3 000 manufacturing
purchasers rose to a reading of 33 9 in March from 33 5 the
previous month ID nL1217903 while a similar gauge on UK
manufacturing posted a bigger bounce up to 39 1 from 34 9 in
February ID nL186671
The latest factory data sparked optimism among U S and
European investors driving up stocks on both sides of the
Atlantic and spurring a rise in sterling against the euro
Analysts however said it is too early to judge whether
the manfacturing sector and the global economy are on the cusp
of an upturn
SHRINKING ECONOMIES
The March manufacturing upticks in the United States UK
and euro zone fell far short of what economists say is needed
to stop further contraction in those economies in the
just ended first quarter
The ongoing fallout from shrinking global demand and the
credit crisis such as soaring unemployment will ripple
through the economy for some time economists said
There are a few spots where we can have hope but for
the time being it s all hope There are no clear signals that
the recession will end any time soon said Juergen Michels an
economist at Citigroup in London
This grim predicament is also plaguing Asia s two biggest
economies The pace of factory decline accelerated again in
China in March but the economy there still looks to be past
the worst of its downturn ID nPEK265513
In Japan business confidence crashed to a new low in March
as the index for large service sector firms fell to its lowest
level since 1999 in another sign of how the slump in exports is
seeping through the country s economy
Wednesday s manufacturing data follows a grim economic
outlook by the Organization for Economic Coperation and
Development
The OECD on Tuesday revised its outlook for this year
saying its now seeings its members economies would contract by
4 3 percent in 2009 compared to its forecast for a contraction
of 0 4 percent made last November
The OECD said international trade would slump 13 2 percent
this year dragging down export reliant economies like Germany
and Japan
Data from the 16 nation euro zone bloc will pressure the
European Central Bank to trim interest rates to a new low at
its policy meeting on Thursday Economists widely expect the
ECB will cut rates by 50 basis points wihch would bring the
the central bank s benchmark refinancing rate to 1 percent
ECB INT
The ECB will do another 50 basis points tomorrow and
probably extend the liquidity provision to banks Citigroup s
Michels said
Additional reporting by John Parry in New York Alan Wheatley
in Beijing Fiona Shaikh in London Tetsushi Kajimoto and Leika
Kihara in Tokyo Editing by Leslie Adler |
WMB | Andreescu beats Williams to win U S Open | NEW YORK Reuters Canadian teenager Bianca Andreescu beat Serena Williams NYSE WMB 6 3 7 5 in the U S Open final on Saturday to claim her first Grand Slam title and stop the American s bid to equal the all time record
The hard hitting Andreescu matched Williams power throughout the slugfest and fended off a late comeback from the six times U S Open champion to claim victory
The 19 year old dropped her racket after hitting a winner on match point to seal victory at Arthur Ashe Stadium and collapsed on her back after embracing her defeated opponent
Andreescu who becomes the first Canadian woman to win a major in the professional era prevented Williams from equaling Margaret Court s record of 24 Grand Slam singles titles |
WMB | Kyle Busch holds off Allgaier to notch fourth Brickyard win | It was more of the same for Kyle Busch in Saturday s Indiana 250 NASCAR Xfinity Series race at Indianapolis Motor Speedway in Speedway Ind but more of the same was anything but easy
Busch held off Justin Allgaier by 132 seconds during a five lap run to the finish at the 2 5 mile track but only after a hard crash that took out frontrunners Christopher Bell and Tyler Reddick with seven laps left
With a strong short run car combined with his unquestioned prowess on restarts Busch took control after the final restart to win for the fourth time at the Brickyard the fourth time in seven starts this season and the 96th time in his career extending his series record
In more ways than one Busch benefited from the wreck that took out Bell and Reddick as they were battling for the lead For one thing it eliminated two of the strongest cars in the race For another it put Busch out front in clean air greatly improving the handling of the No 18 Joe Gibbs Racing Toyota Supra
It was really tough to pass even when you had a run on a guy Busch said in Victory Lane You could pass the guys who were set up for long runs on the straightaways but some of those other guys like Bell Brandon Jones and the JGR guys they were stupid fast
We got back in traffic and just really fought the handling of this thing and got stuck around fourth place I m real proud of this team This Toyota Supra was awesome today and glad we got to take it to Victory Lane
Allgaier the defending race winner led a trio of JR Motorsports cars to top five finishes with Noah Gragson charging to third in the closing laps and Jeb Burton matching his career best finish in his fifth start of the season Justin Haley ran fifth and scored 35 points enough to become the ninth driver to clinch a spot in the Xfinity Series Playoffs
Three cautions in the final 14 laps doomed the chances of Allgaier whose No 7 Chevrolet was set up for long green flag runs
Kyle s great especially on restarts said Allgaier who led three times for 24 laps half the total recorded by the race winner That s what sets him apart in the Cup Series and here in the Xfinity Series Our Suave Men Camaro was on rails especially on the long runs
You don t realize what it means to you until you come that close to tasting those bricks again We ll go to Vegas for the regular season finale next week finish out the regular season strong and take this momentum into the playoffs
Bell and Reddick were running up front after a restart on Lap 93 of 100 but Bell s Toyota broke loose under Reddick s Chevrolet in Turn 2 sending both cars hard into the outside wall and eliminating them from the race
Bell finished 29th one spot ahead of Reddick
Of all my NASCAR crashes this one takes the cake Bell said after visiting the infield care center The wreck deprived him of a chance to win for the seventh time this season
Brandon Jones recovered from a spin after contact with Austin Cindric s Ford on Lap 87 to finish sixth one position ahead of six time winner Cole Custer Chase Briscoe Austin Hill and Ryan Sieg completed the top 10
Reddick retained the series lead by 50 points over Bell and can clinch the regular season title next Saturday by scoring 11 points
NASCAR Xfinity Series Race 8th Annual Indiana 250
Indianapolis Motor Speedway
Speedway Indiana
Saturday September 7 2019
1 1 Kyle Busch i Toyota 100
2 8 Justin Allgaier Chevrolet 100
3 13 Noah Gragson Chevrolet 100
4 12 Jeb Burton Chevrolet 100
5 7 Justin Haley Chevrolet 100
6 2 Brandon Jones Toyota 100
7 11 Cole Custer Ford 100
8 9 Chase Briscoe Ford 100
9 17 Austin Hill i Toyota 100
10 10 Ryan Sieg Chevrolet 100
11 18 Jeremy Clements Chevrolet 100
12 15 Michael Annett Chevrolet 100
13 16 Gray Gaulding Chevrolet 100
14 32 Garrett Smithley Chevrolet 100
15 20 Ronnie Bassett Jr Chevrolet 100
16 34 Landon Cassill Chevrolet 100
17 19 Josh Williams NYSE WMB Chevrolet 100
18 29 Joey Gase Toyota 100
19 22 Stefan Parsons Toyota 100
20 26 Ray Black II Chevrolet 100
21 23 Josh Bilicki Chevrolet 100
22 21 BJ McLeod Chevrolet 100
23 30 Stephen Leicht Chevrolet 100
24 28 Tommy Joe Martins Toyota 100
25 27 Matt Mills Chevrolet 100
26 35 Vinnie Miller Chevrolet 99
27 6 Austin Cindric Ford Engine 98
28 31 Brandon Brown Chevrolet 97
29 3 Christopher Bell Toyota Accident 92
30 4 Tyler Reddick Chevrolet Accident 92
31 5 John Hunter Nemechek Chevrolet Accident 79
32 37 Mike Harmon Chevrolet Electrical 42
33 36 Chad Finchum Toyota Transmission 41
34 14 Austin Dillon i Chevrolet Fuel Pump 37
35 38 Kyle Weatherman Chevrolet Overheating 35
36 33 Morgan Shepherd Chevrolet Handling 34
37 25 David Starr Chevrolet Engine 23
38 24 JJ Yeley Chevrolet Suspension 7
Average Speed of Race Winner 114 199 mph
Time of Race 2 Hrs 11 Mins 21 Secs Margin of Victory 0 132 Seconds
Caution Flags 8 for 31 laps
Lead Changes 14 among 7 drivers
Lap Leaders K Busch i 1 15 C Bell 16 23 B Jones 24 31 K Busch i 32 34 N Gragson 35 K Busch i 36 52 J Allgaier 53 61 T Reddick 62 J Allgaier 63 65 K Busch i 66 68 J Allgaier 69 80 J Williams 81 84 T Reddick 85 C Bell 86 92 K Busch i 93 100
Leaders Summary Driver Times Lead Laps Led Kyle Busch i 5 times for 46 laps Justin Allgaier 3 times for 24 laps Christopher Bell 2 times for 15 laps Brandon Jones 1 time for 8 laps Josh Williams 1 time for 4 laps Tyler Reddick 2 times for 2 laps Noah Gragson 1 time for 1 lap
Stage 1 Top Ten 19 22 18 9 00 7 20 11 98 2
Stage 2 Top Ten 7 18 2 8 19 20 98 00 39 9
By Reid Spencer NASCAR Wire Service Special to Field Level Media |
WMB | Barty reclaims number one spot Andreescu up to fifth | Reuters Australia s Ash Barty has reclaimed the number one spot in the WTA rankings less than a month after losing it while U S Open champion Bianca Andreescu moved up to a career high fifth after her maiden Grand Slam win in New York
Andreescu beat Serena Williams NYSE WMB 6 3 7 5 in Saturday s final to maintain a 13 match unbeaten run where she also won the Canadian Open to break into the top 10 for the first time in her career
I don t want to take anything for granted These are the moments you live for and I m just beyond blessed Andreescu who moved up 10 places told Reuters
After taking the first set and leading 5 1 in the second Andreescu was broken twice by 23 times Grand Slam winner Williams before eventually breaking back and winning the contest to become the first Canadian to win a major in the professional era
It definitely wasn t easy in the final against Serena Williams the 19 year old added I think I m most proud of how I m able to get into my zone and I was able to block out the crowd too because they were really really loud
If I didn t do that I m sure Serena would have won that second set so I m really glad with how I handled everything
French Open champion Barty exited the tournament in the last 16 but regained the number one spot after last year s champion Naomi Osaka was also knocked out at the same stage
The Japanese who also beat Williams in last year s final slipped to fourth in the rankings with Czech Republic s Karolina Pliskova and Ukraine s Elina Svitolina leapfrogging her to move up to second and third respectively
Wimbledon champion Simona Halep fell two places down to sixth while Williams fell one spot to ninth despite her run to the final
In the ATP rankings there was no change in the top three with Novak Djokovic leading men s champion Rafa Nadal who won his 19th Grand Slam on Sunday and Roger Federer but this year s runner up Daniil Medvedev moved up to a career high fourth
Medvedev has had a stellar record since a third round exit at Wimbledon reaching the finals of his last four tournaments winning the Cincinnati Masters last month |
WMB | Andreescu not done yet after Grand Slam breakthrough | Reuters Canadian teenager Bianca Andreescu who upstaged tennis great Serena Williams NYSE WMB in the U S Open final to win her maiden Grand Slam title said she was not done yet during a whirlwind media tour on Monday
Since claiming the title in her U S Open main draw debut Andreescu has had a trophy photoshoot atop Rockefeller Center and appeared on several U S morning shows in New York to discuss her breakthrough win
I never thought it would be this hectic but I m not complaining Andreescu 19 said on Good Morning America This is truly an amazing accomplishment but I could definitely get used to this feeling I m not done yet
Andreescu produced a bold and brilliant performance on Saturday to secure a 6 3 7 5 win and deny former world number one Williams from a record tying 24th Grand Slam title
With the win Andreescu has jumped to a career high fifth in the world rankings a year after sitting outside the top 200 when she was an unknown quantity to most in her home country
But Andreescu will now have to get used to her celebrity status as she is headline news back home
It hasn t really sunk in Andreescu said on Live with Kelly Ryan I didn t really have the time to just see what s happening in my life right now It s been a crazy year for me and being able to hold this trophy is pretty awesome
Andreescu who also appeared on the Today show ABC s The View and The Tonight Show with Jimmy Fallon to discuss her U S Open win said she has spent plenty of time reflecting on her journey to the U S Open title
I started playing tennis at the age of seven and ever since then I ve been dreaming of this moment Andreescu told Good Morning America
I mean it s another story for it to actually happen So I m just like truly blessed right now |
WMB | Williams half year F1 finances reflect poor track showing | LONDON Reuters The Williams NYSE WMB Formula One team posted a loss of 16 8 million pounds 20 77 million in the six months to end June compared to a previous profit of 0 2 million reflecting the struggling former champions plunging track performance
Williams with Polish driver Robert Kubica and British rookie George Russell are last in the championship with just one point from 14 of 21 races this season
In 2018 the sport s third most successful team in terms of race wins finished 10th after ending 2017 fifth overall
Williams said the Formula One operation generated revenue of 46 3 million pounds compared to 60 7 million in the same period of 2018
The overall group EBITDA loss widened to 18 8 million pounds from 2 7 million
The company s Advanced Engineering arm increased revenue to 30 9 million pounds from a previous 21 5 million
The Formula One financial results primarily reflect our finishing position in last year s constructors championship and the consequent reduction in prize money said group chief executive Mike O Driscoll in a statement
There was also an overall reduction in partnership income compared to the first half of 2018
O Driscoll said there were signs of improvement with continued interest from potential partners Talks with Formula One and commercial rights holders Liberty Media NASDAQ FWONA also held out hope of more equal competition in 2021
Although we continue to face challenges in a very dynamic environment we currently believe the majority of the impact on EBITDA for the full year has already been captured in these interim results said O Driscoll |
