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WMB | Should You Buy Williams WMB Ahead Of Earnings | Investors are always looking for stocks that are poised to beat at earnings season and The Williams Companies Inc NYSE WMB may be one such company The firm has earnings coming up pretty soon and events are shaping up quite nicely for their report That is because Williams is seeing favorable earnings estimate revision activity as of late which is generally a precursor to an earnings beat After all analysts raising estimates right before earnings with the most up to date information possible is a pretty good indicator of some favorable trends underneath the surface for WMB in this report In fact the Most Accurate Estimate for the current quarter is currently at 24 cents per share for WMB compared to a broader Zacks Consensus Estimate of 23 cents per share This suggests that analysts have very recently bumped up their estimates for WMB giving the stock a Zacks Earnings ESP of 3 60 heading into earnings season Williams Companies Inc The Price and EPS Surprise Why is this Important A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises and outperforming the market Our recent 10 year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank 3 Hold or better show a positive surprise nearly 70 of the time and have returned over 28 on average in annual returns see more Given that WMB has a Zacks Rank 3 and an ESP in positive territory investors might want to consider this stock ahead of earnings You can see Clearly recent earnings estimate revisions suggest that good things are ahead for Williams and that a beat might be in the cards for the upcoming report Today s Best Stocks from Zacks Would you like to see the updated picks from our best market beating strategies From 2017 through 2018 while the S P 500 gained 15 8 five of our screens returned 38 0 61 3 61 6 68 1 and 98 3 This outperformance has not just been a recent phenomenon From 2000 2018 while the S P averaged 4 8 per year our top strategies averaged up to 56 2 per year |
WMB | Williams Companies Inc The WMB Q2 Earnings Top Estimates | Williams Companies Inc The NYSE WMB came out with quarterly earnings of 0 26 per share beating the Zacks Consensus Estimate of 0 23 per share This compares to earnings of 0 17 per share a year ago These figures are adjusted for non recurring items
This quarterly report represents an earnings surprise of 13 04 A quarter ago it was expected that this pipeline operator would post earnings of 0 24 per share when it actually produced earnings of 0 22 delivering a surprise of 8 33
Over the last four quarters the company has surpassed consensus EPS estimates two times
Williams Companies Inc The which belongs to the Zacks Oil and Gas Production and Pipelines industry posted revenues of 2 04 billion for the quarter ended June 2019 missing the Zacks Consensus Estimate by 1 This compares to year ago revenues of 2 09 billion The company has topped consensus revenue estimates just once over the last four quarters
The sustainability of the stock s immediate price movement based on the recently released numbers and future earnings expectations will mostly depend on management s commentary on the earnings call
Williams Companies Inc The shares have added about 13 5 since the beginning of the year versus the S P 500 s gain of 20 2
What s Next for Williams Companies Inc The
While Williams Companies Inc The has underperformed the market so far this year the question that comes to investors minds is what s next for the stock
There are no easy answers to this key question but one reliable measure that can help investors address this is the company s earnings outlook Not only does this include current consensus earnings expectations for the coming quarter s but also how these expectations have changed lately
Empirical research shows a strong correlation between near term stock movements and trends in earnings estimate revisions Investors can track such revisions by themselves or rely on a tried and tested rating tool like the Zacks Rank which has an impressive track record of harnessing the power of earnings estimate revisions
Ahead of this earnings release the estimate revisions trend for Williams Companies Inc The was mixed While the magnitude and direction of estimate revisions could change following the company s just released earnings report the current status translates into a Zacks Rank 3 Hold for the stock So the shares are expected to perform in line with the market in the near future You can see the complete list of today s Zacks 1 Rank Strong Buy stocks here
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead The current consensus EPS estimate is 0 25 on 2 13 billion in revenues for the coming quarter and 0 97 on 8 45 billion in revenues for the current fiscal year
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well In terms of the Zacks Industry Rank Oil and Gas Production and Pipelines is currently in the top 13 of the 250 plus Zacks industries Our research shows that the top 50 of the Zacks ranked industries outperform the bottom 50 by a factor of more than 2 to 1 |
WMB | Williams WMB Q2 Earnings Beat Revenues Miss Estimates | Williams Companies Inc NYSE WMB reported second quarter 2019 adjusted earnings per share EPS from continuing operations of 26 cents surpassing the Zacks Consensus Estimate of 23 cents Strong contribution from its Atlantic Gulf and Northeast G P segments led to the outperformance The reported EPS was higher than the prior year figure of 17 cents For the quarter ended Jun 30 the company reported revenues of 2 041 million lagging the Zacks Consensus Estimate of 2 062 million and decreasing from the year ago figure of 2 091 million Williams Companies Inc The Price Consensus and EPS Surprise Key TakeawaysDistributable cash flows came in at 867 million up 36 1 from the year ago quarter Adjusted EBITDA came in at 1 241 million in the quarter under review compared with 1 110 million in the corresponding period of 2018 Cash flow from operations totaled 1 069 million compared with 891 million in the prior year period Higher revenues from Transco projects drove cash flow in the quarter Segmental AnalysisAtlantic Gulf This segment comprising Williams Transco Pipeline and properties in the Gulf Coast region generated adjusted EBITDA of 559 million compared with 456 million recorded in the year ago quarter The improved performance of the company was driven by Transco expansion projects including Atlantic Sunrise and Gulf Connector that became functional in October 2018 and January 2019 respectively West The segment including the Northwest pipeline and operations in various regions such as Colorado Mid Continent and Haynesville Shale among others delivered adjusted EBITDA of 356 million lower than 389 million recorded in the year ago quarter Lower commodity margins impacted the segment s results Northeast G P This segment engages in natural gas gathering and processing along with the NGL fractionation business in Marcellus and Utica shale regions The segment generated adjusted EBITDA of 319 million up 25 from the corresponding quarter of last year Increased gathering volumes from the Susquehanna Supply Hub and higher returns from investments in Marcellus and Bradford systems drove the results Others The segment posted adjusted EBITDA of 7 million compared with 10 million in second quarter 2018 Costs Capex Balance SheetIn the reported quarter total costs and expenses decreased 8 to 1 543 million from 1 681 million a year ago due to lower product and depreciation expenses During the reported quarter Williams total capital expenditure was 702 million As of Jun 30 the company had cash and cash equivalents of 806 million and a long term debt of 20 711 million representing a debt to capitalization ratio of 54 8 2019 Guidance ReiteratedThe company maintained its adjusted EBITDA guidance in the band of 4 850 5 150 million with distributable cash flow within 2 900 3 300 million Adjusted EPS view for the year is expected in the band of 83 cents to 1 07 Zacks Rank and Key PicksWilliams currently carries a Zacks Rank 3 Hold Some better ranked players from the same industry are TC PipeLines LP NYSE TCP MPLX LP NYSE MPLX and Oasis Midstream Partners LP NYSE OMP each carrying a Zacks Rank 1 Strong Buy You can see Looking for Stocks with Skyrocketing Upside Zacks has just released a Special Report on the booming investment opportunities of legal marijuana Ignited by new referendums and legislation this industry is expected to blast from an already robust 6 7 billion to 20 2 billion in 2021 Early investors stand to make a killing but you have to be ready to act and know just where to look |
WMB | ENB Or WMB Which Is The Better Value Stock Right Now | Investors interested in Oil and Gas Production and Pipelines stocks are likely familiar with Enbridge ENB and Williams Companies Inc The NYSE WMB But which of these two companies is the best option for those looking for undervalued stocks Let s take a closer look
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system The proven Zacks Rank emphasizes companies with positive estimate revision trends and our Style Scores highlight stocks with specific traits
Currently Enbridge has a Zacks Rank of 2 Buy while Williams Companies Inc The has a Zacks Rank of 3 Hold Investors should feel comfortable knowing that ENB likely has seen a stronger improvement to its earnings outlook than WMB has recently However value investors will care about much more than just this
Value investors analyze a variety of traditional tried and true metrics to help find companies that they believe are undervalued at their current share price levels
The Style Score Value grade factors in a variety of key fundamental metrics including the popular P E ratio P S ratio earnings yield cash flow per share and a number of other key stats that are commonly used by value investors
ENB currently has a forward P E ratio of 17 16 while WMB has a forward P E of 24 04 We also note that ENB has a PEG ratio of 2 55 This figure is similar to the commonly used P E ratio with the PEG ratio also factoring in a company s expected earnings growth rate WMB currently has a PEG ratio of 3 70
Another notable valuation metric for ENB is its P B ratio of 1 40 The P B is a method of comparing a stock s market value to its book value which is defined as total assets minus total liabilities By comparison WMB has a P B of 1 68
These are just a few of the metrics contributing to ENB s Value grade of B and WMB s Value grade of C
ENB has seen stronger estimate revision activity and sports more attractive valuation metrics than WMB so it seems like value investors will conclude that ENB is the superior option right now |
WMB | S P 500 Selloff Possible If 2929 Is Broken | U S equity indices rose on Wednesday as upbeat data from China s services sector eased concerns about a global economic slowdown while Hong Kong s withdrawal of a controversial bill supported sentiment No doubt that the activities in China s services sector expanded at the fastest pace in three months in August providing a boost to the world s second largest economy that has been struggling to reverse a prolonged slump in its manufacturing sector
On the other hand sentiment also got a lift after Hong Kong leader Carrie Lam withdrew an extradition bill that had triggered months of often violent protests in the Chinese ruled city No doubt that the positive economic news out of China is offsetting the weak manufacturing data from the U S yesterday and diminishes the fear of an economic downturn but warning issued by the U S President Donald Trump on Tuesday still seems to weigh upon the movement of global equity markets He said on Tuesday that trade talks between the United States and China were going well though he warned that he would be tougher in negotiations if the discussions drag on until his second term For watching my videos on S P 500 futures
No doubt that a strong Chinese economy is important for the global economic growth but tactics of devaluating Yuan by the China itself from time to time enhance doubts over the China s proclamation about the strength of Chinese economy Global equity markets struggled last month as escalating trade tensions and the inversion of a key part of the U S yield curve often seen as a sign of recession drove investors away from risky assets and pushed the S P 500 SPX to log its worst August in four years Secondly further easing concerns of a slowdown were comments from New York Federal Reserve President Williams who said he is ready to act as appropriate to help the United States avoid an economic downturn but so far the economy appeared to be in a good place
On analysis of the movements of S P 500 futures in different time frames I find that the S P 500 futures are still look under bearish pressure as the exhaustion from the level of 2936 looks evident enough for enhancing suspicion among the traders about the sustenance of S P 500 futures above the important support level at 2929 I find that a sustainable move below the level of 2929 will confirm the prevalence of exhaustion in S P 500 futures No doubt that a downward move below 2877 will push the S P 500 futures below the level of 2860
Finally I find that if the S P 500 futures close below 2919 on September 4th 2019 one more Exhaustive Candle may appear in the daily chart which will enhance more bearish pressure on S P 500 futures till the two major economies of the world seal a final deal on tariff trade war tussle Secondly the steady Gold futures look ready to sustain above the level of 1550 which ensures the prevalence of recessionary fear in the global equity markets
Disclaimer
1 This content is for information and educational purposes only and should not be considered as an investment advice or an investment recommendation Past performance is not an indication of future results All trading carries risk Only risk capital be involved which you are prepared to lose
2 Remember YOU push the buy button and the sell button Investors are always reminded that before making any investment you should do your own proper due diligence on any name directly or indirectly mentioned in this article Investors should also consider seeking advice from an investment and or tax professional before making any investment decisions Any material in this article should be considered general information and not relied on as a formal investment recommendation |
WMB | ETF Strategies To Follow As Volatility Seems Underpriced | August 2019 has been anything but favorable for Wall Street thanks to the re escalation in Sino U S trade tensions SPDR S P 500 ETF NYSE SPY ASX SPY down 0 1 SPDR Dow Jones Industrial Average NYSE DIA ETF TSXV DIA down 0 3 and Invesco QQQ Trust up 0 1 all suffered last month read
However due to this turmoil volatility in the market gained iPath Series B S P 500 VIX Short Term Futures ETN added about 6 1 in August While markets recouped some gains this week on trade optimism some market watchers are still fearing a slump and higher market volatility
As stated in a Bloomberg article commonly known as the VIX the gauge uses options prices to track the 30 day implied volatility for S P 500 Index stocks It s currently at around 18 The fair value for this month should be closer to 25 Macro Risk Advisors derivatives and quantitative strategist Maxwell Grinacoff wrote in a research note
Historical 30 day volatility in the S P 500 Index last month touched the highest level since February Stock prices were seesawing on every trade related actions and counteractions The Fed had also been sending mixed signals about its future course on monetary policy
If the forecast about volatility is correct investors can seek refuge to the below mentioned ETF areas
Volatility ETFs Itself
The fear gauge the CBOE Volatility Index VIX tends to outperform when markets are declining or fear levels pertaining to the future are high There are several ETF ETN options available in the market that can provide some exposure to volatility So one can play VXX ProShares VIX Short Term Futures ETF and VelocityShares Daily Long VIX Short Term ETN read
Bet Blindly on Dividend Growers
Dividend aristocrats are dividend paying companies which have a long history of raising dividend payouts each year These provide hedge against economic uncertainty and are high quality in nature The S P 500 Dividend Aristocrat Index has with lower volatility over a longer period of time
So one can play funds like Proshares S P 500 Dividend Aristocrats ETF BO NOBL and SPDR S P Dividend NYSE SDY ETF TSX SDY read
Gold to Glitter
Rising trade spats and the safe haven rally pushed up precious metal prices Also the Fed and several other global central banks are acting dovish This boosted non interest bearing assets like gold Gold will average 1 560 in 2020 BNP said in the note SPDR Gold Trust P GLD TSXV GLD could thus be played read
Consumer Staples Should Stand Out
Though there was lot of debacle on the global trade front U S consumer confidence remained around a 19 year high In fact the Federal Reserve Bank of New York s president John Williams NYSE WMB told reporters on Sep 4 the consumer is now carrying all of the weight or much of the weight for growth going forward
Moreover staples is the non cyclical space of the broader consumer sector and should do well amid turbulent times This makes Consumer Staples Select Sector SPDR Fund and Vanguard Consumer Staples Index Fund ETF Shares good picks if volatility flares up
Low Volatility ETFs to Sizzle
Low volatility ETFs were on the radar as investors flocked to iShares Edge MSCI Min Vol U S A ETF last month The fund garnered about 2 14 billion in assets in August If you are worried about a more volatile market you can seek refuge in this segment read
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C | Banks Lead Stocks Higher Dollar Gains | Banking stocks were leading the way Wednesday morning as executives of the nation s biggest financial institutions testified before the U S House Financial Services Committee today Vikram Pandit of Citigroup and seven other bank CEOs were summoned to Washington to account for how they have used money from the government s Troubled Asset Relief Program
Lawmakers were seeking to get the banks to lend more aggressively I urge you strongly to cooperate with us not grudgingly not doing the minimum House Financial Services Committee Chairman Barney Frank said today at the hearing There is a substantial public anger and alleviating that public anger not with mumbo jumbo but with reality is essential if we re going to have the support of the country
Democratic House and Senate leaders apparently are near agreement on a 789 5 billion economic stimulus plan according to a report by Bloomberg The White House believes we are making good progress toward an agreement on a plan to put Americans back to work administration spokesman Robert Gibbs said
The XLF financial sector ETF was recently trading higher by 3 82 and that was helping the overall indexes to modest gains The DOW was recently up by 0 85 and the S P 0 9 while the technology focused NASDAQ was gaining 0 62
The dollar made a huge run against the higher yielding currencies yesterday after Treasury Secretary Tim Geithner s speech failed to provide details regarding the government s plan to rescue troubled banks The greenback was still moving up against the euro pound and Australian dollar on the day but had given back some of the gains as Wall Street advanced It was also higher on the day against the yen
Crude for March delivery was still trading lower on the day even after the weekly report on oil inventories showed that demand for gasoline improved for a second straight week down 19 cents 0 6 in recent trading to 37 41 per barrel
Gold has continued its massive run with another strong showing on the day April futures were recently up 30 30 3 32 to 944 00 per ounce |
C | ANALYSIS Putting a price tag on U S economic salvation | By Emily Kaiser
WASHINGTON Feb 12 Reuters No matter how many times
U S Treasury Secretary Timothy Geithner insisted this week
that he was not asking for more money to fix the economy the
question kept coming back
How much more will it cost to purge as much as 4 trillion
in bad assets and recapitalize banks bridge a recession that
may generate a 1 trillion gap in output and put a floor under
the housing market that triggered the whole credit mess
The slowly evolving bailout plan amounts to an effort to
fill a hole before it s known exactly how deep it is which is
why many lawmakers and economists believe that is only a matter
of time before Geithner will have to come back for more money
I just don t believe that that s enough money to fix
housing and banking South Carolina Republican Sen Lindsey
Graham told Geithner at a hearing on Wednesday I just wish
you would say that because you re going to come up here and
ask us for more money
Let s tell people some idea of what awaits them he
said
Geithner responded much the same way he had to the
half dozen or so other lawmakers who asked the same thing I m
not prepared to make that judgment today
Part of the reason for Geithner s reluctance is that
government officials are only now beginning a thorough
examination of how bad off the banks really are The stress
tests as Geithner calls them should help Treasury figure out
which banks are healthy enough to be repaired and which might
require more drastic measures
The International Monetary Fund and a number of private
economists have come up with loss projections that far exceed
the 500 billion to 1 trillion in bad assets that Geithner s
public private investment fund hopes to remove from bank s
books
We expect that in the end considerably more funds will be
needed to make this work effectively in shoring up investor
confidence in financial institutions said Deutsche Bank
economist Peter Hooper
ANOTHER DAY ANOTHER LOSS
The longer it takes the Treasury to get the bank fix
program rolling the more money that will likely be needed
because loan losses will mount as the economy worsens
Federal Reserve data shows that loan delinquencies
increased dramatically in the first three quarters of 2008 The
next batch of figures will probably look even worse because the
economy nose dived in the final quarter of the year
At the 100 largest banks nearly 5 5 percent of all
residential real estate loans were delinquent as of September
2008 up from 2 8 percent a year earlier Some 4 8 percent of
commercial real estate loans were behind compared with 1 9
percent in the third quarter of 2007
Those numbers are no secret and Geithner is certainly well
aware that rising unemployment and falling home prices spell
more losses for banks So why not acknowledge that and ask for
more money up front
First and foremost is the obvious political problem of
going back to the trough while voters are still furious over
last year s 700 billion bailout and uncertain about the
benefits of an 800 billion tax cut and spending program
Steven Wieting an economist with Citigroup said the
message from Geithner may also reflect a philosophical position
that public money should be only a temporary measure until
banks can once again get private funding
In essence whatever losses need to be taken ultimately
need to be taken by private capital supplanting current
capital if necessary he said
That thinking is part of the reason why bank stocks resumed
their slide as soon as Geithner presented his plans on
Tuesday
Ever since Bear Stearns near death experience last March
there has been a perception on Wall Street that if bank shares
fall far enough to spark serious questions about the firm s
viability the government can be forced to step in
Wall Street has already made it clear that it doesn t like
Geithner s proposal Congress is braced for the next request
for more money Geithner isn t asking today but he very well
might ask soon
Editing by Jonathan Oatis |
C | UPDATE 2 S P threatens troubled Ukraine with new downgrade | adds analyst comment trade deficit prices
By Umesh Desai and Peter Apps
HONG KONG LONDON Feb 16 Reuters Ratings agency Standard
Poor s warned Ukraine on Monday it could face another ratings
cut saying it doubted the embattled country s ability to
implement a crucial International Monetary Fund deal
Fellow ratings agency Fitch downgraded Ukraine last week on
similar worries and investors have fled the country with its
debt insurance in the credit default swap market increasingly
difficult to trade and close to pricing in sovereign default
S P said it could cut Ukraine s B foreign currency rating
and B plus local currency rating by one or more notches Fitch
cut Ukraine to B from B
Ukraine s political commitment to implementing the IMF
loan s conditions including structural fiscal tightening and
banking system consolidation is wavering against a backdrop of
sharply contracting growth weakened terms of trade and
approaching presidential elections S P said in a statement
Slumping steel and chemical prices a banking correction and
rising default on foreign currency loans coupled with an ongoing
political crisis that last week saw the resignation of the
finance minister are seen pushing Ukraine further into crisis
Data on Monday showed more bad news with Ukraine s trade
deficit nearly doubling to 13 5 billion from 7 3 billion the
previous year
An IMF mission failed to sign off on a first review of
Ukraine s performances under a 16 4 billion IMF programme
during a recent visit sparking fears of non implementation
Ukraine says it may approach other countries including Russia
for additional financial help
Last week the fund said talks with Ukraine were focused on
containing the budget deficit in 2009 and stressed that strong
crisis management was essential to stabilising the economy
S P said it was awaiting the government s clarification on
the IMF programme before deciding on the rating and warned the
economy faced growing refinancing risks
It said that as of end January Ukraine s external reserves
covered just over 100 percent of this year s banking sector
repayments leaving nothing for corporate obligations estimated
at 9 5 billion The figure excludes trade financing
HOSTAGE TO POLITICS
The agency said that about half of the 80 percent of GDP
stock of domestic credit was foreign currency denominated
It warned it expected the hrvynia currency to keep
depreciating further threatening corporate and household
balance sheets The currency has halved in value since September
and has lost 4 percent against the dollar this year
Some foreign investors say they are no longer willing to
trade the currency and Ukrainian credit default swaps have also
become increasingly illiquid with no trade reported on Monday
Ukrainian CDS is routinely quoted above 3000 basis points
the highest in the region by far and meaning it would cost more
than 3 million a year to cover 10 million of five year debt
I don t see any dynamics at present that would tighten
these said Citigroup Ukraine economist Ali Al Eyd You have
negative news regarding the IMF negative news regarding the
finance minister and you have more political uncertainty
Ukraine s Finance Minister Viktor Pynzenyk resigned last
Thursday saying he had become a hostage to politics
Pynzenyk cited differences over a deficit contained in the
budget backed by Prime Minister Yulia Tymoshenko defying the
IMF which had made a deficit free budget a condition
For the country in the short term to get its act together
Ukraine must unite on the political front which they have not
managed to do over the last seven years when the times were
good said Barings Asset Management investment manager Matthias
Siller
Now the times are much worse Without the alignment of
interests in the political sphere Ukraine s chances to
reorganise its finances are not very good
additional reporting by Martina Fuchs editing by Andy Bruce |
WMB | Serena versus Sharapova to headline Day One at U S Open | By Frank Pingue NEW YORK Reuters There will be no shortage of big name players in action when the U S Open begins on Monday but the talk around New York for days has centered around the marquee matchup between Serena Williams NYSE WMB and Maria Sharapova Williams and Sharapova for years the two most recognizable names in women s tennis will open the evening session at Arthur Ashe Stadium with their first ever New York meeting in a match that may just have the feel of a championship final Of course I m going to watch it defending U S Open champion Naomi Osaka told reporters I know you all are going to watch it I think everyone in New York is going to watch it At every Grand Slam there is always some sort of drama You know what I mean Like a first round Like Oh my God So this match just happens to be that for this tournament Eighth seed Williams who is seeking a record tying 24th career Grand Slam title owns a commanding 19 2 career record against Sharapova who last beat the American in 2004 and has fallen to 87th in the rankings amid an injury hit 2019 season Definitely That s going to be a match to watch said Canadian teenager Bianca Andreescu who is seeded 15th and plays her first match on Tuesday Among the other top names in action on Day One of the year s final Grand Slam are defending champion Novak Djokovic five times winner Roger Federer Australian world number two Ash Barty and Venus Williams While that talented group will surely draw plenty of attention the anticipation for their respective matches will pale in comparison to the Williams Sharapova matchup Williams and Sharapova have not played each other since the 2016 Australian Open They were set to meet last year at the French Open but Williams withdrew injured moments before their fourth round match While five times Grand Slam champion Sharapova may be far from her top form she could still present a challenge for Williams who has not competed since retiring from the Toronto final against Andreescu with back spasms And while their clash is highly anticipated not everyone in the tennis world is planning their day around the match There are a lot of other quality first rounds It s not the only first round in the draw said French Open champion Barty who kicks off the action at Arthur Ashe Stadium against Zarina Diyas of Kazakhstan
I think more importantly I m focused on my first round on Monday and that s all I m worried about for the moment |
WMB | U S Open gets underway under cloudy skies | By Rory Carroll NEW YORK Reuters Partly cloudy skies and a cool breeze did little to dampen the enthusiasm of fans packed into Flushing Meadows for the U S Open on Monday where the sport s biggest names were set to embark on their quest to win the year s final Grand Slam World number one and defending champion Novak Djokovic and French Open champion Ash Barty will take the court in the morning before five times winner Roger Federer closes the night session on Arthur Ashe The most anticipated match however was the first round showdown between Serena Williams NYSE WMB and Maria Sharapova a pair of powerhouses who for years were the two most recognisable names in women s tennis Williams and Sharapova have never met at the U S Open before and although eighth seed Williams will be the favorite against the world number 87 Williams holds a commanding 19 2 career record against Russian Sharapova but the 37 year old American s fitness could be an issue Seeking a record tying 24th career Grand Slam title Williams forced to withdraw from the Rogers Cup final in Toronto due to back spasms and sat out the Cincinnati Open this month The U S Open runs from Aug 26 to Sept 8 |
WMB | Venus sprints through first round of U S Open | NEW YORK Reuters Venus Williams NYSE WMB ended a run of suffering first round exits at Grand Slam tournaments by walloping China s Zheng Saisai 6 1 6 0 on the opening day of the U S Open on Monday The 39 year old American had failed to win a match at this year s French Open and Wimbledon tournaments but on Monday showed some of the form that had earned her two U S Open titles Zheng failed to make much of an impact throughout the match firing off just six winners compared to her opponent s 25 Williams capped a ruthless performance by firing down a 115mph ace on match point More than two decades after she made her U S Open debut Williams said she was not about to get carried away with the win Considering she has been stuck on 49 singles titles since 2016 Williams knows that tougher challenges lie ahead if she wants to complete that half century at Flushing Meadows I was happy with today so I m not going to ask for more Whether the win is easy or whether it s tough a win is a win Williams who won the last of her seven majors at Wimbledon in 2008 told reporters
Getting to the next round is about getting the win on your side and building yourself up during the tournament and patting yourself on the back for every good achievement |
WMB | Serena proves too strong for Sharapova in U S Open showdown | By Frank Pingue NEW YORK Reuters Serena Williams NYSE WMB trounced old foe Maria Sharapova 6 1 6 1 in their blockbuster first round clash at the U S Open on Monday to get her quest for a record tying 24th Grand Slam title off to a flying start Williams returning to the U S Open after last year s infamous final in which her row with the chair umpire overshadowed Naomi Osaka s maiden Grand Slam victory used her trademark power to overwhelm Sharapova in the first New York meeting between two of the sport s biggest names Eighth seed Williams showed no signs of the back spasms that forced her to retire in tears from the Toronto final two weeks ago and instead showcased some of her best on court movement since returning from maternity leave in 2018 I just feel like her game really matches up well against mine said Williams who improved to 20 2 in career meetings with the Russian I always said her ball somehow lands in my strike zone I don t know It s just perfect for me The rivals who have had a frosty relationship that dates back to 2004 when Sharapova earned her breakout win against Williams in that year s Wimbledon final came out firing right from the start Sharapova did her best to trade big shots with Williams but it quickly became apparent she simply did not have the same high gear she used to collect five Grand Slam titles The Russian has fallen to 87th in the rankings during an injury hit season that included shoulder surgery in February Williams dialed in throughout the 59 minute encounter got the first break of the match to go ahead 3 1 and that appeared to free up the six time champion s playing style as she did not give Sharapova any chance to wrestle away momentum The 37 year old Williams facing Sharapova for the first time since the 2016 Australian Open kept pressing and grabbed a double break for a 5 1 lead and went on to serve out the set Sharapova had a glorious chance to break Williams and work her way back into the match in the fourth game of the second set but at 15 40 she let the opportunity pass her by The Russian sent a service return into the net on her first chance before Williams fought off the next one with a sublime backhand winner that whizzed past a charging Sharapova She had three more break points while trailing 4 1 but was unable to convert I went through a shoulder procedure about four months ago To find myself playing at a night match at the U S Open with people excited about the matchup it s a pretty big deal I m fortunate to be a part of that said Sharapova It s easy to be discouraged after a match like this But if I m personally discouraged I wake up tomorrow I don t feel like I want to go out train be better that s more discouraging than the result
Williams will next face Catherine McNally after the American wildcard beat Swiss Timea Bacsinszky 6 4 6 1 earlier in the day |
WMB | Fed divided on policy discount rate votes show | By Ann Saphir
Reuters U S central bankers may have been more deeply divided than previously understood over the decision last month to cut interest rates for the first time in more than a decade records from meetings held across the Fed s 12 regional Fed banks suggest
The Fed cut its benchmark policy rate a quarter of a point to a range of 2 2 25 on July 31 Most directors at regional Fed banks saw heightened trade tensions and uncertainty as risks to the economic outlook summaries of their discussions released on Tuesday showed similar to policymakers who voted on the rate cut
But those at half of the Federal Reserve s 12 regional Fed banks still wanted to keep the emergency lending rate for commercial banks unchanged in votes taken as late as just one week before the Fed s July 30 31 policysetting meeting the minutes showed
Directors supporting no rate change cited a strong labor market and inflation near the Fed s 2 goal the minutes showed
Recommendations from regional Fed bank directors on the so called discount rate are not policy votes themselves but at most Fed banks the votes of the directors who represent not only banks but also foundations community groups and businesses reflect the views of their presidents
Minutes from the Fed s policymaking meeting itself released last week also revealed divisions among rate setters including several who wanted no change in rates
The vote from the New York Fed may not have indicated opposition to a rate cut since directors there have in recent years made it a practice to weigh in after the Fed s policy setting panel changes rates
New York Fed President John Williams NYSE WMB a close confidante of Fed Chair Jerome Powell voted on July 31 with the majority at the Fed to reduce the policy rate
MINNEAPOLIS WANTED HALF POINT CUT
Directors at the other six Fed banks recommended a decrease to the so called discount rate in light of risks to the economic outlook and muted inflation pressures the minutes showed
Most of the half of Fed bank directors who supported a rate cut wanted the quarter point reduction that Fed policymakers ultimately decided on at their July 30 31 policy setting meeting
Minneapolis Fed directors wanted to go further recommending a half point cut to the rate That s exactly what Minneapolis Fed President Neel Kashkari has publicly called for
Similarly Cleveland Fed Bank President Loretta Mester whose directors joined those of New York Boston Atlanta Richmond and Kansas City in wanting the discount rate to be left at its then current 3 said earlier this month that she opposed the Fed s July rate cut
Boston Fed President Eric Rosengren and Kansas City Fed President Esther George dissented against the Fed s July 31 decision to cut rates |
WMB | Canada s Andreescu eases into U S Open second round | By Amy Tennery NEW YORK Reuters Canada s rising talent Bianca Andreescu was cheered to a 6 2 6 4 victory over 17 year old American Katie Volynets in the first round of the U S Open on a noisy Court 10 on Tuesday The 15th seed kept her 413th ranked opponent on the run with superior net play and fended off four of five break points in a gritty defensive performance in front of her supporters Andreescu 19 fired off 29 winners compared to six from Volynets to the delight of the decidedly pro Canada crowd who occasionally broke into cheers of Let s go Bianca let s go Asked about the unusually large and enthusiastic crowd out on Court 10 Andreescu said These Canadians are wilding They re coming everywhere It s really nice to see all of the Canadians cheering me on in different cities Andreescu has been the subject of speculation over whether she could be the sport s latest star despite having not yet made it past the second round of a Grand Slam Andreescu stunned Germany s three times major winner Angelique Kerber in the final at Indian Wells this year and claimed the Rogers Cup this month after Serena Williams NYSE WMB was forced to retire with a back spasm On Sunday the Canadian was named this year s women s U S Open Series Breakout Performer
Andreescu next faces lucky loser Kirsten Flipkens of Belgium in the second round on Thursday |
WMB | Halep ends string of first round U S Open losses | By Frank Pingue
NEW YORK Reuters Wimbledon champion Simona Halep snapped a string of early U S Open exits with a 6 3 3 6 6 2 victory over American lucky loser Nicole Gibbs on Tuesday to reach the second round
The Romanian fourth seed who fell at the first hurdle in New York the last two years looked to be heading for yet another early exit but came out firing after losing the second set to Gibbs
She started to play much better in the second set My energy was a bit lower so I was dominated in the second set Halep said in her on court interview
But then I just refreshed my mind and tried to push her back and come forward a little more
The 135th ranked Gibbs had six set points while serving at 5 2 in the second but Halep coolly turned each one aside before winning the game only for her opponent to break right back and force a decider
Halep then perked up as she opened the third set with a break and raced out to a commanding 5 1 lead that proved too big a hole for Gibbs who failed to qualify for the U S Open but entered the main draw after other participants withdrew
Am I allowed to dream big again for this tournament said Halep who reached the semi finals here in 2015 and quarter finals in 2016 before two consecutive first round exits
Up next for Halep who is vying to become the first woman since Serena Williams NYSE WMB in 2012 to follow a Wimbledon win with a U S Open triumph will be American qualifier Taylor Townsend |
WMB | Serena Djokovic headline Day Three action in New York | By Frank Pingue
NEW YORK Reuters Serena Williams NYSE WMB will resume her quest for a record tying 24th Grand Slam title at the U S Open on Wednesday while holder Novak Djokovic and five times champion Roger Federer also seek passage to the third round
Eighth seed Williams who was dominant in her first round rout of Maria Sharapova will cap the Day Three action inside Arthur Ashe Stadium under the lights with her first career meeting against fellow American Catherine McNally
Against Sharapova six times champion Williams delivered perhaps her most complete game since returning from maternity leave in 2018 and later said she may unveil some new tricks to her game over the New York fortnight
I ve been working on a lot of new things said Williams who won the most recent of her six U S Open titles in 2014
I don t really talk about what I ve been working on so much I definitely have been working on a lot of new stuff to incorporate in my game
Serbian top seed Djokovic who has won four of the last five Grand Slam titles will begin the evening session on Ashe when he faces Argentine world number 56 Juan Ignacio Londero in the first meeting of their careers
Swiss third seed Federer who overcame a first round scare from India s Sumit Nagal before prevailing in a four set night match will hope for an easier outing when he faces Bosnia s Damir Dzumhur in the day s second match on Ashe
Federer who failed to convert two championship points on his own serve against Djokovic at Wimbledon is 2 0 against Dzumhur having beaten him in the third round at the 2015 French Open and in the first round at the All England Club that the same year
Among the other big names in action on Day Three of the year s final Grand Slam are Australian second seed Ash Barty Czech third seed Karolina Pliskova and men s fifth seed Daniil Medvedev of Russia |
WMB | Doping Jamaican under 20 world champ Williams tests positive | By Kayon Raynor
KINGSTON Reuters Jamaica s world under 20 double sprint gold medalist Briana Williams NYSE WMB has tested positive for a banned diuretic her lawyer has told Reuters potentially ruling her out of the world athletics championships in Doha
Williams has denied any wrongdoing and her Canada based lawyer Emir Crowne said the banned substance hydrochlorothiazide HCTZ appeared to have been in an over the counter cold remedy she had purchased
She had also declared the medication on her doping control form he said
I can confirm that we have an independent test on an over the counter cold medication that the athlete took that confirmed the presence of a diuretic Crowne said
The diuretic was not listed among the ingredients in that cold medicine that the athlete took
It is genuinely a case where I would suggest no fault at all for a situation that was beyond her control and beyond anyone s control really
Alexander Williams who chairs the Jamaica Anti doping Commission declined to comment
Both of the A and B samples were tested at the WADA accredited lab in Montreal
HCTZ is banned because it can to mask the use of anabolic steroids It is normally used to treat high blood pressure
The 17 year old Williams clocked a yet to be ratified national junior record of 10 94 seconds to place third in the 100m final at the national senior trials in June but could now miss selection for the world championships in Doha
The Jamaican team for the Sept 27 Oct 6 championships will be named on Sept 6
Under the World Anti doping Agency and IAAF rules Williams is facing the possibility of a maximum ban of four years if found guilty
Warren Blake president of the Jamaica Athletics Administrative Association told Reuters he hoped it would not come to that
Based on what we have heard we expect that a suitable explanation will be given he said
The explanation and the independent test that has been done seem that they might in my opinion exonerate the athlete |
BMY | Calithera Biosciences Inc Shares Dip Down | Calithera Biosciences Inc NASDAQ CALA
Calithera Biosciences Inc a clinical stage biopharmaceutical company yesterday announced they will be offering up 4 500 000 shares of common stock in an underwritten public offering All of the common stock is being offered by Calithera
Calithera Biosciences Inc CEO s Comments
Comments from March 16th on announcement of Fourth Quarter 2016 financial results said by Susan Molineaux PhD President and Chief Executive Officer of Calithera
2016 was a transformative year for Calithera as our lead product candidate CB 839 entered into multiple novel combination trials and progressed towards Phase II and CB 1158 advanced into clinical development leading to a partnership with Incyte Pharmaceuticals for a strategic development and commercialization collaboration in January 2017
Looking forward to 2017 we expect to highlight new clinical data from each of our clinical programs at scientific meetings with clinical data expected from CB 1158 in the first half of the year and multiple clinical updates on CB 839 combination trials in the second half of 2017 This includes the first clinical data presentation of CB 839 dosed in combination with Bristol Myers Squibb s Opdivo
CALA Technical Analysis
CALA opened trading yesterday at 12 45 which was up from the previous day s trading close of 12 40 Shares closed trading yesterday at 12 35 and spiked down after market to 11 50 equivalent to a 7 decrease from the closing price Taking a look at the daily chart we can see that the last time CALA traded below these levels we have to go all the way back to February 28th when it traded at 9 00
Taking a closer look at the daily chart we can see that before the spike down CALA had been in an overall upward trend dating back to November 28th 2016 when it traded at 3 15 CALA has a float of 7 15 million shares and traded 1 02 times the normal daily trading volume on Monday Even though it is higher priced than most penny stocks I trade it still looks like it could provide some opportunity
For trading purposes I would like to see CALA open trading on Tuesday below 11 75 and if it does I would be looking to take a short position at the bell My stop loss would be 0 20 from my entry position fearing anything more than that and the stock would start to fill in the gap down
Company Profile
Calithera Biosciences Inc a clinical stage biopharmaceutical company focuses on discovering and developing small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer in the United States Its lead product candidate includes CB 839 an inhibitor of glutaminase which is in three Phase I clinical trials for the treatment of patients with solid tumors leukemias lymphomas and multiple myeloma
The company has a license agreement with Mars Inc to develop and commercialize Symbioscience s portfolio of arginase inhibitors for use in human healthcare and license and research agreement with High Point Pharmaceuticals LLC and TransTech Pharma LLC to develop and commercialize hexokinase II inhibitors
In addition it has clinical trial collaboration with Bristol Myers Squibb Company NYSE BMY to evaluate Opdivo nivolumab in combination with CB 839 in clear cell renal cell carcinoma The company has a collaboration and license agreement with Incyte Corporation for the research development and commercialization of CB 1158 a small molecule arginase inhibitor for the treatment of hematology and oncology Calithera Biosciences Inc was founded in 2010 and is headquartered in South San Francisco California |
WMB | 5 Top ETFs Of Last Week That Defied Market Slump | The Fed induced rally faltered last week as theS P 500 and Nasdaq logged their since late May The top three ETFs SPDR S P 500 ETF NYSE SPY ASX SPY Invesco QQQ Trust and SPDR Dow Jones Industrial Average NYSE DIA ETF TSXV DIA lost about 1 6 1 1 and 0 7 respectively last week
The week before last week was a record breaking one for Wall Street The S P 500 and the Dow Jones touched the 3 000 and 27 000 mark respectively for the first time in history Optimism surrounding Fed s rate cut primarily drove the rally However the enthusiasm quelled a bit after expectations of an aggressive interest rate cut by the Fed ebbed last week
The following the WSJ report and the New York Fed s attempt to tone down earlier comments by Williams NYSE WMB per Kenji Yamamoto economist at Daiwa Securities St Louis Fed President James Bullard also appeared primed for a 25 bp rate cut in the upcoming meeting
At the current level according to CME FedWatch tool there is a 77 5 chance of a 25 bp rate cut in the Jul 31 meeting For the September meeting there is a 58 1 probability of a 50 bp rate cut followed by 27 4 likelihood of a 25 bp rate cut and only 14 5 probability of a 75 bp rate cut scenario read
Geopolitical tensions have also risen following Iranian seizure of a British tanker This has resulted in a rally in safe haven assets There are also less chances that the United States and China could reach a deal anytime soon
Against this backdrop we highlight a few ETFs that defied market slump last week
ETFMG Prime Junior Silver ETF Up 15 4
Silver prices have gained lately on and a subdued dollar caused by Fed rate cut bets Invesco DB US Dollar Index Bullish Fund lost about 0 04 As a result SILJ which follows a benchmark for investors interested in tracking public small cap companies that are active in silver mining exploration and production industry gained significantly read
ALPS Sprott Junior Gold Miners ETF NYSE GDX Up 11 1
Rising geopolitical tensions easy money policies of central banks in South Korea Indonesia and South Africa and chances of rate cuts from the Fed and the ECB made gold a stellar investment in recent times The precious metal hit a six year high recently and boosted gold mining stocks and ETFs Investors should note that mining stocks act as a leveraged play of the underlying metal read
iPath Series B Bloomberg Nickel Subindex Total Return ETN Up 8 2
Nickel prices spurted to a one year high last week thanks to tight supply and bullish speculators Supplies have fallen on disruptions at a nickel smelter as well as floods and landslides in Indonesia a major producer of the ore According to ING inventory at the London Metal Exchange has dropped to the lowest level in six years at 149 000 tons Bets over higher demand originating from an increase in electric vehicle adoption and battery production also led to the higher price Nickel is one of the best performing commodities this year having gained 39 year to date
Breakwave Dry Bulk Shipping ETF Up 5 8
The fund measure rates for shipping dry bulk freight The recent gains have largely been driven by a resumption of iron ore shipments from Brazil Expectations for more easing in global monetary policy which could reenergize global growth probably have led many investors to this fund read
BMO Dorsey Wright MLP Index Exchange Traded Notes Up 4 0
The underlying DWA MLP Select Index includes 15 MLPs and seeks to determine which MLPs are currently showing outperformance relative to their peers within the index universe In a low rate environment investors have wagered on this high yield fund that yields around 6 83 annually
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WMB | ECB Rate Cut Odds Jump Ahead Of Thursday s Meeting | Is The ECB Looking To Steal The Spotlight This Week
The ECB meeting on Thursday just got a lot more interesting with markets pricing in a high probability of a rate cut despite a previously widely held belief that it won t come until September
Odds for a 10 basis point rate cut rose to 48 according to Reuters a day before the decision is due to be announced and following the release of some pretty woeful manufacturing data
Source Thomson Reuters Eikon
While this is still below the threshold that is usually associated with a move being highly probably it is still very significant and puts additional focus on the decision and press conference that follows
Surprise July Rate Cut Odds Rise
ECB to take a page out of Fed s playbook
Should the ECB wait until October
The manufacturing data on Wednesday was particularly poor with the eurozone PMI slipping to a more than a six year low at 46 4 which unfortunately is not a blip and instead the continuation of a very worrying trend Germany saw its reading fall to an even more pitiful 43 1 the lowest since the global financial crisis
Obviously this one release alone isn t going to be hugely influential but it is one of many indicators that the ECB will be worried about including persistent below target inflation and growth that has been on a downward trajectory since the start of last year
Unemployment is one bright spot standing at its lowest level since the middle of 2008 but with certain indicators offering red flags and the global economic outlook being a cause for concern it wouldn t be a shock for the central bank to consider acting early
Only last week the New York Fed President John Williams gave a speech about the benefits of preventative action in avoiding a downturn and having to rely on much less firepower than central banks have had in the past If this is true of the US then it s frighteningly so in the eurozone
One thing that may encourage the ECB to hold off on a rate cut beyond September is that Mario Draghi s term as president ends in September so it would allow his successor to be the one that steers the central bank in a new direction
That said Draghi s predecessor raised interest rates a couple of times leading up to his departure which were quickly reversed after his appointment Perhaps Draghi and his colleagues will decide to wait before embarking on a new course this time around |
C | Financial Sector Update | Back on Nov 20 Sheila Bair chairwoman of the Federal Deposit Insurance Corporation unveiled a loan modification protocol designed to help stabilize the housing market and mitigate loan losses Under the program banks and mortgage investors must slash borrowers payments to as little as 31 of their monthly income by reducing interest rates extending the loan term or deferring principal The F D I C has been using the program to modify the mortgages it took over from failed bank IndyMac
Getting the banks to implement the plan has been quite another story Banks are leery of doing modifications because foreclosures can sometimes minimize write offs especially in a market where housing prices are falling Programs such as this also raise the risk that undeserving homeowners will seek relief Many borrowers especially the 2005 2007 vintage obtained so called liar loans where no documentation of income or assets was required Those seeking loans basically filled in whatever numbers on the applications they believed would get them a mortgage sometimes with help from the mortgage broker who was writing the loan
Another weakness of the plan is that a significant number of borrowers who get to modify the terms of their mortgage tend to re default on their new loans within six months The F D I C has published figures which show 30 of such loan modifications ultimately wind up in foreclosure and many analysts estimate the figure could rise to 50
As a condition of its 346 billion 46 billion in cash and 301 billion of asset insurance government bailout which has made U S taxpayers the bank s largest shareholder Citigroup will now be required to use the program any time it makes long term changes to a mortgage The New York based bank said yesterday in 43 page report that it will start using the program immediately
In the report on lending practices Citigroup said it was adopting the FDIC s streamlined modification program where the borrower is at least 60 days delinquent or where a long term modification is appropriate
Since the start of the housing crisis in 2007 the bank has worked successfully with approximately 440 000 homeowners to avoid potential foreclosure on combined mortgages totaling approximately 43 billion according to the report
Also Citigroup on Jan 8 bowed to pressure from U S Senators Richard Durbin and Charles Schumer and agreed to support cram down legislation that allows bankruptcy judges to cut borrowers mortgage principal The industry groups American Bankers Association and Mortgage Bankers Association criticized Citigroup for breaking ranks and issued press releases panning the proposal because they believe the legislation would encourage more borrowers to file for bankruptcy and harm lenders not only through principal write downs but also through duration extension at artificially low yields |
C | UPDATE 3 Easing China inflation gives c bank scope to act | Adds analyst reaction detail
By Langi Chiang
BEIJING Feb 10 Reuters Inflation at the consumer level
in China fell to a 30 month low in January giving the central
bank plenty of room to cut interest rates further to support
the economy and stave off the threat of deflation
Annual consumer price inflation slowed to 1 0 percent last
month from 1 2 percent in December close to market
expectations of a 0 9 percent increase
Consumer inflation would likely have turned negative
already but for a spike in food prices because of the Chinese
New Year in late January Non food CPI dropped 0 6 percent from
a year earlier Many analysts expect the overall price level to
drop this month
The National Bureau of Statistics which released the
figures on Tuesday also said producer prices fell 3 3 percent
in the year to January The decline the biggest since 2002
was steeper than the 1 1 percent fall in the year to December
and the 2 6 percent drop forecast by economists
Yiping Huang chief Asia economist at Citigroup in Hong
Kong said the figures pointed to a growing risk of a period of
outright price falls
In terms of monetary policy the deflation risk certainly
creates huge room for monetary policy expansion if the
policymakers think that is necessary to support growth and
possibly also to prevent a further deepening of deflation he
said
For a graphic on the trend click on
MORE RATE CUTS
The People s Bank of China has already cut interest rates
five times since September and Huang said he thought the
central bank could lower the one year borrowing rate now at
5 31 percent to about 4 percent by the middle of the year
Financial markets response to the data was muted The
Shanghai Composite Index ended the day up 1 8 percent
as new money continued to enter the market on hopes for an
economic reocvery
The world s third largest economy is reeling from a slump
in trade induced by the global credit crisis and data due on
Wednesday will show that exports and imports fell from
year earlier levels in January for a third month in a row
state media reported
It was the ninth consecutive monthly drop in consumer
inflation which is now well below the 12 year high of 8 7
percent scaled last February
But economists expressed confidence that China would escape
a lengthy bout of deflation which harms companies by
increasing the real value of their debt and robbing them of
pricing power
Expectations that prices will fall further in future can
also prompt consumers and companies to put off spending
impeding economic recovery
Tim Condon head of Asia research at ING in Singapore said
consumer prices could fall by more than 2 percent in coming
months while factory gate prices could drop by more than 5
percent
But he joined the chorus of analysts who expect that
aggressive actions by the central bank will banish the spectre
of a protracted drop in the price level
Significant monetary easing is the way that you address
this and they ve done that Condon said It won t take long
for that kind of monetary accommodation to reverse the
deflation pressure
Credit growth is rising fast An industry source told
Reuters on Monday that banks extended about 1 6 trillion yuan
in new loans last month a record ID nPEK154219
The statistics office sounded relaxed about the plunge in
producer prices which it attributed to drooping global
commodity prices and a high statistical base of comparison a
year ago when sky high pork prices were fuelling inflation
China has not run into a serious deflationary problem yet
so there is no strong need to cut interest rates now said
Wang Jianhui an economist at Southwest Securities
But Frank Gong chief China economist of J P Morgan said
the government could not afford complacency and ought to
stimulate consumption and property demand to ensure that the
economy does not backslide into falling prices
The risk is really deflation If you do have deflation
expectations develop then one of the key drivers of a bounce
in the economy restocking may not happen he said
Additional reporting by Jason Subler Simon Rabinovitch and
Xie Heng Writing by Alan Wheatley Editing by Kim Coghill |
WMB | Serena and Sharapova in first round match at U S Open | Reuters Serena Williams NYSE WMB and Maria Sharapova will have their first ever clash at Flushing Meadows at the U S Open next week after being drawn against each other in the first round
It will be the 22nd career match up between the two long time rivals who somehow have avoided each other at the U S Open throughout their long careers
Twelve months after losing the final to Naomi Osaka Williams will have to hit the ground running in her quest for a 24th Grand Slam title
But the 37 year old American will take confidence from her dominant 19 2 head to head record against five times Grand Slam winner Sharapova who is unseeded
Williams has won the U S Open six times while Sharapova s lone title was in 2006
Sharapova beat Williams twice in 2004 but has not prevailed since not counting a walkover in the 2018 French Open where the American pulled out with an injury
If Williams the eighth seed beats Sharapova and subsequent opponents she could meet top seed Osaka again in the final as the pair are on opposite sides of the draw
Last year s final ended in acrimony between Williams and chair umpire Carlos Ramos after he gave her three code violations in the second set
Williams has not played since retiring with a back injury in the final of the Rogers Cup in Toronto on Aug 11
Sharapova ranked 87th in the world has also battled injuries this year and was beaten by Ash Barty in the second round of the Cincinnati Masters last week |
WMB | NFL notebook Cowboys reportedly make big offer to Elliott | The Dallas Cowboys reportedly have offered to make holdout Ezekiel Elliott one of the NFL s two highest paid running backs
ESPN s Ed Werder tweeted Thursday the Cowboys offer was less than what Los Angeles Rams Todd Gurley earns he signed a four year 57 5 million contract with 45 million guaranteed last summer but more than Le Veon Bell s deal with the New York Jets
In March Bell signed the NFL s second richest running back contract a four year 52 5 million deal that included 27 million in guarantees
Elliott 24 was the fourth overall selection in the 2016 NFL Draft He has two years remaining on his rookie contract and wants a new deal before reporting to the team He s due to earn 3 85 million this season
The Washington Redskins turned down an offer of a 2020 first round pick from the New England Patriots for disgruntled left tackle Trent Williams NYSE WMB multiple outlets reported
The Team 980 tweeted the Patriots were told the offer wasn t enough NBC Sports Washington echoed the report Have heard the same
However NFL Network insider Ian Rapoport questioned the veracity of the information From what I understand this is false Unequivocally not true was the precise wording So carry on he tweeted
Denver Broncos coach Vic Fangio said injured reserve could be an option for quarterback Drew Lock after the rookie sprained his right thumb Monday night against the San Francisco 49ers
Obviously because it s his throwing hand and a thumb that s a pretty serious injury for a quarterback Fangio said It will be some time before we know exactly where he s at and how much time he would miss
The Los Angeles Chargers will place safety Derwin James on injured reserve ahead of Week 1 the team announced
James underwent surgery for a stress fracture of the fifth metatarsal in his foot multiple outlets reported The surgery was performed by Dr Robert Anderson in Green Bay Wis
The NFL Network reported James was expected to be sidelined approximately three months
Dallas Cowboys Amari Cooper will not play in the preseason but the wide receiver said his foot injury was not a concern
Cooper dealt with a foot injury as a sophomore at Alabama and as a rookie with the Oakland Raiders in 2015 He was diagnosed with plantar fasciitis this summer and has missed three weeks of practice
The Arizona Cardinals traded safety Rudy Ford to the Philadelphia Eagles in exchange for defensive tackle Bruce Hector
Ford 24 was a sixth round pick in 2017 out of Auburn He played in 23 games and had nine tackles during the 2017 and 2018 seasons
The Pittsburgh Steelers signed free agent linebacker Jayrone Elliott and waived injured defensive end Lavon Hooks
Elliott 27 recorded 57 tackles 4 0 sacks an interception and a forced fumble in 38 games with the Green Bay Packers from 2014 16
Pittsburgh named Ray Sherman as interim wide receivers coach for the 2019 season
He replaces Darryl Drake who died suddenly Aug 11
The Los Angeles Chargers brought back wide receiver Dontrelle Inman
Inman 30 played in 41 games over four seasons with the Chargers before being traded to the Chicago Bears in October 2017
The preseason game between Green Bay and Oakland in Winnipeg was played with shortened dimensions due to concerns about the turf in each end zone
With holes in the turf from where Canadian Football League goal posts are placed that could not be properly filled each end zone was moved 10 yards closer to the middle of the field Pylons were placed at each end of both 10 yard lines marking the front of the end zone and at each end of both normal goal lines for the back of the end zone
The Packers sat 33 players including quarterback Aaron Rodgers and all of the team s starters
Patriots safety Patrick Chung was indicted on a charge of cocaine possession a Class B felony in New Hampshire
According to a statement from Belknap County Attorney Andrew Livernois a grand jury returned an indictment of Chung on Aug 8 for an incident that took place on June 25 in Meredith where Chung has a home
The charge carries a potential prison term of 3 1 2 to seven years
John Elway appeared on NBC s Today show to raise awareness for Dupuytren s contracture a condition that prevents curled fingers from being straightened
Elway Denver s president of football operations and general manager was diagnosed with the condition 15 years ago well after the Hall of Fame quarterback s 16 year career had ended Elway recently underwent a non surgical treatment to attempt to straighten his fingers
Field Level Media |
WMB | Halep hopes dream Wimbledon run can end U S Open nightmare | By Shrivathsa Sridhar
Reuters Simona Halep is living the dream after her Wimbledon triumph and the Romanian heads into next week s U S Open hoping for a new dawn at the season s final Grand Slam after early exits in the last two years
Halep scorched 23 times Grand Slam winner Serena Williams NYSE WMB 6 2 6 2 in less than an hour in this year s Wimbledon final to add a second major title to her trophy cabinet after last year s French Open crown
The 27 year old s near flawless display at the All England Club marked a spectacular return to form after her world ranking dropped from first to seventh between mid January and July
It s been like a dream since I left Wimbledon Even now I m living the dream Halep who credits her improved fortunes on the biggest stages to a more relaxed approach told the WTA website
I felt positive and confident like I reached my highest level of tennis The first six months of this year were more relaxed because I was just trying to improve my game without thinking about the results
This helped me a lot and when I got to Wimbledon I started feeling the grass like I never had before I got more confident day by day It was a process
Flushing Meadows represents a different challenge for the Romanian who has been knocked out in the first round on her last two visits falling to Russian wildcard Maria Sharapova in 2017 and Estonia s Kaia Kanepi last year
Halep s best showing at the tournament was in 2015 when she was beaten by eventual champion Flavia Pennetta in the semi finals and the U S Open is the only Grand Slam where she has failed to reach the final
The U S Open is a big difference because of the crowd and atmosphere Halep added It s more about entertainment so it s not easy to adjust I ve made the semis in the past so I m confident there s a chance to do more
Halep who reached the Australian Open final in 2018 has not had the ideal preparation heading into the final Grand Slam of the season
The world number four was forced to retire with a left Achilles injury in the Rogers Cup quarter finals in Toronto earlier this month and lost to American Madison Keys in the Cincinnati third round
Halep s new coach Daniel Dobre who signed up in March after she split with Darren Cahill before the Australian Open said last year s Grand Slam breakthrough at the French Open had given the Romanian newfound belief
Before she was a little bit closed she found it easier to keep her thoughts to herself Now she s much more confident not only on the court but outside it Dobre told the French Open website in June
Martina Navratilova said Halep must bring the same aggressive approach she displayed at Wimbledon if she is to succeed in New York
Simona likes to play it as is her nature safe But she had a positive and offensive mindset in the Wimbledon final It would be silly not to try to replicate that the 18 times Grand Slam champion wrote in a column for the WTA
Halep enjoys a better career head to head record over the three players ranked above her Naomi Osaka 4 1 Ash Barty 3 1 and Karolina Pliskova 7 3 making her one of the bookmakers favorites at Flushing Meadows behind Williams
Even if things don t go her way Simona should now have a lot more belief in herself she s one of the favorites to be number one at the end of the year Navratilova said |
WMB | U S Open makes changes after Serena Ramos incident | By Frank Pingue
NEW YORK Reuters A year after Serena Williams NYSE WMB infamously clashed with an umpire during her U S Open final loss over being assessed multiple violations that confused some viewers tournament organizers have unveiled changes to make such rulings clearer to fans
The United States Tennis Association USTA which runs the U S Open said on Friday that this year for the first time at the Grand Slam it will post code violations on the scoreboard as they occur
Chair umpire Carlos Ramos in line with the Grand Slam rule book warned Williams for a coaching violation during last year s showpiece with Japan s Naomi Osaka before deducting a point and later a game for her behavior which included a smashed racket and calling him a liar and thief
During the post match trophy presentation a tearful Osaka who had just won her maiden career Grand Slam title stood on court while many confused fans who did not understand what was happening as the rules were applied booed the proceedings
We are looking for ways to increase the fan awareness of what s going on in stadium chief umpire Jake Garner told reporters When a violation is given it will appear on the scoreboards on each court So again just to make the fans more aware of what s going on
In another bid to avoid confusion with how rules are applied the USTA said match officials will be more widely available to broadcasters while during the semi finals and final an official will be on Twitter throughout the match explaining the rules
During last year s final Williams told Ramos he would not be on another court of mine as long as you live and the Portuguese will not oversee any matches at the U S Open involving the six time champion or her older sister Venus
It s not the first time that we made decisions that where it s good for the tournament good for the players good for the umpires as well to not be on those matches said tournament referee Soeren Friemel
In the end our goal is to assign the best chair umpire for the right match So in taking all those factors into consideration the decision was made that he would not do any of the Williams sisters matches
USTA chief executive of professional tennis Stacey Allaster said the Williams sisters did not put in a request to be kept apart from Ramos who will still be considered for all high profile matches
No no the request has not come in said Allaster This is our collective decision We want to focus on the competition |
WMB | With no dominant force U S Open women s trophy up for grabs | By Rory Carroll
Reuters As many as 10 women competing at this year s U S Open have a realistic shot at raising the trophy including all time great Serena Williams NYSE WMB and big hitting teenager Bianca Andreescu
That is the view of former world number one Chris Evert who said on Friday that without a dominant force it is the depth of the women s game that should be celebrated
While the men s side looks to be a three horse race between veterans Roger Federer Rafa Nadal and Novak Djokovic the women s tournament is a relative toss up
There are probably eight to 10 women who could win the title which is something we ve said the past two years Evert told reporters on a call
Women s tennis is not dominated by anybody The story is the depth of the game and you have to admire that and celebrate it
Pressed to pick a favourite Evert said Williams who is chasing a record tying 24th Grand Slam title tops the list
The six time U S Open champion reached the Wimbledon final in July but her hard court season has been limited to one tournament the Rogers Cup in Toronto where she was forced to retire from the final against Andreescu with back spasms
Evert said the New York crowd could give the American the boost she needs to avenge her defeat by Japan s Naomi Osaka in a controversial final at Flushing Meadows last year
Serena always comes to mind first because I always feel that a healthy Serena is still going to beat everybody said the winner of 18 majors including six U S Open titles
She s going to get that 24 somehow I really have faith in her added Evert while acknowledging the window of opportunity could be closing soon for the 37 year old as newcomers like Andreescu continue to improve
BIGGEST QUESTION
The biggest question surrounding the 19 year old Canadian Andreescu is her health as she has battled back leg and shoulder issues
She won Indian Wells in March behind her bruising groundstrokes but bowed out of the last 16 of the Miami Open with a shoulder injury
She did not play again until the French Open where she won one match before withdrawing with shoulder problems and went on to miss the entire grass court season including Wimbledon
She won the Rogers Cup earlier this month but withdrew ahead of the Cincinnati Open citing fatigue
I am a little worried about her fitness if she s going to keep getting injured but I love her game said Evert
She plays in your face tennis and I love that aggressiveness
Big serving 24 year old American Madison Keys who reached the U S Open final in 2017 and won the Cincinnati Open on Sunday is playing with more maturity which makes her even more dangerous Evert said
Madison Keys is a dark horse She won the tournament in Cincinnati playing with a little more patience and moving much better
Wimbledon champion and fourth seed Simona Halep of Romania is the most dependable player in the draw and her speedy defensive style will be a tough test for anyone
World number one Osaka who has struggled since winning the Australian Open in January and had a quiet hard court season could like Williams benefit from the energetic backing of the New York crowd as she looks to retain her title Evert said
The U S Open begins on Monday |
WMB | Chair umpire Ramos has lasting impact on U S Open | By Arlyn Gajilan
NEW YORK Reuters Until last year s U S Open few tennis fans could identify a tournament official by name That changed during the 2018 women s final when chair umpire Carlos Ramos shot to prominence after a seismic clash with Serena Williams NYSE WMB
A year on from the tense decider won 6 2 6 4 by Naomi Osaka opinion remains deeply divided over how Ramos handled the match and the heated exchanges with Williams one of the game s greatest players