BMY | AVEO Pharmaceuticals AVEO Q2 Earnings What s In Store | AVEO Pharmaceuticals Inc NASDAQ AVEO is expected to report second quarter 2017 results next week In the last reported quarter AVEO delivered a positive surprise of 7 69 Let s see how things are shaping up for this quarter AVEO s share price movement shows that the stock has significantly outperformed the so far this year In fact AVEO has surged 363 during this period compared with a rise of 11 5 for the industry Factors at PlayAVEO a development stage biopharmaceutical company is focused on the development of treatments for cancer and other areas of unmet medical need The company has shown impressive progress with its most advanced candidate Fotivda tivozanib EUSA Pharma the European licensee for tivozanib submitted written responses to the European Medicines Agency EMA Day 180 List of Outstanding Issues LOI in Apr 2017 It completed an oral presentation in May 2017 related to the Marketing Authorization Application MAA for tivozanib as a first line treatment for renal cell carcinoma RCC The Committee for Medicinal Products for Human Use CHMP recommended the approval of Fotivda for treating RCC in June boosting the potential of marketing authorization for the candidate in EU Moreover in Jun 2017 the company announced that a phase I II TiNivo study has progressed to phase II based on successful completion of the Phase I dose escalation study The phase II study will evaluate 1 5 mg dose of tivozanib in combination with Bristol Myers Squibb Company s NYSE BMY Opdivo daily in patients with advanced RCC Following the positive safety review by Safety Monitoring Committee to replace early dropouts in Feb 2017 the company completed enrolment in phase III TIVO 3 study in Jun 2017 ahead of the set timeline Aug 2017 The study compares Fotivda to Bayer AG s OTC BAYRY Nexavar in patients with refractory advanced RCC Apart from tivozanib AVEO has several early and mid stage candidates in its pipeline including ficlatuzumab In June the company announced positive results from phase I studies evaluating the candidate in metastatic head and neck squamous cell carcinoma and relapsed or refractory acute myeloid leukemia The company depends entirely on collaboration revenues and milestone and other payments for its top line In Apr 2017 it received a 5 million milestone payment from CANbridge Life Sciences Ltd related to a technology transfer milestone for its inhibitory antibody candidate AV 203 Also during the quarter the company secured 14 million from credit facility with Hercules and at the market issuance of common stock as part of its agreement with FBR Co Investors focus will likely remain on tivozanib s progress and other pipeline related updates Surprise HistoryAVEO Pharma s performance over the last four quarters has been mixed with the company surpassing expectations thrice and missing the same once The average positive surprise over the last four quarters is 8 57 AVEO Pharmaceuticals Inc Price and EPS Surprise Earnings WhispersOur proven model does not conclusively show that AVEO Pharma is likely to beat estimates this quarter This is because a stock needs to have both a positive and a Zacks Rank 1 Strong Buy 2 Buy or 3 Hold to be able to beat estimates But that is not the case here as you will see below Zacks ESP Earnings ESP which represents the difference between the Most Accurate estimate and the Zacks Consensus Estimate is 0 00 This is because both the Most Accurate estimate and the Zacks Consensus Estimate stand at a loss of 10 cents You can uncover the best stocks to buy or sell before they re reported with our Zacks Rank Although AVEO Pharma s Zacks Rank 2 increases the predictive power of ESP its 0 00 ESP makes surprise prediction difficult this quarter Note that we caution against stocks with a Zacks Rank 4 or 5 Sell rated going into an earnings announcement especially when the company is seeing negative estimate revisions A Stock That Warrants a LookHere is a health care stock that you may want to consider as our model shows that it has the right combination of elements to post an earnings beat this quarter Clovis Oncology Inc NASDAQ CLVS has an Earnings ESP of 6 3 and a Zacks Rank 3 The company is scheduled to release results on Aug 02 You can see The Hottest Tech Mega Trend of AllLast year it generated 8 billion in global revenues By 2020 it s predicted to blast through the roof to 47 billion Famed investor Mark Cuban says it will produce the world s first trillionaires but that should still leave plenty of money for regular investors who make the right trades early |
BMY | Bristol Myers BMY Beats On Q2 Earnings Tweaks 2017 View | Bristol Myers Squibb Company s NYSE BMY second quarter 2017 earnings of 74 cents per share beat the Zacks Consensus Estimate of 73 cents and increased 7 from the year ago period Bristol Myers Squibb Company Price Consensus and EPS Surprise Total revenue of 5 14 billion increased 6 year over year and surpassed the Zacks Consensus Estimate of 5 07 billion Strong sales of Opdivo and Eliquis drove the top line in the reported quarter We note that Bristol Myers shares have declined 4 2 so far this year which compares unfavorably with the s increase of 10 7 Quarterly DetailsRevenues were up 7 year over year when adjusted for foreign exchange impact Revenues in the U S increased 7 to 2 9 billion and increased 4 outside the U S Ex US revenues were up 7 when adjusted for foreign exchange impact Leukemia drug Sprycel raked in sales of 506 million up 12 year over year Melanoma drug Yervoy contributed 322 million to the top line during the reported quarter up 34 Opdivo which is approved for multiple cancer indications generated revenues of 1 19 billion up 42 from the year ago period However the performance of key drugs in the Virology unit was disappointing Sales of Baraclude declined 9 to 273 million The Reyataz and Sustiva franchises deteriorated 24 and 31 year over year respectively to 188 million Nevertheless sales of Eliquis were 1 17 billion during the reported quarter up 51 year over year Bristol Myers has a partnership with Pfizer Inc NYSE PFE for Eliquis Bristol Myers HCV franchise contributed 112 million to its top line down 79 Orencia revenues were up 10 to 650 million Multiple myeloma drug Empliciti recorded sales of 55 million up 62 year over year Research and development R D expenses in the quarter increased 31 to 1 66 billion due to a charge of 393 million related to license and asset acquisition while marketing selling and administrative expenses fell 5 7 to 1 17 billion Gross margin was 69 6 in the quarter compared with 75 2 in the year ago quarter due to change in product mix and recognition of an impairment charge of 127 million related to the expected sale of manufacturing operations in Swords Ireland In Feb 2017 the company repurchased its common stock worth 2 billion under accelerated share repurchase ASR agreements The ASR funding was done through a combination of debt and cash as part of the company s existing share repurchase authorization Pipeline UpdateBristol Myers key drug Opdivo received approval for label expansion in locally advanced unresectable or metastatic urothelial carcinoma in adults after failure of prior platinum containing therapy and for squamous cell cancer of the head and neck in adults progressing on or after platinum based therapy in EU during the quarter Two supplemental Biologics License Applications sBLA for label extension of Opdivo to include hepatocellular carcinoma HCC after prior sorafenib therapy and update its dosing in all currently approved monotherapy indications are under review in the U S 2017 Earnings Guidance RevisedBristol Myers has raised the lower end of its earnings expectations for 2017 The company now projects earnings in the range of 2 90 to 3 00 per share old guidance 2 85 to 3 00 The Zacks Consensus Estimate for earnings is pegged at 2 94 Our TakeBristol Myers delivered yet another strong quarter with the top and the bottom line beating expectations 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 Bristol Myers carries a Zacks Rank 3 Hold A couple of better ranked stocks in the health care sector are Enzo Biochem Inc NYSE ENZ and Sanofi NYSE SNY Enzo sports a Zacks Rank 1 Strong Buy whereas Sanofi carries a Zacks Rank 2 Buy You can see Enzo Biochem s loss per share estimates narrowed from 12 cents to 7 cents for 2017 and from 11 cents to 3 cents for 2018 over the last 60 days Earnings estimates for Sanofi have decreased 5 to 75 cents per share for the second quarter but increased 1 25 to 3 24 for the full year over the last 30 days More Stock News Tech Opportunity Worth 386 Billion in 2017From driverless cars to artificial intelligence we ve seen an unsurpassed growth of high tech products in recent months Yesterday s science fiction is becoming today s reality Despite all the innovation there is a single component no tech company can survive without Demand for this critical device will reach 387 billion this year alone and it s likely to grow even faster in the future Zacks has released a brand new Special Report to help you take advantage of this exciting investment opportunity Most importantly it reveals 4 stocks with massive profit potential |
WMB | Why Is Williams Sonoma WSM Up 5 9 Since Last Earnings Report | It has been about a month since the last earnings report for Williams Sonoma WSM Shares have added about 5 9 in that time frame outperforming the S P 500
Will the recent positive trend continue leading up to its next earnings release or is Williams Sonoma due for a pullback Before we dive into how investors and analysts have reacted as of late let s take a quick look at the most recent earnings report in order to get a better handle on the important catalysts Williams Sonoma WSM Drops 5 In Spite of Solid Q3 EarningsWilliams Sonoma Inc shares dropped 5 1 on Nov 21 in the after hour trading session following third quarter fiscal 2019 results The company posted better than expected results in the quarter under review as well as raised guidance for fiscal 2019 earnings and revenues on strong business trend However decline in comps at the namesake brand and lower gross margin might have hurt investors sentiments Nonetheless West Elm its biggest growth catalyst continues to renew strength in Pottery Barn brands Also cross brand initiatives such as The Key and Business to Business are expected to become important growth opportunities Notably during the third quarter strong contributions from The Key made a positive impact on the quarterly results Non GAAP earnings of 1 02 per share surpassed the Zacks Consensus Estimate of 1 by 2 The figure also increased 7 4 year over year Moreover revenues of 1 442 5 million beat the consensus mark of 1 413 million by 2 1 and grew 6 3 year over year Comps increased 5 5 in the fiscal third quarter compared with 6 5 growth in the preceding quarter and 3 1 in the year ago quarter The West Elm brand s comps grew 14 1 compared with 8 3 growth in the prior year quarter Pottery Barn s comps rose 3 4 compared with 1 4 in the year ago quarter Comps in Pottery Barn Kids and Teen increased 4 versus flat growth registered in the prior year quarter Notably emerging brands Rejuvenation as well as Mark and Graham registered double digit increases However the Williams NYSE WMB Sonoma brand s comps declined 2 1 in the quarter against 2 1 growth registered in the year ago quarter Operating HighlightsNon GAAP gross margin was 36 down 50 basis points bps from third quarter fiscal 2018 The downside was primarily caused by higher shipping costs driven by a greater mix of furniture sales and impact of the implementation of China tariffs This was partly offset by benefits from strong occupancy leverage Non GAAP selling general and administrative expenses accounted for 28 4 of net revenues compared with 28 9 in the year ago quarter reflecting a decrease of 50 bps This improvement was driven by leverage across employment and advertising from higher sales as well as consistent cost saving initiatives Non GAAP operating margin remains flat year over year at 7 6 in the quarter FinancialsWilliams Sonoma reported cash and cash equivalents of 155 million as of Nov 3 2019 compared with 339 million on Feb 3 2019 During the first nine months of fiscal 2019 the company invested 121 million in the business and returned 226 million to its stockholders through dividends payouts as well as share repurchases Notably the company paid out 113 million worth of dividends and repurchased about 113 million shares Fiscal 2019 GuidanceConsidering solid results in the first nine months of fiscal 2019 the company now expects non GAAP earnings per share in the band of 4 65 4 80 up from prior expectation of 4 60 4 80 Net revenues are projected in the range of 5 770 5 900 billion compared with 5 740 5 900 billion expected earlier Comps are likely to increase 3 5 6 year over year compared with prior expectation of 3 6 Non GAAP operating margin is still expected to be in line with the fiscal 2018 level The company expects to close 25 stores and bring the total store count to 601 by the end of the year Long Term View ReaffirmedTotal net revenues are expected to grow in mid to high single digits Non GAAP operating income is likely to be in line with revenue growth and provide stability to operating margin The company expects above industry average ROIC in the long term
How Have Estimates Been Moving Since Then
In the past month investors have witnessed an upward trend in estimates review
VGM Scores
At this time Williams Sonoma has a nice Growth Score of B however its Momentum Score is doing a bit better with an A Charting a somewhat similar path the stock was allocated a grade of B on the value side putting it in the second quintile for this investment strategy
Overall the stock has an aggregate VGM Score of A If you aren t focused on one strategy this score is the one you should be interested in
Outlook
Estimates have been trending upward for the stock and the magnitude of these revisions has been net zero Notably Williams Sonoma has a Zacks Rank 3 Hold We expect an in line return from the stock in the next few months |
WMB | The Corn And Ethanol Report | Good Morning
We kickoff the day with Fed Clarida Speech at 7 00 A M Export Sales delayed because Washington D C cannot go to work What a surprise Jobless Claims at 7 30 A M Fed Kashkari Speech at 8 30 A M EIA Gas Storage at 9 30 A M 4 8 Week Bill Auction and Fed Williams Speech at 10 30 A M 30 Year Bond Auction at 12 00 P M and Fed Evans Speech at 1 20 P M On the Corn front Brazil lost a major buyer while farmers are roughing out drought conditions as U S farmers saw last year what more bad news can you pile on at once Iran announced it will no longer purchase Corn from Brazil On an annual basis Iran purchases 2 2 billion worth of Corn Soybeans and beef This move was made in retaliation to Brazil President Jair Bolsonaro standing by President Trump s side following the killing of the Iran regime favorite general or terrorist This could even open the door to further exports as we close in the U S China trade agreement In the overnight electronic session the March Corn is currently trading at 386 which is 2 cents higher The trading range has been 387 to 383 The Grain complex is in the green early and looks like short covering before tomorrows big report day at 11 00 A M
On the Ethanol front we have activity as producers and speculators alike bank on a market that will see more blends in countries as to satisfy demand of fuel consumption In the overnight electronic session the February Ethanol is currently trading at 1 343 which is 008 higher The trading range has been 1 343 to 1 317 The market is currently showing 1 bid 1 325 and 1 offer 1 343 with 10 trades changing hands and Open Interest at 441 contracts
On the Crude Oil front we are hoping the fireworks have stopped and we go back to basic supply and demand with risk premium at a minimum I am still overall bullish and would look to buy value at the 5850 level to catch a falling knife In the overnight electronic session the February Crude Oil is currently trading at 5939 which is 22 points lower The trading range has been 6031 to 5928
On the Natural Gas front the market continues to go nowhere fast except steady to lower In the overnight electronic session the February Natural Gas is currently trading at 2 131 which is 1 cent lower The trading range has been 2 170 to 2 109 And we have the EIA Gas Storage at 9 30 A M and the Thomson Reuters poll with 17 analysts participating estimate withdrawals ranging from 73 bcf to 41 bcf This compares to the One year withdrawal of 81 bcf and the five year average draw of 182 bcf
God Bless Our Troops Serving us
Good Morning
We kickoff the day with Fed Clarida Speech at 7 00 A M Export Sales delayed because Washington D C cannot go to work What a surprise Jobless Claims at 7 30 A M Fed Kashkari Speech at 8 30 A M EIA Gas Storage at 9 30 A M 4 8 Week Bill Auction and Fed Williams NYSE WMB Speech at 10 30 A M 30 Year Bond Auction at 12 00 P M and Fed Evans Speech at 1 20 P M On the Corn front Brazil lost a major buyer while farmers are roughing out drought conditions as U S farmers saw last year what more bad news can you pile on at once Iran announced it will no longer purchase Corn from Brazil On an annual basis Iran purchases 2 2 billion worth of Corn Soybeans and beef This move was made in retaliation to Brazil President Jair Bolsonaro standing by President Trump s side following the killing of the Iran regime favorite general or terrorist This could even open the door to further exports as we close in the U S China trade agreement In the overnight electronic session the March Corn is currently trading at 386 which is 2 cents higher The trading range has been 387 to 383 The Grain complex is in the green early and looks like short covering before tomorrows big report day at 11 00 A M
On the Ethanol front we have activity as producers and speculators alike bank on a market that will see more blends in countries as to satisfy demand of fuel consumption In the overnight electronic session the February Ethanol is currently trading at 1 343 which is 008 higher The trading range has been 1 343 to 1 317 The market is currently showing 1 bid 1 325 and 1 offer 1 343 with 10 trades changing hands and Open Interest at 441 contracts
On the Crude Oil front we are hoping the fireworks have stopped and we go back to basic supply and demand with risk premium at a minimum I am still overall bullish and would look to buy value at the 5850 level to catch a falling knife In the overnight electronic session the February Crude Oil is currently trading at 5939 which is 22 points lower The trading range has been 6031 to 5928 |
WMB | U S Lifts China s Currency Manipulator Designation Risk Appetite Up | Overview
The leaked US decision to lift the currency manipulator designation on China was the latest fodder fueling the new record highs in the S P 500
The risk taking appetite helped extend the rally in the MSCI Asia Pacific Index for the fourth consecutive session Europe s Dow Jones Stoxx 600 is little changed and trying to snap a two day decline US shares appear directionless in the European morning Benchmark yields are slightly softer in Europe and US Treasuries with yesterday s rise lifted Asia Pacific yields today
Supply concerns appeared to have been a facto raising EU yields including the 10 year German Bund to eight month highs 15bp Meanwhile UK rate adjustment continues and the two year yield is off around 20 bp in the past four sessions The US dollar is firmer against most of the major and emerging market currencies today but ranges are small and the activity is subdued The JP Morgan Emerging Market Currency Index is threatening to extend its decline for the fourth session March WTI is hovering around unchanged levels as it straddles the 58 a barrel level Gold continues to trade heavily though found some support near 1536 having peaked during the heightened US Iran confrontation to about 1611
Asia Pacific
The markets hardly reacted when the US cited China as a currency manipulator five months ago Word leaked out before the release of the Treasury report which was due last October but was delayed ostensibly pending the US China talks Reports that it would not be cited as such in the Treasury s next report is supposed to be a significant event It is not Some observers link the yuan s strength and it is at its highest level since last August to a quid pro quo China manipulates strengthens its currency and the US lifts the designation It assumes Chinese officials gave the label any significance when the IMF itself refuted such claims By citing a 1988 law instead of the congressional update of 2015 US Trump Administration effectively debased the threat and removed the stigma Ultimately it was seen as a political rather than an economic judgment China successfully snapped the near magical significance investors and observers had given the CNY7 0 level
Another explanation of the yuan s strength draws from the same drivers that have lifted emerging market currencies broadly Events have turned in investor favor China US trade UK election USMCA contained US Iran confrontation and East Asia outside of Japan looks to be recovering This was evident in the recent PMI readings Samsung s forward guidance and more constructive semiconductor industry news The dollar peaked on September 3 against the Chinese yuan Since then it has strengthened by about 4 3 At that same time the South Korean won has appreciated by around 5 15 and the Taiwanese dollar by about 5 05 The conventional view that we argued against was that the yuan s depreciation meant to offset the US tariffs Now the risk is that the currency strength begins offsetting the easing of monetary policy Is it too cynical to suggest that the yuan records a high around the signing of the trade agreement
China reported a recovery in both imports and exports in December The trade surplus widened to 46 8 bln from 37 2 bln in November Despite the trade tensions with the US and the resulting decline in exports to the US China s overall trade surplus increased last year The average monthly balance was about 35 1 bln compared with 29 2 bln in 2018 In December exports rose by 7 6 the fastest in nine months while imports surged 16 3 the most since October 2018
The US dollar has poked through JPY110 for the first time since last May It seems to reflect two considerations First the downturn in the Japanese economy appears more severe than previously anticipated with Q4 19 GDP seen contracting by more than 3 now Second and arguably more important is the risk on mood that has seen equities rally and global yields firm There is a 360 mln option at JPY109 75 that expires today and a 1 3 bln at JPY110 on January 16 The next chart points are seen in the JPY110 50 JPY110 70 area The Australian dollar is consolidating and is about a 20 tick range centered around 0 6900 There is a large A 1 4 bln option at 0 6905 that expires today and a smaller one A 555 mln at 0 6930 that will also be cut The Chinese yuan edged higher for the fourth consecutive session The dollar is trading below CNY6 89
Europe
While the trade focus is on the US China signing a Phase 1 deal tomorrow this is mostly a formality The next phase of the Trump Administration trying to rebalance US trade arguably begins in earnest today as EU s trade negotiator Hogan meets with Lighthizer today US EU relations will likely dominate the trade 2020 trade agenda The US has several outstanding grievances and some are political in nature Given the modus operandi of the US government the risk is of some escalation in pressure as the talks progress
Germany Italy and Ireland remain on the US currency watch and Switzerland was re added There was an indication that Ireland may be dropped off the list on the next report due out in April though the one released yesterday was initially expected last October Since Germany Italy and Ireland do not have independent currency policies do not intervene in the foreign exchange market it seems incongruous to put them on the watch list And if they are on the watch list shouldn t the other countries that share the euro be on the list too Doesn t this also further undermine what used to appear as an effective threat
ECB President Lagarde is already showing a different communication style She has formally requested that the impending strategic review of monetary policy is not discussed by members before her press conference on January 23 She also called for the two day meeting to start a little earlier to allow for more discussion The strategic review is the first since 2003
The euro is in less than a fifth of a cent range below 1 1145 There are no fresh impulses There is a 3 bln euro option at 1 11 and another at 1 1170 for 1 8 bln euros that expire today If the range is going to be extended today the intraday technicals seem to favor the upside with the next chart resistance seen in the 1 1160 1 1180 area Sterling s downside momentum stalled near 1 2955 but it is yet to sustain any meaningful upticks Today could be the ninth session in the past ten that sterling has fallen The 1 30 area offers initial resistance but a move above 1 3020 1 3040 may be needed to signal anything of note
America
The US recorded a budget deficit of 356 6 bln in the first three months of FY20 The old fashion reason was evident expenditures 6 7 rose faster than revenues 4 6 Spending on Social Security military and Medicare the three largest areas totaled about 855 bln Revenues grew from household and corporate tax payments and income from tariffs rose nearly 20 to around 21 bln Germany s challenge is just the opposite It had a record budget surplus in 2019 13 5 bln euros The larger than expected surplus was flattered by the low interest rates There seems to be an agreement to use the surplus and the difference within the Grand Coalition is emerging sees the CDU favor corporate tax cuts while the SPD wants to invest in schools and climate change
The North American diary is light today The highlight is the US December CPI We cautioned about an inflation scare due to the base effect In November and December 2018 and January 2019 US CPI was flat These zero readings drop out and will most likely be replaced with positive readings On top of that higher energy prices will probably lift headline measures Incidentally EMU had a similar experience Headline CPI in December is expected to have increased by 0 3 after the same increase in November This will lift the year over year rate to 2 4 from 2 1 The core rate can rise by 0 2 and leave the year over year rate at 2 3 The other point this illustrates is that headline CPI typically converges with the core rate not the other way around Separately the Fed s Williams NYSE WMB and George speak today George was a hawk and opposed last year s rate cut Williams as the NY Fed President with a permanent vote on the FOMC votes like a Governor There is little doubt that the Fed is on hold for at least the near term
The US dollar is at a three day high against the Canadian dollar CAD1 3075 and is flirting with the 20 day moving average CAD1 3065 which it has not closed above in more than a month There are two expiring options to note today The first is for 590 mln at CAD1 3050 and the other is for 620 mln at CAD1 3075 A break above CAD1 3100 would lift the greenback s tone The US dollar s downside momentum that carried it from MXN19 60 in early December to MXN18 75 this week is fading The greenback is straddling the MXN18 80 area The high nominal yields attract carry trades like long pesos against the yen or Swiss franc and give them staying power Nearby resistance on a closing basis is seen near MXN18 90 |