This much is undisputed Ramos issued three code of conduct violations against the American starting with a warning for receiving coaching from her mentor Patrick Mouratoglou in the stands
The second resulted in a point penalty after Williams smashed and broke her racket in frustration
The third a game penalty was the culmination of an extended and intense argument in which Williams called Ramos a liar and a thief She was later fined 17 000
While Osaka became the first tennis player born in Japan to win a Grand Slam title denying Williams a record equalling 24th in the process her triumph was soured as disgruntled fans booed during the trophy ceremony
Chair umpires barely rate a mention in normal media coverage of tennis but Ramos s intervention generated global headlines and condemnation from some former players
Former U S Open champion Andy Roddick tweeted Worst refereeing I ve ever seen the worst
In her Washington Post column sports columnist Sally Jenkins articulated what many fans saw as a sexist motivation behind Ramos s strict adherence to the rule book
Ramos took what began as a minor infraction and turned it into one of the nastiest and most emotional controversies in the history of tennis all because he couldn t take a woman speaking sharply to him she wrote
Portugese Ramos among the most experienced officials in the sport also had vocal support from colleagues
The International Tennis Federation issued a statement shortly after the final that said he had stuck to the rules and acted at all times with professionalism and integrity
Before becoming an umpire Ramos was a player but not one whose abilities could indulge his interests
I realized that as a player it would be very difficult to get where I wanted to go Ramos said in a 2015 interview with Portuguese newspaper Observador
I was very interested in languages travel interacting with people from other countries and cultures And as a tennis player I could not have that In officiating I saw that door open quickly
The multilingual 48 year old now lives in France with his wife and family and has continued umpiring including at the Grand Slams as well as Davis Cup and Fed Cup matches
While he has stayed away from the spotlight the past year he continues to be front of mind for tournament officials
Rather than risk another confrontation the United States Tennis Association has said Ramos will not officiate any of Williams s matches or those of her sister Venus
Officials said the decision was not prompted by requests from either of the Williams sisters
Officials also said that for the first time code violations will be posted on the tournament s scoreboards as they occur for clarity
Ramos has not been stopped from officiating Osaka s matches despite the furor over last year s final
When asked if she would mind seeing him on court with her again Osaka said I never really say that I don t like an umpire if it happens it happens |
WMB | No 8 Florida Miami embrace spotlight showdown | When you think of college football rivalries in Florida Florida vs Florida State and Florida State vs Miami are the ones that come to mind
But on Saturday night the rare Sunshine State rivalry between the No 8 Florida Gators and Miami Hurricanes plays for only the seventh time since 1987 The teams are in the spotlight after moving their season opener up a week to make it a standalone feature attraction for TV viewers and a sellout crowd of more than 65 000 at Camping World Stadium in Orlando Fla
Much is at stake even at this early juncture
Florida is widely projected to challenge for the SEC East Division title under second year coach Dan Mullen after finishing the 2018 season with a 10 3 record and boatracing Michigan 41 15 in the Chick fil A Peach Bowl
Miami is playing its first game under coach Manny Diaz its defensive coordinator the past two years who knows a little bit about Mullen After all he worked two seasons under Mullen at Mississippi State
I think we view the game similarly Diaz said of himself and Mullen He is a very creative guy and an outside the box thinker I try to be the same way defensively and that s why we get along well I don t think there will be any type of advantage because we know him and he knows us
While Diaz s background is in stopping offenses he has to demonstrate that he can help fix an offense Once renowned for its explosive attack Miami was 93rd nationally last year and a pitiful 108th in passing
The Hurricanes no show 35 3 Pinstripe Bowl rout at Wisconsin s hands was the final straw for coach Mark Richt who retired 24 hours after the game Most believe Diaz has the energy needed for the job but his decision to name redshirt freshman Jarren Williams NYSE WMB the starter at quarterback was a shocker Williams whose sole game experience last year consisted of three garbage time passes in a blowout win over Savannah State beat out more touted N Kosi Perry and Ohio State transfer Tate Martell
It s tough preparing for a guy you ve never seen play Gators cornerback Marco Wilson told the school s athletics website I heard he s a pretty good quarterback but he s also young so we can try to use that to our advantage
Florida has no such worries about its quarterback Feleipe Franks blossomed at the end of last year leading the offense to an average of 45 points per game in a season ending four game winning streak Franks threw for 2 457 yards bagging 24 touchdown passes and tossing only six interceptions
Franks productivity and decision making will get an immediate test Led by linebackers Shaquille Quarterman Michael Pinkney and Zach McCloud Miami finished 2018 fourth in total defense 247 7 yards per game and first in third down defense
Look at what they did last year Franks said to the Gators website They are doing something right
When the teams last played in 2013 the Hurricanes earned a 21 16 home win Miami leads the all time series 29 26
By Bucky Dent Field Level Media OLUSSPORT Reuters US Online Report Sports News 20190824T161545 0000 |
WMB | Crew head to Cincy to cap rivalry series | State bragging rights outweigh playoff implications when Columbus travels south on Interstate 71 to face expansion FC Cincinnati in round two of their budding derby at Nippert Stadium on Sunday
The teams tied 2 2 in Columbus on Aug 10 in the first Hell is Real derby so named by the supporters groups of both clubs for a forewarning billboard seen by travelers heading south on the interstate about midway between the cities
Cincinnati 5 18 3 18 points scored the first two goals before the Crew 7 15 6 27 points salvaged a point and their pride
It was a nice game in Columbus and now it s going to be a battle here at home with a full stadium Cincinnati captain Kendall Waston said I know it s going to be packed and everyone is going to be ready and that s going to be a very very nice environment
FCC would love to put another dagger in the Crew s slim playoff hopes Columbus saw its 2 0 4 streak snapped in a 1 0 loss at New York City FC on Wednesday and is seven points back of the final qualifying spot in the Eastern Conference with six matches left
We must work together stay together and just help each other and focus on the next games Crew goalkeeper Eloy Room said I still have confidence that we can win the games because we showed in the second half vs NYC that we can play with the best teams
The Crew s opponents have scored the first goal 19 times 1 13 5 this season including in the past five games
We have not been able to put together a complete game Crew forward Romario Williams NYSE WMB said It has been in batches of 20 25 30 minutes
Cincinnati long has been out of the postseason hunt but is averaging 27 657 fans for 12 home games
They ve been supporting us all this season through difficult moments Waston said What we want now is to win and to bring some happiness
Field Level Media |
BMY | ARIAD s Leukemia Drug Iclusig Gets Full Approval In U S | ARIAD Pharmaceuticals Inc NASDAQ ARIA announced that the FDA has granted a full approval to its leukemia drug Iclusig ponatinib following its successful completion of the commitments made on the receipt of accelerated approval in Dec 2012 Iclusig is approved for the treatment of adult patients suffering from T315I positive chronic myeloid leukemia CML chronic accelerated or blast phase or Philadelphia chromosome positive acute lymphoblastic leukemia Ph ALL or for whom no other TKI therapy is approved Over the last one month ARIAD s share price has surged 58 3 compared to the Zacks classified Drugs Market of 7 6 We expect shares to gain higher following the latest approval Note that Iclusig ARIAD s only marketed drug is approved in both the U S and the EU The latest approval and label update was based on long term safety and efficacy data from the pivotal phase II PACE clinical trial n 449 on Iclusig in heavily pretreated patients with resistant or intolerant CML or Ph ALL Data from the PACE study showed that a minimum follow up of 48 months with Iclusig led to sustained long term cytogenetic and molecular responses in many chronic phase CML patients The four year follow up data demonstrated the durability of the high response rates achieved with Iclusig in refractory CML patients for whom no other TKI therapy is appropriate including those with the T315I mutation Notably Iclusig was granted orphan drug designation by the FDA for the treatment of leukemia This September Iclusig received Japanese approval for the treatment of CML and is being marketed by partner Otsuka Apart from the PACE study ARIAD is conducting two other studies on Iclusig the OPTIC dose ranging study and the OPTIC 2L study for second line chronic phase CML Even though the CML market represents significant potential Iclusig faces intense competition as the market is crowded by Novartis AG NYSE NVS Gleevec Bristol Myers Squibb Company s NYSE BMY Sprycel and Pfizer Inc s NYSE PFE Bosulif among others All the three drugs are approved for the treatment of CML in patients who are either resistant or intolerant to prior TKI therapies ARIAD PHARMA Price Zacks RankARIAD currently carries a Zacks Rank 2 Buy You can see Zacks Top Investment Ideas for Long Term Profit How would you like to see our best recommendations to help you find today s most promising long term stocks Starting now you can look inside our portfolios featuring stocks under 10 income stocks value investments and more These picks which have double and triple digit profit potential are rarely available to the public But you can see them now |
BMY | Heat Biologics Stock Falls On Negative Bladder Cancer Data | Heat Biologics Inc s NASDAQ HTBX shares plunged 56 1 during yesterday s after hours trading after the company presented disappointing top line data from a phase II study on its lead pipeline candidate HS 410 vesigenurtacel L for the treatment of non muscle invasive bladder cancer NMIBC The data was presented at the annual meeting of the Society of Urologic Oncology The randomized blinded study evaluated HS 410 in combination with standard of care bacillus Calmette Gu rin BCG or as monotherapy in patients with NMIBC Data from the study showed signs of encouraging anti tumor activity with HS 410 producing vigorous antigen specific immune response to multiple tumor associated peptides in treated patients No immune responses of this type were observed in the placebo arm However these responses did not lead to clinical outcomes and there was no statistically significant difference in the primary endpoint proportion of recurrence free survival at one year between the vaccine and placebo arms of the study Heat Biologics plans to continue monitoring the patients in the study for an additional 12 months in order to further evaluate the durability of positive immunological responses and in accordance with the clinical trial guidance recently issued by International Bladder Cancer Group recommending 2 year duration for the NMIBC studies Thereafter the company will decide on whether or not to move the bladder cancer program into phase III However considering that HS 410 is the lead candidate in the company s pipeline the latest phase II study results are far from encouraging We remind investors that Heat Biologics shares had taken a beating earlier this year when the FDA put a phase II study on HS 410 on partial clinical hold even though the hold was lifted within a week Nevertheless Heat Biologics has outperformed the Zacks categorized Medical Drugs industry year to date with the stock gaining 17 6 compared to the industry s 24 decline Moreover the stock has surged 102 1 in the past month compared to the industry s 7 8 HEAT BIOLOGICS Price Meanwhile Heat Biologics will present top line data from a phase Ib study on its other pipeline candidate HS 110 in combination with Bristol Myers Squibb s NYSE BMY Opdivo for the treatment of non small cell lung cancer at the annual meeting of the International Association for the Study of Lung Cancer next week Zacks Rank Key PicksHeat Biologics currently carries a Zacks Rank 2 Buy A couple of other favorably placed stocks in the health care sector include Sucampo Pharmaceuticals Inc NASDAQ SCMP and Vanda Pharmaceuticals Inc NASDAQ VNDA Both the stocks sport a Zacks Rank 1 Strong Buy You can see Sucampo s earnings estimates increased from 1 03 to 1 22 for 2016 and from 1 30 to 1 58 for 2017 over the last 60 days The company posted a positive surprise in all of the four trailing quarters with an average beat of 35 55 Vanda s loss estimates narrowed from 68 cents to 52 cents for 2016 while its earnings estimates increased from 16 cents to 22 cents for 2017 over the last 60 days The company posted a positive earnings surprise in three of the four trailing quarters with an average beat of 56 65 Its share price has surged almost 77 year to date Confidential from ZacksBeyond this Analyst Blog would you like to see Zacks best recommendations that are not available to the public Our Executive VP Steve Reitmeister knows when key trades are about to be triggered and which of our experts has the hottest hand |
WMB | Buy 5 Top Oil Stocks Ahead Of Q2 Earnings On Iran Conflict | After global economic slowdown fears and higher supply especially from the United States subdued crude oil prices for a month and half a turnaround showed up recently on heightened geopolitical conflict with Iran Disturbances in Iran intensified on Jul 18 after President Donald Trump declared that the U S Navy destroyed an Iranian drone in the Strait of Hormuz in a defensive action The USS Boxer an amphibious assault ship took down the drone in the Strait of Hormuz responsible for the passage of 20 of total crude oil being consumed globally Crude Oil Prices JumpOn Jul 18 the U S benchmark West Texas Intermediate WTI crude gained 97 cents or 1 8 to settle at 56 27 a barrel Global benchmark Brent Crude went up 1 28 or 2 1 to settle at 63 21 a barrel Notably both benchmark oil prices witnessed the first closing in positive territory after a losing streak of four straight days Iran Conflict Likely to Escalate Disturbances in Iran intensified on Jun 13 when two oil tankers were set on fire in the Strait of Hormuz for which the United States blamed Tehran On Jun 20 Iran s Revolutionary Guard claimed that it recently shot down a U S drone near the Strait of Hormuz Iran alleged that the drone had entered its sky which the U S military claimed as international airspace On Jun 21 President Donald Trump tweeted Iran made a very big mistake but refrained from a military strike on Iran Notably Iran is already facing U S sanctions regarding crude oil exports after the Trump administration withdrew from the Iran Nuclear Agreement of 2015 It goes without saying that while the Saudis and the United States are on one side the Houthi Yemenis and Iran are on the other Iran has reportedly warned that if its economy is hit due to America s sanction on its crude export it will then attempt to disrupt the passage of oil tankers through the strait This could further constrain global oil supply The news in fact has already bumped up oil prices Likely Rate Cut by the Fed to Boost Oil PricesOn Jul 18 at the annual meeting of the Central Bank Research Association New York Federal Reserve President John Williams NYSE WMB said It s better to take preventative measures than to wait for disaster to unfold Later that day Fed Vice Chair Richard Clarida said on Fox Business News that cutting interest rates quickly would be a good strategy These two comments from two important members of the Fed s FOMC raised investors expectations that the central bank is likely to reduce benchmark rate by 50 basis points in July Currently the benchmark lending interest rate is at 2 25 2 5 Notably On Jul 10 in a testimony to the House Financial Services Committee Fed chair Jerome Powell gave a clear indication that Fed will reduce benchmark market rate in July Per CME FedWatch before Jul 18 respondents assigned 100 probability to a 25 basis point cut while probability for a 50 basis point cut was hovering around 20 30 However after yesterday s developments respondents are now assigning 50 probability to a 50 basis point rate cut in July Reduction of market interest rate is likely to boost the U S economy thereby raising demand for crude oil Our Top Picks At this stage it will be prudent to invest in oil stocks that are likely to beat earnings estimates in the second quarter We have narrowed down our search to five oil stocks Each of these stocks carries either a Zacks Rank 1 Strong Buy or 2 Buy and has a positive You can see Our research shows that for stocks with the combination of a Zacks Rank 3 or better and a positive Earnings ESP the chance of an earnings beat is as high as 70 These stocks are expected to climb after earnings release irrespective of already solid gains year to date The chart below shows price performance of our five picks year to date Helix Energy Solutions Group Inc NYSE HLX is an offshore energy services company provides specialty services to the offshore energy industry primarily in Brazil the Gulf of Mexico North Sea the Asia Pacific and West Africa regions The company operates through three segments Well Intervention Robotics and Production Facilities The stock sports a Zacks Rank 1 Helix Energy Solutions has an Earnings ESP of 7 61 for the current quarter The company has an expected earnings growth rate of 25 and 57 9 for the current quarter and year respectively The Zacks Consensus Estimate for both the current quarter and year improved 7 1 over the last 60 days The company delivered positive earnings surprise in three out of the last four quarters with an average beat of 71 9 Helix Energy Solutions is expected to release earnings results on Jul 24 after the closing bell Earthstone Energy Inc NYSE ESTE is engaged in the development and operation of oil and gas properties in the United States Its asset portfolio includes the Midland Basin of west Texas and the Eagle Ford trend of south Texas The stock carries a Zacks Rank 2 Earthstone Energy has an Earnings ESP of 4 50 for the current quarter and an expected earnings growth rate of 900 The Zacks Consensus Estimate for the current quarter and year improved 25 and 2 2 respectively over the last 60 days The company delivered positive earnings surprise in two out of the last four quarters with an average beat of 80 2 Earthstone Energy is expected to release earnings results on Aug 5 Independence Contract Drilling Inc NYSE ICD provides land based contract drilling services for oil and natural gas producers in the United States It constructs owns and operates a fleet of pad optimal ShaleDriller rigs in the Permian Basin and the Haynesville Shale The stock carries a Zacks Rank 2 Independence Contract Drilling has an Earnings ESP of 18 18 for the current quarter The company has an expected earnings growth rate of 50 and 105 9 for the current quarter and year respectively The company delivered positive earnings surprise in the last four quarters with an average beat of 111 1 Independence Contract Drilling is expected to release earnings results on Aug 1 Enterprise Products Partners L P NYSE EPD provides midstream energy services to producers and consumers of natural gas natural gas liquids crude oil petrochemicals and refined products The company operates through four segments NGL Pipelines Services Crude Oil Pipelines Services Natural Gas Pipelines Services and Petrochemical Refined Products Services The stock carries a Zacks Rank 2 Enterprise Products Partners has an Earnings ESP of 5 29 for the current quarter The company has an expected earnings growth rate of 10 9 and 11 for the current quarter and year respectively The Zacks Consensus Estimate for the current quarter and year improved 4 1 and 2 9 respectively over the last 60 days The company delivered positive earnings surprise in the last four quarters with an average beat of 17 Enterprise Products Partners is expected to release earnings results on Jul 31 before the opening bell Laredo Petroleum Inc NYSE LPI is engaged in the acquisition exploration and development of oil and natural gas properties in the Permian Basin of West Texas It also provides midstream and marketing services comprising transportation and marketing of oil and natural gas as well as natural gas lift systems crude oil and natural gas gathering and water delivery and takeaway services The stock carries a Zacks Rank 2 Laredo Petroleum has an Earnings ESP of 1 91 for the current quarter and is expected to release earnings results on Jul 31 after the closing bell Looking for Stocks with Skyrocketing Upside Zacks has just released a Special Report on the booming investment opportunities of legal marijuana Ignited by new referendums and legislation this industry is expected to blast from an already robust 6 7 billion to 20 2 billion in 2021 Early investors stand to make a killing but you have to be ready to act and know just where to look |
WMB | Asia Wrap Investors May Have Squeezed The Juice From Fed Williams Remarks | Asia Wrap Investors may have already squeezed all the rate cut juice out of Fed Williams NYSE WMB comments
USD selling was the central theme in New York Thursday after comments from New York Fed President Williams but this trend shifted during early Asia trading after the New York Fed walked down the dovish remarks The market markets have traded very anxiously Treasury Mnuchin comments notwithstanding but given the euro only bounced to 1 1285 as the rates markets went full out Fed policy bazooka pricing mode there wasn t that much USD selling versus the Euro in particular USD Asia turned dollar bid as trader took advantage on USD SGD and USD TWD dip to add to short positions
The CNH funding squeeze intensified more than we had expected so there has been a substantial bid under USD CNH all session which has had a tempering effect across Asia EM currencies
Global equities are looking a bit toppish as traders have turned better sellers suggesting investors may have already squeezed all the rate cut juice out of Fed Williams comments
With a bid back under the dollar gold continues to sell off on profit taking and weaker longs heading for exit ahead of the weekend
But no matter how you dissect Fed Williams comments when combined with an equally dovish Fed Clarida if it looks like a dove and coos like a dove its probably a dove |
WMB | CAD Lower On Rising USD And Weak Retail Sales | The Canadian dollar fell 0 28 percent on Friday after the U S dollar regained its mojo on the back of the clarification of NY Fed President John Williams comments on Thursday The USD fell on Thursday after the NY Fed chief urged the central bank to be more proactive on monetary policy and implied it was better to act now than later
The NY Fed clarified the comments and said they were academic in nature and not to be taken in the same context as current monetary policy decisions The loonie had climbed after a deeper interest rate cut was priced in based on Williams comments and now the retraction of sorts put downward pressure on the Canadian currency
Retail sales in Canada disappointed with a 0 3 percent miss for the core reading and 0 1 loss on the headline data point Bad weather is blamed for the underperformance but there was the bright side of the temporary nature of the negative factor
The U S dollar rebounded on Friday after NY Fed Chief s comments on proactive action on interest rates A rate cut is still heavily anticipated on July 31 but the chance that it will be 50 basis points has gone down after the clarification from the monetary policy maker
The USD finished the week mixed against major pairs Safe haven and commodity currencies except the CAD finished ahead of the U S currency European major pairs and the loonie will remain under pressure agains the U S dollar
OIL Low Demand Concerns Put Crude Under Pressure
Oil prices traded in a tight range on Friday despite rising tensions between the U S and Iran The U S claims to have shot down an Iranian drone and the news that Iran had seized a British tanker stoked fears of free passage in the Strait of Hormuz
Prices moved during the day but overall ended back at the same spot due to lower demand forecasts from the International Energy Agency The Organization of the Petroleum Exporting Countries OPEC the Energy Information Administration EIA and now the IEA have downgraded their demand forecasts putting enormous downward pressure on crude prices
Brent recorded a 6 29 percent loss and West Texas Intermediate fell 7 37 percent in the last five trading days Supply disruptions had pushed prices higher and with the easing of U S Iran concerns after a more diplomatic path was drawn out and Gulf of Mexico operations getting back on line after Storm Barry crude traded lower
Gold Yellow Metal Ends Lower on Friday but Ahead on a Weekly Basis
Gold fell 0 2 percent on Friday but rising uncertainty once again proved the value of the metal as it rose close to 1 percent on weekly trading As the July Federal Open Market Committee FOMC meeting approaches the market is fully pricing in a rate cut The question becomes how deep will the Fed slash interest rates The dollar rebounded on Friday as NY Fed President John Williams quotes from Thursday were clarified by the central bank
The market has grown accustomed to dovish rhetoric from the U S central bank after the Fed did a 180 on its monetary policy path and is now on the verge of its first rate cut of an easing cycle The Fed hiked interest rates 4 times in 2018 but after a huge equity sell off and growth concerns aided by a prolonged trade war with China it has telegraphed to the market the need to add stimulus via lower rates
The comments from Williams took markets by surprise as the central bank tried to temper expectations of a large rate cut but the NY Fed chief came off as seeking a more aggressive response
Gold remains bid as geopolitical risk events remain on the radar but as the Fed walked back a deeper cut the metal will remain sensitive to over performing U S economic data
Original Post |
WMB | Is An Oil ETF Rally On Middle East Tensions Sustainable | President Trump recently confirmed the destruction of an Iranian drone in the by the U S Navy This drove oil prices by The U S Navy claims that it acted in as the aircraft came alarmingly close to the vessel and ignored multiple warnings to stand down The incident followed U S Central Command chief s comments that the United States will take the required measures against the latest attacks on oil tankers in the Gulf In June 2019 Iran had shot one down However Tehran continues to deny any attack In this regard Iran s Deputy Foreign Minister had tweeted on Jul 19 that Tehran has not lost any drone in the Strait of Hormuz nor anywhere else read Other Factors Driving OilHere are certain developments that have been fueling the rally in oil prices Possible Rate Cuts by Fed latest speech hinting at a more aggressive approach to rate cuts contributed to the rally in oil prices However had to later clarify that the market misinterpreted the speech as a rate cut signal It is worth noting here that recently indicated Fed s intention to cut interest rates should the need be Investors slash in interest rates after a stronger jobs report curbed projections for a rate cut by 50 basis points OPEC s Initiative to Cut Oil OutputOPEC has of late decided to extend the oil production cut through 2020 in a bid to boost oil prices Russia is once again cooperating with OPEC on the same Tensions Brew Over Iran s Nuclear ProgramIran recently increased its enrichment levels for uranium from the agreed 3 7 under the while still keeping it below the 20 threshold Tehran tensed up the situation by commenting that it will keep breaching agreements under the deal every 60 days lest the European signatories to the protect it from the sanctions imposed by President Trump Is the Rally Sustainable The prospects of oil look a little bearish U S government recently reported a smaller than expected drop in oil stockpiles and expanding fuel inventories Moreover recently lowered its 2019 oil demand forecast due to a slowdown in global economy amid Sino US trade tensions global oil demand growth estimate to 1 1 million barrels per day bpd from 1 2 million bpd projected in June 2019 and 1 5 million bpd stated last year ETFs to ShineThis has compelled many investors to take a closer look of the oil commodity space and related ETFs see United States Brent Oil Fund ASX BNO The fund tracks the daily price movements of Brent crude oil read AUM 90 4 millionExpense Ratio 0 90 YTD Return 20 6 United States Oil Fund NYSE USO The United States Oil Fund seeks to track the daily price movement of WTI light sweet crude oil read AUM 1 33 billionExpense Ratio 0 73 YTD Return 20 2 Invesco DB Oil Fund TSX DBO The fund tracks changes whether positive or negative in the level of the DBIQ Optimum Yield Crude Oil Index Excess Return plus the interest income from the holdings of primarily US Treasury securities and money market income less expenses read AUM 278 8 millionExpense Ratio 0 78 YTD Return 15 5 US Commodity Funds United States 12 Month Oil The fund replicates with possible accuracy the movements of West Texas Intermediate light sweet crude oil AUM 53 4 millionExpense Ratio 0 82 YTD Return 16 7 Want key ETF info delivered straight to your inbox Zacks free Fund Newsletter will brief you on top news and analysis as well as top performing ETFs each week |
WMB | Pre Market Open Views Confusion Reigns Supreme | Fedspeak made for a febrile atmosphere on Friday causing anxious investors to turn jittery for no other reason than the fear of misreading The Federal Reserve Board confusing signalling
Gold touched the highest levels since 2013 after the markets initially took comments from FOMC member Williams NYSE WMB as a dovish policy nod but then spent the remainder of the day unwinding those freshly minted longs after an unusual clarification from N Y Fed that Mr Williams comments were not about potential policy actions at the upcoming FOMC meeting
Which begs the question what on earth was Fed Williams thinking to deliver an overtly dovish speech on the cusp of a historical interest rate policy decision that is front and centre in everyone s mind even if it was only from an academic perspective
U S stocks closed lower Friday as a liquidity inspired rally fizzled after N Y Fed clarification sent the probability of a more aggressive 50 bp of Fed easing down to 19 per cent at Friday s close from 66 per cent in late N Y Thursday And at the same time investors became increasingly nervous about the economic dampening effect of higher oil prices after oil futures jumped late Friday when Iran seized two tankers in the Strait of Hormuz stoking fears of rising tensions in the Middle East
The U S dollar reversed earlier losses but remained in well worn ranges ahead of the critical ECB policy decision Draghi s press conference on July 25 but price action does suggest the markets want to stay short Euro going into the ECB
Oil Markets
It was a tough week for oil markets following a large product build and Trade war concerns resurfacing following comments from U S President Trump early last week
However after unwinding some supply risk premium early last week on signs Iran may be willing to negotiate with the U S on the nuclear deal those premiums were quickly repurchased as Oil prices spiked Friday after Iran seized two tankers in the Strait of Hormuz stoking the flames for a Middle East escalation
And while there is a massive US naval presence in the Gulf to ensure the safety of oil tankers shipping insurance war premiums will rise and the potential of a policy mistake should add to the supply risk premiums
Depending on what underwriter you are following oil tanker war risk premiums have risen from a negligible 50 000 to between 250 000 500 000 or between 12 25 cents per barrel based on your average supertanker cargoes While the insurance premiums are not an enormous price booster the psychological effects are much more significant
Gold Markets
The good news is that Gold touched the highest levels since 2013 after dovish comments from FOMC member Williams The bad news is his comments were walked down by the Fed NY
Gold ETF NYSE GLD flows continued to surge this month while the latest CFTC data paints a similar picture Clearly as real interest rates remain low or continue to fall Gold s appeal as a diversification strategy amid the backdrop of global economic uncertainty has increased substantially as global growth fears and the calamitous political situations on both sides of the pond continue to build
And while I ve been unwavering in my buy on dip calls for the last seven months some caution remains warranted this week as speculative length has built substantially above 1400 And it s not that I have turned bearish but the confusing Fed signalling has sent risk rewards skewed downward as the markets are settling in on a 25 bp cut Fed cut in July
Gold s reaction will be asymmetric to the Fed messaging post July rate cut
If we do get what appears to be an unlikely 50 bp cut Gold could quickly rise to 1485 but if Chair Powell s statement fails to deliver on the markets forward dovish looking expectations Gold prices could sink below 1400 and possibly test 1385 if the Fed is viewed more hawkish than the markets lean
Asia EM Currency
The deluge of central bank accommodation provides an essential veneer for Asia EM FX as currency volatility remain mute while a meeker USD and diminishing debt fears have reassured investors and carry trade inflows remained in the fore despite low growth and the omnipresent trade war risk |