WMB | What s In Store For Lithia Motors LAD This Earnings Season | Lithia Motors Inc NYSE LAD is slated to release fourth quarter 2019 results on Feb 12 before the opening bell The U S based automotive retailer of new and used vehicles recorded better than anticipated results in the last reported quarter aided by solid gains across all business lines Lithia Motors surpassed the Zacks Consensus Estimate in each of the last four quarters the average beat being 7 61 This is depicted in the graph below Lithia Motors Inc Price and Consensus Which Way are the Top and Bottom Line Estimates Headed The Zacks Consensus Estimate for fourth quarter 2019 earnings per share of 3 08 moved up 2 over the past 30 days It calls for a year over year increase of 19 84 The consensus estimate for revenues of 3 26 billion suggests 9 6 growth from the prior year quarter s 2 97 billion What the Zacks Model Says Our proven model predicts an earnings beat for Lithia Motors this season The combination of a positive and a Zacks Rank 1 Strong Buy 2 Buy or 3 Hold increases the odds of an earnings beat You can uncover the best stocks to buy or sell before they re reported with our Earnings ESP Lithia Motors has an Earnings ESP of 9 83 Zacks Rank Lithia Motors sports a Zacks Rank of 3 You can see Factors that Might Have Influenced Q4 PerformanceEnhanced digital solutions are anticipated to have boosted the company s profits in the to be reported quarter It activated proprietary technology in the Pittsburgh market which is anticipated to have driven improvements and efficiencies across Lithia Motors network The company is also likely to have widened its omni channel capabilities in order to expand and modernize transportation solutions for customers With rising prices of new vehicles customers are more inclined to purchase used vehicles This is expected to have fortified the company s used vehicle unit which has been a major growth driver over the last several quarters as well With rapid growth in dealership purchases Lithia Motors acquisitions are likely to have helped expand market share and cater to varied customer requirements in the quarter under review The takeovers of Williams NYSE WMB Automotive Group s Honda and Toyota dealerships in Florida are worth a mention in this context Meanwhile the quarter is expected to have witnessed a rise in SG A expenses primarily due to acquisition costs and insurance reserves partially offset by store sales This is likely to reflect on its net income results The company s new vehicle unit sales might have declined in the period under consideration chiefly due to disrupted distribution of vehicles at stores in Northwest U S Also huge availability of off lease used vehicles in the market is likely to have partly resulted in this decline Other Stocks to ConsiderHere are some other companies which according to our model have the right combination of elements to post earnings beat in the fourth quarter LKQ Corporation NASDAQ LKQ is scheduled to report fourth quarter figures on Feb 20 The stock has an Earnings ESP of 1 68 and carries a Zacks Rank 3 currently Visteon Corporation NASDAQ VC is set to release quarterly numbers on Feb 20 The company has an Earnings ESP of 2 63 and carries a Zacks Rank of 3 at present Agnico Eagle Mines Limited NYSE AEM has an Earnings ESP of 0 47 and is a Zacks 3 Ranked player The company is slated to report earnings results on Feb 13 Zacks Top 10 Stocks for 2020In addition to the stocks discussed above would you like to know about our 10 finest buy and hold tickers for the entirety of 2020 Last year s 2019 Zacks Top 10 Stocks portfolio returned gains as high as 102 7 Now a brand new portfolio has been handpicked from over 4 000 companies covered by the Zacks Rank Don t miss your chance to get in on these long term buys |
WMB | What s In The Cards For Transocean RIG In Q4 Earnings | Transocean Ltd NYSE RIG is set to release fourth quarter 2019 earnings results on Monday Feb 17 after the market closes The current Zacks Consensus Estimate for the to be reported quarter is pegged at a loss of 31 cents per share on expected revenues of 821 29 million There has been no change in estimates for the bottom line over the past 30 days Let s delve into the factors that might have impacted the company s performance in the December quarter Factors at Play for Q4 ResultsWith the U S offshore industry witnessing early signs of revival evidenced by the increasing project sanctions Transocean is expected to have capitalized on this uptrend effectively given its technologically advanced and versatile drilling fleet The company anticipates fourth quarter adjusted contract drilling revenues to be roughly 825 million indicating a 10 3 rise from the year ago reported figure of 748 million Strong revenues from Deepwater Corcovado and Deepwater Mykonos drill ships are likely to have contributed to this bullish view However over the last few quarters the company has been bogged down by operational inefficiencies which might have hurt its margins in the quarter to be reported Further the company forecasts its operation and maintenance expenses to be 585 million in the fourth quarter suggesting an increase of 18 from 497 million reported in the year ago period It also expects its capital outlay to escalate for the fourth quarter which is likely to have limited its earnings growth What Does Our Model Say The proven Zacks model does not conclusively predict an earnings beat for Transocean this time around The right combination of a positive and a Zacks Rank 1 Strong Buy 2 Buy or 3 Hold increases the chances of beating estimates But that s not the case here You can uncover the best stocks to buy or sell before they re reported with our Earnings ESP Transocean has an Earnings ESP of 14 54 Zacks Rank Transocean carries a Zacks Rank 3 The above combination leaves surprise prediction inconclusive Highlights of Q3 Earnings Surprise HistoryIn the last reported quarter Transocean incurred an adjusted loss of 38 cents a share narrower than the Zacks Consensus Estimate of a loss of 40 cents Strong revenues from the Ultra Deepwater and Harsh Environment floaters along with higher dayrates led to this outperformance However the bottom line came in against the year ago earnings of 6 cents due to higher shipyard costs and lower fleet utilization Meanwhile the offshore drilling powerhouse generated total revenues of 784 million beating the Zacks Consensus Estimate of 780 million But the top line dipped 3 9 from the prior year figure of 816 million As far as the earnings surprise track is concerned this Switzerland based company s bottom line missed the Zacks Consensus Estimate in three of the trailing four quarters and beat the same in the remaining quarter the average negative surprise being 10 79 This is depicted in the graph below Transocean Ltd Price and EPS Surprise Stocks to ConsiderHere are some stocks worth considering from the space which per our model have the perfect combination of elements to beat on earnings this reporting cycle TC Energy Corporation TSX TRP has an Earnings ESP of 0 65 and a Zacks Rank 2 The company is slated to announce fourth quarter 2019 earnings on Feb 13 Williams Companies Inc NYSE WMB has an Earnings ESP of 6 78 and a Zacks Rank of 3 The company is slated to announce fourth quarter 2019 earnings on Feb 19 Energy Transfer L P NYSE ET has an Earnings ESP of 4 86 and is Zacks 3 Ranked The partnership is slated to release fourth quarter earnings on Feb 19 You can see Today s Best Stocks from ZacksWould you like to see the updated picks from our best market beating strategies From 2017 through 2019 while the S P 500 gained and impressive 53 6 five of our strategies returned 65 8 97 1 118 0 175 7 and even 186 7 This outperformance has not just been a recent phenomenon From 2000 2019 while the S P averaged 6 0 per year our top strategies averaged up to 54 7 per year |
C | European Markets Swing Into The Red Territory | Current Futures Dow 4 00 S P 1 10 NASDAQ 1 50 European Trade The global rally that started a few days ago came to an end during the European session as the major equity indexes plunged more than 1 moving lower from the opening bell U S futures traded flat overnight while Asian markets advanced for a third day tonight The German Dax and the U K Ftse each plunged 1 overnight Only a hand full of stocks rose the rest of the shares declined In the U K the financials reversed direction and posted losses after a rallying the last few days Banks insurers and real estate companies were among the top decliners including Barclays Aviva Land Securities and Friends Providence which reported a 760 million loss in 2008 On the German Dax after the first few minutes of trading only three companies were still trading in the green Infineon was the index s top gainer today after rumors spread that the company might have found a buyer for its bankrupted subsidiary Infineon rose 0 6 tonight on very strong volume On the downside Daimler and Salzgitter led the declines It appears that the latest trend in the banking sector is to have the top CEO report earnings for the first part of the year Following Citigroup s example which sparked the rally that started a few day ago Standard Chartered s CEO said today the bank was profitable in the first two months of the year It should also be noted that Standard Chartered also reported profits in the second half of 2008 when most banks were writing down huge amounts in toxic assets In order to raise additional cash Barclays is looking for potential buyers for its iShare subsidiary However the timing might not be so great for the bank since the typical buyer for such a deal large banks or an investment firm is strapped for cash It is said that iShares controls almost half of the U S s ETF market one of the largest players in the business Tonight the Nikkei rose 244 98 points 3 18 to 7 949 13 The Australian S P Asx gained 103 50 points 3 09 to 3 451 90 In Europe the U K Ftse lost 46 71 points 1 21 to 3 817 28 while the German Dax slipped 46 45 points 1 15 to 3 998 09Crude oil lost some ground after hitting a two month high earlier Crude oil for April delivery fell 0 70 to 46 60Gold moved very little in the overnight session Bullion for immediate delivery declined 0 90 to 921 10 |
C | Stocks Up But Will It Last | Equity markets were holding their heads above water on Tuesday but bank analyst Meredith Whitney is warning banks will have a worse year in 2009
Ms Whitney who recently started her own consultancy predicted breakups and M A s on a grand scale as rising unemployment this year leads to further borrower defaults
The probability of more people going into default is higher so the banks are going to have a tough time she said
I don t think this year is going to look any better than last year Whitney said in an interview Tuesday on CNBC In fact it will look worse because there s so much credit coming out of the system
She also said that Citigroup s statement that it earned a profit in the first two months of the year might turn out bad once a fuller picture was presented
Whitney said the government should focus on helping smaller banks ramp up their community lending to local businesses and homeowners
You can re energize the local lending scene and then supercharge those banks she said You supercharge those so they re able to gain critical mass and start getting loans on a super regional basis to businesses to homeowners that qualify At least that mitigates some of the capital that s surely going to come out of the market
In recent trade the DOW was moving higher by 0 33 The broader S P was higher by 0 75 and the NASDAQ 1 35
The dollar was mixed as stocks remained in a range with a loss of 0 08 to the euro while it gained 0 09 to Australia s dollar 0 66 against the yen and 0 43 on sterling
March crude oil was moving 2 higher while April gold was down 0 39 |
C | Financial Sector Interest Rates To Fall Greed At Citi Sufficient Capital At GE Finance Arm | As the Fed moved into a formal quantitative easing program with the purchase of up to 1 25 trillion in longer dated Treasuries agency debt and mortgage bonds interest rates fell on several measures and could look to be declining further The Fed said yesterday it would purchase an additional 750 billion of mortgage backed securities from Fannie Mae Freddie Mac and Ginnie Mae to support home lending
Yield on 10 year Treasuries fell nearly 50 basis points to just over 2 50 on Wednesday after the FOMC statement and that could drive rates lower on 30 year fixed rate mortgages Rates for 30 year fixed home loans dropped to 4 98 this week Freddie Mac said today They may reach 4 5 the lowest since WW II over the next several weeks The difference between rates on 30 year fixed mortgages and 10 year Treasuries was 2 1 percentage points 210 basis points recently That s up from an average of 1 75 percentage points in the decade before the subprime mortgage market collapsed
Mortgage applications in the U S increased last week as lower borrowing costs led to a surge in refinancing The Mortgage Bankers Association s index of applications to purchase a home or refinance a loan rose 21 to 876 9 in the week ended March 13 the highest in two months
There s still a risk that defaults will rise given that continuing unemployment claims rose to a new record high last week and are showing no signs of abating Mortgage delinquencies increased to a seasonally adjusted 7 8 of all loans in the fourth quarter the highest in records going back to 1972 Loans in foreclosure rose to 3 30 also an all time high
Meanwhile 3 month dollar LIBOR London Interbank Offered Rate fell by the most since Jan 13 after the Federal Reserve said it will start buying Treasuries The rate dropped six basis points to 1 23 its seventh decline according to the British Bankers Association The Libor OIS Overnight Interest rate Swap spread a gauge of bank reluctance to lend fell seven basis points to 100 basis points
Three month sterling Libor has declined 23 basis points since the Bank of England said it would start buying gilts March 5 The Libor rate for pounds fell eight basis points in the previous two week period
Asia Pacific money market rates dropped and the cost of protecting bonds from default dropped on optimism the Fed s plan to buy bonds will ease stress in credit markets
Australia s interbank lending rates declined 3 basis points to a record 3 01 Japanese companies with the strongest credit ratings paid the least to borrow since May 2006
Citigroup plans to spend about 10 million on new offices for Chief Executive Officer Vikram Pandit and his lieutenants after the U S government injected 45 billion of cash into the bank
Affidavits filed with New York s Department of Buildings show Citigroup expects to pay at least 3 2 million for basic construction such as wall removal plumbing and fire safety By the time architect s fees and expenses such as furniture are added the tally for the offices at the bank s Park Avenue headquarters will be at least three times as high according to a person familiar with the project Citigroup said the project will help it save money over time
Citigroup began planning the renovation last June and obtained demolition permits in September before the bank received any bailout funds said a person briefed on the process
President Obama spoke out against inappropriate spending at banks on Jan 23 following reports that former Merrill Lynch CEO John Thain incurred more than 1 million of expenses to redecorate his personal office at the firm
Top finance executives at General Electric said Thursday that even in the worst scenario for the U S economy its finance unit should manage to break even this year and avoid having to seek a capital infusion The company in December had projected a profit for GE Capital this year
Executives said GE Capital the finance unit of General Electric has sufficient capital to weather even the worst storms We don t see a need where we would have to raise external capital Chief Financial Officer Keith Sherin said
We really think GE Capital is well positioned to continue to perform and outperform the competition said Mike Neal chief executive of GE Capital
GE offered no new projection for earnings at GE Capital Executives said the unit would generate between 2 billion and 2 5 billion in net income in 2009 if unemployment averages 8 4 this year and the U S economy shrinks by 2
In a more extreme recession where unemployment averages 8 9 for the year and the economy shrinks 3 3 GE said the finance unit would break even Even under this more severe case which would potentially cause our losses and impairments to increase significantly GE Capital Finance would still essentially break even and not require additional capital Mr Neal said |
WMB | Williams dismantles Svitolina to reach U S Open final | By Steve Keating NEW YORK Reuters A rampaging Serena Williams NYSE WMB moved to the brink of a record equaling 24th career Grand Slam title on Thursday storming past Elina Svitolina 6 3 6 1 to book her spot in the U S Open final Since returning to action after the birth of her first child Williams has come agonizingly close to matching Margaret Court s mark three times and will have a chance on Saturday to do so in front of an adoring home crowd for a second successive year Last year Williams was left in tears following a chaotic and controversial loss to Naomi Osaka on Arthur Ashe Stadium She has also lost two Wimbledon finals since her return Now all that stands between the 37 year old and her Holy Grail is Canadian Bianca Andreescu or Swiss Belinda Bencic who will meet in the other semi final later on Thursday To be in yet another final it seems honestly crazy said Williams But I don t really expect too much less I ve had so many chances to pass it Court If you look at the span of the career the players I ve played it s amazing that I was able to get this many The semi final offered a classic matchup of styles with Williams and her prodigious power up against Svitolina one of the best counter punchers in the women s game Williams did not have her A game in warm conditions but the former world number one knew exactly what was needed particularly on the big points I don t think she played amazing today but she played very high level at the beginning where you had to make a difference said Svitolina I think she knows what she has to do There s lots of power behind her shots all the time On the important moments she always steps up always brings her best game The fifth seeded Ukrainian had no shortage of chances herself but could not convert any of six break opportunities A ruthless Williams however bombarded Svitolina with punishing forehands and six aces to register her 101st U S Open win which tied her with Chris Evert for the most at Flushing Meadows Williams arrived at the year s final Grand Slam with a scowl and an all business demeanor that has swatted aside a raft of challengers throughout her run to the final Any concerns over the back spasms that forced her to quit the Toronto final and out of Cincinnati were eased when she opened her Flushing Meadows account with a 6 1 6 1 thrashing of old rival Maria Sharapova That was followed by routine wins over Karolina Muchova Petra Martic and Cat McNally before blasting her way into the last four with a jaw dropping 44 minute 6 1 6 0 rout of China s Wang Qiang But as cold blooded as those performances were Williams 70 minute dismantling of Svitolina in front of a packed house said more by delivering an emphatic message she would not be content leaving Flushing Meadows without a share of Court s record The match had looked to be a long and competitive affair when Svitolina forced Williams to fight off three break points to hold her opening serve Williams however was ready for the challenge breaking Svitolina at the first opportunity by firing a winner down the line the Ukrainian could only look at
That was the only break of a grinding first set but all Williams would need for a 1 0 lead It was not a good omen for Svitolina with Williams holding a 94 1 record when winning the first set at the U S Open Svitolina would hold serve to open the second but Williams then swept through the next six games to advance to her 33rd Grand Slam final |
WMB | Andreescu KOs Bencic to set up blockbuster final with Serena | By Rory Carroll NEW YORK Reuters Canadian teenager Bianca Andreescu s dream run at the U S Open continued on Thursday as she powered past Belinda Bencic 7 6 3 7 5 to set up a highly anticipated final with Serena Williams NYSE WMB on Saturday Andreescu who has already won titles at Indian Wells and Toronto during her breakout 2019 season unleashed a torrent of bruising groundstrokes after falling behind 2 5 in the second set winning five straight games to punch her ticket to her first Grand Slam final It is just surreal the 19 year old said in an on court interview at Arthur Ashe Stadium I don t know what to say It is a dream come true to play Serena in the finals of the U S Open It s crazy After a strong start from the Swiss momentum shifted on the first point of the first set tiebreak when Bencic double faulted and her previously immaculate play began to crumble Andreescu quickly ran out to a 5 0 lead in the breaker that she won comfortably to capture the first set Bencic finally broke Andreescu to open the second set but despite stretching her lead to 5 2 Andreescu fed off the supportive crowd to level at 5 5 after another costly Bencic double fault A flustered Bencic struggled from there giving a sarcastic thumbs up to the crowd when they applauded the double fault before sending a forehand into the net on match point to end the first time encounter between two of the game s rising stars POWER AGAINST POWER The final will pit power against power when Andreescu takes on her childhood hero Williams who claimed her first U S Open title in 1999 before Andreescu was even born Despite being sidelined at times with injury this year Andreescu has been a giant slayer when healthy posting a 7 0 record against top 10 opponents and a 33 4 record overall Her route to the final has included wins over former world number one Caroline Wozniacki and rising Belgian Elise Mertens Thursday s win marks a remarkable turnaround for the Ontario native who was born to Romanian parents in 2000 Andreescu lost in the first round of U S Open qualifiers last year and finished 2018 ranked world number 178 but will be at least world number nine on Monday and world number five if she can upset Williams In their only previous meeting Andreescu led Williams 3 1 at the Rogers Cup final in Toronto last month before the 37 year old was forced to retire due to back spasms The Canadian was widely praised for comforting the tearful Williams after the match
Andreescu will have her work cut out for her when she takes on an in form Williams who crushed Elina Svitolina 6 3 6 1 earlier in the evening to put her on the brink of a record tying 24th Grand Slam title |
WMB | Serena poised for multiple record breaking U S Open final | By Amy Tennery NEW YORK Reuters Twenty years after an improbable run at the age of 17 to her maiden U S Open victory Serena Williams NYSE WMB is running out of records to break Tantalizingly close to tying Margaret Court s record 24 Grand Slam titles Williams is already tennis undisputed GOAT Greatest of All Time in the eyes of her legions of adoring fans with an ever growing odds defying career and trophy case Of course winning on Arthur Ashe Stadium on Saturday would also mean breaking Chris Evert s record of 101 U S Open wins and her record of six U S Open title championships At 17 I thought for sure I d be retired at 28 29 living my life said Williams after defeating fifth seeded Elina Svitolina in straight sets under the lights of Arthur Ashe Stadium in the semi final The game has just changed I think there s so much more depth said Williams I think when I first started you could win a lot of easy matches then you re in the quarterfinals that s when it starts to get a little more tough Now like there s no easy match Everyone s playing great Everyone s just doing a lot better Her return also holds significance in light of Williams controversy fueled final last year against upstart Naomi Osaka which prompted vociferous debate and promises of introspection from tournament organizers Asked by reporters about the 2018 bout however a laser focused Williams responded that it hasn t really crossed my mind The mindset is reflective of her renewed concentration with the six times U S Open champion reiterating throughout the tournament the Spartan like preparations she underwent to prepare for the stout talent at Flushing Meadows After losing in straight sets at the Wimbledon final to Simona Halep Williams said she knew I need to work harder just do better I put a lot of time in the gym after Wimbledon like I said getting ready for Canada Yeah I put a ton of time in Worked a lot on my fitness said Williams It always feels good to train without pain
After dismantling erstwhile rival Maria Sharapova in their highly anticipated first round Williams has romped through the competition save for a brief scare in her fourth round match against Petra Martic when she tweaked her right ankle |
WMB | Canada s pride Andreescu delivers on hype at Flushing Meadows | By Amy Tennery
NEW YORK Reuters Clobbering her way past her semi final opponent Belinda Bencic at Flushing Meadows on Thursday 19 year old Bianca Andreescu proved she is no longer an underdog
Andreescu s win over Bencic also meant she became the first Canadian woman to make the U S Open final where she faces Serena Williams NYSE WMB who is chasing a record equaling 24th Grand Slam single title
The victory over the Swiss has capped a rapid rise up the rankings in 2019 which has included her first two titles at Indian Wells and the Rogers Cup in Montreal
It s just surreal I really don t know what to say said Andreescu who had never advanced beyond the second round of a Grand Slam before It s a dream come true playing against Serena in the final of the U S Open
A lot of emotions are running through my body right now A lot of thoughts too But right now I m just trying to take in the victory
Hopefully I can just keep the momentum going for the final
Bencic who battled all the way in an epic two hour and 13 minute semi final felt the teen had the game to challenge the 37 year old Williams
She beat so many great players I definitely was not surprised I don t think anyone should be said 22 year old Bencic
I think she s definitely a great player She totally deserves to be in the final
Andreescu ended 2018 ranked 178th in the world She now sits 15th and her rapid rise has astounded tennis fans her opponents and even her coach
Canadians however are eager to jump on the bandwagon and support the youngster following her meteoric rise
During the first set of her semi final the hashtag SheTheNorth became the number two trending topic on Twitter in Canada while tennis fans balked when the main sports station TSN bumped her match in favor for the NFL season opener between the Green Bay Packers and the Chicago Bears
Williams who won the first of her 23 Grand Slam titles before Andreescu was even born has also acknowledged she would need to be at her best on Saturday to deny the teen
She s a great player She mixes things up You never know what is going to come from her said Williams
She serves well moves well has a ton of power She s very exciting to watch It s good I think it s great for women s tennis |
WMB | Williams path to Grand Slam record blocked by teenager | By Steve Keating
NEW YORK Reuters A clash of generations will decide the U S Open on Saturday with Serena Williams NYSE WMB taking a fourth crack at Grand Slam history against teenager Bianca Andreescu who was not even born when the American lifted her first Flushing Meadows trophy
One short of equalling Margaret Court s record of 24 singles Grand Slam titles Williams will be hoping that the fourth time is the charm after three agonizing near misses since returning to action following the birth of her first child
Already the oldest Grand Slam finalist in the Open era Williams will celebrate her 38th birthday in three weeks while her 19 year old Canadian opponent will not be able to celebrate a victory with a drink at New York City bar for two more years
It is just surreal I don t know what to say it is a dream come true to play Serena in the finals of the U S Open said Andreescu following her 7 6 3 7 5 semi final win over Swiss Belinda Bencic on Thursday It s crazy
At the end of last year Andreescu sat an anonymous 178th in the world rankings and lost in the first round of U S Open qualifying
On Saturday she will step out onto Arthur Ashe Stadium tipped by many as the heir to Williams crown as the queen of women s tennis
Just the second Canadian woman after Eugenie Bouchard to play in a Grand Slam final Andreescu has rarely looked out of place on the big stage
Her breakout season has seen her already win two of the WTA Tour s elite events in Indian Wells and Toronto while her run to the U S Open final has only confirmed her status as the next big thing
More remarkably the 19 year old is playing in just her fourth main draw at a Grand Slam having never before ventured beyond the second round
The final will pit power against power with Andreescu having demonstrated she is well equipped to go toe to toe with the game s big hitters and few in the history of the sport have delivered more punishment from the baseline than Williams
The two have met just once before in the final of the Rogers Cup in August but there is little to be gleaned from the encounter with Williams quitting with back spasms while down 3 1 in the opening set
She really knows how to mix up the game and play different shots in different ways said Williams assessing her opponent She s a great player
You never know what is going to come from her
She serves well moves well has a ton of power She s very exciting to watch
The atmosphere inside Arthur Ashe Stadium on Saturday is sure to be supercharged with memories of last year s chaotic and controversial final that saw Naomi Osaka s victory overshadowed by an explosive confrontation between chair umpire Carlos Ramos and an enraged Williams hanging in the air
That match saw Williams deducted a point and later a game for her behavior which included a smashed racket and calling Ramos a liar and thief
Williams has done her best to pretend last year s events never happened