WMB | The Zacks Analyst Blog Highlights Helix Energy Earthstone Energy Independence Contract Enterprise Products And Laredo Petroleum | For Immediate ReleaseChicago IL July 22 2019 Zacks com announces the list of stocks featured in the Analyst Blog Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets Stocks recently featured in the blog include Helix Energy Solutions Group Inc NYSE HLX Earthstone Energy Inc NYSE ESTE Independence Contract Drilling Inc NYSE ICD Enterprise Products Partners L P NYSE EPD and Laredo Petroleum Inc NYSE LPI Here are highlights from Friday s Analyst Blog Buy 5 Top Oil Stocks Ahead of Q2 Earnings Iran ConflictAfter global economic slowdown fears and higher supply especially from the United States subdued crude oil prices for a month and half a turnaround showed up recently on heightened geopolitical conflict with Iran Disturbances in Iran intensified on Jul 18 after President Donald Trump declared that the U S Navy destroyed an Iranian drone in the Strait of Hormuz in a defensive action The USS Boxer an amphibious assault ship took down the drone in the Strait of Hormuz responsible for the passage of 20 of total crude oil being consumed globally Crude Oil Prices JumpOn Jul 18 the U S benchmark West Texas Intermediate WTI crude gained 97 cents or 1 8 to settle at 56 27 a barrel Global benchmark Brent Crude went up 1 28 or 2 1 to settle at 63 21 a barrel Notably both benchmark oil prices witnessed the first closing in positive territory after a losing streak of four straight days Iran Conflict Likely to Escalate Disturbances in Iran intensified on Jun 13 when two oil tankers were set on fire in the Strait of Hormuz for which the United States blamed Tehran On Jun 20 Iran s Revolutionary Guard claimed that it recently shot down a U S drone near the Strait of Hormuz Iran alleged that the drone had entered its sky which the U S military claimed as international airspace On Jun 21 President Donald Trump tweeted Iran made a very big mistake but refrained from a military strike on Iran Notably Iran is already facing U S sanctions regarding crude oil exports after the Trump administration withdrew from the Iran Nuclear Agreement of 2015 It goes without saying that while the Saudis and the United States are on one side the Houthi Yemenis and Iran are on the other Iran has reportedly warned that if its economy is hit due to America s sanction on its crude export it will then attempt to disrupt the passage of oil tankers through the strait This could further constrain global oil supply The news in fact has already bumped up oil prices Likely Rate Cut by the Fed to Boost Oil PricesOn Jul 18 at the annual meeting of the Central Bank Research Association New York Federal Reserve President John Williams NYSE WMB said It s better to take preventative measures than to wait for disaster to unfold Later that day Fed Vice Chair Richard Clarida said on Fox Business News that cutting interest rates quickly would be a good strategy These two comments from two important members of the Fed s FOMC raised investors expectations that the central bank is likely to reduce benchmark rate by 50 basis points in July Currently the benchmark lending interest rate is at 2 25 2 5 Notably On Jul 10 in a testimony to the House Financial Services Committee Fed chair Jerome Powell gave a clear indication that Fed will reduce benchmark market rate in July Per CME FedWatch before Jul 18 respondents assigned 100 probability to a 25 basis point cut while probability for a 50 basis point cut was hovering around 20 30 However after yesterday s developments respondents are now assigning 50 probability to a 50 basis point rate cut in July Reduction of market interest rate is likely to boost the U S economy thereby raising demand for crude oil Our Top Picks At this stage it will be prudent to invest in oil stocks that are likely to beat earnings estimates in the second quarter We have narrowed down our search to five oil stocks Each of these stocks carries either a Zacks Rank 1 Strong Buy or 2 Buy and has a positive You can see Our research shows that for stocks with the combination of a Zacks Rank 3 or better and a positive Earnings ESP the chance of an earnings beat is as high as 70 These stocks are expected to climb after earnings release irrespective of already solid gains year to date Helix Energy Solutions Group Inc is an offshore energy services company provides specialty services to the offshore energy industry primarily in Brazil the Gulf of Mexico North Sea the Asia Pacific and West Africa regions The company operates through three segments Well Intervention Robotics and Production Facilities The stock sports a Zacks Rank 1 Helix Energy Solutions has an Earnings ESP of 7 61 for the current quarter The company has an expected earnings growth rate of 25 and 57 9 for the current quarter and year respectively The Zacks Consensus Estimate for both the current quarter and year improved 7 1 over the last 60 days The company delivered positive earnings surprise in three out of the last four quarters with an average beat of 71 9 Helix Energy Solutions is expected to release earnings results on Jul 24 after the closing bell Earthstone Energy Inc is engaged in the development and operation of oil and gas properties in the United States Its asset portfolio includes the Midland Basin of west Texas and the Eagle Ford trend of south Texas The stock carries a Zacks Rank 2 Earthstone Energy has an Earnings ESP of 4 50 for the current quarter and an expected earnings growth rate of 900 The Zacks Consensus Estimate for the current quarter and year improved 25 and 2 2 respectively over the last 60 days The company delivered positive earnings surprise in two out of the last four quarters with an average beat of 80 2 Earthstone Energy is expected to release earnings results on Aug 5 Independence Contract Drilling Inc provides land based contract drilling services for oil and natural gas producers in the United States It constructs owns and operates a fleet of pad optimal ShaleDriller rigs in the Permian Basin and the Haynesville Shale The stock carries a Zacks Rank 2 Independence Contract Drilling has an Earnings ESP of 18 18 for the current quarter The company has an expected earnings growth rate of 50 and 105 9 for the current quarter and year respectively The company delivered positive earnings surprise in the last four quarters with an average beat of 111 1 Independence Contract Drilling is expected to release earnings results on Aug 1 Enterprise Products Partners L P provides midstream energy services to producers and consumers of natural gas natural gas liquids crude oil petrochemicals and refined products The company operates through four segments NGL Pipelines Services Crude Oil Pipelines Services Natural Gas Pipelines Services and Petrochemical Refined Products Services The stock carries a Zacks Rank 2 Enterprise Products Partners has an Earnings ESP of 5 29 for the current quarter The company has an expected earnings growth rate of 10 9 and 11 for the current quarter and year respectively The Zacks Consensus Estimate for the current quarter and year improved 4 1 and 2 9 respectively over the last 60 days The company delivered positive earnings surprise in the last four quarters with an average beat of 17 Enterprise Products Partners is expected to release earnings results on Jul 31 before the opening bell Laredo Petroleum Inc is engaged in the acquisition exploration and development of oil and natural gas properties in the Permian Basin of West Texas It also provides midstream and marketing services comprising transportation and marketing of oil and natural gas as well as natural gas lift systems crude oil and natural gas gathering and water delivery and takeaway services The stock carries a Zacks Rank 2 Laredo Petroleum has an Earnings ESP of 1 91 for the current quarter and is expected to release earnings results on Jul 31 after the closing bell Looking for Stocks with Skyrocketing Upside Zacks has just released a Special Report on the booming investment opportunities of legal marijuana Ignited by new referendums and legislation this industry is expected to blast from an already robust 6 7 billion to 20 2 billion in 2021 Early investors stand to make a killing but you have to be ready to act and know just where to look Media ContactZacks Investment Research800 767 3771 ext 9339 Past performance is no guarantee of future results Inherent in any investment is the potential for loss This material is being provided for informational purposes only and nothing herein constitutes investment legal accounting or tax advice or a recommendation to buy sell or hold a security No recommendation or advice is being given as to whether any investment is suitable for a particular investor It should not be assumed that any investments in securities companies sectors or markets identified and described were or will be profitable All information is current as of the date of herein and is subject to change without notice Any views or opinions expressed may not reflect those of the firm as a whole Zacks Investment Research does not engage in investment banking market making or asset management activities of any securities These returns are from hypothetical portfolios consisting of stocks with Zacks Rank 1 that were rebalanced monthly with zero transaction costs These are not the returns of actual portfolios of stocks The S P 500 is an unmanaged index Visit for information about the performance numbers displayed in this press release |
C | UPDATE 3 Ferrovial set to mull early bids for Gatwick | GIP first party to confirm bid for London airport
Germany s Hochtief also says it has submitted offer
Sources say Deutsche Babcock Brown will bid
BAA says first round bids for Gatwick due on Monday
Recasts adds Hochtief comment detail
By John Bowker and Quentin Webb
LONDON Jan 19 Reuters The owners of London City and
Budapest airports have both submitted offers to buy Gatwick from
Spain s Ferrovial on Monday ahead of a deadline for first round
bids for Britain s second busiest airport
Global Infrastructure Partners GIP a joint venture
between General Electric and Credit Suisse and owner of London
City airport was the first party to confirm a definite bid for
Gatwick which was put up for sale last year
I can confirm a bid is going in today and will be by the
deadline a GIP spokesman told Reuters although he would not
say how much was being offered or whether GIP had any bidding
partners
Germany s Hochtief the owner of Budapest airport later
told Reuters it too had submitted a bid also without adding
further detail
Sources familiar with the matter told Reuters Deutsche
Bank s RREEF Infrastructure will make an approach in partnership
with Australia s Babcock Brown
Both RREEF and Babcock Brown declined to comment
Gatwick is part of Ferrovial s seven airport monopoly BAA
which Britain s competition regulators have proposed should be
broken up Analysts have said the Gatwick sale could net its
debt laden owner up to 2 billion pounds 2 95 billion
A spokesman for Ferrovial s British airports arm BAA said
first round bids for the airport were due later on Monday but
declined to comment further on the process
BAA Chief Executive Colin Matthews told reporters last week
that there had been serious interest in Gatwick which has
about 35 million passengers a year
A string of other consortia are expected to follow GIP and
Hochtief into the bidding contest
HSBC and Royal Bank of Scotland are running the sales
process Sources close to BAA said the two banks would be
willing to give credit of up to 1 6 billion pounds to a
potential buyer as long as it met certain criteria
Manchester Airport Group and 3i Infrastructure have both
said they would look at a bid although neither would comment
further on Monday
Press reports have said a fund run by Citigroup is also a
leading contender However Frankfurt Airport owner Fraport told
Reuters on Monday it would not be making an offer
TRAFFIC IN FREEFALL
The potential value of bids has been estimated at about 2
billion pounds but analysts have cautioned that achieving a
premium to the Regulated Asset Base RAB a way of valuing
infrastructure assets of 1 7 billion pounds may be difficult
It remains to be seen whether 2 billion pounds will be
achievable given that traffic at the airport is in freefall
and given the continuing difficult state of the credit markets
Collins Stewart aviation analyst Andrew Fitchie said in a note
BAA said passenger numbers at Gatwick fell 13 8 percent
year on year in December
Ferrovial put Gatwick up for sale to pre empt a likely order
to do so by Britain s Competition Commission later this year In
December the Commission also proposed the sale of London s
Stansted airport as well as Edinburgh in Scotland
The Spanish company will be allowed to keep Heathrow the
world s busiest international airport with 65 million passengers
a year and was last week controversially awarded government
approval for a third runway
Additional reporting by Sinead Cruise in London Angelika
Gruber in Frankfurt Matthias Inverardi in Dusseldorf Sarah
Morris Carlos Ruano and Andres Gonzalez in Madrid Editing by
Jon Loades Carter Hans Peters and Andrew Macdonald |
C | UPDATE 2 Singapore looks to multi billion reserves amid slump | Updates with economist comments
By Neil Chatterjee
SINGAPORE Jan 19 Reuters Singapore is considering
dipping into its reserves worth hundreds of billions of dollars
for the first time to tackle an economic slump as it plans a
budget this week expected to fund infrastructure and tax
rebates
The government could draw on the central bank s foreign
reserves that totalled 174 2 billion in December or its two
secretive sovereign funds GIC and Temasek that had at least a
combined 230 billion in assets in reported figures last year
The reserves are sizeable notwithstanding recent losses
which gives the government a huge buffer this is a good
move said Kit Wei Zheng economist at Citigroup in Singapore
The question is do other countries have this level of
reserves Kit said adding that most Asian countries were
still able to pump prime their economies with some exceptions
in Southeast Asia such as Malaysia and in South Asia
Governments around the world have launched multi billion
dollar economic stimulus plans in recent months a bid to stave
off more job losses and prevent an even deeper and longer
recession The United States and Britain are expected to
announce further spending plans this week
Singapore s central bank the Monetary Authority of
Singapore uses its reserves to steer monetary policy by
managing the Singapore dollar within an undisclosed trading
band
I don t think they will tap central bank reserves I
don t think they will do anything that will compromise the
central bank s ability to defend the Singapore dollar Kit
said
The Government of Singapore Investment Corp invests foreign
exchange reserves and says it manages much more than 100
billion though analysts estimate the figure to be above 300
billion Seven percent of its portfolio was cash as of March
2008
The exact size of government reserves which could also
include revenues from land sales and dividends from firms owned
by Temasek has also never been disclosed
We ve always said the reserves are for a rainy day If
this is not a rainy day I don t know what is a rainy day the
Business Times quoted Senior Minister Goh Chok Tong as saying
Asked how much should be drawn from the reserves Goh said
it depended on the measures that would justify their use
TAX REBATES WEAKER SING DOLLAR
Finance Minister Tharman Shanmugaratnam will announce on
Thursday a budget that is expected to create a deficit possibly
three times bigger than an estimated S 800 million 538
million which would be funded by a S 6 4 billion surplus in
the fiscal year to March 2008 the government said in November
The government is lining up a sizable fiscal stimulus
which we expect to focus on alleviating the short term pain
said Goldman Sachs in a report on Monday adding this could
include tax rebates infrastructure projects and training
However these policy responses may not be aggressive
enough to provide a meaningful offset to the global macro
headwinds plaguing the economy it said revising down its GDP
forecast for Singapore to a 4 percent contraction for 2009
Singapore was the first country in Asia to fall into
recession last year when its non oil domestic exports slid 7 9
percent as demand weakened in its key trading partners such as
the Europe and the United States
Singapore s budgets amid the Asian financial crisis in
1997 1998 saw one off rebates on personal income tax and
government expenditure up 15 percent plus two off cycle
budgets measures that economists believe the city state may
repeate
Citigroup felt this week s budget would not be aggressive
enough with permanent income tax cuts unlikely to be part of
the package It recommended selling into strength on any
pre budget rally in the stock market
The drop may be aggravated by the risk that the MAS may
have to weaken the Singapore dollar by shifting the nominal
effective exchange rate NEER band downwards before or at the
April policy meeting Citigroup said
Additional reporting by Melanie Lee Editing by Jan
Dahinten |
C | RREEF Babcock consortium confirms Gatwick bid | LONDON Jan 20 Reuters Deutsche Bank s RREEF
Infrastructure and a European infrastructure fund run by Babcock
Brown have made a joint first round bid for London s Gatwick
airport a spokesman confirmed on Tuesday
Spain s Ferrovial put Gatwick up for sale late last year
with indicative bids due in at the start of this week
Gatwick one of the seven British airports in its BAA group
is being sold under pressure from competition regulators
RREEF and Babcock Brown s European infrastructure fund are
bidding via the Gatwick Future Partnership vehicle advised by
law firm Cameron McKenna Deloitte and the engineers Arup
Dominic Helmsley BAA International s former business
development director and Richard Jeffrey former managing
director of Edinburgh airport are also advising the group
Sources familiar with the matter had said on Monday that the
RREEF Babcock Brown consortium would bid
Confirmed rival bidders include Global Infrastructure
Partners GIP Germany s Hochtief and Citigroup unit Citi
Infrastructure Investors Vancouver Airport Services and John
Hancock Life Insurance Company who are bidding jointly as the
Lysander Gatwick Investment Group
Manchester Airport Group and 3i Infrastructure have both
previously said they would look at a bid though neither would
comment further this week
Reporting by Quentin Webb editing by Will Waterman |
C | UPDATE 2 Singapore may weaken currency to tackle recession | Updates with comments from officials economists
By Neil Chatterjee and Jan Dahinten
SINGAPORE Jan 21 Reuters Singapore s economy shrank
the most on record in the last quarter of 2008 and the
government forecast a 5 percent contraction this year and a
possible fall in consumer prices which may prompt a one off
currency devaluation
A government declaration that the economy was suffering its
worst ever recession and official forecasts of a continued
slump suggested to analysts the central bank could push down
the centre of the trading band for the Singapore dollar
effectively devaluing it to help the key export sector
The grim figures largely a reflection of Singapore s
exposure to the slump in global trade also pave the way for an
expansionary budget on Thursday as the government scrambles to
shelter the economy from the worst global financial crisis in
decades
The Singapore economy is going through its sharpest
deepest and most protracted recession the Trade Ministry s
Second Permanent Secretary Ravi Menon told journalists
Government data showed gross domestic product shrank in the
fourth quarter at a deeper than expected and seasonally
adjusted rate of 16 9 percent the biggest fall on record and
the third consecutive quarterly contraction Provisional
figures had reported a 12 5 percent slump
From a year earlier gross domestic product fell 3 7
percent
That left 2008 growth at just 1 2 percent an abrupt
turnaround from a 7 7 percent expansion in 2007 when the stock
market financial services and property prices were booming
The government downgraded its view of the economy for the
second time in just three weeks reflecting the rapid
deterioration in the global economy that has seen much of the
developed world slip into recession
Singapore now sees GDP falling between 2 percent and 5
percent this year which would be the worst performance on
record with consumer prices flat to down 1 percent
The official acknowledgement of deflation risks keeps
alive a strong possibility that an eventual downward band
re centring could be on the cards in April said Kit Wei Zheng
at Citigroup adding it could also restore some cost
competitiveness
However the central bank said on Wednesday its monetary
policy stance was intact after it moved to zero appreciation
for the currency in October to counter the global financial
crisis
It said it had no plans to review policy before a scheduled
meeting in April
Singapore manages monetary policy by adjusting the value of
its currency in a secret trade weighted band
A sustained slide in prices can be damaging for an economy
if it leads to a fall in demand as buyers hold back from making
purchases in anticipation of yet lower prices
However Prakriti Sofat an economist at HSBC said in a
note that the risk of sustained deflation in Singapore was
remote since consumer prices would fall as the boost from high
food and other commodity prices drops out of the annual price
comparison
The Singapore dollar fell to 1 month low of 1 512
against the U S dollar after the GDP data compared with 1 51
before the data
It was trading at 1 5044 at 0516 GMT The central bank said
it saw no reason for a persistent weakening of the currency
after it fell from a record high in July
For key central bank and government quotes
JOB LOSSES
I m bearish for the Singapore dollar said Irene Cheung
currency strategist at Royal Bank of Scotland in Singapore
I expect monetary policy to remain accommodative they
should have recentred the band earlier but they might still do
it the sooner the better
The government expects non oil domestic exports which make
up around 70 percent of the Southeast Asian city state s
economy to shrink 9 percent to 11 percent this year while
total trade which includes entreport activities may plunge
17 19 percent
Its manufacturing industry contracted by 10 7 percent in
the fourth quarter from the previous year while services
industries recorded no growth Financial services in Southeast
Asia s banking capital fell 1 8 percent
Singapore last reported three straight quarters of economic
contraction in 2001 after the dotcom bubble burst in the United
States badly hurting the island s big electronics sector
Reflecting the downturn in Singapore sales of watches and
jewellery popular tourist buys have fallen German fashion
label Hugo Boss has a 50 percent sale on its suits this month
and a night club is offering beer for a dollar to entice
customers
Economists expect the government to unveil fiscal stimulus
measures on Thursday in its annual budget and a senior
government minister said this week it might tap its
multi billion dollar reserves for the first time to tackle the
slump
Stimulus measures could include infrastructure spending
tax rebates training and targeted help for the poor
The results show the further deterioration from the global
downturn and Singapore is hardly immune from it I believe
there will be emphasis for fiscal measures for the Singapore
budget tomorrow stimulus measures and bolstering for a safety
net said David Cohen of Action Economics
Additional reporting by Kevin Lim and Saeed Azhar Editing by
Neil Fullick |
C | UPDATE 2 S Korea state agency cuts 2009 growth forecast | Adds markets exports data analysts backgrounds
By Cheon Jong woo
SEOUL Jan 21 Reuters South Korea s economy will grow
just 0 7 percent this year the slowest since the Asian
financial crisis a decade ago hit by the deepening global
downturn the country s top government research agency said on
Wednesday
The Korea Development Institute s KDI latest forecast
the lowest among the big government agencies was a sharp
downgrade from its previous projection for 3 3 percent growth
set in November and stood below the central bank s 2 percent
growth forecast made in December
Separate data showed exports shrank about 30 percent in the
first 20 days of January more evidence that the worldwide
downturn is battering the country
The forecast and the export indicator deepened fears Asia s
fourth largest economy was heading for its first contraction
since the 1997 98 Asian financial crisis analysts said
The KDI s figures seem too optimistic as the economy
definitely appeared to contract in the fourth quarter and
given other economic data said Park Sang hyun chief
economist at HI Investment Securities
Stimulus packages at home and abroad may take effect from
the second half but they are expected to be a just short term
pain killer not a fundamental solution he added
A rising number of private sector experts expect South
Korea s economy to contract by as much as 3 percent this year
with ratings agency Standard Poor s on Wednesday setting its
growth forecast at zero
The government has introduced fiscal stimulus and tax cuts
worth around a combined 100 billion some 15 percent of the
country s annual gross domestic product The central bank has
also cut the policy interest rate to a record low 2 5 percent
from 5 25 percent where it was at the beginning of October
The Bank of Korea is expected to lower rates further
probably to as low as 1 5 percent in the first quarter and it
may cut them more in the second half analysts said
After the KDI forecasts the March treasury bond futures
rose as much as 30 ticks
The economy is seen entering a recession phase on weaker
domestic demand and as the impact of a sharp slowdown in the
global economy bites into exports the KDI said in a
statement
JOBS AT RISK
The slowing economy along with corporate restructuring is
expected to hit the job market hard as the economy needs to
grow about 5 percent to prevent further job loss economists
said
The employment environment will get much worse until next
year as job markets usually lag the overall economy We may see
a jobs recovery in 2011 at the earliest said Oh Suk tae an
economist at Citigroup
South Korea s economy was estimated to grow 3 7 percent in
2008 the central bank said in December after expanding an
average of 4 4 percent a year between 1998 and 2007
The economy has expanded for the past 10 successive years
after shrinking a some 7 percent in 1998 in the aftermath of
the Asian financial crisis which had pushed the country to the
brink of economic collapse
Underscoring the impact of global recession in Asia
Singapore s government slashed its economic growth forecast for
2009 to as low as minus 5 percent on Wednesday from the
previous projection for as low as minus 2 percent
The KDI s revised forecasts came a day before the Bank of
Korea is due to release its first official GDP growth estimate
for the fourth quarter of 2008 on Thursday
Economists polled by Reuters estimated South Korea s GDP to
have contracted a seasonally adjusted 2 7 percent in the
October December period from the third quarter which would
mark the biggest quarterly loss since early 1998
1 1373 4 Won
Editing by Keiron Henderson Jan Dahinten |
WMB | Ex NFL DE Williams arrested on trespassing charge | Former No 1 overall NFL draft pick Mario Williams NYSE WMB was arrested in Texas on a trespassing charge
Williams 34 allegedly entered a woman s home Tuesday in the Houston suburb of Katy Texas without her permission according to court documents obtained by KHOU Channel 11
Williams has a child with the woman who filed a restraining order against him in May per the report
He was released on 100 bond and must undergo a court ordered mental health or intellectual disability assessment
The Houston Texans top pick in the 2006 draft Williams earned four Pro Bowl selections during an 11 year career with the Texans 2006 11 Buffalo Bills 2012 15 and Miami Dolphins 2016
He registered 97 5 career sacks 399 tackles and 16 forced fumbles in 158 games 150 starts Williams earned All Pro first team honors in 2014 with Buffalo with a career high 14 5 sacks
Field Level Media OLUSSPORT Reuters US Online Report Sports News 20190821T153359 0000 |
WMB | No 8 Florida Miami embrace spotlight showdown | When you think of college football rivalries in Florida Florida vs Florida State and Florida State vs Miami are the ones that come to mind
But on Saturday night the rare Sunshine State rivalry between the No 8 Florida Gators and Miami Hurricanes plays for only the seventh time since 1987 The teams are in the spotlight after moving their season opener up a week to make it a standalone feature attraction for TV viewers and a sellout crowd of more than 65 000 at Camping World Stadium in Orlando Fla
Much is at stake even at this early juncture
Florida is widely projected to challenge for the SEC East Division title under second year coach Dan Mullen after finishing the 2018 season with a 10 3 record and boatracing Michigan 41 15 in the Chick fil A Peach Bowl
Miami is playing its first game under coach Manny Diaz its defensive coordinator the past two years who knows a little bit about Mullen After all he worked two seasons under Mullen at Mississippi State
I think we view the game similarly Diaz said of himself and Mullen He is a very creative guy and an outside the box thinker I try to be the same way defensively and that s why we get along well I don t think there will be any type of advantage because we know him and he knows us
While Diaz s background is in stopping offenses he has to demonstrate that he can help fix an offense Once renowned for its explosive attack Miami was 93rd nationally last year and a pitiful 108th in passing
The Hurricanes no show 35 3 Pinstripe Bowl rout at Wisconsin s hands was the final straw for coach Mark Richt who retired 24 hours after the game Most believe Diaz has the energy needed for the job but his decision to name redshirt freshman Jarren Williams NYSE WMB the starter at quarterback was a shocker Williams whose sole game experience last year consisted of three garbage time passes in a blowout win over Savannah State beat out more touted N Kosi Perry and Ohio State transfer Tate Martell
It s tough preparing for a guy you ve never seen play Gators cornerback Marco Wilson told the school s athletics website I heard he s a pretty good quarterback but he s also young so we can try to use that to our advantage
Florida has no such worries about its quarterback Feleipe Franks blossomed at the end of last year leading the offense to an average of 45 points per game in a season ending four game winning streak Franks threw for 2 457 yards bagging 24 touchdown passes and tossing only six interceptions
Franks productivity and decision making will get an immediate test Led by linebackers Shaquille Quarterman Michael Pinkney and Zach McCloud Miami finished 2018 fourth in total defense 247 7 yards per game and first in third down defense
Look at what they did last year Franks said to the Gators website They are doing something right
When the teams last played in 2013 the Hurricanes earned a 21 16 home win Miami leads the all time series 29 26
By Bucky Dent Field Level Media |
WMB | Djokovic and Osaka top seeds for U S Open | Reuters World number ones and title holders Novak Djokovic and Naomi Osaka have been named the top seeds for the U S Open which starts on Monday in New York
Three times U S Open champion Djokovic who comes into the tournament having won his fifth Wimbledon title is followed in the seedings by 2017 winner Rafael Nadal
Roger Federer will begin his quest for a 21st Grand Slam crown as the third seed He is followed by Austrian Dominic Thiem Russia s Daniil Medvedev and Germany s Alexander Zverev
Former champions in the list of 32 men s seeds also include Marin Cilic 2014 of Croatia who is 22nd and Stan Wawrinka 2016 of Switzerland who is 23rd
French Open winner Ash Barty is seeded second behind Japan s Osaka followed by Czech Karolina Pliskova and Wimbledon champion Simona Halep
American Serena Williams NYSE WMB last year s finalist who is seeking a record equaling 24th Grand Slam title is seeded eighth while another former winner Sloane Stephens is 11th
Angelique Kerber the 2016 champion is seeded 14th |
WMB | Alberta s smaller oil producers eye output boost after curbs lifted | By Rod Nickel and Nia Williams NYSE WMB
WINNIPEG Manitoba CALGARY Alberta Reuters Small and mid sized Alberta oil producers are looking to increase drilling as early as this autumn after the Canadian province exempted a dozen of them from government mandated oil production cuts boosting the struggling industry
Alberta s previous New Democratic Party government imposed production limits in January to drain an oil glut that built up due to congested pipelines
On Tuesday the new United Conservative Party government extended curtailments through 2020 citing a delay to Enbridge Inc s Line 3 replacement that could swell inventories again unless the limits remained in place
It also doubled an exemption threshold in the curtailment policy to 20 000 barrels per day bpd eliminating constraints on 13 companies whose output falls below that level Alberta s 16 biggest producers will be the only ones receiving curtailment orders starting in October
We were diverting capital into share buybacks and into Saskatchewan Tamarack Valley Energy Ltd Chief Executive Brian Schmidt told Reuters in an interview Now we ll put capital back to work in Alberta
Tamarack will adjust 2020 capital spending plans because of the changes and could lift its Alberta production by another 2 000 3 000 bpd Schmidt said The Calgary based company currently produces 11 000 bpd in Alberta just under half its total output
Other producers that benefit include Whitecap Resources Inc Athabasca Oil Corp Pengrowth Energy Corp Baytex Energy Corp and Obsidian Energy Ltd AltaCorp Capital Research said in a note
Pengrowth deferred spending more than half of its C 45 million 33 9 million capital budget earlier in 2019 but now looks to increase drilling as early as October Chief Executive Pete Sametz said That will also reduce the need to buy credits from other producers that allowed Pengrowth to produce over its quota he said
We re really happy about the higher exemption That s good for our company
Whitecap which shifted capital to neighboring province Saskatchewan this year because of curtailments can now consider restoring Alberta production for 2020 said CEO Grant Fagerheim
The company has capacity to produce 15 000 16 000 bpd in Alberta
This is a very wise move by the Alberta government Fagerheim said Now as we go into our budget cycle for 2020 it changes the way we think for sure We can look at our assets on a total basis to get the best returns
Tweaking the exemption will prop up Alberta s struggling oilfield services companies by increasing drilling said Gary Mar CEO of the Petroleum Services Association of Canada but he said the outlook is still challenging
Making small adjustments so small producers are exempt will help keep people in the service business around It s the best of a bad situation Mar said
With curtailments lasting longer differentials between Canadian heavy and U S light crude look more stable giving investors reason for greater comfort in heavy oil producers Canadian Natural Resources Ltd Cenovus Energy Inc MEG Energy Corp and Athabasca CIBC analyst Jon Morrison said in a note
Toronto listed shares of MEG and Cenovus led the way higher among producers on Wednesday rising 4 and 3 respectively
Extending curtailments is modestly negative for integrated producers Suncor Energy Inc Imperial Oil Ltd and Husky Energy Inc as their operations which include refineries are less vulnerable to discounted Canadian prices Morrison said
All three have supported ending curtailments as soon as possible A Suncor spokeswoman said on Wednesday the company does not support government intervention in the markets while a Husky spokeswoman said uncertainty about how long curtailments will last had dented investor confidence |
WMB | NFL notebook Mayfield clears air with Jones | Cleveland Browns quarterback Baker Mayfield told reporters Wednesday that he reached out to Daniel Jones about his recently published comments regarding the New York Giants rookie
According to Mayfield the two quarterbacks texted and the exchange went well
Mayfield said his comments stemming from a GQ interview were taken out of context
It had nothing to do specifically about Daniel Mayfield said I reached out to Daniel because all of that blew way out of hand and I wanted him to know how I felt I just wanted to clear the air with him
Running back Melvin Gordon s holdout with the Los Angeles Chargers will likely continue into the regular season NFL Network s Ian Rapoport reported
According to the report contract talks have not progressed as Gordon had hoped and he will continue to train on his own in Florida for the foreseeable future
Gordon 26 has missed all of training camp and the preseason while seeking an extension He s entering the fifth year option of his rookie contract which will pay him 5 6 million in 2019
The Detroit Lions signed nose tackle Damon Snacks Harrison to a one year extension worth 11 million multiple outlets reported
Harrison who skipped offseason workouts but reported to training camp without a new deal had two years remaining on his contract worth 7 million in 2019 and 9 25 million in 2020 He is now under contract through 2021
The Lions also signed wide receiver Jordan Lasley
Chicago Bears head coach Matt Nagy defended his team s exhaustive search for a suitable kicker this offseason despite criticism from a Sports Illustrated story
The story included quotes from several kickers some anonymous who were among nine to try out for the Bears this offseason Many of the kickers described a negative environment in the kicking room perceived bias from consultant Jamie Kohl and Nagy s obsession with field goals of 43 yards the distance from which Cody Parkey missed in an attempt to win a wild card playoff game in January
I understand we brought in a lot of kickers that came in here Nagy told reporters To me I look at it as a positive in the fact that we said we were going to turn over every stone to find whoever s out there
Former No 1 overall NFL draft pick Mario Williams NYSE WMB was arrested in Texas on a trespassing charge
Williams 34 allegedly entered a woman s home Tuesday in the Houston suburb of Katy Texas without her permission according to court documents obtained by KHOU Channel 11
Williams has a child with the woman who filed a restraining order against him in May per the report
Miami Dolphins owner Stephen Ross stepped down from the NFL s committee on social justice at the behest of players according to former Philadelphia Eagles defensive end Chris Long
Long said Ross was removed as players determined the inaction of the committee necessitated changes
The Dolphins will honor the memory of Hall of Fame linebacker Nick Buoniconti during the 2019 season with a helmet decal
The decal featuring the initials NAB will debut in the Dolphins Sept 8 season opener against the visiting Baltimore Ravens
The Dolphins signed wide receiver Jakeem Grant to a four year extension putting him under contract through 2023
The team did not announce terms but multiple outlets report the extension is worth up to 24 million Grant was entering the final year of his contract in 2019 in which he is owed 720 000
New Orleans Saints quarterback Drew Brees will start Saturday s preseason game against the New York Jets
Meanwhile the Saints signed linebacker Will Compton and placed offensive tackle Chris Clark on injured reserve according to ESPN
Tampa Bay Buccaneers wide receiver Mike Evans quad was ruled out for Friday s preseason game against the Browns
Indianapolis Colts head coach Frank Reich said most of his starters will sit out Saturday against the Bears
Seattle Seahawks quarterback Geno Smith knee is healthy and will play Saturday against the Chargers while Paxton Lynch concussion will be out
The Arizona Cardinals released wideout Kevin White A former first round pick of the Bears White had not played in preseason due to a hamstring injury
The NFL suspended Jets linebacker Brandon Copeland four games for violating its policy on performance enhancing drugs
The Browns signed wide receiver Braxton Miller an Ohio native and former Ohio State star who was waived by Philadelphia on Saturday
Cincinnati Bengals guard Christian Westerman returned to the team after reportedly considering retirement
The Denver Broncos signed fullback tight end Orson Charles and claimed outside linebacker Dadi Nicolas and offensive lineman Tyler Jones off waivers
The team also placed cornerback Horace Richardson and tight end Bug Howard on injured reserve while waiving injured outside linebacker Aaron Wallace
Field Level Media |
WMB | Fans betting on sentimental favorite Serena to win U S Open | By Steve Keating
Reuters In the twilight of her remarkable career Serena Williams NYSE WMB is more often the sentimental favorite rather than the bettors choice but the 37 year old American will be both as she heads to the U S Open chasing an elusive 24th record equaling Grand Slam
Despite fitness concerns and a title drought that stretches back to the 2017 Australian Open bookmakers are backing Williams to match Margaret Court s record haul and the New York crowds as always will be in her corner when play gets underway on Monday at the Billie Jean King National Tennis Center
A six time champion at Flushing Meadows Williams was once money in the bank when it came to the U S Open During a dominating run she lifted the trophy three years in succession from 2012
That is no longer the case
French Open champion Ash Barty or Wimbledon winner Simona Halep who ran Williams off the court in a lopsided final at the All England Club may be sounder investments at the betting window but punters are just as likely to follow their hearts as hunches
In all the four events she has played outside of the majors this year her title challenges ended abruptly she either retired mid match or handed rivals a walkover
Since Wimbledon Williams has played one event Her hardcourt preparations were limited to the Rogers Cup which ended with the former world number one in tears when she was forced to quit the final against Bianca Andreescu after just 19 minutes after suffering back spasms
The problem has lingered and led to Williams withdrawing from Cincinnati and once again raised questions about her ability to withstand a two week grind on the New York hardcourts
The most frustrating part is that I ve had this before and it s like 24 36 hours where I m just in crazy spasm and then it s gone said Williams after her Rogers Cup disappointment I m just taking it a day at a time
Williams may not strike fear into opponents as she once did but few if any will welcome having her on their side of the draw
Not long ago just seeing their name alongside Williams would leave opponents a crumbling wreck The match often won before it had even begun