At her first press conference Williams said she did not know a Carlos Ramos and on Thursday when asked if she had learned any lessons from last year batted the question answering It hasn t really crossed my mind |
WMB | Unregulated firm Financial org closes investors say accounts frozen | By Carolyn Cohn and Kirstin Ridley
LONDON Reuters Unregulated British firm Financial org has closed down according to a notice on its website and four investors said their accounts had been frozen
Reuters reported in January 2018 that the company a former sponsor of motor racing team Williams NYSE WMB was managing hundreds of thousands of dollars for Asian investors even though regulators said it was not licensed to engage in such financial services
We have stopped operation says a notice on Financial org s site which went up in early September
Reuters was unable to contact Financial org Its website no longer contains contact details
Britain s financial regulator the Financial Conduct Authority declined to comment about the closure notice
Financial org previously said on its site that it was an educational platform with 200 000 members and does not handle any investments transactions or funds
Financial watchdogs in Britain Indonesia Laos Malaysia the Philippines Singapore Thailand and the United Arab Emirates have placed the company on alert lists of unauthorized investment firms with whom investors should exercise caution
The company unilaterally converted investors dollar accounts into its own FOIN cryptocurrency in June last year and blocked them from withdrawing
Reuters spoke to four investors from Indonesia Iran Japan and Malaysia via WhatsApp or Facebook NASDAQ FB Messenger who said they had tried unsuccessfully to withdraw their FOIN last month after being redirected from the Financial org site to another site which required a log in to access
They said they had received notices in their online accounts seen by Reuters telling them they would not be able to access their digital coins until November
Financial org launched in September 2016 with a party in Singapore according to a video posted online
A spokeswoman for British Formula One team Williams said a sponsorship deal under which the Financial org and FOIN logos appeared on its cars had expired at the end of 2018 and had not been renewed
Reception and facilities staff at the building housing Financial org s headquarters in London s Canary Wharf financial district said the firm moved out of the 26th floor late last year after renting the space for around two years
Staff at the building where Financial org had its Abu Dhabi office also said the firm had moved out |
WMB | Markle expected among A list attendees at U S Open final reports | NEW YORK Reuters Tennis royalty will meet British royalty at the U S Open women s final on Saturday with Meghan Markle the Duchess of Sussex and wife to Prince Harry attending in support of good friend Serena Williams NYSE WMB according to media reports Williams who was one of the celebrity attendees at Markle s star studded royal wedding last year is seeking a record equalling 24th Grand Slam singles title in the final at Flushing Meadows against Canadian Bianca Andreescu Markle boarded a commercial flight to New York on Friday according to The Times after watching Williams defeat Ukrainian fifth seed Elina Svitolina in the semi final Markle attended the Wimbledon final in July where seven times champion Williams lost to Simona Halep
Tournament organizers did not immediately respond to a request for comment a day ahead of the highly anticipated match where the stands are likely to be packed with A list stars |
WMB | Roger Waters rocks Venice Film Festival with US THEM | Note Strong language in paragraph 8 By Helena Williams NYSE WMB VENICE Italy Reuters Pink Floyd co founder Roger Waters brought his US THEM concert movie to the Venice Film Festival on Friday transporting audiences to one of his live performances The movie shows the British rocker on stage in Amsterdam in 2017 a stop during his US THEM worldwide tour playing Pink Floyd songs as well as material from his last album Is This the Life We Really Want Behind him a series of videos address issues including conflict the migrant crisis civil rights and politics The film was screened out of competition at the festival where Waters told Reuters its main message was just love and peace We live in very very dangerous times and maybe in some small way this show is a kind of warning really to say this is absurd what we re allowing to happen he said in an interview Waters co founded Pink Floyd in 1965 and became the British rock band s principal songwriter The group was known for its experimental music and enjoyed a global following with albums such as Dark Side of the Moon and The Wall My songwriting has always been just painting what I see and what I write about tends to involve inner workings of my heart and soul but also my attachment to the predicament of others Waters said People often said to me much earlier in my career why are your songs so fucking gloomy or why are you always banging on about stuff It s not a choice you don t decide what to write it s like saying to Vincent Van Gogh why do you paint sunflowers I don t know There they were and I painted them Asked about Brexit Waters said he regretted Britons had voted in a 2016 referendum to leave the European Union I think it will be a complete disaster for the UK he said Waters left Pink Floyd in 1985 to pursue a solo career The band reunited in 2005 to perform at the Live 8 concert in London Turning 76 on Friday Waters said he has no intention of slowing down just yet I m very happy people are still listening to my songs and that I can still get bums on seats when I go on the road with a tour and if people come and watch this movie and if they are moved by it I will be very happy about that as well he said
I will keep going as long as there s breath in this body I ve got a few years left in me yet I believe |
WMB | Williams to battle street fighter Andreescu in U S Open final | By Rory Carroll
NEW YORK Reuters The U S Open final on Saturday will have the feel of a street fight when two of the most powerful players in the women s game exchange blows on the sport s biggest stage with Grand Slam glory on the line
While the 37 year old Serena Williams NYSE WMB and her opponent the upstart Canadian teenager Bianca Andreescu could hardly be more different in terms of the depth of their experience their styles are a near mirror image
Williams who is seeking an elusive record equaling 24th Grand Slam singles title has looked as good as ever during her stay at Flushing Meadows crushing serves and pounding groundstrokes to reach her second major final of the year
Standing in her way is 19 year old Andreescu a fellow big hitter and excellent mover who took the tennis world by storm this year when she came out of nowhere to claim titles at Indian Wells and Toronto
On the eve of the biggest match of her life Andreescu s coach Sylvain Bruneau told reporters she would not be intimidated by Williams or the moment
Tomorrow is a tough task for sure the toughest task she s had this year in her young career he said
But she s a warrior and she s a street fighter She strives to compete
I m pretty confident she s going to step in the arena tomorrow both feet in and go at it he said of the contest which will play out before a raucous Williams supporting crowd at 23 771 seat Arthur Ashe Stadium
She s as tough as it gets as a competitor She s not scared She goes for it the bigger the occasion the bigger she hits
WILLIAMS ON A MISSION
Williams will look to avoid the sort of dip in form she suffered in last year s U S Open final and in the last two Wimbledon finals
Those defeats have kept her just shy of Margaret Court s Grand Slam record since returning to the sport last year following childbirth
Her wealth of experience and excellent fitness not to mention the laser like focus she has brought to each of her first six matches in New York could be enough to finally carry Williams to the Promised Land
Her coach Patrick Mouratoglou also believes her familiarity with the big stage could give her an edge
It s called pressure and I think Serena had to experience a bit of pressure in her life he said of the 37 year old who learned tennis as a child from her father on courts in crime ridden Compton California
And you can t think that she s not good at dealing with pressure
Williams appears fully recovered from the knee injury that forced her to pull out of the Miami and Rome tournaments earlier this year after just one match giving her already lethal game an added dimension
If you feel weak or not as strong as you wish you were it s more difficult to beat the pressure Mouratoglou said
I think it s a totally different situation now because now she can move
If she needs to play the rally she can play the rally We have seen that I think a few times during the tournament
So there is no panic if she misses a bit more than usual No problem There are other options of play |
BMY | Exelixis s Cabometyx Positive For First Line Kidney Cancer | Exelixis Inc NASDAQ EXEL announced results from an analysis of the data from the phase II trial CABOSUN The study compared Cabometyx to Pfizer s NYSE PFE Sutent in the first line treatment of intermediate or poor risk advanced renal cell carcinoma RCC patients
We note that Cabometyx tablets were approved for previously treated advanced kidney cancer in the U S in Apr 2016 Cabometyx was also approved in EU in Sep 2016 for the treatment of advanced RCC in adults who have received prior vascular endothelial growth factor VEGF targeted therapy
An independent radiology review committee has confirmed the primary efficacy endpoint results of investigator assessed progression free survival PFS in the CABOSUN trial
The randomized open label active controlled phase II trial enrolled 157 patients with advanced RCC Patients were randomized 1 1 to receive Cabometyx 60 mg once daily or Sutent 50 mg once daily four weeks on followed by two weeks off The trial was conducted by The Alliance for Clinical Trials in Oncology as part of Exelixis agreement with the National Cancer Institute s Cancer Therapy Evaluation Program NCI CTEP
As per the analysis from the committee Cabometyx demonstrated a clinically meaningful and statistically significant reduction in the rate of disease progression or death as measured by PFS
We note that Exelixis plans to submit its supplemental New Drug Application sNDA for Cabometyx as a treatment of first line advanced RCC in the third quarter of 2017
In May 2016 Exelixis announced that CABOSUN met its primary endpoint as Cabometyx demonstrated a statistically significant and clinically meaningful improvement in PFS compared to Sutent in patients with advanced intermediate or poor risk RCC as determined by investigator assessment
Exelixis shares have moved up 50 3 year to date compared with the Zacks classified industry s improvement of 6 4
Initial uptake of the drug was encouraging and is expected to propel the top line in the forthcoming quarters in 2017
A potential label expansion of the drug will further boost results
Exelixis is developing cabozantinib in a broad development program comprising over 45 clinical studies across multiple indications
In early 2017 Exelixis inked agreements with Bristol Myers Squibb NYSE BMY and Roche OTC RHHBY to collaborate on the development of cabozantinib in combination with immunotherapy agents Exelixis and Bristol Myers will evaluate cabozantinib in combination with Opdivo nivolumab alone or in combination with Yervoy ipilimumab in a phase III trial in first line RCC and potentially in other tumor types including advanced hepatocellular carcinoma HCC
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BMY | AVEO Reaches Enrollment Target In Pivotal Tivozanib Study | AVEO Pharmaceuticals Inc NASDAQ AVEO announced that the phase III study TIVO 3 evaluating tivozanib in patients with refractory advanced renal cell carcinoma RCC has reached its enrollment target of 322 patients two months earlier than the targeted timeline Top line data from the study is expected in the first quarter of 2018 The study is designed to compare the candidate with Bayer AG s OTC BAYRY Nexavar sorafenib for the third line treatment of patients with refractory RCC The study is evaluating patients with recurrent or metastatic RCC who have failed at least two prior regimens including VEGFR TKI therapy other than Nexavar In Feb 2017 the study successfully completed the first safety review by Safety Monitoring Committee SMC The trial is being conducted to address the overall survival concerns from the TIVO 1 trial identified by the FDA in the complete response letter issued in Jun 2013 The TIVO 3 trial along with the previously completed TIVO 1 trial is also intended to support an application for regulatory approval of tivozanib in the U S as a third line treatment and as a first line treatment for RCC Shares of AVEO Pharma have outperformed the Zacks classified industry so far this year The stock has gained 22 3 compared with the broader industry s increase of 6 4 In May 2017 the company completed its oral explanation to the Committee for Medicinal Products for Human Use CHMP as part of the review process for marketing authorization application MAA in the EU for tivozanib in first line RCC With the completion of oral explanation it is expected that CHMP will provide an opinion soon A positive opinion will boost the chances of its approval in 28 countries of EU Moreover another phase II study is evaluating the candidate in combination with Bristol Myers Squibb Company s NYSE BMY Opdivo in patients with advanced RCC Exelixis Inc s NASDAQ EXEL Cabometyx was approved in the U S and EU last year for the treatment of advanced RCC and is currently marketed in the U S Exelixis has planned to submit a supplemental New Drug Application sNDA for cabozantinib for treating first line advanced RCC in the third quarter of 2017 Apart from tivozanib other promising candidates in its pipeline include ficlatuzumab hepatocyte growth factor inhibitory antibody phase I squamous cell carcinoma of the head and neck AV 203 ErbB3 HER3 inhibitory antibody targeting growth differentiating factor 15 GDF15 phase I completed advanced solid tumors AV 380 IgG1inhibitory monoclonal antibody preclinical cachexia and AV 353 inhibitory antibody specific to Notch 3 preclinical pulmonary arterial hypertension PAH With no approved products in its portfolio AVEO Pharma is completely dependent on the success of its pipeline candidates Any pipeline or regulatory setback will have a negative impact on its share price AVEO Pharmaceuticals Inc Price and Consensus Zacks Rank Stock to ConsiderAVEO Pharma currently carries a Zacks Rank 4 Sell You can see Zacks Hidden TradesWhile we share many recommendations and ideas with the public certain moves are hidden from everyone but selected members of our portfolio services Would you like to peek behind the curtain today and view them Starting now for the next month I invite you to follow all Zacks private buys and sells in real time from value to momentum from stocks under 10 to ETF to option movers from insider trades to companies that are about to report positive earnings surprises we ve called them with 80 accuracy You can even look inside portfolios so exclusive that they are normally closed to new investors |