But since returning from her maternity break Williams is the one who has often looked fragile out of sorts and out of ideas
EMOTIONAL ROLLERCOASTER
The last 12 months have been an emotional rollercoaster for Williams filled with rage and tears
A year ago the U S Open final ended in controversy with fiery exchanges between a fuming Williams and the chair umpire smashed rackets penalties and Japan s Naomi Osaka walking away with the trophy
In Toronto earlier this month Williams was left sobbing after she was unable to finish the Rogers Cup final
In between Williams widely regarded as the greatest women s player of all time was a non factor during a run to the quarter finals at the Australian Open
With aborted runs at Indian Wells Miami and Rome with Williams picking up a single match win at each event it seemed as if the glory years were well and truly behind her
However just when everyone was ready to write her off Williams looked more like her old self at Wimbledon that is until she was shockingly dismissed by Halep
I just have to figure out a way to win a final said Williams after Wimbledon I have to just keep going keep trying keep working maybe be able to play some tournaments uninjured
Just keep moving forward
There once was no template no game plan to beat Williams Her power and guile leaving no areas to attack
But as Williams approaches her 38th birthday rivals have figured out that they can beat her by forcing her off the baseline and making her run
Her fitness and durability have been exposed and opponents are seizing on those weaknesses
Time is no longer on Williams side in her quest for a 24th Grand Slam trophy
Someone told me I shouldn t look at the records any more said Williams I should just focus on my game
I feel like I m just really on this journey of just doing the best that I can playing the best that I can when I can
I just go out there and play see what happens That s kind of how I ve been in my whole career
I never thought about time in general |
WMB | Reigning champ Osaka heads to New York striving for form fitness and fun | By Jack Tarrant
TOKYO Reuters It has been a roller coaster 12 months for Japan s Naomi Osaka since her dramatic victory over Serena Williams NYSE WMB in the U S Open final last year
After clinching her maiden Grand Slam in a final that will always be remembered for Serena Williams extraordinary row with the umpire Osaka became the first Japanese to claim the world number one ranking when she captured her second slam in January at the Australian Open
The rising star has gone on to become the second highest paid female athlete in the world behind Williams off the back of a host of lucrative sponsorship deals
But with the tennis world at her feet the 21 year old struggled to kick on
A difficult few months saw her fail to win a tournament lose her number one ranking and crash out of Wimbledon in the first round
She opened up about her struggles on social media earlier this month calling the last few months the worst of my life
I can honestly reflect and say I probably haven t had fun playing tennis since Australia and I m finally coming to terms with that while relearning that fun feeling Osaka wrote
Ahead of her U S Open defense Osaka has also been hit with injury a knee problem forcing her to retire in the quarter finals of the Cincinnati Masters last week
Osaka is adamant she will defend her title saying she would most likely play in New York even against her doctor s wishes M1L8N25C4H3
Osaka who changed coach in February has reclaimed the number one ranking and will be a match for anyone at the U S Open if in the right physical and mental shape
A key challenge for the Japanese will be dealing with the inevitable questions about last year s final which left Osaka in tears during the presentation ceremony
Much of the criticism of Williams centered on how her actions had spoiled a precious moment for Osaka who was even moved to apologize for beating the home favorite
Williams has since apologized to Osaka but that does not mean she will take it easy on the Japanese if their paths cross in New York again
In their first meeting since that infamous final Williams had little trouble handing out a straight sets win over Osaka at the Rodgers Cup semi finals in Toronto earlier this month |
WMB | Is Andreescu the next big thing Not so fast | By Steve Keating
Reuters When Bianca Andreescu became the first homegrown winner of the Canadian Open in 50 years the tennis world declared the teenager as the sport s next big thing
Even the fact that Andreescu was gifted the Rogers Cup title when a tearful Serena Williams NYSE WMB was forced to retire with back spasm just 19 minutes into the final could not keep the hype machine from spinning into overdrive
The 19 year old Canadian is suddenly one of the hot tips to win the U S Open never mind that Andreescu has never been beyond the second round of any slam
In the search for a successor to Serena Williams fans of women s tennis have witnessed more changing of the guard moments than a tourist at Buckingham Palace but all have proven to be false dawns
Five years ago the same glowing predictions were being made about Eugenie Bouchard another young Canadian who was turning tennis heads
Bouchard came to the Rogers Cup that year having reached at least the semi finals of all three slams finishing runner up at Wimbledon
The then WTA chief Stacey Allaster and Williams both tipped Bouchard to be a future grand slam champion
I think Genie is a great player gushed Williams who was ranked number one at the time I think she for sure is the future face of tennis
After her mercurial run up the rankings Bouchard arrived at the 2014 U S Open as the seventh seed but her star had already begun to dim
Since 2015 when she reached the Australian Open quarter finals and the last 16 in Flushing Meadows Bouchard has never again made it past third round of a slam as her upward arc turned into a dizzying downward spiral
Although one of tennis s most recognizable players thanks mostly to social media and Sports Illustrated swimsuit spreads Bouchard owns only one WTA title
Well I think she s doing a good job so far so I don t know if she needs my advice Bouchard said after losing to Andreescu in the first round of the Rogers Cup
In a sign that maybe this time things are different Andreescu has already won two of the WTA s flagship events
POTENTIAL SUCCESSOR
She announced her arrival in spectacular style by winning the Indian Wells title in March and then followed it up with her triumph at the Rogers Cup
The future and what is quickly becoming the past were colliding in the present wrote Cathal Kelly sport columnist for Canada s national newspaper the Globe and Mail about the Andreescu s victory over 37 year old Williams winner of 23 Grand Slam titles
Williams has proven no better at identifying her potential successor than anyone else and while she stopped short of anointing Andreescu she had nothing but praise for the Canadian
I m officially a fan declared Williams
A big hitter with all the weapons and a fearless mentality Andreescu appears to have the necessary skills and qualities to become the dominant figure in the women s game
But there are red warning lights flashing
Not yet out of her teens Andreescu has already spent a good chunk of her young career battling back leg and shoulder issues
Following her win at Indian Wells Andreescu advanced to the last 16 in Miami before retiring with a shoulder injury
She did not play again until the French Open where she withdrew ahead of her second round match when her shoulder problems flared
That was followed by another lengthy layoff that caused her to miss the entire grass court season including Wimbledon
She returned to action at the Rogers Cup but finished the tournament wrapped in tape holding together a groin injury
In the end Andreescu s groin held up longer than Williams s back
In the quarters it was pretty bad I felt it quite a lot said Andreescu I wasn t going to pull out in the quarter final match at the Rogers Cup because I could walk totally fine
Andreescu will head to Flushing Meadows sitting 15th in the world rankings where another second round exit will not be an acceptable result
The learning curve gets steeper at a slam as players work their way through the grind of a two week tournament managing nagging injuries and the weight of expectations
I think it s really important to work your mind just as hard as you work physically said Andreescu
A lot of people just work physically and forget about the mental part but in reality your brain is controlling your body |
WMB | Teen sensation Gauff eyes next act at U S Open | By Amy Tennery
NEW YORK Reuters From the throngs of young fans who idolize her to the tennis experts desperately seeking the sport s next big thing there is no shortage of expectations on the shoulders of 15 year old Cori Coco Gauff
After seeing off five times Wimbledon champion Venus Williams NYSE WMB on the way to reaching the last 16 at the All England Club this year Gauff enters the final Grand Slam of 2019 with the kind of megawatt attention usually reserved only for the sport s highest echelon
I think the challenge for her at this event is the expectation the size of the event all the attention she s going to be getting said Mark Kovacs the executive director of the International Tennis Performance Association
She moves phenomenally well she has a lot of power so she s playing years ahead of her age
The Floridian harnessed that power throughout a remarkable junior career in which she won the French Open junior title in 2018
She claimed the women s doubles title at last month s Washington Open with fellow American teen Catherine McNally her first WTA crown but lost in the first round of the singles at the tournament
Andy Roddick U S Open champion in 2003 has been impressed by Gauff s performances
The talent is there he told Reuters adding that there were elements of her game that would improve over the next few years Speed the way you move she s probably already among the best in the world And serving power she s already there 115 118 on the radar gun Those things will only get better
Gauff arrives at Flushing Meadows as a wildcard along with four other teens part of a raft of youngsters hoping to become the next big stars of the sport
She is the goods She is the real deal She seems to have a great head on her shoulders and I hope that we re not in a rush to make her a start she ll get there said Roddick
Gauff is of course far from the first young tennis talent to capture the public imagination American Jennifer Capriati became the youngest Wimbledon semi finalist in 1991 at age 15 while Russian Maria Sharapova won the tournament in 2004 when she was 17
Gauff s status as a premier tennis prodigy however has matched her popularity as a burgeoning cultural icon landing a spot as this month s cover girl for Teen Vogue racking up roughly 400 000 Instagram followers and claiming an audience with former first lady Michelle Obama
Thrilled to visit with CocoGauff today Obama MichalleObama tweeted this month
A wonderful young woman who s showing us that we don t have to wait to see what the next generation can do |
WMB | Sixteen years after U S Open glory Roddick searches for American successor | By Amy Tennery
NEW YORK Reuters When Andy Roddick hoisted his first and last U S Open trophy in 2003 few could have imagined America s men were in for a more than 15 year Grand Slam title drought
But with the days of Pete Sampras and Andre Agassi long gone and the women taking up the mantle of American tennis supremacy the shift in the balance of power is undeniable Roddick told Reuters days ahead of the year s final tennis major kicked off
We can have opinions but that facts are they have Amanda Anisimova who made the semis of the French Open Coco Gauff who had a nice little run into the second week of Wimbledon Venus and Serena Williams NYSE WMB haven t gone away we had a Stephens Keys final here in New York a couple years ago the former world number one said
So there have been moments for optimism plenty And on the men s side not as much
Roddick who claimed 32 singles titles during his career was quick to heap praise on great friend John Isner the 6 10 American who reached the quarter finals at Flushing Meadows last year
I think he maximizes what he has He goes to work every day he s diligent he treats it like a job and I wish more of the younger players kind of followed his lead of doing that Roddick said of 34 year old Isner
Isner who has 15 singles career titles under his belt will enter the U S Open as the 14th seed Fellow American Taylor Fritz 21 is seeded 26th
The women have been doing their job And it s an exciting time We have some of the best players in the world currently and we also have some of the best prospects in the world Roddick said So things are looking up |
BMY | Celldex CLDX Q3 Loss Narrower Than Expected Sales Beat | Celldex Therapeutics Inc NASDAQ CLDX reported third quarter 2016 loss of 29 cents per share narrower than both the Zacks Consensus Estimate and the year ago loss of 32 cents Total revenue in the third quarter of 2016 surged 120 year over year to 2 2 million beating the Zacks Consensus Estimate of 1 1 million Revenues were generated mainly under the clinical trial collaboration with Bristol Myers Squibb Company NYSE BMY and the research and development agreement with Rockefeller University Research and development expenses inched up 1 2 from the year ago period to 25 million reflecting higher contract manufacturing costs and personnel costs including higher stock based compensation expense On the other hand general and administrative spend declined 17 6 to 7 million due to lower commercial planning costs Earlier this month Celldex inked definitive agreement to acquire Kolltan Pharmaceuticals Inc a privately held clinical stage company The transaction is expected to be completed by 2016 end Following the transaction Celldex will acquire the rights to two candidates in Kolltan s pipeline KTN0158 phase I and KTN3379 phase Ib Celldex will also acquire Kolltan s multi faceted TAM program Meanwhile Celldex is conducting a phase IIb study METRIC on glembatumumab vedotin its most advanced pipeline candidate in patients with metastatic triple negative breast cancers that overexpress gpNMB The candidate is also being evaluated in several other studies Meanwhile the company is evaluating varlilumab in combination with Bristol Myers Opdivo in a study that includes cohorts in advanced non small cell lung cancer colorectal cancer ovarian cancer head and neck squamous cell carcinoma renal cell carcinoma and glioblastoma In addition varlilumab is being evaluated in combination with Roche s OTC RHHBY Tecentriq atezolizumab in a phase I II study for multiple solid tumors Varlilumab is also in several other combination studies Celldex expects that cash cash equivalents and marketable securities plus anticipated proceeds from future sales of its common stock under the agreement with Cantor to be enough to fund working capital requirements and planned operations including the integration of Kolltan Pharmaceuticals through 2018
CELLDEX THERAPT Price Consensus and EPS Surprise
Zacks Rank Key PicksCelldex currently carries a Zacks Rank 3 Hold Infinity Pharmaceuticals Inc NASDAQ INFI is a better ranked stock in the healthcare sector with a Zacks Rank 1 Strong Buy You can see Infinity s loss estimates narrowed from 3 84 to 3 79 for 2016 The company has posted a positive surprise in all of the four trailing quarters with an average beat of 67 62 Zacks Best Private Investment IdeasIn addition to the recommendations that are available to the public on our website how would you like to follow all Zacks private buys and sells in real time Our experts cover all kinds of trades from value to momentum from stocks under 10 to ETF and option moves from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises You can even look inside exclusive portfolios that are normally closed to new investors Starting today for the next month you can have unrestricted access |
BMY | AVEO Partner Submits Response To Questions On Tivozanib | AVEO Pharmaceuticals Inc NASDAQ AVEO announced that its development partner EUSA Pharma has submitted its response to the Day 120 List of Questions issued by the European Medicines Agency s EMA Committee for Medicinal Products for Human Use as part of the regulatory authority s centralized review process of the company s marketing authorization application for tivozanib Note that tivozanib is under review in the EU for the first line treatment of patients with advanced renal cell carcinoma RCC Meanwhile the next step in the filing process which includes the EMA Day 180 List of Outstanding Issues is anticipated in the first quarter of 2017 A final response on the approval status of the candidate is expected in the first half of 2017 We remind investors that in Dec 2015 AVEO entered into a license agreement granting EUSA Pharma the right to develop and commercialize tivozanib for all diseases and conditions excluding non oncologic diseases or conditions of the eye in Europe excluding Russia Ukraine and the Commonwealth of Independent States Latin America excluding Mexico Africa Australasia and New Zealand Tivozanib s approval in the EU would trigger a milestone payment to AVEO by EUSA Pharma In fact the candidate s approval will be a huge boost for the company given the lucrative first line RCC market in Europe AVEO PHARMACEUT Price In addition to the EU approval decision AVEO anticipates a milestone rich calendar over the upcoming months across both its proprietary and partnered programs The company expects initial data from the phase I portion of the phase I II study TiNivo evaluating tivozanib in combination with Bristol Myers Squibb Company s NYSE BMY Opdivo anti PD 1 therapy for the treatment of advanced RCC in the first half of 2017 Moreover AVEO expects to receive milestones from Ophthotech Corporation NASDAQ OPHT for tivozanib in acute macular degeneration also in the first half of 2017 AVEO has a research and exclusive option agreement granting Ophthotech an option to develop and commercialize tivozanib outside Asia for the diagnosis prevention and treatment of non oncologic diseases or conditions of the eye Zacks Rank a Key PickAVEO currently carries a Zacks Rank 3 Hold Vanda Pharmaceuticals Inc NASDAQ VNDA is a better ranked stock in the health care sector sporting a Zacks Rank 1 Strong Buy You can see Vanda s loss estimates narrowed from 68 cents to 56 cents for 2016 while its earnings estimates increased from 16 cents to 17 cents for 2017 over the last 60 days The company posted a positive earnings surprise in three of the four trailing quarters with an average beat of 56 65 Its share price has surged approximately 84 year to date The Best Place to Start Your Stock SearchToday you are invited to download the full list of 220 Zacks Rank 1 Strong Buy stocks absolutely free of charge Since 1988 Zacks Rank 1 stocks have nearly tripled the market with average gains of 26 per year Plus you can access the list of portfolio killing Zacks Rank 5 Strong Sells and other private research |
WMB | Daily Markets Broadcast 2019 07 19 | Wall Street rebounds on heightened Fed hopes
Dovish comments from the Fed s Williams helped US indices rebound from early losses with solid economic data also helping The US shot down an Iranian drone in the Straits of Hormuz while UK parliament voted for a Brexit amendment that would make it more difficult for the PM to force through a no deal Brexit
US30USD Daily Chart
The US30 index rebounded from the week s lows after Williams NYSE WMB said the Fed should be aggressive when confronted with an adverse outlook Speculation increased that a 50bps cut might be delivered at this month s meeting
The 100 day moving average at 26 146 and the 55 day average at 26 211 continue to track each other higher
The Philadelphia Fed manufacturing survey surged this month rising to 21 8 the highest in nine months Today we see the Michigan consumer sentiment for July which is seen improving to 98 5 from 98 2 in June
DE30EUR Daily Chart
The Germany30 index fell for a second straight day yesterday amid weak earnings reports
The index fell to the lowest in just over three weeks testing the 55 day moving average support at 12 202
Germany s producer prices are expected to fall 0 2 m m in June the latest survey of economists suggests That would be the lowest reading in six months
WTICOUSD Daily Chart
Crude oil prices fell for a fifth consecutive day yesterday despite an increase in Middle East tensions after the US reported it had shot down an Iranian drone
WTI is heading toward the 61 8 Fibonacci retracement of the June July rally which is at 54 48
The EIA is revising its 2019 global oil demand to 1 1 million barrels per day bpd from its 1 2 million forecast just last month adding that it may cut it further if the global economy and especially China shows further weakness
Original Post |
WMB | Market Rethink On Fed s Dovish Ambition Sinks The Dollar | Quick Take
Thursday s price action was characterized by a USD centric selloff across the board after Fed s Vice Chair and NY Fed President Williams intensified his dovish rhetoric right before the Fed goes dark until the FOMC meets on July 31st The market took his comments by heart even if he later tried to play them down by saying today s speech was not about potential policy actions to be conducted this month and while the USD recouped a significant portion of its US led losses judging by the CME Fedwatch pricing of a 50bp rate cut last at 48 from as high as 71 a few hours later yesterday stood at 32 the market verdict still seems to suggest the conviction for an aggressive Fed cut is on the rise The Euro was also knocked down against its main peers as a report made the rounds that in an unprecedented move the ECB may be considering to revise its inflation goal mandate in a sign that the Central Bank may have to resort to more stimulus for longer amid the puzzling phenomenon of low global inflation On the flip side the Sterling finally celebrated a positive day and it wasn t just a mere gain but the largest posted in the month of July as the UK parliament passed the Benn amendment that will block a Sept Oct parliament shutdown in case the new UK PM had the perilous audacity of strategizing with a hard Brexit by running out of time The Kiwi and the Aussie the latter boosted by the reassurance provided by today s Aus jobs that the RBA will stay pat for a few months on rates put on another solid performance The same cannot be said about the Canadian Dollar suffering an imbalance of supply as the market plays the divergence trade against intermarket flows as warned in yesterday s report Lastly both the Yen and the Swissy trod water once again by trading generally flat from an equally weighted performance view hence capitalizing only against the weakest EUR USD CAD
Narratives In Financial Markets
The Information is gathered after scanning top publications including the FT WSJ Reuters Bloomberg ForexLive Institutional Bank Research reports Fed s Williams NYSE WMB goes beyond previous dovish remarks Fed s Vice Chair and NY Fed President Williams made some clear dovish comments on Thursday very consistent with the message carried by Fed s Chair Powell and other Fed speakers during the month of July The comments have shifted the focus back towards a more aggressive easing of 50bp in July with the USD plummeting as a result The sharp markdown in the US Dollar is predicated on the basis that today s remarks were even more dovish than his prior comments on July 11th and the fact that he made it right before what s referred to as the dark period which takes effect from Friday at the end of NY trading until July 31st hence the comments one would think were intended to clearly send a message of where the Fed stands This is what Fed s Williams shared in today s speech The policymaker said it is better to take a preventative approach than to wait for disaster reminiscence of Powell s word code an ounce of prevention is worth a pound of cure in the last FOMC Williams reinforced his dovishness by noting research shows that when neutral rates are low you should not keep your powder dry adding that long term forces lowering neutral rates set to linger Williams currently estimates neutral rates in the US to be around 0 5 and that inflation expectations are far more anchored these days dovish The headlines have cemented the case for the Fed to cut its interest rate by 50bp this month as reflected by the whopping 71 chance assigned by the CME Fedwatch tool Note New York Fed Williams later on the day added his speech was not about potential policy actions at the July FOMC meeting which has sent the USD back up again recouping part of its losses Fed s Clarida joins the Fed s dovish party If not sufficient evidence of the consistent easing message projected by Fed members since the last FOMC today s intervention by Federal Reserve Vice Chairman Richard Clarida should make it blatantly obvious as the policymaker outlined that the US economy is in a good place but uncertainties that may influence the US growth have increased adding that global data is disappointing and inflation soft Again these are the exact same risks identified by Powell and other members to justify a preventive adjustment of rates lower Clarida also hinted that since monetary policy operates with a lag risks must be accounted for before data turns too late Moment of reckoning for the ECB inflation mandate In a report carried by Bloomberg it was revealed that the ECB is considering to study a potential revamp of its inflation goal framework with some of the ECB staff seemingly critics of the below but close to 2 definition as part of the mandate in what s still a confidential and preliminary work The immediate reaction by the market was to mark down the Euro as a school of thought is that by potentially being laxer on the doctrine that surrounds the mythical 2 inflation goal the Central Bank makes the admission to potentially pursue longer stimulus programs based on the acceptance of lower inflation projections The post crisis era has proven to defy old established theories such as the Philip curve with the preponderance of evidence proving that the relationship between unemployment and inflation is an obsolete approach to influence policy Interestingly the Fed has also recognized in the last few weeks the risk of low inflation for longer and its willingness to accept this reality in what appears to be a coordinated effort to re evaluate and adjust inflation targets in accordance with the new paradigms which for now is seen as the recognition that in a world of ultra low inflation accommodative policies should be dominant with a much lower USD a tool the Fed may utilize to re activate the reflationary environment through higher commodity prices friendlier credit conditions in EMs and the ability of USD funded corporations to keep up its profitability levels elevated Concessions by the EU on Brexit an illusion EU s chief Brexit negotiator Barnier time and time again reiterates that there will be no renegotiation of the Brexit withdrawal agreement which narrows down the possible outcomes to either a no deal Brexit a general election or second referendum The hard line position on the Irish border by the contenders to the post of UK PM Boris Johnson and Hunt make the option of renegotiation with the EU dead in the water Nonetheless as a bona fide gesture that may be interpreted as a slight positive input the door was left open should UK politicians have a rethink and consider an alternative arrangement for the Irish border UK retail sales an outlier but Brexit dominates While UK economic data has turned largely into a sideshow fully eclipsed by the Brexit conundrum today s UK June retail sales at 1 0 vs 0 3 m m expected is certainly an outlier fueling the GBP rally Growth in non food stores and second hand goods led the upbeat print while food stores and department store sales were in contrast the negative inputs Do not expect the data to alter the outlook for the GBP nor the BoE to budge as Brexit is what matters Shutting down parliament won t fly The positive buy side flows in the Sterling today were mostly driven by the Benn amendment in the UK parliament aimed to prevent a Sept Oct parliament shutdown with a vote of 315 274 Even if the new UK PM were to suspend sessions in the parliament in Sept and Oct members of the commons would still be required to attend which would make any effort to strategize a no deal Brexit due to running out of time a no go At the margin it was a GBP positive as it allows more room for the UK government to agree on a compromise which may include a general election second referendum or the least likely a renegotiation of the existing deal
RBA can afford to wait for further cuts Today s Australian Employment Change for the month of June passed the test even if the headline number missed expectations by coming at 0 5K vs 9 0K expected with the unemployment rate unchanged at 5 2 As one digs deeper into the details full time employment rose by 21 1K part time declined by 20 6K and the participation rate came at 66 0 a tad higher than the 65 9 expected To brightens things up down under Australia s NAB quarterly business confidence survey for Q2 came at 6 vs 1 prior while on the flip side business conditions which accounts for trade sales profitability and employment weakened further to 1 Since the Reserve Bank of Australia has defined the logic of its easing bias on the developments in the labor market today s data on balance should support the notion that the RBA can afford a degree of patience till considering further easing sometime in Q4 BoK cuts rates as global easing carries on In what should be seen as a symbolic move of the shift towards a global easing bias today it was the time for the Bank of South Korea to slash the key rate to 1 50 from 1 75 citing that economic developments have been worsening along with signs that the easing will continue Philly Fed sees snap back up In terms of economic data in the North American session the US June Philly Fed saw yet another solid print of 21 8 vs 5 0 expected highest in 1 year with new orders soaring to 18 9 vs 8 3 prior as did the employment component at 30 0 vs 15 4 prior US unemployment claims came flat and the CB leading index disappointed Meanwhile the ADP Canada June employment recorded strong gains too at 30 4K vs 16 0K prior even if the prior month data was revised sharply lower from 16 0K to 36 7K which essentially puts the net for the last 2 months at 6 3k A second tier data unlikely to influence the BoC at this stage
Oil faces further pressure Iran opens door to renegotiate The pendulum in Iran s willingness to return to the negotiating table with the US has been swinging left and right without much congruence this week However today s comments came right from the horse s mouth The Iranian President Rouhani said Iran is determined to leave the doors open to save the nuclear deal after a telephone call with France s Macron Besides the Iranian foreign minister Mohammad Javad Zarif on a visit to New York offered a return to the nuclear deal accepting enhanced inspections of its nuclear programme in return for the permanent lifting of US sanctions even if Trump has made it clear Iran must cease the enrichment of uranium enrichment and support for proxies and allies in the region The price of Oil kept its ill fated week by dropping over 3 as traders price in chances of a reconciliation
Recent Economic Indicators Events Ahead
Source Forexfactory
A Dive Into The Charts Tech Funda Intermarket
EUR USD Offers Absorb Buy Side Pressure At Confluence Of Resistances
GBP USD Sterling Boosted By Mixture Of Brexit Fed Headlines
USD JPY Successful Rotation Puts Sellers Firmly In Control AUD USD Breakout On High Volume After Fed s Williams
Important Footnotes
Risk model The fact that financial markets have become so intertwined and dynamic makes it essential to stay constantly in tune with market conditions and adapt to new environments This prop model will assist you to gauge the context that you are trading so that you can significantly reduce the downside risks
Cycles Markets evolve in cycles followed by a period of distribution and or accumulation
POC It refers to the point of control It represents the areas of most interest by trading volume and should act as walls of bids offers that may result in price reversals The volume profile analysis tracks trading activity over a specified time period at specified price levels The study reveals the constant evolution of the market auction process
Tick Volume Price updates activity provides great insights into the actual buy or sell side commitment to be engaged into a specific directional movement Studies validate that price updates tick volume are highly correlated to actual traded volume with the correlation being very high when looking at hourly data
Horizontal Support Resistance Unlike levels of dynamic support or resistance or more subjective measurements such as fibonacci retracements pivot points trendlines or other forms of reactive areas the horizontal lines of support and resistance are universal concepts used by the majority of market participants It therefore makes the areas the most widely followed and relevant to monitor
Trendlines Besides the horizontal lines trendlines are helpful as a visual representation of the trend The trendlines are drawn respecting a series of rules that determine the validation of a new cycle being created Therefore these trendline drawn in the chart hinge to a certain interpretation of market structures
Correlations Each forex pair has a series of highly correlated assets to assess valuations This type of study is called inter market analysis and it involves scoping out anomalies in the ever evolving global interconnectivity between equities bonds currencies and commodities
Fundamentals It s important to highlight that the daily market outlook provided in this report is subject to the impact of the fundamental news Any unexpected news may cause the price to behave erratically in the short term
Projection Targets The usefulness of the 100 projection resides in the symmetry and harmonic relationships of market cycles By drawing a 100 projection you can anticipate the area in the chart where some type of pause and potential reversals in price is likely to occur due to 1 The side in control of the cycle takes profits 2 Counter trend positions are added by contrarian players 3 These are price points where limit orders are set by market makers |
WMB | Disappointing Earnings Fuel Stock Dump | Index Futures Net Changes and Settlements
Foreign Markets Fair Value and Volume
In Asia 8 out of 11 markets closed lower Shanghai Comp 1 04 Hang Seng 0 46 Nikkei 1 97
In Europe 9 out of 13 markets are trading lower CAC 0 02 DAX 0 54 FTSE 0 48
Fair Value S P 2 91 NASDAQ 19 06 Dow 13 80
Total Volume 1 03 million ESU 174 SPU traded in the pit
As of 7 00 a m CST
Today s Economic Calendar
Today s economic calendar includes the 52 Week Bill Settlement Jobless Claims 8 30 AM ET Philadelphia Fed Business Outlook Survey 8 30 AM ET Leading Indicators 10 00 AM ET EIA Natural Gas Report 10 30 AM ET John Williams NYSE WMB Speaks 2 15 PM ET Fed Balance Sheet Money Supply 4 30 PM ET
S P 500 Futures ES Down 2 In A Row
Chart courtesy of Scott Redler RedDogT3 spx 5 as some faulty action adds up Know what u own and why during Earnings season
During Tuesday nights Globex session the S P 500 futures ESU19 CME printed a high of 3013 00 a low of 3003 25 and opened Wednesday s regular trading hours RTH at 3007 25
After the 8 30 CT bell the ESU popped to double top at 3009 25 then started to trade lower By 9 45 it had bottomed out at 2993 75 and did some back and filling up to 3002 50
From there the futures quieted down trading in a 5 handle range for the rest of the morning and into the afternoon
When the final hour of trading came around the markets really started to move slowly at first then pretty violently By the time the MiM reveal came out showing over 500 million to sell the ES had traded down to 2992 00
The futures continued to break and went on to print 2987 00 on the 3 00 cash close and 2985 25 on the 3 15 futures close down 22 handles on the day
Original Post |
WMB | Fed Comments Slam The U S Dollar AUD USD USD JPY | Dovish comments from Fed officials has put a 50bps cut in July back onto the table for markets and markets were quick to respond
New York Federal Reserve President John Williams NYSE WMB said current estimates of the U S neutral interest rates are around 0 5 and if inflation gets stuck below goal people s expectations may push inflation lower reducing the Fed s ability to be effective
Fed Vice Chair Richard Clarinda who was mostly centrist at the June meeting said during a live TV interview that you don t want to wait until data turns decisively and it s important to act pre emptively
That these comments were said on U S President Donald Trump s favourite Fox News program Fox and Friends is also worth noting given the Fed have been accused of bowing to the President s pressure and therefore not as independent as they claim Still what s said is said and markets reacted accordingly
USD Index closed to a 2 week low amid its most bearish session in 1 month
Gold broke to a fresh 6 year high nice call Fawad
AUD USD hit a 3 month high
U S 2 year fell to 1 76 a 9 day low and now far from its YTD lows
OIS markets are now pricing in a 76 chance of a 50bps cut this month whilst CME s FedWatch tool suggests a relatively modest 44 2
Starting with AUD USD it s most bullish day since late January closed right on the December 18 bearish trendline
A higher high and low has materialised since the 2016 low which could be part of an inverted head and shoulders pattern
If successful the pattern projects an approximate target around 0 727 although the 0 7200 area makes a logical interim target
However the 200 day MA and eMA are nearby so we d want to see a clear break above 0 7100 before assuming a bullish reversal
USD JPY looks set to re test its lows and potentially extend its bearish trend now bearish momentum has returned
The 109 02 resistance level previously highlighted has continued to be a good level to fade into with the 50 day eMA capping as resistance
Intraday traders could look for shorts below the 107 54 area but expect some noise around this level heading into the weekend
The daily structure remains bearish below 109 02 but we could consider fading into moves on the daily chart below 108 38
Next target is 106 78 but the bias is for a break to new lows
Original Post |