BMY | AVEO s Kidney Cancer Candidate Gets CHMP Recommendation | AVEO Pharmaceuticals Inc NASDAQ AVEO announced on Friday that the Committee for Medicinal Products for Human Use CHMP has recommended the approval of its lead candidate Fotivda tivozanib for the treatment of advanced renal cell carcinoma RCC We note that the European Commission generally follows the recommendation of the CHMP but it is not bound by it A final decision is expected in two months The company received a major boost with this recommendation Its shares have surged nearly 167 since the announcement In fact the stock has outperformed the Zacks classified industry so far this year Shares are up 270 3 compared with the industry s gain of 11 5 in the period The company will receive a payment of 4 million from EUSA Pharma a subsidiary of Jazz Pharmaceuticals PLC NASDAQ JAZZ upon approval of tivozanib by the European Medicines Agency EMA AVEO Pharma will also receive an additional 12 million milestone payments based on member state reimbursement and regulatory approvals The company plans to use the funds for the head to head study of the candidate with Bayer DE BAYGN AG s Nexavarfor treating third line RCC The company is conducting the study to gain approval in the U S The recommendation for the candidate comes after a string of setbacks in the last few years AVEO does not have any approved product in its portfolio The company s top line mainly comprises collaboration revenues milestone and other payments Upon approval the company may have a steady revenue stream Per the data from Cancer Research UK RCC is the most common form of kidney cancer in Europe and it causes an estimated 49 000 deaths every year Meanwhile another phase II study is evaluating the candidate in combination with Bristol Myers Squibb Company s NYSE BMY Opdivo in patients with advanced RCC However the company will face competition from Exelixis Inc s NASDAQ EXEL Cabometyx which was approved in the U S and EU last year for the treatment of advanced RCC AVEO Pharmaceuticals Inc Price and Consensus Zacks RankAVEO Pharma currently carries a Zacks Rank 4 Sell You can see Sell These Stocks Now Just released today s 220 Zacks Rank 5 Strong Sells demand urgent attention If any are lurking in your portfolio or Watch List they should be removed immediately These are sinister companies because many appear to be sound investments However from 1988 through 2016 stocks from our Strong Sell list have actually performed 6X worse than the S P 500 |
WMB | Hong Kong Stocks Rally As Stand Off Continues | Overview The run up in equities continues to be the dominant development in the capital markets Although the Japanese and South Korean bourses fell the rise in Australia China Hong Kong and Taiwan underpin the MSCI Asia Pacific Index The Hang Seng s gains 1 5 on top of yesterday s 1 3 rise is notable as the situation on the ground remains intense and unresolved European markets are higher and the Dow Jones STOXX 600 is at new four year highs while U S shares are firmer in Europe pointing to new record highs for the S P 500 Debt markets are quiet Asia Pacific yields slipped while European rates are a little firmer and the U S 10 year is hovering around 1 82 yield The foreign exchange market is subdued and the dollar is largely confined to a 0 15 band against the major currencies while most of the freely accessible and liquid emerging market currencies are trading with an upside bias Oil prices are little changed and the January WTI contract is near the middle of its 56 58 range Gold has surrendered yesterday s gains after running into offers near last week s high 1475
Asia Pacific
The Hong Kong political crisis is intense The stand off at the university continues The situation remains ominous The escalation of violence and disruption cannot continue The U S has endorsed the call of the protesters for an independent inquiry into the unrest and has expressed concern about the use of unnecessary force though it is largely silent about the violence in other countries that face social unrest such as Bolivia The U S Senate is seeking new export controls to ensure that goods that the Hong Kong policy or China could use to clamp down are blocked Beijing is also critical of the Hong Kong High Court that nullified the face mask ban
The minutes from the recent meeting of the Reserve Bank of Australia seemed to show it closer to a rate cut than may have been appreciated It recognized that a case for a rate cut exists but chose to wait for more evidence that additional action is necessary It has cut rates three times since June Previously the RBA seemed to emphasize the labor market s performance but now appears to be placing more weight on consumption It recognized that the ongoing drought is depressing farm income Although the RBA meets in early December the derivatives market sees a cut in Q1 20 more likely The Australian dollar was sold on the news but has recovered to little changed levels in the European morning
Bank of Japan Governor Kuroda also held out the possibility of lower rates if necessary but the signal is that fiscal policy may be the key lever going forward We are concerned that between weak exports and the sales tax hike the world s third largest economy risks contraction and that the BOJ would be under some pressure to respond Meanwhile the lower chamber of the Diet approved the trade agreement with the U S The upper chamber is expected to ratify the deal by December 9 when the current session ends
For more than a month now the dollar has been confined to a JPY108 JPY109 50 range After slipping to JPY108 45 the greenback has recovered toward JPY108 80 in uneventful turnover There are options for 1 bln struck between JPY108 90 and JPY109 00 that expire today and another of expiring options for nearly 1 5 bln between JPY108 35 and JPY108 50 Before the weekend the Australian dollar traded between 0 6785 and 0 6825 and it remains within that range so far this week It was pushed lower on the RBA minutes initially but climbed steadily back to reach 0 6815 in the European morning The recovery stretched the intraday technical readings suggesting the range will likely hold The dollar rose to CNY7 03 its best level since November 5 and the 20 day moving average but has drifted back toward CNY7 0225 Our bias is for additional yuan weakness
EuropeWith a light economic diary the market s focus remains on Brexit The first debate is in a few hours The latest developments include the head of the Liberal Democrats declaring that the party will not support either Johnson or Corbyn should they fail to secure a majority The latest ISM Reuters poll puts the Tories at 42 3 and Labour at 32 1 with the Lib Demos at 13 2 In the U S the debates do not seem to sway voters as much as boost enthusiasm for one s choice
A break through in Spanish politics is possible A Catalan nationalist party Esquerra Republicana appears to be moving toward endorsing the Socialist Premier Sanchez in exchange for a serious and sincere dialogue over the future of Catalonia The issue had been unresolved since the referendum a couple of years ago and the jailing of several of the leaders recently reignited violent demonstrations There is risk that a Barcelona court could rule in the coming weeks that Catalan President Torra cannot hold public office because he incited protests It would escalate the regional tension and could force new elections
The euro has been confined to a little more than a 10 tick range on either side of 1 1070 as it consolidates within yesterday s range putting at risk its three day advance The intraday technical indicators favor a push higher in the North American morning but we suspect the 1 11 area will hold Sterling is also trading quietly in a narrow range within the price action seen yesterday It is in about a 15 tick range on either side of 1 2955 It peaked yesterday near 1 2985 There are around GBP1 2 bln of options that expire today struck between 1 2875 and 1 2900 Note that in the coming days there are large options at 1 30 that will expire Tomorrow there is a GBP1 2 bln option there and on Thursday a GBP1 5 bln strike
AmericaReports indicate that President Trump summoned Federal Reserve Chairman Powell to the White House on Monday Although journalists and the blogosphere globbed on to it investors took it in stride Some tried to link the decline in the dollar which finished last week on a down note to the meeting even though the interest rate market itself was little changed Trump obviously wants lower rates and arguably uses the Fed to deflect blame away from the tariffs and trade conflict Powell s position is just as clear Economic data will drive the Fed s considerations In fact the statement issued by the Fed after the meeting was nearly identical to the one issued in February after Powell and Clarida had dinner with Trump and Mnuchin There was one notable exception Yesterday s statement added the words as required by law to describe its mandate of full employment and price stability The frugality of the statement means like the FOMC statements every word has meaning That the phrase was inserted suggests that Powell thought it necessary One can only guess why this was the case but the takeaway is that the Fed s independence remains secure
The U S reports October housing starts and permits The report typically does not move the markets It is a volatile number month to month After falling for three months 5 cumulatively housing starts jumped 15 in August and gave a chunk back in September 9 4 Economists look for around a 5 gain in October as overall starts remain near cyclical highs Permits rose to new cyclical highs in August and are hovering around there still NY Fed President Williams NYSE WMB speaks to a capital markets conference before the stock market opens Canada reports manufacturing sales today ahead of tomorrow s CPI
The U S dollar remains pinned near CAD1 3200 It has weakened for the past three sessions coming into today The rally that carried it from near CAD1 3050 in late October ran out of steam last week near CAD1 3270 just in front of the 200 day moving average The CAD1 3200 area houses the 100 day moving average and the initial 38 2 retracement of its rally is found near CAD1 3185 U S 2 year rates which had dipped below Canada s yield is back above and around 10 bp is the most since September On the other hand the risk appetite driver is supportive for the Canadian dollar Oil prices remain rangebound The greenback extended yesterday s recovery against the peso in Asia but has drifted back in the European morning It found support before the weekend and yesterday near MXN19 18 where the 20 day moving average is found The 200 day moving average is near MXN19 27 This area may hold today The dollar spiked above MXN19 40 last week but was unable to close above it but it may offer nearby resistance |
WMB | Fed October Minutes Show Dithering Plus Easing Bias That s Once Again Timely | There s a saying attributed to Mark Twain regarding weather in New England though it s been used in virtually every state to the effect that if you don t like the weather wait a few minutes and it will change
Investors may feel the same way about the economic outlook as prospects for a U S China trade accord fluctuate and economic indicators seem mixed Hiring is strong business investment is weak The stock market is hitting new records when there is optimism on trade talks and slipping when the optimism fades
Analysts worried that the minutes of the Fed s policymaking meeting in October released Wednesday after the standard three week delay would be stale because a certain easing bias in the official statement then has been overtaken by more bullish news
But that happy state of affairs existed before the latest reports of an impasse in the trade talks The concerns expressed three weeks ago now seem timely once again
Considerable Dithering Elevated Economic Downside Risks
The minutes in fact show considerable dithering Things were going not so well in the first weeks after the previous meeting in September then seemed to be going better in the latter half of the period as a trade accord loomed large and Brexit appeared to be moving to resolution Nonetheless some of the economic sluggishness abroad threatened to spill over into the U S
The trade talks have suffered a severe reversal and we really don t know how any of this is going to turn out Optimists see the glass half full despite all the uncertainties while pessimists see that half empty glass draining completely
There is a school of thought that gloom and doom is overdone that growth in Europe and emerging markets will rebound that the U S will slow down but not too much In this scenario the Fed would probably not take any action at all in 2020
Market participants nonetheless are seeing a 50 50 chance of a further reduction in interest rates by June according to CME trading in Fed funds futures
The October minutes show Fed staff in the glass half empty category revising growth forecasts downward and judging the risks to growth tilted further to the downside They were pessimistic in thinking that trade tensions and a slowdown of global growth would have a negative impact on the U S economy something that couldn t be easily resolved via policy Staff also saw little hope of a pickup in inflation
Policymakers largely agreed with this assessment and viewed the downside risks to the economy as elevated All this encouraged them to think that a further quarter point cut in October would be a good idea There was some dissent with hawks arguing that the impact of previous cuts had not yet come through and further accommodation might spur excessive risk taking