WMB | USD Update A New Race To The Bottom Buoying Risk | It s hard not to focus on the communication faux pas from the New York Fed but it seems too important to avoid I flagged NY Fed president John Williams speech in yesterday s Daily Fix as a potential volatility event suggesting the risk of guiding the market to 50bp was a low probability but it was a risk
In hindsight I was incorrect because when we heard Williams NYSE WMB speech there was little doubt it gave us the impression that a 50bp cut was on the cards The Fed acting aggressive in setting policy for more worrying outlook sounds like 50bp As do comments that it s better to take preventative measures than to wait for disaster to unfold When you only have so much stimulus at your disposal it pays to act quickly to lower rates at the first sign of economic distress
I guess it s hard to hear these words knowing that there is a blackout period from next week and not feel they were designed to guide the market to that the Fed had to do something big on 31 July
The fact then that the comments promoted a broad USD sell off largely driven by a move in rates pricing the chance of a 50bp cut from 33 to 67 with equities and gold following closely and this feels like it was the right reaction We saw economists alter their base case for Fed action to 50bp another sign behind the conviction Williams words were a key signal
The NY Fed s message to the market calm the farm
What happened in the early Asia session has been all the talk on the floors this morning with the NY Fed putting out a statement that John Williams words were aimed at an academic level and not a cat out bag type policy guidance on behalf of the broader Federal Reserve This seems incredibly important and aside from calls that the Fed should be more in tune with markets there are two schools as to where we stand Firstly we should genuinely take it at face value that the market overreacted and the insurance cut we should expect is more realistically 25bp The second Williams actually poured his heart out and gave us perhaps too much insight into the potential actions from the Fed in the July meeting and where the broader Committee was now concerned that they lacked the shock factor to positively move markets That being if they cut by 50bp when it isn t full discounted we could see asset prices react positively and importantly the USD heading south
Asian markets are giving us a message
I m sympathetic to both accounts as the domestic data on balance warrants no change although given the external picture I have been arguing that the Fed was better off going hard than bringing a knife to a gunfight There is clearly some impetus lost now but what s important is the market reaction through Asia Granted the odds of a 50bp cut now sit at 39 5 but we re seeing the USD remain soft notably against the AUD where AUD USD is eyeing a re test of the post Williams speech high of 0 7082 Gold fell back into 1440 but is finding a base and looks likely to head back into 1450 and Asian equities are clearly bid with the Nikkei 225 Hang Seng and ASX 200 up 1 7 1 1 and 0 7 respectively S P 500 futures are up 0 4 despite US treasury futures up 3bp
Commodities are also looking good and it is a surprise to see copper up 1 8 with Brent crude 2 1 and we are starting to see better buying coming back into iron ore futures In fact if we look at the Bloomberg industrial metals index this has had a cracking run in the past two months and is usually a good indicator of gains in the AUD
White Bloomberg industrial metal index orange AUD USD Source Bloomberg
This may be premature but it feels like the market is back on with the race to the bottom trade Consider if the Fed does go 50bp which is a lesser proposition given the NY Fed statement but it would give the ECB increased incentive to go hard in next Thursday s ECB meeting
The market has already discounted a 52 chance the ECB take its deposit rate effectively the charge it passes to European financial institutions to park excess reserves on its balance sheet down to 50bp And that would be considered punchy relative to expectations a week or so ago We saw the Bank of Korea cutting yesterday which was somewhat out of consensus and the implied chance of the RBA cutting in November has pushed up to 65
Let s see if there are any material changes from the BoJ when they meet on 30 July Because if they offer guidance that they are ready to do more post ECB we just need more from the PBoC and markets will ride a new wave of liquidity A few hypotheticals but it s not out of the realms of possibility
EUR AUD short positions looking compelling
I like EUR AUD shorts here into the ECB meeting The technical set up looks bearish and it feels like the AUD has been the best performer in the past two days for a reason that being there s more to come Rallies offer an opportunity to fade in my opinion and I am happy to close and admit I am wrong on a close through 1 6034 Happy to start with a small position but if this kicks lower I would be adding As in life if something is working you try and do more of it
With limited US corporate earnings in play tonight the focus turns to speeches from Fed members Bullard 01 10aest and Rosengren 06 30 aest Both are voters and we ve heard from Bullard of late which makes it interesting because if his caution increases when he s already stated 25bp is the best course of action then some may take this to mean 50bp is on the cards One to watch |
WMB | Fed To Cut Rates By 25bp Or 50bp On 31 July | Market movers today
The data calendar brings no tier 1 releases in today s session Hence primary market focus will remain on the earnings season resurfacing trade war concerns and not least FOMC speakers with the Fed s Bullard and Rosengreen set to speak today see below
Selected market news
Market sentiment turned swiftly positive yesterday as prominent FOMC board members of the New York Fed Williams NYSE WMB and Vice Chair Clarida delivered very soft remarks highlighting the need for swift action before economic data actually turns for the worse The remarks at first seemed very coordinated driving a weaker USD a drop in front US yields and a sharp rally in the August Fed funds futures essentially leaving market pricing skewed towards a 50bp July cut rather than the consensus 25bp cut Meanwhile this morning the New York Fed stressed that Williams had not tried to send a specific policy signal leading to a rebound of more than half the initial drop in US 2Y swap rates even if the USD FX gains were more modest with EUR USD for example staying around 1 1260
Where does this leave us in terms of the Fed and the forthcoming 31 July meeting Yesterday s remarks were highly surprising given the Fed s communication earlier this week that seemed to want to limit market pricing of a 50bp July cut Meanwhile with little time until the one week silent period markets now have a 25bp July cut at 60 and a 50bp cut at 40 probability We know that historically the Fed has not wanted to surprise markets at the meetings leaving the coming sessions FOMC comments crucial For now our call remains a 25bp cut at the 31 July meeting and an additional 50bp worth of cuts for the rest of the year However we must acknowledge the probability of this call getting modified towards a more aggressive July call if we get further very soft Fed remarks
A Bloomberg story yesterday suggested that informal analysis has begun at the ECB about a potential revamp of the inflation target This mirrors a discussion the Governing Council already started at the June meeting about the need to adopt a more symmetrical interpretation of the inflation target i e where the ECB would tolerate inflation above the target to compensate for persistent undershooting in recent years Although we think such a switch to a more state dependent and less calendar based forward guidance could help alleviate the risk of de anchoring inflation expectations as it strengthens the easing bias we do not see such changes as imminent and is also highly dependent on whether the markets believe the ECB could achieve an overshooting For now the ECB s prime focus should be on delivering a convincing easing package at the September meeting Nevertheless it could be the advent of a discussion that gains further traction under a Lagarde led ECB
Yesterday in the UK a majority in the House of Commons passed an amendment making it harder for the government to prorogue Parliament in the run up to the current Brexit date of 31 October While this does not prevent a no deal Brexit outcome it is still the default option from a legal point of view it makes it more difficult for Boris Johnson assuming he wins the leadership contest to force a no deal Brexit through by sending Parliament home Some 17 Conservative rebels voted against their own government which did not include politicians such as Phillip Hammond supporting our view that it is hard to find a majority for a no deal Brexit outcome As we have highlighted several times we may soon have a more pro Brexit prime minister but it does not change the arithmetic in the Commons
Key figures and events |
WMB | Fed Panic 10 Year Vs 3 Month Yield Curve Spread Un Inverts | Over the past few weeks the 10 year to 3 month inversion shank That portion of the curve is no longer inverted So what
Fed Panic
The Fed will cut a minimum of 25 basis points on July 31
The Fed fund futures model jumped to 71 Chance of a 50 Basis Point Cut as New York Fed president John Williams said When you have only so much stimulus at your disposal it pays to act quickly to lower rates at the first sign of economic distress
Williams NYSE WMB attempted to downplay that statement with a subsequent and obviously transparent excuse This was an academic speech on 20 years of research It was not about potential policy actions at the upcoming FOMC meeting
Yeah Right
Let s call this for what it really is Fed panic with a hedge
Earnings Recession Warning
James Bianco at Bianco research says Market needs a deep rate cut to prevent an earnings recession
I had to read that twice
Is the Fed supposed to be worried about S P 500 earnings
Is that part of the Fed model
Yet here is the same call in a Bloomberg interview Only a Half Point Rate Cut From the Fed Will Do
The sooner the Fed fixes it the better A 50 basis point cut fixes it better than a 25 basis point cut says Bianco
Triple Wow
I have met Bianco He is a very bright guy
But I have a deep philosophical difference of opinion with his statements on Wednesday
I believe
The Fed ought not be making assessments based on stock market performance
The Fed blew obvious bubbles and keeping them alive and zombie corporations alive is a serious kick the can mistake
More importantly the overall notion the Fed can micromanage the economy via policy decisions is a proven falsehood
On June 25 when I last presented these charts the yield on the 3 month T Bill was 2 136 and the yield on the 10 Year note was 1 992
The spread then was 14 4 basis points It s now 1 1 basis points
What If
If the Fed cut 50 basis points the Fed Funds Rate would drop to 1 91 assuming perfect correlation
If the 10 year yield dropped a mere 15 basis points in response the Fed Funds Rate to the 10 Year note would still be inverted
But let s assume an un inversion
So What
The idea that the yield curve is a problem is complete silliness
The yield curve is a symptom of a problem not a problem
The problem is the economy is a bubble laden environment that s choking on debt zombie corporations and unwarranted credit expansion fueled by interest rates that were far too low for far too long
Rate Cuts Don t Matter
Un inverting the yield curve does not fix the problem does it
I stand by my assessment earlier today Half Point Rate Cut Odds Explode to 71 So What It Doesn t Matter
Looking ahead Deflation Up Next
Importantly this obvious Fed panic by NY Fed President John Williams implies one of two things and possibly both A recession has already started and or the consequences of a recession are far bigger than the Fed wants you to believe
Original Post |
WMB | Dollar Pares Losses Gold Soars To New 6 Year Highs | Overview Comments underscoring the importance of acting preemptively by two Fed officials sent the U S dollar reeling and helped lift equities after the S P 500 fell to a two and a half week low The decline in rates and the U S shooting down of an Iranian drone in the Gulf helped spur gold to new six year highs There was some attempt to clarify the NY Fed s comments and the dollar has pared yesterday s losses However there has not been a return to the status quo ante
Asia Pacific equities rallied strongly led the Nikkei s 2 gain All the bourses in the region gained by India which was suffered from continued foreign sales and the Asian Development Bank cutting its growth forecast Europe s Dow Jones Stoxx 600 was flat coming into today and the 0 6 gain through late morning turnover offsets the losses over the past two sessions U S shares are also trading firmer Benchmark 10 year yields are a bit softer mostly following yesterday s move in the U S Gold is seeing its two day and roughly 2 8 rally retraced a bit and oil is snapping a four day and around 8 2 slide
Asia Pacific
Japan s Finance Minister Aso told the G7 gathering that there was scope for a fiscal response if Japan s October sales tax weakened the economy The BOJ has indicated it is prepared to support the economy if necessary Today s CPI report showing measured inflation slipped to a two year low may add pressure on the BOJ to ease The headline CPI was unchanged at 0 7 but the core rate for which fresh food prices are excluded and is the targeted rate eased to a 0 6 year over year pace from 0 8 in May And even this may overstate the pressure If energy prices are excluded as well Japan s inflation stood at 0 5 last month Separately Japan reported that its All Industries Index rose 0 3 in May following a revised 0 8 gain in April from 0 9 It is the first back to back increase in a year It averaged 0 2 in Q1
Japanese investors have stepped up their purchases of foreign bonds The latest Ministry of Finance report shows the buying spree was extended to the seventh consecutive week Over this run an average of JPY681 bln of foreign bonds has been bought a week It is the highest since February and compares with an average of JPY183 bln for 2018
Little progress appears to have been made between U S and Chinese negotiators since the new tariff truce was declared A couple telephone conversations have not led to setting a date for the next face to face meeting U S President Trump has criticized China for not stepping up its agriculture purchases as promised The U S Department of Agriculture reported yesterday that the PRC bought 51 072 metric tons of sorghum from the U S last week the biggest in three months China wants to see U S licenses granted to allow sales to Huawei Treasury Secretary Mnuchin tried to separate this from trade but Trump and China see it differently
The dollar sunk to nearly JPY107 20 yesterday a little more than a yen lower from the week s highs set on July 16 It has stabilized and recovered to JPY107 70 Yesterday s high was smidgen above JPY108 and the roughly 410 mln option at last week s close JPY107 90 that expires today offer the initial cap The Australian dollar advanced by a little more than 0 9 yesterday according to Bloomberg which makes it the largest single day advance since the end of January It drew closer to our 0 7100 target earlier today reaching through 0 7080 today to set a new three month high before sellers pushed it back toward 0 7055 0 7060 The Aussie has only fallen in two weeks since the middle of March The dollar remained in narrow ranges against the Chinese yuan There was not a single day this past week in which the exchange rate changed by more than a net 0 1 and in all but one session the rate changed less than 0 05
Europe
Despite calls from the IMF and others for Germany to boost spending and investment Merkel continued today to defend the balanced budget Even if German s ordoliberalism does not put much stock in aggregate demand management through fiscal policy and the language sees guilt and debt to be the same one might have expected the ability to borrow at negative interest rates would encourage the financing of some long overdue infrastructure projects if nothing else
Italian politics are at a potential inflection point Here is the issue in a nutshell League leader and Deputy Prime Minister Salvini have seen some bad press lately A close ally has been seen talking with Russians about providing funds Russia has reportedly funded the several right populist or nationalist parties in Europe ostensibly to foster divisions There was a dispute over why he did not back Von Der Leyen as EC President The League has polled well but its performance in the European Parliament election was not nearly as strong as many anticipated Salvini has been flirting with snap elections but as President Mattarella warned him he is running out of time He has until July 20 if he wants a snap election in the fall Salvini denies but that is the way the game is played We think the first step if Salvini pulls out of the coalition is not necessarily new elections Instead the President would see if a Parliament majority can be cobbled together without the League such as the 5 Star and the center left PD Despite their denials see rules of the game they both may find it preferable than going to the polls now
The proximity to Johnson becoming the next Tory leader and Prime Minister is sparking talk of resignations before dismissals among several cabinet officials Justice Minister Gauke has stepped down Parliament has passed legislative obstacles in the way of the next Prime Minister dissolving it to pursue a no deal Brexit If the measures are effective they take away one of Johnson s negotiating ploys If the measures are ineffective then a constitutional crisis without a constitution may ensue Sterling is firming against the euro for the third consecutive session today the longest streak in two months It is not yet sufficient to avoid extending its weekly losing streak to a new record of 11 weeks
The euro tested the lower end of its range 1 12 and recovered to the top end of its recent range 1 1280 yesterday It is returned to the middle of the range as yesterday s gains are pared Within the range initial support extends toward 1 1230 Three month implied volatility a benchmark has quietly extended its advance for a seventh consecutive session During this run it has risen from near 4 95 to 5 25 It finished last month near 5 65 Sterling traded to almost 1 2560 yesterday It had traded near 1 2380 the day before which was new lows for the year It has pulled back to nearly 1 25 where a GBP220 mln option is set to expire today Sterling closed last week near 1 2520
America
NY Fed Williams and Fed Governor Clarida spoke of the importance of swift preemptive action and this swung sentiment sharply in favor of a cut in rates at the end of July The CME s model shows the probability doubling to nearly 70 and has now pulled back to about 50 It is as if the market currently thinks likely 75 bp cuts in H2 frontloaded Minneapolis Fed s Kashkari non voter seemed isolated a couple of weeks ago with his call for a 50 bp cut At the time St Loius Fed s Bullard who dissented at the June meeting in favor of an immediate cut seemed to distance himself from such a large move He speaks later today and may reiterate this view We suspect the market is confusing timing with magnitude Williams NYSE WMB and Clarida are Vice Chairs of the FOMC and Federal Reserve Board respectively Their audience may have been some of their colleagues some of whom do not appreciate the urgency Williams and Clarida simply may have wanted to boost the chances of a unanimous decision to cut
The US economic calendar features the Fed s Bullard and Rosengren and the University of Michigan s preliminary July report The 5 10 year inflation outlook which the Fed has cited was at cyclical lows of 2 3 in June It has not been above 2 6 for more than three years A new low could reignite the bond market rally Canada reports May retail sales A stronger showing after a 0 1 increase in April is expected Retail sales soared in February and March 1 0 and 1 3 respectively after falling in the previous three months
The US dollar made a new marginal low for the year against the Canadian dollar near CAD1 3015 in Asia but has come back a bit better bid The intraday technicals and the 515 mln option that expires today warns of potential resistance near CAD1 3050 The greenback finished a little below CAD1 3030 last week and a close above there would break a four week slide The dollar dipped below MXN18 93 earlier today which is the lowest it has been since the unexpected resignation of the finance minister on July 9 Still it is practically flat on the week Initial resistance ahead of the weekend is seen in the MXN19 05 MXN19 10 area |
C | UPDATE 2 Kuwait wealth fund not to cut foreign investments | Adds more central bank comments in para 11
By Eman Goma and Rania El Gamal
KUWAIT Jan 17 Reuters Kuwait s sovereign wealth fund
does not plan to reduce its overseas investments despite
launching a 1 5 billion dinar 5 17 billion fund to invest in
local stock markets the finance minister said
We won t lower foreign investment Mustapha al Shamali
told Reuters on the sidelines of an Arab economic meeting in
Kuwait when asked whether the Kuwait Investment Authority would
scale back its foreign activities
KIA which manages the Gulf state s massive oil generated
assets has invested around the globe and last year bought into
U S banks such as Citigroup Inc
In December it launched on behalf of the government a fund
to stabilise the second largest Arab bourse which fell 38
percent last year during a regional stock market rout triggered
by the global financial crisis
Shamali also said the Kuwaiti government had no plans to
support local investment firms struggling with the impact of the
worldwide credit crisis
The country s largest investment bank Global Investment
House said last week it had defaulted on most of its debt
while major Islamic rival Investment Dar has said it needed
loans of up to 1 billion
Asked whether the government would support investment
firms Shamali said No The fund has two goals First to
invest in the bourse and secondly to support efforts to prevent
a recession
STEADY INFLATION
Separately Central Bank Governor Sheikh Salem Abdul Aziz
said he expected the September inflation figure to come in at
around 11 percent as in August
It s the same number it did not change between August
and September he told reporters
Kuwait s annual inflation in August the latest inflation
figure to be reported was 11 64 percent
He hoped inflation figures from end 2008 would show a
decline he added
Sheikh Salem told Reuters that 2009 would be a difficult
year for the Kuwait economy adding that the global credit
crunch would affect the world s seventh largest oil exporter
Kuwait last year had to rescue its fourth largest lender
Gulf Bank after it was hit by derivatives losses
He declined to comment on plans by Shamali to lower
expenditures with the exception of wages and investments in the
next fiscal year starting in April as oil revenues its main
source of income were dwindling
Sheikh Salem said earlier in January he hoped the government
would keep expenditure stable at last year s 19 billion dinars
to stimulate the economy
Writing by Ulf Laessing editing by John Irish and Anthony
Barker |
WMB | Serena withdraws from Cincinnati Masters with back problems | Reuters Serena Williams NYSE WMB withdrew from the Cincinnati Masters on Tuesday due to back problems just days after spasms forced her to retire from the Rogers Cup final in Toronto
I came to Mason on Sunday and have tried everything to be ready to play tonight and was still hopeful after my practice this morning the 23 times Grand Slam champion said
But unfortunately my back is still not right
Williams twice champion at the Cincinnati Masters had been hoping to use the tournament as a final tune up ahead of this month s U S Open
She had been in menacing form in Toronto before retiring early in the first set of the final against Canadian teenager Bianca Andreescu |
WMB | Barty beats Sharapova Halep survives scare in Cincinnati | Reuters Top seeded Ash Barty overcame a slow start to defeat Maria Sharapova 6 4 6 1 while Simona Halep battled past Ekaterina Alexandrova 3 6 7 5 6 4 in the second round of the Cincinnati Masters on Wednesday French Open champion Barty double faulted to give Sharapova a 2 1 lead in the first set and it looked like an upset could be brewing in the showdown between the two former world number ones But an error prone Sharapova bowed out after she produced six double faults and squandered six of her seven break point opportunities Overall it was a pretty clean performance Barty said It s difficult to come out against a player like Maria She s an incredible champion she knows how to fight and she makes you earn every single point So I was really pleased with the way I was able to hang in there today and win some of those big points Barty earned an early break in the second set when she rifled a crosscourt forehand that caught Sharapova flat footed for a 2 0 lead Sharapova fought hard the next game forcing seven deuces but was unable to break and Barty cruised to the finish from there winning 11 of the last 13 games Barty will next face Anett Kontaveit who defeated Polish teenager Iga Swiatek in straight sets Wimbledon champion Halep had her back against the wall against the big serving Alexandrova when she dropped the first set and trailed 5 4 in the second but won the next three games and elevated her play again in the decider The match was the first for Halep since she pulled out of her quarter final at the Rogers Cup on Friday with an Achilles issue but she moved well in her battle with the Russian Fourth seed Halep is searching for her first title at the event after three runner up finishes in 2015 2017 and 2018 I feel confident every time I come here but the conditions are very tough The court is very fast the Romanian said World number one Naomi Osaka improved to 4 0 lifetime against Aliaksandra Sasnovich with a 7 6 3 2 6 6 2 win Osaka who regained the top ranking after Barty s early exit from the Rogers Cup last week smacked 24 winners as she looks to sharpen her game before heading to New York later this month to defend her U S Open title She faces Hsieh Su Wei in the third round Third seeded Karolina Pliskova crushed lucky loser Wang Yafan 6 1 6 3 and Donna Vekic knocked out former champion Victoria Azarenka 6 2 7 5 to set up a showdown with Venus Williams NYSE WMB on Thursday
Seventh see Elina Svitolina ninth seed Aryna Sabalenka and big serving American Madison Keys all advanced to the third round behind straight set wins |
WMB | Barty and Sakkari to meet after marathon wins in Cincinnati | Reuters Top seed Ash Barty overcame 49 unforced errors and a stiff challenge from Anett Kontaveit to reach the quarter finals with a 4 6 7 5 7 5 win of the Cincinnati Masters on Thursday
On a day of epic three set battles French Open champion Barty needed more than two hours to tame her Estonian rival rifling a forehand winner on match point
Barty set up a meeting with Maria Sakkari who needed even longer to dispatch Aryna Sabalenka 6 7 4 6 4 6 4 on a hot and humid day
The Hawk Eye review system played a key roll in Barty s win when the Australian trailing 5 4 and 30 15 in the third set challenged a serve from Kontaveit that had been called in
The system showed the ball was slightly long denying Kontaveit what would have been two match points Barty went on to win the next three games to seal the victory
An in form Sakkari battled back to dispatch ninth seed Sabalenka on the Ohio hardcourts
Sakkari saw five set points slip away in the first set but the Greek continued to fight and got help from Sabalenka who double faulted 17 times and needed a trainer apply ice to her right ankle late in the match
Venus Williams NYSE WMB also went the distance before claiming a 2 6 6 3 6 3 victory over Croatia s Donna Vekic
The 39 year old Williams has struggled at times this season but has been resilient in Cincinnati defeating defending champion Kiki Bertens in three sets in the previous round
There are no easy matches out here Williams said
I cannot emphasise that enough
The seven times Grand Slam champion will have her work cut out in the next round when she faces either Wimbledon champion Simona Halep or big serving American Madison Keys |
WMB | Crazy inverted yield curve vexes Fed with no clear resolution | WASHINGTON Reuters Amid the recent financial market volatility the interest rates on some long dated government bonds have fallen below the level for short term debt Called a yield curve inversion this has been a traditional warning sign for the economy If smart investors see more risk two years ahead than 10 years down the road it can t be good for near term growth In response President Donald Trump and others have upped demands for a U S Federal Reserve rate cut So do U S central bankers care about what Trump called the crazy inverted yield curve or not Policymakers have been trying to get a handle on the issue for a while with no consensus on whether a curve inversion today means the same thing it did in the past Here are selected comments of Fed policy makers over the last two years on the issue Dec 1 2017 There is a material risk if the Federal Open Market Committee continues on its present course St Louis Federal Reserve President James Bullard He was off by a few months expecting a yield curve inversion late in 2018 but Bullard as well as Dallas Fed President Robert Kaplan flagged early on what might happen if the Fed continued to hike as it did throughout last year Graphic Fed s Bullard was an early worrier about the Treasury yield curve Aug 20 2018 I pledge to you I will not vote for anything that will knowingly invert the curve and I am hopeful that as we move forward I won t be faced with that Atlanta Federal Reserve President Raphael Bostic The comment captured the Fed s dilemma at that point The economy was growing faster than expected and seemed robust enough to warrant rate increases Bostic voted for two more by the end of the year Yet through the year bond spreads narrowed Graphic Fed s Bostic pledged to avoid knowingly inverting the yield curve Sept 6 2018 I don t see the flat yield curve or inverted yield curve as being the deciding factor in terms of where we should go with policy New York Fed President John Williams NYSE WMB Williams was among the most vocal in saying that in the new normal economy when all rates and the spreads between them were inherently lower a yield curve inversion may be a product of structural changes in markets and not the scary signal it used to be Graphic Fed s Williams did not see the yield curve sending warning signs Sept 12 2018 Lower overall rates and changing investor behavior may temper somewhat the conclusions that we can draw from historical yield curve relationships Fed Governor Lael Brainard Some members of the Fed board agreed that the yield curve may not be as meaningful as in the past Graphic Fed s Brainard among those seeing yield curve as less meaningful March 24 2019 Some of this is structural having to do with lower trend growth lower real interest rates In that environment it s probably more natural that yield curves are somewhat flatter Chicago Fed President Charles Evans March 25 2019 I don t take nearly as much information from the shape of the yield curve as some people do Boston Fed President Eric Rosengren March 26 2019 I m not freaked out San Francisco Fed President Mary Daly That month the spread between the three month Treasury note and the 10 year bond closely watched by some at the Fed did invert There remained division about what it meant and reluctance to read it as a sign of economic weakness Graphic Fed s Evans Rosengren and Daly unperturbed by yield curve June 4 2019 We are early into it It s certainly something we ll keep looking at Fed Vice Chair Richard Clarida The Fed by this point was preparing for rate cuts but even its leadership was not fully ready to put the yield curve at the center of its thinking In Clarida s view time matters If the curve stayed upside down he said he would take it seriously Graphic Fed s Clarida says long running inversion would be taken seriously June 25 2019 We do of course look at the yield curve it s one financial condition among many There s no one thing in the broad financial markets that we see as the dominant thing Fed Chairman Jerome Powell The Fed did cut rates in July The key 10 year to two year portion of the yield curve nevertheless inverted just two weeks later It seemed a reaction to broader problems including a sense that the U S China trade war was becoming a bigger threat than thought and the spread quickly moved back above zero But will that brief inversion be read as a warning The central bank next meets on Sept 17 18
Graphic Fed s Powell see yield curve among many indicators |
WMB | Bid for Inter Pipeline highlights Canada s oil sector bright spot | By Rod Nickel and Nia Williams NYSE WMB WINNIPEG Manitoba CALGARY Alberta Reuters A recent unsolicited bid for Inter Pipeline Ltd TO IPL has highlighted the potential of Canada s midstream companies to offer insulation from volatile oil prices Inter Pipeline Pembina Pipeline Corp TO PPL and Keyera Corp TO KEY own key infrastructure such as gathering pipelines gas processing plants and storage tanks that are in high demand and reported record second quarter profits They are sometimes overlooked however because of the wider energy sector s problems of congested export channels and low prices Inter Pipeline shares jumped 14 in two days last week after a newspaper reported the bid leading some investors to say that their full value has gone unrecognized The entire energy infrastructure space is significantly undervalued and under appreciated said Rob Thummel senior portfolio manager at Tortoise Capital one of Inter Pipeline s biggest shareholders They own and operate critical assets and generate fee based cash flows that are essential Inter Pipeline with a C 10 billion 7 5 billion market value confirmed on Aug 9 that it received an unsolicited takeover bid but said it was not in talks to sell Interest in buying midstream assets has been very active in an otherwise slow energy M A climate said Stephanie Stimpson a partner at Torys law firm whose practice advises energy companies on mergers and acquisitions Private equity investors and pension funds have been drawn to past deals by reliable returns It s a successful and profitable sector right now she said Companies like Inter Pipeline and Pembina ensure steady cash flow through long term contracts helping limit risk when crude prices tumble said Nate Heywood an AltaCorp Capital analyst Shares of Inter Pipeline Keyera Pembina and Gibson Energy Inc TO GEI have all gained 20 or more this year By contrast the Toronto Stock Exchange energy index SPTTEN is down about 12 this year as investors fret about obstacles to expanding oil export pipelines and the Alberta government s mandatory curtailment orders to prop up prices SHARES OUT PERFORM Shares of Canadian midstream companies have outperformed their U S counterparts this year due to a history of paying consistent dividends said Stacey Morris director of research at Alerian an index provider that tracks the performance of U S and Canadian midstream firms However they are still impacted by wider concerns about Canadian oil and gas When we go out and pitch Canadian energy names to private equity they always say no despite the valuation said a source involved in oil sector M A With everything the sector is suffering from they don t see it as the right time to get involved Inter Pipeline is also positioned to benefit from the broader energy sector s particular problems of congested pipelines and low valued gas Chief Financial Officer Brent Heagy said in an interview It is building a C 3 5 billion petrochemical complex in Alberta to make plastic from the province s cheap over supplied propane Sometimes there s opportunity when everybody sees difficulty Heagy said adding that ultimately constrained export pipelines limit growth for all players Heagy declined to comment on the takeover bid for Inter Pipeline or whether other offers have emerged Pembina declined to comment and Keyera did not respond Gibson Energy another Calgary based midstream company has focused on expanding crude oil storage in recent years as western Canadian crude inventories hit record highs in April
The company believes the Canadian markets reward companies that are weighted toward long term stable cash flows have strong balance sheets and are able to consistently grow cash flow and dividends Mark Chyc Cies Gibson s vice president of Strategy Planning and Investor Relations told Reuters in an interview |
WMB | Osaka retires at Cincinnati with knee injury | Reuters World number one Naomi Osaka retired from the Cincinnati Masters with an apparent knee injury on Friday less than two weeks before the start of her U S Open title defence Osaka was trailing American Sofia Kenin in the third set of their quarter final in Cincinnati when she sought treatment on her left knee After briefly returning to play Osaka retired with Kenin leading 6 4 1 6 2 0 The Japanese star s withdrawal leaves both of the 2018 U S Open finalists having retired from the tournament American Serena Williams NYSE WMB withdrew with back problems after also pulling out from the final of the previous week s Rogers Cup with similar problems Kenin said in a court side interview This isn t the way I wanted to win I wish Naomi a speedy recovery so she can get ready for the U S Open She s a great player and I have a lot of respect for her Australian Ash Barty the world number two needed to rally for a 5 7 6 2 6 0 victory over Greek Maria Sakkari Barty will face Russian veteran Svetlana Kuznetsova in Saturday s semi finals and victory would return her to top of the world rankings She surged to a 4 1 lead in the first set before the Greek took control with a string of backhand winners The Australian cleaned up her game in the second set however rediscovering the backhand slice that had deserted her in the opener It was important for me at the start of the second set to go back to basics and what worked before the 23 year old Barty said I had to serve well and not give her too many looks at second serves I tried to bring in my slice to change the tempo of the match Kuznetsova outlasted Czech third seed Karolina Pliskova 3 6 7 6 2 6 3 having been a set down with her opponent serving for the match |