The committee decided that data would have to prompt a material reassessment of the economic outlook for the Fed to take any new action on rates after the October cut This was the phrase that Fed chair Jerome Powell hammered home in the press conference following the October meeting using it several times not only in his opening statement but in response to questions He repeated it again in his testimony last week before the Joint Economic Committee in Congress regarding what it would take for the Fed to act again
Does all this add up to an easing bias New York Fed chief John Williams provided a clue this week when he said that risks to the economy are still tilted downwards A downturn in the economy or a sustained move of inflation in the wrong direction could make a case for further accommodation
Meanwhile the odds of a rate cut by July are shortening in futures trading The Fed s concerns three weeks ago seem once again quite pertinent and not at all stale |
WMB | Williams Sonoma WSM Drops 5 In Spite Of Solid Q3 Earnings | Williams Sonoma Inc s NYSE WSM shares dropped 5 1 on Nov 21 in the after hour trading session following third quarter fiscal 2019 results The company posted better than expected results in the quarter under review as well as raised guidance for fiscal 2019 earnings and revenues on strong business trend However decline in comps at the namesake brand and lower gross margin might have hurt investors sentiments Nonetheless West Elm its biggest growth catalyst continues to renew strength in Pottery Barn brands Also cross brand initiatives such as The Key and Business to Business are expected to become important growth opportunities Notably during the third quarter strong contributions from The Key made a positive impact on the quarterly results Non GAAP earnings of 1 02 per share surpassed the Zacks Consensus Estimate of 1 by 2 The figure also increased 7 4 year over year Moreover revenues of 1 442 5 million beat the consensus mark of 1 413 million by 2 1 and grew 6 3 year over year Comps increased 5 5 in the fiscal third quarter compared with 6 5 growth in the preceding quarter and 3 1 in the year ago quarter The West Elm brand s comps grew 14 1 compared with 8 3 growth in the prior year quarter Pottery Barn s comps rose 3 4 compared with 1 4 in the year ago quarter Comps in Pottery Barn Kids and Teen increased 4 versus flat growth registered in the prior year quarter Notably emerging brands Rejuvenation as well as Mark and Graham registered double digit increases However the Williams NYSE WMB Sonoma brand s comps declined 2 1 in the quarter against 2 1 growth registered in the year ago quarter Williams Sonoma Inc Price Consensus and EPS Surprise
Operating HighlightsNon GAAP gross margin was 36 down 50 basis points bps from third quarter fiscal 2018 The downside was primarily caused by higher shipping costs driven by a greater mix of furniture sales and impact of the implementation of China tariffs This was partly offset by benefits from strong occupancy leverage
Non GAAP selling general and administrative expenses accounted for 28 4 of net revenues compared with 28 9 in the year ago quarter reflecting a decrease of 50 bps This improvement was driven by leverage across employment and advertising from higher sales as well as consistent cost saving initiatives Non GAAP operating margin remains flat year over year at 7 6 in the quarter FinancialsWilliams Sonoma reported cash and cash equivalents of 155 million as of Nov 3 2019 compared with 339 million on Feb 3 2019 During the first nine months of fiscal 2019 the company invested 121 million in the business and returned 226 million to its stockholders through dividends payouts as well as share repurchases Notably the company paid out 113 million worth of dividends and repurchased about 113 million shares Fiscal 2019 GuidanceConsidering solid results in the first nine months of fiscal 2019 the company now expects non GAAP earnings per share in the band of 4 65 4 80 up from prior expectation of 4 60 4 80 Net revenues are projected in the range of 5 770 5 900 billion compared with 5 740 5 900 billion expected earlier Comps are likely to increase 3 5 6 year over year compared with prior expectation of 3 6 Non GAAP operating margin is still expected to be in line with the fiscal 2018 level The company expects to close 25 stores and bring the total store count to 601 by the end of the year Long Term View ReaffirmedTotal net revenues are expected to grow in mid to high single digits Non GAAP operating income is likely to be in line with revenue growth and provide stability to operating margin The company expects above industry average ROIC in the long term Zacks Rank Other Key PicksCurrently Williams Sonoma carries a Zacks Rank 3 Hold Some better ranked stocks in the industry include RH NYSE RH Tempur Sealy International Inc NYSE TPX and The Lovesac Company NASDAQ LOVE each carrying a Zacks Rank 2 Buy You can see the complete list of today s Zacks 1 Strong Buy Rank stocks here RH earnings surpassed estimates in all of the trailing four quarters the average being 20 2 Tempur Sealy s current year earnings are expected to rise approximately 28 Lovesac has three five year expected earnings per share growth rate of 40 The Hottest Tech Mega Trend of All Last year it generated 24 billion in global revenues By 2020 it s predicted to blast through the roof to 77 6 billion Famed investor Mark Cuban says it will produce the world s first trillionaires but that should still leave plenty of money for regular investors who make the right trades early |
WMB | Stunning Tory Victory And U S China Trade Boosts Risk Assets | Overview The combination of a U S China trade deal and exit polls showing the Tories securing a majority in the House of Commons boosted risk assets sent sterling flying and the euro sharply higher Separately the Fed stepped up its efforts to make as smooth as possible funding over the turn of the year
Led by more than 2 gains in Hong Kong and the Nikkei and more than 1 rallies in China and South Korea the MSCI Asia Pacific Index rose the most in six months today Europe s Dow Jones Stoxx 600 gapped higher and is up around 1 6 the most in a couple of months in the European morning U S shares are trading firmer and the S P 500 is poised to gap higher as well
Benchmark 10 year yields in Asia played catch up to the rise in the U S yesterday Core European bond yields are up 2 3 bp today while the U S 10 year is consolidating around 1 88 Peripheral European bonds have been supported by the demand for risk assets and yields are lower there led by a 2 bp decline in Italy
The dollar is softer against nearly all the world s currencies today Sterling itself spiked to a little more than 1 35 on the immediate news and pushed back to about 1 3360 in the European morning where new bids were found
Gold is firm but within well worn ranges January WTI is pushing toward 60 that capped it last week
Asia Pacific
Details of the trade agreement that won the approval of President Trump are not known but the simple fact that a deal was reached and that the tariffs that were threatened for December 15 would not be imposed helped spur a rally in risk assets in North America yesterday
The broad outlines include a commitment from China to buy much more US agriculture than ever before 50 bln and step up protection of intellectual property in exchange for a 50 reduction in existing US tariffs and not implementing the December 15 levies
The offshore yuan CNH rallied by over 1 and the dollar fell to around CNH6 9230 its lowest since August 1 Today it has bounced back to about CNH6 9850 CNH6 9900 The dollar was bumping against the CNY7 0450 area most of the week but finished yesterday near CNY6 9850 It fell to CNY6 9600 today before recovering to little changed levels on the session
Japan s Tankan Survey showed a deterioration of sentiment among large and small manufacturers while the non manufacturing sector proved more resilient
The large manufacturer sentiment reading fell to 0 from 5 It is the lowest in six years and the outlook for the next quarterly read also fell to 0 The large non manufacturer results slipped to 20 from 21 which was better than expected
This pattern was repeated among small businesses Manufacturing sentiment slumped more than expected and small non manufacturers saw a slight decline and fared better than economists forecast The results reinforce expectations that the BOJ will reduce its economic assessment at next week s meeting A large supplemental budget is already in the works
On Wednesday the dollar settled near JPY108 55 Yesterday it reached JPY109 45 and today JPY109 65
The high earlier this month was seen around JPY109 75 The intraday technical readings have not matched the strength of spot move Although it looks stretched the daily technical readings are constructive and the greenback appears poised to rise above JPY110 next week for the first time since May
The Australian dollar finished last week near 0 6840 After soft start to the week with declines on Monday and Tuesday the Aussie has rallied strongly and today reached 0 6940 before consolidating
It rose above the 200 day moving average 0 6910 that has held back rallies since March 2018 There are options for nearly A 1 4 bln struck between 0 6885 and 0 6899 that expire today
Europe
The Tories scored an impressive victory A majority of about 47 seats was secured and the Tories won seats that were strongholds of Labour for a couple generations
It is the biggest margin since Thatcher in the late 1980s Labour leader Corbyn resigned and Lib Dem leader Swinson lost her seat and the party will also pick a new leader The Scottish National Party also turned in a strong showing and it may be difficult to resist a new referendum at some point
Brexit will take place by the end of January and the focus will shift to three things new negotiations with the EU over the future trade relationship the state of the economy with fiscal stimulus promised and Carney s replacement at the Bank of England Carney is to step down at the end of January and Shafik the former deputy at the BOE is seen to be a favorite
Lagarde got glowing reviews for her debut press conference as President of the ECB
The market voted with their feet in the sense that she statement and answers did not spark much movement There were some minor 0 1 percentage point adjustments to some near term forecasts but her assessment was consistent with the tone and path of the ECB She demonstrated knowledge of a number of technical issues
Lagarde comporting herself well and left no doubt about her inclusive and collaborative style which is likely to help ease some ruffled feathers The strategic review which has already begun is projected to take more of next year to complete a little longer perhaps than expected
She seemed enthusiastic and a little upbeat by suggesting that several economic measures appeared to have stopped worsening and that lending to non financial businesses and households continued to grow While there have been some press pieces suggesting officials are becoming increasingly skeptical of the merits of negative interest rates Lagarde pushed back and argued that it has been an important tool
The euro has not fallen this week
It is up about 0 5 today at about 1 1185 to bring the week s gain to about 1 1 It has jumped above the 200 day moving average for the first time since July The euro has taken out the October and November highs and is knocking on 1 1200 its best level in four months where a roughly 610 mln euro option is set to expire today
The market appears a bit stretched and the upper Bollinger Band two standard deviations on top of the 20 day moving average is by 1 1155 As we anticipated sterling was subject to buy the rumor sell the fact It spiked above 1 35 on the exit polls but drifted lower after early Asia and saw 1 3360 in the European morning
Stronger chart support is seen in the 1 3200 3230 area Some chunky options expire today At 1 34 there is are options for GBP1 4 bln and at 1 3450 there are another GBP1 bln in expiring options Lastly there are options for about GBP450 mln at 1 35
Meanwhile the euro has been sold to three year lows against sterling near GBP0 8275 It too is consolidating now below GBP0 8350 where an option for roughly 500 mln euros will be cut today There is another option for 425 mln euros at GBP0 8300 that also expires today
America
Although Powell gave no indication at the press conference that followed the FOMC meeting the Fed announced yesterday that in addition to term repo operations that have already been announced it would offer as much as 50 bln in a 32 day operation Monday
It also will offer forward settled overnight repo on December 30 That means that if all of the repos were fully subscribed the Federal Reserve would be providing almost 500 bln over the turn of the year
The US reports import and export prices but the interest is with the November retail sales report
A solid number is expected The median forecast in the Bloomberg survey calls for a 0 5 gain in the headline figure after a 0 3 rise in October following a 0 3 decline in September A 0 5 gain would match the average through the first ten months of the year
The components that are used for GDP calculations rose by 0 3 in October 0 1 in September and are expected to match that in November The average monthly gain this year is 0 7 It was mostly front loaded in Q1 Since March only one month July was matched the 0 7 average
The quiet period around the FOMC meeting has ended and the NY Fed s Williams NYSE WMB will be the first to speak He gives a lecture to students late in the NY morning at the Borough of Manhattan Community College
The US dollar is testing support near CAD1 3150 where a 770 mln option is set to expire later today
That area as we have noted also corresponds to a 61 8 retracement of the greenback s rally since the end of October A break signals potential toward CAD1 3100 next
The risk off impulses have seen the US dollar extend its losses against the Mexican peso
Today s loss is the eighth session of the past 10 that the dollar fell against the peso and the decline has brought it back to MXN19 00 which it has not traded through since late July It appears to have traded as low as MXN18 9960 in early Asia
The Dollar Index slumped to about 96 70 late yesterday It was the lowest level since early July It is consolidating in a narrow range now 96 72 96 92 The October lows around 97 10 97 15 may offer initial resistance |
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