WMB | Blake blasts back with 100m Diamond League win eyes world champs | BIRMINGHAM England Reuters Former world champion Yohan Blake of Jamaica edged Britain s Adam Gemili in a photo finish to win the 100 meters at the Birmingham Diamond League meeting on Sunday Both sprinters were given the same time of 10 07 seconds with Blake declared the winner It was coming said Blake the 2011 world champion who last won an individual global medal at the 2012 London Olympics The 29 year old who has been overshadowed by Americans Christian Coleman Justin Gatlin and Noah Lyles in recent years was aided by a 2 0 meters per second wind just under the allowable The weather wasn t great but I m saving the big day for the world championships and the Diamond League finals in Zurich said Blake I can run faster Coleman had withdrawn from the race earlier in the week and Canadian triple Olympic medalist Andre De Grasse was a disappointing fifth in 10 13 Olympic 400 meters gold medalist Shaunae Miller Uibo of the Bahamas won her 11th consecutive 200 meters turning back British European champion Dina Asher Smith and Jamaica s Shelly Ann Fraser Pryce Miller Uibo who has not lost at the distance since 2017 pulled away from Asher Smith with 70 meters to go and won in 22 24 seconds Asher Smith clocked 22 36 and Fraser Pryce 22 50 The race didn t go to plan said Miller Uibo My start was just horrible and had to rely on that 400m speed to get through Olympic champions Nafissatou Thiam Ekaterini Stefanidi and Omar McLeod also were winners on a day when swirling winds affected many performances Thiam twice broke the Belgian long jump record leaping 6 86 meters on her third attempt to show she will be ready to defend her world heptathlon title in Doha in October It gives me confidence said Thiam It s almost 20cm more than my PB personal best Serbian world indoor champion Ivana Spanovic was second a mere centimeter behind and British heptathlete Katarina Johnson Thompson took third at the same distance after fouling on her first two attempts Greece s Stefanidi claimed the pole vault with a third attempt clearance at 4 75 meters and Jamaican McLeod dominated the 110 meters hurdles winning in 13 21 seconds Compatriot Danielle Williams NYSE WMB the year s fastest in the 100 meters hurdles easily defeated U S world record holder Keni Harrison claiming victory in 12 46 seconds |
WMB | Serena to begin 2020 season with return to Auckland | Reuters Former world number one Serena Williams NYSE WMB will begin her 2020 season with a return to the Auckland Open in January her first appearance at the tournament since she was ousted in the second round in 2017
The Auckland Open serves as a warm up before the year s first Grand Slam the Australian Open which begins on Jan 20 next year
On her last Auckland appearance then top seed Williams hit 88 unforced errors in windy conditions losing to compatriot Madison Brengle who was ranked 70 rungs lower
Oh man I want to win that title so bad Williams was quoted as saying by the tournament organizers
Last time I was there I had so much going on and although I fought through to win my first match I know I didn t play to my level
I have such amazing memories that are really special to me from Auckland she added referring to her engagement to Reddit co founder Alexis Ohanian days before the 2017 tournament
I would really like to add some on court memories to that list
Williams 37 is due to compete at the U S Open which begins next week but her preparations for the final Grand Slam of the year have been far from perfect with injuries limiting her time on court
The 23 times Grand Slam champion retired from the Rogers Cup final in Toronto earlier this month because of back spasms which led to her withdrawal from the Cincinnati Masters |
WMB | House prices would flounder in six months after no deal Brexit Reuters poll | By Ross Finley
LONDON Reuters Britain s drifting property market would probably take a hit from a disorderly Brexit with average prices slipping about 3 nationally in the ensuing six months and as much as 10 in London a Reuters poll of housing experts found
Roughly 85 of respondents said both UK and London house prices would fall in the six months subsequent to leaving the European Union without an agreement
But if Britain departs the EU with a transition deal the scheduled leave date is Oct 31 house prices are due a mild 1 5 lift over the following two quarters They would rise 1 4 in the capital
Results from the Aug 13 20 survey show an otherwise tepid outlook for national price rises in coming years at rates not far off an already mild consumer price inflation rate and despite the recent sharp fall in sterling
Indeed the results suggest that foreign demand for property will be weaker than in previous years where declines in the pound have spurred buying particularly in London as it makes housing cheaper for those holding stronger currencies
The survey also indicates in the near term at least that housing the bedrock of British household wealth is not likely to give a lift to the economy which contracted for the first time in 6 1 2 years in the second quarter
Indeed an overwhelming majority of respondents who answered an additional question in the first Reuters UK housing market survey since Boris Johnson took over as prime minister said risks to the housing market were skewed to the downside
Despite the new PM and team in government there are big icebergs ahead not least the apparent willingness to leave the EU without a deal said property market consultant Henry Pryor This is likely to spook the markets before it reassures them
At the same time there are fundamentals cushioning the market from falls Hansen Lu analyst at consultancy Capital Economics notes the ongoing shortage of homes which nearly always underpins British house prices
Mortgage rates are also very low and not set to rise any time soon despite hawkish rhetoric in past months from Bank of England policymakers and recent wage gains have lifted household spending power somewhat
Both factors are helping to prevent the current slump in house price growth from developing into an outright fall in prices Yet on the other hand Brexit uncertainty as well as the high level of house prices relative to incomes continues to weigh on buyer demand said Lu
Others like Tony Williams NYSE WMB of Building Value are more sanguine about the overall housing market s prospects following Britain s impending departure from the EU no matter how rough
With no deal there will be a knee jerk action in which demand will fall followed by prices over the first six months of the UK s new status notes Williams That said life after a no deal Brexit will revert to type
Average UK house prices are forecast to rise 1 0 this year 1 8 next and 2 7 in 2021 little changed from 1 2 2 0 and 2 5 in a survey taken in May
London house prices already down 5 from their recent peak are due to fall 2 0 They are not due to rise at all next year followed by a 2 0 lift in 2021 a slightly weaker view than what was predicted a few months ago
Capital Economics Lu notes that with these recent falls and some recent wage gains outstripping inflation London s average house price to earnings ratio has slipped to 12 times from a recent peak of 13 4
That adjustment while welcome is still small relative to past house price gains With Brexit uncertainty set to bite further and mortgage interest rates at their floor we think London s fall in house prices has further to run
Polling by Manjul Paul and Richa Rebello with additional analysis by Sumanto Mondal Editing by Mark Heinrich |
BMY | AVEO Pharmaceuticals AVEO Q3 Loss Lower Than Expected | AVEO Pharmaceuticals Inc NASDAQ AVEO reported a third quarter 2016 loss of 7 cents per share narrower than the Zacks Consensus Estimate of a loss of 12 cents The company had reported earnings of 14 cents per share in the year ago period AVEO does not have any approved products in its portfolio The company s top line mainly comprises collaboration revenues milestone and other payments Total collaboration revenue in the third quarter was approximately 1 million compared with 15 2 million in the year ago quarter
Quarterly Highlights
Research development expenses were 4 4 million compared with 4 5 million in the year ago period General and administrative expenses also decreased 3 8 year over year to 2 1 million
During the quarter AVEO announced the initiation of a phase I II study TiNivo evaluating its lead pipeline candidate tivozanib in combination with Bristol Myers Squibb Company s NYSE BMY Opdivo anti PD 1 therapy for the treatment of advanced renal cell cancer RCC Initial safety results from the phase I portion of the phase I II study should be out in the first half of 2017
AVEO is also comparing tivozanib to Nexavar in a randomized controlled multi center open label pivotal phase III study TIVO 3 for the treatment of patients with refractory advanced RCC Top line data from the study is anticipated in the first quarter of 2018 Results from the TIVO 3 study along with the previously completed TIVO 1 study first line treatment of RCC are expected to support a first and third line indication for tivozanib in the U S
Meanwhile regulatory application seeking approval for tivozanib for the first line treatment of advanced RCC is currently under review in Europe The application was submitted by AVEO s partner EUSA Pharma EUSA Pharma is currently working on submitting responses to the European Medicines Agency s Day 120 List of Questions before the end of 2016
AVEO expects that its cash resources will allow the company to fund its planned operations into the fourth quarter of 2017 AVEO also expects that these cash resources along with certain anticipated operational milestone payments from its collaboration partners could allow the company to fund the U S tivozanib development strategy through at least TIVO 3 study top line data as well as a tivozanib PD 1 inhibitor combination study
AVEO anticipates a milestone rich calendar over the upcoming months across both its proprietary and partnered programs We note that the company has retained significant North American rights for its oncology pipeline while its non oncology pipeline is being advanced through several partnerships including the likes of Novartis AG NYSE NVS
Tivozanib s approval in the EU would trigger a milestone payment to AVEO from EUSA Pharma
AVEO PHARMACEUT Price Consensus and EPS Surprise Zacks Rank a Stock to Consider
AVEO is a Zacks Rank 3 Hold stock A better ranked stock in the health care sector is Infinity Pharmaceuticals Inc NASDAQ INFI sporting a Zacks Rank 1 Strong Buy You can see
Infinity s loss per share estimates narrowed from 3 84 to 3 79 for 2016 and from 87 cents to 86 cents for 2017 over the last 60 days The company has posted a positive surprise in all of the four trailing quarters with an average beat of 67 62
Confidential from Zacks
Beyond this Analyst Blog would you like to see Zacks best recommendations that are not available to the public Our Executive VP Steve Reitmeister knows when key trades are about to be triggered and which of our experts has the hottest hand |
WMB | What s Next For Rates | Index Futures Net Changes and Settlements
Foreign Markets Fair Value and Volume
In Asia 10 out of 11 markets closed higher Shanghai Comp 0 08 Hang Seng 0 81 Nikkei 0 51
In Europe 7 out of 13 markets are trading higher CAC 0 11 DAX 0 21 FTSE 0 09
Fair Value S P 3 61 NASDAQ 22 79 Dow 8 31
Total Volume 1 4 million ESU 164 SPU traded in the pit
As of 7 00 a m CST
Today s Economic Calendar
Today s economic calendar includes CPI 8 30 AM ET Jobless Claims 8 30 AM ET Jerome Powell Speaks 10 00 AM ET EIA Natural Gas Report 10 30 AM ET John Williams NYSE WMB Speaks 11 00 AM ET 1 30 PM ET Randal Quarles Speaks 1 30 PM ET Treasury Budget 2 00 PM ET Fed Balance Sheet Money Supply 4 30 PM ET and Neel Kashkari Speaks 5 00 PM ET
S P 500 Futures Rate Cuts On The Horizon
Chart courtesy of Stewart Solaka Chicagostock ES F Gap up force buyers to chase through upper vol window setting bull bias that trapped buyers above Bias reversed with move below opening low Walked up to retest bull trap per FOMC minutes Technically should continue lower Bulls need to hold prior high 86
After trading down to 2971 25 during Tuesday nights Globex session the S P 500 futures ESU19 CME popped up to 2996 25 early Wednesday morning when fed chairman Jerome Powell came out saying that weak inflation will be more persistent than the fed currently anticipates He also said that U S economic growth appears to have moderated in Q2 and that economic momentum has slowed in some major foreign economies in recent months
Stocks obviously interpreted these statements as a positive and after the 8 30 CT bell the ES rallied to a new all time high at 3007 50
Once the smoke cleared the futures did a little back and fill down to 2988 50 then consolidated in a sideways range for the rest of the day
Going into the close when the MiM reveal showed a mere 70 to buy MOC the ES was trading at 2996 00 It would then go on to print 2996 75 on the 3 00 cash close and 2997 50 on the 3 15 futures close up 15 50 handles on the day
Original Post |
WMB | Too High To Buy | Index Futures Net Changes and Settlements
Foreign Markets Fair Value and Volume
In Asia 6 out of 11 markets closed higher Shanghai Comp 0 40 Hang Seng 0 29 Nikkei 0 20
In Europe 12 out of 13 markets are trading higher CAC 0 07 DAX 0 41 FTSE 0 32
Fair Value S P 3 75 NASDAQ 21 20 Dow 8 12
Total Volume 965k ESU 117 SPU traded in the pit
As of 7 00 a m CST
Today s Economic Calendar
Today s economic calendar includes the Empire State Mfg Survey 8 30 AM ET and John Williams NYSE WMB Speaks at 8 50 AM ET
S P 500 Futures ES Record Close
Chart courtesy of Scott Redler RedDogT3 spx futures 5 as the trend has been your friend as we head into earnings season
After failing to take out the Globex high after the 8 30 CT bell the ESU was held to just a 6 handle range all morning and well into the afternoon It was a boring morning with very little action Volume was low and the news was quiet
It wasn t until after 1 30 that the futures finally broke out to the upside taking out the Globex high and printing new record highs
Going into the close when the MiM reveal came out showing 650 million to buy the ES was trading at 3015 50 It would eventually top out at 3018 00 and would go on to print 3017 00 on the 3 00 cash close and 3014 75 on the 3 15 futures close
Original Post |
WMB | Oil Gas Pipeline Industry Outlook Bright On Growth Projects | The Zacks industry consists of companies that own and operate extensive networks of pipeline assets to connect producers of oil natural gas and natural gas liquids from the prolific North American resources to key markets The firms also distribute natural gas to a growing base of industrial and residential customers through transmission pipelines Let s take a look at the industry s three major themes The sophisticated midstream infrastructure of the industry players is used by shippers to transport crude oil liquids and natural gas for a length of time The long term contracts fetch pipeline players steady fee based revenues representing a stable business model with significantly low exposure to the volatility of commodity prices There is transportation capacity constraint in many North American plays that has boosted demand for fresh pipeline assets To capitalize on the bottleneck problem midstream energy firms are investing in pipeline networks to secure incremental cashflow Moreover with mounting need for clean energy generation there is room for companies to generate additional earnings from their natural gas utility businesses Demand for NGL is on the rise since the commodity is being used for producing advanced materials that are being utilized for manufacturing lighter aircraft and cars Since the companies connect NGL consumers and producers through midstream energy properties cashflow will get a boost from higher fee based revenues Zacks Industry Rank Indicates Upbeat ProspectsThe Zacks Oil and Gas Production Pipelines industry is a 15 stock group within the broader Zacks sector The industry currently carries a Zacks Industry Rank 110 which places it in the top 43 of more than 250 Zacks industries The group s which is basically the average of the Zacks Rank of all the member stocks indicates impressive near term prospects Our research shows that the top 50 of the Zacks ranked industries outperforms the bottom 50 by a factor of more than 2 to 1 Before we present a few stocks that you may want to consider or keep eyes on let s take a look at the industry s recent stock market performance and valuation picture Industry Outperforms Sector But Lags S P 500The Zacks Oil and Gas Production Pipelines industry has outpaced the broader Zacks Oil Energy sector but has failed to surpass the Zacks S P 500 composite over the past year The industry has risen 5 over this period against the broader sector s decline of 14 4 The S P 500 composite has moved up 5 7 One Year Price PerformanceIndustry s Current ValuationOn the basis of the trailing 12 month enterprise value to EBITDA EV EBITDA ratio which is a commonly used multiple for valuing oil and gas production pipeline stocks the industry is currently trading at 13 61X higher than the S P 500 s 11 19X It is also above the sector s trailing 12 month EV EBITDA of 4 98X Over the past five years the industry has traded as high as 26 24X as low as 10 22X with a median of 15 21X Trailing 12 Month Enterprise Value to EBITDA EV EBITDA RatioBottom LineWith the divestment of non core assets midstream energy firms are constantly streamlining their portfolio Overall the companies are well positioned to continue to reward stockholders backed by their huge backlog of growth projects Here we are presenting five stocks which are positioned to grow in the near term Headquartered in Houston TX Plains GP Holdings LP PAGP operates diverse midstream infrastructure assets The partnership sporting a Zacks Rank 1 Strong Buy has witnessed positive earnings estimate revision for 2019 in the past 60 days Price and Consensus PAGPEnbridge Inc ENB The company carrying a Zacks Rank 2 Buy is the operator of the longest pipeline network of crude in the world For 2019 the Zacks Consensus Estimate for Enbridge s earnings per share has been revised upward by more than 3 Price and Consensus ENBKinder Morgan Inc NYSE KMI KMI The company has the largest network of natural gas pipeline in North America that spreads across almost 70 000 miles Through 2019 the company is likely to see earnings growth of 11 2 The company carrying a Zacks Rank 3 Hold has also witnessed positive earnings estimate revision for 2019 over the past 60 days Price and Consensus KMIFindlay OH based MPLX LP MPLX is a master limited partnership MLP engaged in providing a wide range of midstream energy services including fuel distribution solutions The partnership with Zacks Rank of 3 has not only witnessed positive earnings estimate revision for 2019 over the past 60 days but is also expected to see earnings growth of nearly 10 for the current year Price and Consensus MPLXThe Williams Companies Inc NYSE WMB WMB headquartered in Tulsa OK is a leading midstream energy player For 2019 the company is likely to see earnings growth of 23 Moreover over the past 60 days Williams Companies has witnessed positive earnings estimate revision Price and Consensus WMBToday s Best Stocks from Zacks Would you like to see the updated picks from our best market beating strategies From 2017 through 2018 while the S P 500 gained 15 8 five of our screens returned 38 0 61 3 61 6 68 1 and 98 3 This outperformance has not just been a recent phenomenon From 2000 2018 while the S P averaged 4 8 per year our top strategies averaged up to 56 2 per year |
WMB | Aussie Higher After Jobs Data | Details better than headline
On the headline the June employment report for June didn t look too impressive with a mere net 500 jobs added in the month However drilling down into the details showed that 21 100 full time jobs made up the total with a loss of 20 600 part time ones The rest of the numbers held no surprises with the unemployment rate steady at5 2 with an unchanged participation rate at 66
The initial reaction in the currency markets was slow but once the full time category figures were known AUD USD jumped up to an intra day high of 0 7027 and then subsequently extended the climb to 0 7030 The FX pair has climbed above the 55 hour moving average for the first time in two days and likely has eyes on the Fibonacci retracement level at 0 7034 on the hourly charts
AUD USD Hourly Chart
Bank of Korea joins the doves
In an unexpected move the Bank of Korea trimmed its seven day repo rate by 25bps to 1 50 at its policy meeting today The decision was not unanimous among the board members with one members preferring to keep rates unchanged The majority of analysts polled had expected the Bank to remain on hold preferring to wait until the Fed had made its move
At the same time the Bank cut its 2019 GDP growth forecast to 2 2 from 2 5 mostly due to slower exports and provided initial guidance for 2020 at 2 5 to 2 6 The inflation forecast was cut to 0 7 for this year from 1 1 and is seen gradually rising during 2020 to the mid 1 levels
UK retail sales on tap
Retail sales in the UK are expected to fall 0 3 m m in June according to the latest survey of economists a slight improvement from May s 0 5 decline The US data slate has only second tier data with the Philadelphia Fed manufacturing survey seen rebounding to 5 0 in July after a disappointing 0 3 reading in June We also have speeches from Fed s Bostic and Williams NYSE WMB a dove and a hawk respectively who are unlikely to contradict the Fed s current guidance of a rate cut this month
Original Post |
WMB | Worker s COMP | Well Thursday was a peculiar day It started off nice and red but as usual thanks to Fed intervention everything shifted green In this instance the kabuki player they shoved in front of a microphone was Fed President John Williams NYSE WMB So whereas the day started off weak due to real information lackluster earnings it ended the day strong thanks to bluster the vapid utterances from Williams lips Whatever works right
I wanted to point out the minor crossroads the market is at currently by way of the Dow Jones Composite Here are the past couple of years We were at the highest point in human history just a couple of trading sessions ago and it wouldn t take much to set another record high The key is whether we can cross over 9051 98
What s especially interesting about this chart is revealed when you look closer This actually gives the bulls something to cheer about because look what happened with the weakness on Wednesday as well as Thursday morning All that transpired was that the Dow Composite eased back to its horizontal breakout of 8907 93 Indeed the low for the day on Thursday was merely 0 04 points above that level which is as clean and successful a test of the breakout as you can imagine
Thus the market is poised for more strength unless that price gap is broken So those are the two levels to watch 8907 93 on the bottom and 9051 98 on the top |
C | TOPWRAP 4 U S slashes jobs European industry slumps | U S unemployment rate jumps to 7 2 percent
Industrial output slides in Britain France Spain
Obama says risk of double digit unemployment
Bank of England South Korea cut rates to record lows
By Angus MacSwan
LONDON Jan 9 Reuters Some 2 6 million Americans lost
their jobs in 2008 the worst toll since the end of World War
Two data showed on Friday and industrial output plunged across
Europe as the global economic crisis bit deeper
The U S unemployment rate jumped to 7 2 percent in December
and 524 000 people lost their jobs that month U S surveys
showed
The job situation is ugly and is going to get uglier said
Richard Yamarone chief economist with Argus Research in New
York There s no reason to expect hiring any time in the next
three to six months We are not going to see any hiring until the
government steps in and acts Talk doesn t work
The rate which jumped from 6 8 percent in November was the
highest level since January 1993 Companies are cutting jobs
across the world because of the stranglehold on consumer and
corporate funding since a credit boom went bust a year and a
half ago
The U S job losses were however less than analysts had
expected and the data initially boosted stocks and knocked back
the dollar
U S stock futures pointed to a positive opening on Wall
Street The pan European FTSEurofirst 300 was up 0 6 percent
Germany Britain France Spain and Sweden meanwhile all
reported slumping industrial output on Friday some of them
posting the worst figures in many years
Germany reported its biggest annual fall since 1993 dragged
down by a downturn among manufacturers that is threatening to
cause the worst recession in the country s post war history
Preliminary Economy Ministry figures showed output fell by
10 percent year on year as demand for cars and other capital
goods faded across the globe
We re at the start of a really deep recession said
Juergen Michels an economist at Citigroup in London
British manufacturing output slumped much more than expected
in November official data showed Output fell 7 4 percent
year on year while the broader measure of industrial production
fell 6 9 percent both the weakest since 1981
The figures are likely to reinforce expectations that
interest rates slashed to a historic low of 1 5 percent by
the Bank of England on Thursday will fall to near zero in the
coming months
France s industrial output also continued its downward
spiral in November sliding a larger than expected 2 4 percent
month on month on the back of further woes in the car industry
This is catastrophic but sadly it reflects the reality of
French industry said Marc Touati head of Global Equities in
Paris
The automobile industry has borne the brunt of the economic
storm in France with output dropping 8 1 percent in November
after a dramatic 22 2 percent decline in October
Underscoring the problems faced by the sector French
carmaker Renault on Friday posted a 4 2 percent drop in 2008
sales and said inventory management and reduction would remain
a priority throughout 2009
The picture was worse in neighbouring Spain with industrial
output down a record 15 1 percent year on year in November and
analysts said the pressure was building on the European Central
Bank to cut interest rates again
The data is much worse that what the ECB was predicting as
recently as four weeks ago said Jacques Cailloux an economist
with Royal Bank of Scotland
CAR MAKERS STRUGGLE
Along with trillions of dollars in government stimulus
packages central banks are cutting interest rates to
unprecedented levels in an effort to kickstart growth and stem
the rising tide of job losses
The Bank of England cut on Thursday took the rate to its
lowest level since the central bank was created in the 17th
century The Korean cut reflected the plunge in export demand
and domestic consumption
Hyundai Motor Co South Korea s top automaker said on
Friday it plans to cut production at its domestic plants by
25 30 percent to offset a slump in demand
Smaller local rival Ssangyong Motor Co said it was seeking
court bankruptcy protection as the financial crisis further
pounded the worldwide car makers
Business confidence in China a star performer in the boom
that preceded the crisis plunged in the final three months of
2008 an official survey showed Manufacturers were hurt by
shrivelling U S and European demand and a weakening domestic
property sector
Japan s index of coincident economic indicators fell 2 8
points to a preliminary 94 9 in November from 97 7 in October
government data showed signalling that the world s
second largest economy faces a deep recession
U S President elect Barack Obama said the U S economy
could stay mired in recession for years without bold action
I don t believe it s too late to change course but it will
be if we don t take dramatic action as soon as possible Obama
said in a speech in Fairfax Virginia on Thursday If nothing
is done this recession could linger for years
Reporting by Reuters bureaux Writing by Angus MacSwan
Editing by Ruth Pitchford |
C | Stocks Run From The Employment Numbers Dollar Gains On Risk Aversion Move | The U S lost 2 6 million jobs in 2008 the most since 1945 before revisions which will undoubtedly darken the picture The unemployment rate which now stands at 7 2 is the highest since 1993 However when taking those who have given up looking for work and those working part time because they cannot find full time work into account the augmented rate unemployment has now ballooned to 10 4 The employment situation figures to worsen into 2010 according to the latest Fed minutes and Christine Romer who will chair Mr Obama s Council of Economic Advisors has said that without a stimulus package another 4 million jobs could be lost this year
Stock markets didn t like the number and who could blame them At the close of floor trading on the NYSE the DOW was on 8599 18 after falling 143 28 points 1 64 completing its worst week since late November with a 4 4 loss The S P was on 890 35 down 19 38 points 2 13 while the NASDAQ had moved to 1571 59 with a loss of 45 42 points 2 81 Bonds were bought as equities sold off yield on the 2 year note fell 8 8 basis points to 0 742 while yield on the benchmark 10 year note fell 6 1 basis points to 2 358 The dollar looked like it was trading in risk aversion mode with gains of 1 82 on the euro 0 35 on the pound and 1 21 against Australia s dollar as it fell 0 98 to the yen
Crude oil for February delivery was recently trading down 1 34 3 21 to 40 36 per barrel
Gold for February delivery was recently trading up 5 00 0 59 to 858 90 per ounce
In other news Teflon Bob Rubin has pulled off one last act at Citigroup managing to retire with the thanks of CEO Vikram Pandit who said the former Clinton Treasury Secretary made invaluable contributions to the company
Good ole Bob was able to pocket 150 million this decade as he sat there and did nothing to prevent the bank from drowning in bad subprime mortgage securities as part of those invaluable contributions As a result of his work as a senior advisor and board member the government has had to bail Citigroup out to the tune of over 350 billion including a 306 billion guarantee of its troubled assets
In 1999 Bob was featured on the cover of Time magazine along with former Fed chairman Allan Greenspan and Lawrence Summers who now heads Obama s National Economic Council as part of the Committee To Save The World At this point the world has probably had about enough of Bob s as well as Allan s saving as it can stand |
C | UPDATE 2 Chinese exports imports drop as crisis bites | Adds details reaction
By Langi Chiang
BEIJING Jan 13 Reuters China s exports and imports
fell in December for the second month in a row showing how
badly the financial crisis is hitting the world s
fourth largest economy and putting Beijing under pressure to do
more to protect jobs
The 2 8 percent drop in exports from a year earlier was
tiny next to the December declines of 42 percent and 17 4
percent reported by neighbours Taiwan and South Korea
But several economists said collapsing demand in the United
States and Europe was likely to catch up with China before
long which may force Beijing to take new steps to protect the
country s all important export industries
Ma Xiaoping an economist with HSBC in Beijing said she
expected exports to fall at an annual rate of about 20 percent
in coming months a stark contrast to the 17 2 percent
increase China enjoyed in 2008
Just look at the plunge in exports in Taiwan and South
Korea Ma said Chinese exporters are in a similar position
to them and you can t expect China to do a great job while
everybody else is in trouble
Imports slumped 21 3 percent from December 2007 an even
steeper drop than November s 17 9 percent fall the General
Administration of Customs reported on its website
Weak non oil imports suggest either or both of a parallel
slashing of domestic demand or exporters anticipating in
their orders for parts to assemble from Japan Korea and
Taiwan further major weakness in exports this year Charles
Dumas of Lombard Street Research a London consultancy said in
a note
Crumbling prices of oil and other raw materials have cut
China s commodities bill in recent months but Lu Zhengwei
chief economist at Industrial Bank in Shanghai agreed that the
slide in imports also pointed to weakening domestic demand
The real economy is facing serious challenges right now
he said China has to boost exports to reduce unemployment and
social unrest
The closure of tens of thousands of export firms on China s
seaboard has cost an estimated 10 million migrant workers their
jobs in recent months worrying Communist Party leaders who
depend on strong growth to underpin their political legitimacy
The glum picture of the economy painted by the trade data
weighed on Shanghai stocks which fell 1 95 percent
PROTECTIONIST FEARS
Because of wilting imports China chalked up a huge trade
surplus in December of 38 98 billion just shy of November s
all time high of 40 1 billion For 2008 the surplus swelled
to a record 295 46 billion from 262 2 billion in 2007
With the United States deep in recession Chinese officials
are worried about increased protectionism under President elect
Barack Obama who takes office next Tuesday if the surplus
does not come down
Thomas Donohue president of the U S Chamber of Commerce
said he had used a visit to Beijing to advise policymakers not
to take the protectionist rhetoric that is likely to come out
of Washington too seriously
Look not at what people say but what they do and even
when there are things that are proposed wait and see if they
happen Donohue told reporters
But he also warned Beijing not to use its drive to
stimulate the economy as an excuse to give domestic industries
an unfair advantage That s not going to play well he told
Reuters
PUMP PRIMING
Beijing is pulling out all the stops to ensure growth of
around 8 percent the minimum rate thought necessary to
absorb millions of people entering the workforce each year
The government unveiled a 4 trillion yuan 585 billion
economic stimulus package in November and the central bank has
cut interest rates five times since mid September Officials
are also studying policies to help steel and car manufacturers
along with further steps to prop up the property industry
Yiping Huang chief Asia economist with Citigroup in Hong
Kong believes China will hit its goal of 8 percent expansion
in 2009 but he said less and less of that growth would come
from net exports as fiscal stimulus kicks in and boosts
imports
China s trade surplus has generated about a quarter or a
third of gross domestic product growth over the past four
years
Our general view is that the external demand contribution
to growth will actually be pretty weak in the coming year he
said
Not all economists have written off China s trade
prospects Ting Lu with Merrill Lynch in Hong Kong said he
expected exports to fall by no more than 10 percent in the
coming months
China s exports are less volatile because a lot of exports
are low value added necessary goods for consumers They need
to consume these kinds of cheap Chinese goods he said
Additional reporting by Jason Subler Simon Rabinovitch and
Jerry Hua Writing by Alan Wheatley Editing by Jan Dahinten |
WMB | Fatigued Nadal withdraws from Cincinnati Open | Reuters World number two Rafa Nadal has withdrawn from this week s Cincinnati Open due to fatigue the tournament s organizers said on Sunday
The Spaniard Cincinnati champion in 2013 beat Russia s Daniil Medvedev to claim his fifth Rogers Cup in Montreal earlier in the day
Cincinnati organizers also said Canadian teen Bianca Andreescu who was crowned women s champion at the Rogers Cup after Serena Williams NYSE WMB retired in the final with a back injury had also withdrawn because of a change to her schedule |
WMB | Viral clip of Russian policeman punching female protester stirs anger | By Andrew Osborn
MOSCOW Reuters Video footage of a Russian police officer punching a young woman in the stomach has stirred anger among many Russians who believe the authorities have used excessive force to disperse weeks of political demonstrations in Moscow
The clip filmed on Saturday and later circulated online by Russian celebrities with millions of followers shows the moment two helmeted riot policemen drag the woman Daria Sosnovskaya to a waiting police bus
Sosnovskaya 26 is seen struggling to break free and trying to trip up one of the police officers who responds by punching her in the stomach prompting one of the reporters filming the incident to sarcastically call the policeman a hero
The statistician was one of over 200 people detained in central Moscow on Saturday for taking part in what authorities said was an illegal protest following a sanctioned demonstration to demand free elections in the city legislature
The authorized part of the protest was attended by around 60 000 people the White Counter monitoring group said making it the biggest event of its kind in eight years as an increasingly emboldened anti Kremlin opposition movement challenges President Vladimir Putin s tight grip on power
Popular singer Egor Krid shared the clip of the arrest with his 10 7 million followers on Instagram as did Sergey Lazarev another well known singer with over 4 million followers The clip garnered well over 3 million views as a result
In an expletive laden post Krid said he had filed a complaint with the police asking them to find and punish the police officer involved
What kind of a scumbag do you need to be to hit a member of the fairer sex he wrote I don t care what she did This kind of thing just shouldn t happen
Lazarev called the police officer s behavior a disgrace and many Russians took to social media to condemn the incident using strong language
Russian authorities have rejected accusations they have used excessive force to disperse such protests which have now been going on for five weeks although the United States and the European Union have questioned their use of force
Moscow police declined immediate comment on Monday when asked about the incident
Sosnovskaya who had earlier attended the sanctioned demonstration said she was detained after complaining to police about their arrest of a man who appeared to suffer from some kind of a disability
She has since filed a complaint about the manner in which she was detained
In a reflection of the anger the clip generated Pavel Chikov a human rights lawyer had offered a reward of 100 000 roubles 1 500 to anyone who could identify the police officer who was wearing a face mask and a helmet at the time
One Russian online outlet later said it had identified him and published his name and picture while declining to take Chikov s money
Several Russians hurt by police at the protests are seeking redress through the courts
Activists say they are planning to hold another protest on Aug 17
Additonal reporting by Maria Tsvetkova Editing by Alison Williams NYSE WMB |
WMB | Osaka regains No 1 spot in world rankings | Japan s Naomi Osaka regained the WTA world No 1 ranking Monday following her quarterfinal run at last week s Rogers Cup in Toronto
The reigning U S Open and Australian Open champion took the top spot back from Australia s Ashleigh Barty whose round of 32 loss in Canada dropped her back to No 2
Karolina Pliskova of the Czech Republic is No 3 with Simona Halep of Romania and Kiki Bertens of the Netherlands rounding out the top five
Rogers Cup champion Bianca Andreescu 19 vaulted from 27th to 14th after becoming the first Canadian woman to win the event in 50 years
Serena Williams NYSE WMB who withdrew from Sunday s Rogers Cup final with a back injury climbed two spots to No 8
Field Level Media |
WMB | Tennis Venus prevails in opening Cincinnati match | Reuters Former world number one Venus Williams NYSE WMB moved through the first round of the Cincinnati Masters when she defeated compatriot Lauren Davis in straight sets on Monday
Wild card Williams won 7 5 6 2 on center court as she maintained her streak of never having lost a set to Davis having beaten her four times
Williams fended off seven of the eight break points she faced and won 61 of points when returning the Davis second serve
Kazakhstan s Yulia Putintseva and Belarusian Aliaksandra Sasnovich earlier won three set matches
Putintseva defeated Jelena Ostapenko of Latvia 6 2 7 6 3 6 3 and Sasnovich beat Astra Sharma of Australia 6 1 4 6 6 1 |
WMB | Report Cowboys QB Prescott turns down 30million per year offer | Dak Prescott reportedly turned down 30 million a year from the Dallas Cowboys and wants to be the highest paid quarterback in the NFL
NFL Network s Jane Slater reported Monday that Prescott is seeking a contract worth 40 million per year
ProFootballTalk com s Charean Williams NYSE WMB reported citing her own sources that Prescott did not demand 40 million per year
The highest paid quarterback in the NFL in terms of average annual value is the Seattle Seahawks Russell Wilson The Seahawks made Wilson the top paid passer in the league at 35 million per year on a new deal this year the latest in a string of new contracts for quarterbacks including Aaron Rodgers Green Bay Packers and Matt Ryan Atlanta Falcons
In June the Fort Worth Star Telegram reported Prescott had considered an offer worth 34 million per year Not long after Prescott said he wouldn t put a ceiling on his value or consider a hometown discount
For somebody to say you can only take so much because of the salary cap or you can only do this or that I don t know how fair that is to say Prescott told USA Today Because with gambling with everything going into this league everything is going to continue to keep going up
Whether the Cowboys are in a position or can create the salary cap room to sign Prescott while negotiating with holdout running back Ezekiel Elliott and wide receiver Amari Cooper is unclear Prescott and Cooper are present at training camp
Prescott has 67 touchdown passes and 25 interceptions since entering the NFL in 2016 and taking over as the starter from an injured Tony Romo
Field Level Media |
WMB | NFL notebook Raiders Brown loses grievance but will rejoin team | Oakland Raiders receiver Antonio Brown lost his helmet grievance against the NFL but plans to return to the team
Brown sought to wear his old helmet which is no longer certified by the National Operating Committee for Standards and Athletic Equipment NOCSAE
Brown who was traded to Oakland in the offseason reportedly had a two hour conference call with an independent arbitrator on Friday He sought to convince the arbitrator that he should be able to maintain wearing the head gear that he was using as a member of the Pittsburgh Steelers
While I disagree with the arbitrator s decision I m working on getting back to full health and looking forward to rejoining my teammates on the field Brown wrote Monday on Instagram
Dak Prescott reportedly turned down an offer of 30 million annually from the Dallas Cowboys and wants to be the highest paid quarterback in the NFL
NFL Network s Jane Slater reported Prescott is seeking a contract worth 40 million per year
ProFootballTalk com s Charean Williams NYSE WMB reported citing her own sources that Prescott did not demand 40 million per year
Tom Brady listed his home for sale and the New England Patriots longtime quarterback is confident you shouldn t care
You shouldn t read into anything I think it takes a long time to sell a house My house is a little bit of an expensive one so it doesn t fly off the shelf in a couple weeks Brady said on WEEI radio
Brady and Gisele Bundchen recently listed their Massachusetts mansion for 39 5 million as he turned 42 and signed a restructured contract with the Patriots in the span of about nine days
Rookie first round pick Dwayne Haskins could still win the quarterback competition in Washington but two veterans are ahead of him at this stage Redskins coach Jay Gruden said
Colt McCoy and Case Keenum hold an edge in the open battle based on experience Gruden told MMQB
There s a lot Dwayne still has to learn but he can get there Gruden said
Broncos wide receiver Emmanuel Sanders is expected to play at some point in the preseason Denver coach Vic Fangio told reporters
Sanders has returned to team drills as he recovers from a torn left Achilles and he has consistently appeared on track to play in the regular season opener
According to 9News Denver Sanders also had tightrope surgery on his right ankle this offseason to address pain from the past two years but he is nearly recovered from both surgeries
A week after leaving practice early with a groin injury Houston Texans defensive end J J Watt returned to the practice field
The three time NFL Defensive Player of the Year sustained the injury during a joint practice session with Green Bay and did not play in Thursday s preseason opener
Jacksonville Jaguars left tackle Cam Robinson was removed from the physically unable to perform list
The move came two days after coach Doug Marrone was skeptical about Robinson being available for the season opener Robinson is recovering from an ACL tear in his left knee that forced him to miss the final 14 games of the 2018 campaign
Cleveland Browns defensive end Chad Thomas was diagnosed with a sprained neck following a scary injury during practice
Head coach Freddie Kitchens said Thomas was moving his arms and legs and was taken for testing as a precaution
Two days after being released by the New Orleans Saints wide receiver Rishard Matthews announced his retirement from the NFL on Instagram
Matthews 29 appeared in 87 games over parts of seven seasons with Miami 2012 15 Tennessee 2016 18 and the Jets 2018
Meanwhile the Saints signed offensive tackle Chris Clark and fullback Shane Smith Clark 33 started 13 of the 15 games he played for the Carolina Panthers last season
The Atlanta Falcons traded third year tight end Eric Saubert to the Patriots for a conditional seventh round pick
The 2017 fifth round pick appeared in 30 games over the past two seasons and caught five passes for 48 yards
The NFL officially suspended Oakland Raiders cornerback Nevin Lawson four games for violating its PED policy
Lawson had announced the suspension last week on Twitter saying he tested positive for Ostarine despite never knowingly taking the substance
The Detroit Lions released cornerback Marcus Cooper and signed former Alliance of American Football cornerback Jamar Summers
Cooper 29 played in four games for Detroit last season after being released by Chicago
The San Francisco 49ers placed offensive tackle Shon Coleman on injured reserve and signed tackle Sam Young
Coleman 27 reportedly broke his right fibula and dislocated his ankle in Saturday s preseason opener
Young 32 has 21 career starts in 88 games over nine NFL seasons
Field Level Media |
WMB | Redskins rebuffing Williams trade suitors | The Washington Redskins have told inquiring teams that disgruntled left tackle Trent Williams NYSE WMB won t be traded ESPN s Adam Schefter reported Monday evening
Per the report Washington hasn t flinched rebuffing teams that have repeatedly called about Williams availability amid his training camp holdout ESPN s Jenna Laine reported separately that the Miami Dolphins are one team that has reached out
Washington coach Jay Gruden told reporters earlier this month that he would seriously doubt that the team would trade Williams who has been named to seven consecutive Pro Bowls
NBC Sports Washington reported Thursday that Williams is adamant about wanting to be traded or released quoting a source saying He s not coming back Period
That report added that while addressing Williams contract might ease things a little bit the larger issue is the 31 year old s concern with the team s medical staff following its handling of a tumor scare this offseason and previous nagging injuries
Former Redskin and current Denver Broncos safety Su a Cravens chimed in about Washington s medical staff on Monday on Twitter posting a series of tweets referencing his time with the team Cravens is seeking more than 600 000 from the team in a non injury grievance from 2017 after the Redskins put him on the reserve left squad list as he was recovering from a concussion
2 years later and I m still fighting the Skins on something they ve continued to do countless time sic Cravens wrote Which is why the best tackle in the game refuses to play for them now Same reason I left Mishandled injuries and withheld info All evidence points to them being guilty
Williams has been with the Redskins since they took him fourth overall in the 2010 draft Geron Christian who appeared in two games as a third round rookie last year has worked at left tackle in his absence
Field Level Media |
WMB | Top U S lawmaker demands answers in Jeffrey Epstein s death | By Sarah N Lynch and Makini Brice WASHINGTON Reuters U S Attorney General William Barr ordered the removal of the warden at the federal jail where financier Jeffrey Epstein was found dead in an apparent suicide while awaiting trial on sex trafficking charges the Justice Department said on Tuesday after condemning serious irregularities at the facility The staff shakeup at the Metropolitan Correctional Center MCC in lower Manhattan announced by the department included temporarily reassigning the warden to another post within the federal Bureau of Prisons appointing a temporary replacement and placing two corrections officers assigned to Epstein s unit on administrative leave pending the outcome of investigations Epstein was found dead on Saturday morning having apparently hanged himself in his cell The department s announcement of the staff changes was made hours after President Donald Trump said he wanted a full investigation into the circumstances surrounding Epstein s death Additional actions may be taken as the circumstances warrant Kerri Kupec a Justice Department spokeswoman said in a statement Epstein who once counted Trump and former President Bill Clinton as friends was arrested on July 6 and pleaded not guilty to charges of sex trafficking involving dozens of underage girls as young as 14 Kupec said James Petrucci the warden at Federal Correctional Institution Otisville in New York was named as acting MCC warden The previous warden was reassigned to the bureau s Northeast Regional Office Kupec added The corrections officers were not identified The department did not name the warden who was reassigned but sources familiar with the matter identified him as Lamine N Diaye who formerly was in charge of the Bureau of Prisons office of internal affairs Barr the top U S law enforcement official on Monday vowed to carry on the Epstein investigation following the death of the wealthy and well connected money manager Barr said he was appalled at the jail s failure to adequately secure this prisoner Barr cited serious irregularities at this facility but did not offer specifics The 66 year old financier had been on suicide watch but a source familiar with the matter who spoke on condition of anonymity said he was not on watch at the time of his death At the MCC two jail guards are required to make separate checks on all prisoners every 30 minutes but that procedure was not followed overnight according to the source Trump earlier on Tuesday praised Barr s handling of the matter adding I want a full investigation and that s what I absolutely am demanding That s what our attorney general our great attorney general is doing Speaking to reporters in Morristown New Jersey Trump also defended his decision on Saturday to retweet an unfounded conspiracy theory from a conservative comedian named Terrence K Williams NYSE WMB that Clinton was involved in Epstein s death He s a very highly respected conservative pundit said of Williams He s a big Trump fan And that was a retweet That wasn t from me So I think I was fine New York City s medical examiner has said an autopsy on Epstein was completed on Sunday but the cause of death remained pending U S lawmakers have demanded that the government hold responsible people who allegedly helped Epstein engage in sex trafficking Senator Ben Sasse the Republican chairman of the Senate Judiciary Oversight Subcommittee urged Barr to void a 2008 agreement that Epstein entered into with federal prosecutors in Florida that has been widely criticized as too lenient Under that deal Epstein pleaded guilty to state prostitution charges and served 13 months in jail but was allowed to leave the detention facility regularly for his office CROOKED DEAL Some of Epstein s accusers have called on the federal judge overseeing that case to scrap portions of the agreement which provided immunity to Epstein s alleged co conspirators In a letter to Barr Sasse said the agreement should be thrown out altogether This crooked deal cannot stand and should be voided to ensure that some measure of justice is finally delivered to Epstein s victims who have been let down time and time again by their government Sasse said One of the prosecutors involved in the 2008 agreement Alexander Acosta resigned as Trump s labor secretary in July as the Epstein deal came under fresh scrutiny after the financier s arrest in New York The Epstein scandal has also enmeshed Leslie Wexner the billionaire chairman and chief executive behind Victoria s Secret and Bath Body Works parent L Brands Inc NYSE LB who had previously entrusted Epstein to manage his personal finances and serve as trustee of his charitable foundation Wexner recently hired white collar defense lawyer Mary Jo White a partner at Debevoise Plimpton LLP and former U S attorney in Manhattan according to a person familiar with the matter as scrutiny of Epstein s finances intensifies Wexner has not been accused of criminal wrongdoing CNN earlier reported Wexner s hiring of White
Neither White nor a representative for Wexner immediately responded to requests for comment A spokesman for U S Attorney Geoffrey Berman in Manhattan declined to comment |
WMB | Kerber knocked out by Estonian Kontaveit in Cincinnati | Reuters Former world number one Venus Williams NYSE WMB playing what she called smart tennis beat defending champion Kiki Bertens of the Netherlands in three sets in the second round of the Cincinnati Masters on Tuesday I just tried not to go too big because I can go so big and I have a lot of power and it s not always easy to control it Williams said after the 6 3 3 6 7 6 4 victory So I m trying to play smart instead of going hog wild which is extremely easy to do Williams surged ahead 3 0 in the third set thanks to some excellent volleying but struggled to put away Bertens as she committed numerous errors when serving for the match at 5 3 Bertens held at 5 5 and then forced a tie break with an ace Williams however took control of the tie break moving ahead 3 0 and 6 2 before sealing the win Germany s 13th seed Angelique Kerber also exited the tournament when she lost to Estonia s Anett Kontaveit 7 6 7 6 2 The 23 year old Kontaveit came from 5 3 down and saved a set point at 6 5 in the opening set against the former world number one She broke Kerber twice to win the second set winning the first nine points and two holds to love gave her a 4 0 lead Swiss 12th seed Belinda Bencic retired with a foot injury when trailing Victoria Azarenka 6 4 1 0 Former world number one Azarenka will face Donna Vekic in the second round after the Croatian beat Czech Katerina Siniakova 6 4 6 3 American Madison Keys also beat fellow big hitter Garbine Muguruza of Spain 6 7 4 7 6 5 6 4 Russia s Ekaterina Alexandrova wasted little time in beating Carla Suarez Navarro of Spain 6 4 6 1 in 56 minutes while China s Zheng Saisai beat Viktoria Kuzmova of Slovakia 6 3 6 1 Serena Williams is scheduled to play later on Tuesday against Kazakh Zarina Diyas The 10th seeded American had withdrawn from the Rogers Cup final in Toronto on Sunday due to back spasms |
WMB | Mexico Trade Talks Resume Today Deal Or No Deal | As of 7 00 a m CST
Foreign Markets Fair Value and Volume
In Asia 6 out of 11 markets closed higher Shanghai Comp 1 17 Hang Seng 0 26 Nikkei 0 01
In Europe 13 out of 13 markets are trading higher CAC 0 65 DAX 0 73 FTSE 0 66
Fair Value S P 0 77 NASDAQ 4 66 Dow 6 65
Total Volume 1 73 million ESM 295 SPM traded in the pit
Today s Economic Calendar
Today s economic calendar includes Challenger Job Cut Report 7 30 AM ET International Trade 8 30 AM ET Jobless Claims 8 30 AM ET Productivity and Costs 8 30 AM ET Robert Kaplan Speaks 8 40 AM ET Quarterly Services Survey 10 00 AM ET EIA Natural Gas Report 10 30 AM ET John Williams NYSE WMB Speaks 1 00 PM ET Fed Balance Sheet Money Supply 4 30 PM ET
S P 500 Futures ES Up 100 handles In 2 Days
Chart courtesy of Scott Redler RedDogT3 Good morning Mixed markets around the World spx futures 8 Ignoring the Mexico US News spx is opening above 2827 and has a big resistance zone at 2840 2850 to trim longs and perhaps look for cute shorts
The bulls are doing a bang up job just as President Trump threatens another neighbor and trading partner with tariffs Soon the U S will be negotiating with China EU Canada and Mexico while in a war of words with North Korea and Iran There is a lot going on and while we cant rule out a few drops we feel the pops will be bigger It s just how it works the ES takes bad news and makes good of it
Yesterday overnight strength was quickly derailed after the 8 30 CT bell After rallying a few handles up to 2821 75 sellers immediately stepped in and proceeded to pound the futures down first stopping and 2808 75 and eventually puking down to a new low at 2801 00
Once the low was in the ES did an about face and with the help of some buy programs and a few trade headlines by 11 00 had traded back up to the RTH opening range The bulls would remain in charge for the rest of the day and would eventually take out the Globex high
Going into the end of the session the futures springboarded when the 2 45 cash imbalance reveal came out showing 635 million to buy and printed 2827 25 on the 3 00 cash close and 2827 50 on the 3 15 futures close up 22 handles on the day
In the end the overall tone of the ES was strong printing new highs on the close In terms of the days overall trade total volume was average with 1 7 million futures contracts traded
Original Post |
WMB | G20 Four Days And Counting | Index Futures Net Changes and Settlements
Foreign Markets Fair Value and Volume
In Asia 7 out of 11 markets closed lower Shanghai Comp 0 87 Hang Seng 1 15 Nikkei 0 43
In Europe 11 out of 13 markets are trading lower CAC 0 10 DAX 0 06 FTSE 0 01
Fair Value S P 4 46 NASDAQ 27 64 Dow 7 66
Total Volume 902K ESU 230 SPU traded in the pit
As of 7 00 a m CST
Today s Economic Calendar
Today s economic calendar includes the 8 Week Bill Settlement John Williams NYSE WMB Speaks 8 45 AM ET Redbook 8 55 AM ET S P Corelogic Case Shiller HPI 9 00 AM ET FHFA House Price Index 9 00 AM ET New Home Sales 10 00 AM ET Consumer Confidence 10 00 AM ET Richmond Fed Manufacturing Index 10 00 AM ET Raphael Bostic Speaks 12 00 PM ET Jerome Powell Speaks 1 00 PM ET and James Bullard Speaks 6 30 PM ET
S P 500 Futures Low Volume Grind
Chart courtesy of Scott Redler RedDogT3 spx futures 5 as the Markets try and prove they can hold higher with all the macro tensions and Sector Divergences
During Sunday nights Globex session the S P 500 futures ESU19 CME printed a high of 2961 75 a low of 2947 25 and opened Monday s regular trading hours at 2956 25
After the 8 30 CT bell the ESU made a quick trip down to 2952 75 and then settled into a quiet 7 handle range for the rest of the morning and into the afternoon It was not a setup for day traders to hold onto runners You definitely had to play both sides to make any money I personally sat on my hands for most of the day
By 2 15 the futures had finally broken out of the range and printed a new RTH low at 2950 50 Other than that there was very little excitement going into the close
When the MiM reveal came out showing 597 million to buy the ES was trading at 2952 50 It would then go on to print 2950 75 on the 3 00 cash close and 2952 25 on the 3 15 futures close up 2 handles on the day
In the end the overall tone of the ES was firm but slow In terms of the days overall trade total volume was low with only 900K futures contracts traded
Original Post |
WMB | Why Is Williams Sonoma WSM Up 26 Since Last Earnings Report | It has been about a month since the last earnings report for Williams Sonoma WSM Shares have added about 26 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 Q1 Earnings Revenues Beat EstimatesWilliams Sonoma Inc reported better than expected results in first quarter fiscal 2019 Non GAAP earnings of 81 cents per share surpassed the Zacks Consensus Estimate of 68 cents by 19 1 The figure also grew 21 year over year Moreover revenues of 1 241 1 million beat the consensus mark of 1 222 million by 1 6 and grew 3 2 year over year Comps increased 3 5 in the fiscal first quarter compared with 2 4 growth in fourth quarter fiscal 2018 Yet the reported figure was down from 5 5 in the year ago quarter The company s West Elm brand s comps grew 11 8 compared with 9 growth in the prior year quarter Pottery Barn and Pottery Barn Kids and Teen grew 1 5 and 1 2 versus 2 7 and 5 3 in the prior year quarter respectively However the Williams NYSE WMB Sonoma brand s comps declined 1 6 in the quarter compared with 5 6 comps growth registered in the year ago period Operating HighlightsNon GAAP gross margin was 35 9 down 10 basis points bps from first quarter fiscal 2018 The downside was mainly due to higher shipping costs primarily driven by a greater mix of furniture sales This was partly offset by benefits from product margin expansion and strong occupancy leverage Non GAAP selling general and administrative SG A expenses accounted for 28 9 of net revenues compared with 29 7 in the year ago quarter reflecting a decrease of 80 bps owing to leverage across advertising employment and general expenses thanks to benefits from cost savings initiatives Non GAAP operating margin was 7 in the quarter up 70 bps year over year FinancialsWilliams Sonoma reported cash and cash equivalents of 107 7 million as of May 5 2019 compared with 339 million on Feb 3 2019 During the fiscal first quarter the company invested 36 million and returned more than 70 million to stockholders through dividends and share repurchases comprising 37 million in dividends and 34 million in share repurchases Fiscal 2019 Guidance LiftedGiven solid fiscal first quarter and the growth trend witnessed by Williams Sonoma in early second quarter the company now expects non GAAP earnings per share in the band of 4 55 4 75 up from the prior expectation of 4 50 4 70 Net revenues are projected in the range of 5 670 5 840 billion Comps are likely to grow 2 5 year over year Non GAAP operating margin is expected to be in line with the fiscal 2018 level It expects an incremental buyback of shares under a repurchase authorization of approximately 678 million The company expects to close 30 stores during the year bringing down the total store count to 595 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 thereby driving operating margin stability 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 fresh estimates
VGM Scores
At this time Williams Sonoma has a subpar Growth Score of D however its Momentum Score is doing a lot better with a B Following the exact same course 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 C If you aren t focused on one strategy this score is the one you should be interested in
Outlook
Estimates have been broadly trending upward for the stock and the magnitude of these revisions looks promising It comes with little surprise Williams Sonoma has a Zacks Rank 2 Buy We expect an above average return from the stock in the next few months |
WMB | Danske Daily Beyond The Trade Ceasefire | Market movers today
In Brussels EU leaders will resume their quest to fill the European top posts after they failed to do so at a marathon summit stretching from Sunday to Monday Discussion continues to centre on the Dutch Socialist lead candidate Frans Timmermans for the Commission Presidency
In the US we have two interesting Fed speakers Williams NYSE WMB voter neutral and Mester voter hawkish It will be interesting to hear their take on the trade standoff between the US and China and if there are any hints about the July rate decision
Overnight we get service PMIs in Japan and China For both countries it should give us more information about how the domestically oriented part of the economy is doing although in the case of China the service PMI is quite volatile Like in Europe the services sector has been more robust than the manufacturing sector
In Denmark we get the FX reserve figures Danmarks Nationalbank has not intervened in the FX markets since January even though the DKK has at times traded somewhat on the weak side However the DKK strengthened in June Danmarks Nationalbank is also scheduled to release May s securities and foreign portfolio investment figures
Selected market news
With the G20 meeting out of the way market focus has returned to macro numbers to gauge how aggressive central banks will be in their easing steps in the coming months In that light yesterday s June manufacturing PMIs did not bring much to lighten the mood Across Asia the US and Europe the message was one of shrinking factory activity in a sign that the global manufacturing cycle took another hit at the end of Q2 Japan s Tankan confidence index dropped to a three year low while the Chinese Caixin PMI fell back below the 50 threshold In Europe another marked decline in the periphery PMIs points to a clear risk that the manufacturing sector will return as a drag on growth in Q2 see Euro Area Research Catching up with reality In the US the ISM manufacturing index fell back to the lowest level since October 2016 amid a sharp fall in new orders as the delayed impact from the tariff warfare is taking its toll on US companies
After global stocks rallied following the US China trade ceasefire over the weekend the mood turned more sceptic about a fast turnaround in the global cycle following the lacklustre PMI signals and news that Washington is considering further tariffs worth EUR4bn on EU goods in retaliation for Airbus subsidies 10Y German Bund yields dropped to a new all time low of 0 35 while the periphery fixed income markets saw further support from news that the Italian government is considering reigning in spending to avert EU budget sanctions OPEC decided yesterday to extend output cuts by nine months The decision was widely as expected after Saudi Arabia and Russia had agreed on this at a bilateral meeting over the weekend Consequently there was a limited impact on oil prices
Key figures and events |
WMB | Euro Hits Lows On German Data Miss | Retail sales fail to rebound
German retail sales failed to match expectations of a 0 5 rebound on a month by month basis in May and instead declined for the third month in a row Sales fell 0 6 m m below forecasts of a 0 5 rebound but were still better than April s 2 0 drop EUR USD slid to the lowest level since June 20 but has since rebounded to 1 1291
RBA cuts as expected
The Reserve Bank of Australia cut its benchmark rate by 25bps for the second consecutive meeting today confirming expectations of the majority of analysts The central bank stated that the moved was intended to reduce unemployment and promote economic growth while inflation remains in a benign environment Having held rates unchanged for more than two years and often hinting that the next move could be a hike the RBA has cut rates to record levels for the past two meetings
AUD USD fell to an intraday low of 0 6958 in a knee jerk reaction but failed to make it past yesterday s 0 6956 low and a technical rebound ensued The RBA stated it will continue to monitor developments in the labour market closely and adjust monetary policy if needed to support sustainable growth in the economy and the achievement of the inflation target over time The FX pair is now at 0 6983 marginally higher than pre decision
AUD USD Daily Chart
Central Bank speakers on tap
Hot on the heels of the RBA s rate cut Governor Lowe is scheduled to speak at 0930GMT and is quickly followed by the Fed s Williams NYSE WMB at 1035GMT On the data front most releases are second tier with the US Redbook index and Canada s Markit manufacturing PMI the main events schgeduled Bank of England s Carney will round off today s session
Original Post |
WMB | U S To Impose European Sanctions | Index Futures Net Changes and Settlements
Foreign Markets Fair Value and Volume
In Asia 7 out of 11 markets closed higher Shanghai Comp 0 03 Hang Seng 1 17 Nikkei 0 11
In Europe 8 out of 13 markets are trading higher CAC 0 07 DAX 0 08 FTSE 0 50
Fair Value S P 3 79 NASDAQ 25 96 Dow 8 76
Total Volume 1 44 million ESU 204 SPU traded in the pit
As of 7 00 a m CST
Today s Economic Calendar
Today s economic calendar includes Motor Vehicle Sales the 8 Week Bill Settlement John Williams NYSE WMB Speaking at 6 35 AM ET Redbook 8 55 AM ET and Loretta Mester Speaking at 11 00 AM ET
S P 500 Futures First Trading Day Of The New Quarter
Chart courtesy of Scott Redler RedDogT3 spx futures 5 as market need to prove this is a breather vs a breakout failure
After gapping higher 25 handles to open Sunday nights Globex session at 2970 00 the S P 500 futures ESU19 CME retraced to print a low at 2963 00 then rallied to print a new all time high at 2981 00 and opened Monday s regular trading hours RTH at 2979 25
The ESU immediately popped after the 8 30 CT bell to take out the Globex high printing another new all time high at 2981 75 before taking a step back It was a negative news kind of day and every headline that hit the tape drove the futures lower By 1 30 the ES had bottomed out at 2955 50 essentially filling the overnight gap
According to the Stock Trader s Almanac the first trading day of July is the best performing first day of all 12 months with the S P 500 advancing 85 7 of the time average gain 0 42 The guys with the better seats were well aware of this and by the time the MiM reveal came out showing 1 3 billion to buy MOC the ES had rallied 12 handles off its RTH low
Going into the end of the session the futures continued to rally printing 2968 25 on the 3 00 cash close and 2967 75 on the 3 15 futures close up 23 50 handles on the day
Original Post |
C | CORRECTED CORRECTED FEATURE Singapore star rises as Switzerland stumbles | Corrects story published on Dec 14 to remove reference in
paragraph 14 to IMF list that has been discontinued
By Neil Chatterjee and John O Donnell
SINGAPORE FRANKFURT Dec 14 Reuters As pressure mounts
on Switzerland s flagship bank UBS and the country s secrecy
code comes under fire from the United States and Germany
Singapore s star as a haven for the super rich is rising fast
The sun drenched Asian city state with the highest density
of millionaires in the world is seeing wealth management
prosper as the U S and Europe grapple with the worst slump in
a generation
Singapore s strict bank secrecy rules seem likely to be
spared an assault similar to the one that Berne is defending
now following the charging of UBS s wealth management chief
for helping Americans hide money
With close ties to powerful Asia Singapore is in a
stronger position to resist pressure from the U S than rival
Switzerland or Alpine retreat Liechtenstein which recently
partially surrendered bank secrecy
It s a wealth centre said Martyn Schilte a manager in
charge of selling million dollar supercars in Singapore If
you look at the type of client we sell to it s people with a
net worth of 50 million plus
The city state has its sights on attracting the world s
wealthy to its palm tree lined coastline where some apartments
come with a private yacht berth Its plan is working
As Asia s elite move billions to the country assets under
management soared by a third last year to more than 800
billion
The amount may be small compared to Switzerland Singapore
had 500 billion in offshore assets under management last year
according to the Boston Consulting Group compared to four
times as much in Switzerland
But it puts the region on the map for banks hoping to
capitalise on a more resilient Asia as the West slows
As jobs cuts cloud London and New York banks such as
Credit Suisse and Macquarie Group are hiring
wealth management staff in Singapore despite a local
recession
Bank of China 3988 HK is one of the latest to plan a
wealth management arm in the Southeast Asian country hoping to
meet millionaires such as those who recently gathered to buy
and sell private jets on the sidelines of a Formula One night
race
Singapore has developed a lot and has all the ingredients
to compete internationally said Deepak Sharma an executive
in charge of Citigroup s global wealth management
business outside the United States
NO SURRENDER
Like tax hideout Monaco Singapore has a hard line on bank
secrecy It has not agreed to the Organisation for Economic
Cooperation and Development s OECD standards of transparency
and exchange of information
Singapore which is trying to grow financial services to
wean dependence on manufacturing is targeted by a proposed new
U S anti tax abuse law
Another country that had similarly shunned the OECD
Liechtenstein recently agreed to a landmark deal with the
U S paving the way for the exchange of bank account details
with Washington in cases of tax evasion
The agreement may pressure Switzerland into similar
concessions which could work to Singapore s advantage
Singapore Prime Minister Lee Hsien Loong said this month
such scrutiny in the West could lead to more European money
flowing into the country a hot talking point in the industry
It is interesting to notice a growth in the number of
European clients booking wealth through Singapore which unlike
Switzerland does not recognise the European tax directive
said Sebastian Dovey of consultancy Scorpio Partnership
But European cash comes with the risk that Singapore too
could be targeted in the crackdown on tax havens I expect
Singapore to come under pressure too Prime Minister Lee
said
The U S told Singapore and its banks last year to sever
financial links with Myanmar s military junta widely believed
to use the city state as its main offshore banking centre
Increasingly Singapore is looking out on a limb said
Jeffrey Owens director of the OECD s Centre for Tax Policy
Administration
It s for the Singapore government to assess how the
political climate is changing to protect the reputation of the
Singapore brand he said
Singapore s central bank said confidentiality laws were no
shield for criminal activities and that banks could disclose
customer information to assist such investigations
PANDORA S BOX
Singapore is in a stronger position to resist the strong
arm of Washington
Singapore experts in the region point out is a U S
military ally and one of the few Asian countries with a
deepwater port that could hold a U S aircraft carrier
Brussels too may shy away from a fight as it is unclear how
many Europeans park money in Singapore Bankers played down its
significance as a destination for European money and said most
comes from Asia and in particular Indonesia
Singapore s central bank says over half the money managed
in the city state came from outside the Asia Pacific although
this includes pension funds and hedge funds as well as private
banking
Ultimately however it may be politics that makes throwing
down the gauntlet to Singapore difficult To do so said
experts would be an indirect challenge to China
If I were the Singapore government I would not sign
unless it s on equal footing with Hong Kong the key
competitor said Roman Scott managing director of consultancy
Calamander Capital
The European Union said Scott is not putting pressure on
Hong Kong however because it is reluctant to confront
Beijing
Furthermore any agreement with Europe could pave the way
for demands for the same treatment from countries such as
Indonesia Thailand or Taiwan
That is one of the reasons for the resistance as they do
not want to open a Pandora s box said Scott
They are scared what might come up The European customers
are minor what s more important is that you do not want to
open up everything for everybody
Additional reporting by Laurence Tan and David Fogarty in
Singapore and Lisa Jucca in Zurich Editing by Megan Goldin |
C | UPDATE 1 ASEAN signs trade agreements to ward off slowdown | Updates with analyst quotes
By Melanie Lee and Neil Chatterjee
SINGAPORE Dec 16 Reuters Southeast Asian nations
signed three economic agreements on Tuesday to encourage
investment and reduce tariffs as the region looks to integrate
economically and fend off the ill effects of an ailing global
economy
Growth in Southeast Asian economies has slowed dramatically
in light of the worsening health of the global economy
Analysts said the trade agreements could be a welcome bulwark
against increased national protectionism but were no
short term fix
It s a long term process not a magic solution to the
current problems The G3 countries are experiencing a sharp
downturn and it s unclear how much of a spillover there will be
to ASEAN countries said David Cohen regional economist at
consultancy Action Economics in Singapore
The trade agreements by the Association of Southeast Asian
Nations ASEAN follow the implementation of a charter in
Jakarta on Monday that is aimed at setting up an economic bloc
of half a billion people by 2015
But ASEAN with varied political systems vastly different
economic situations and often dismissed by experts as a talk
shop may find its aims blown off course by the financial
crisis Singapore s foreign minister admitted in Jakarta
there could be an increased tendency towards protectionism in
a region that has struggled to liberalise its air space or
allow investment by neighbours in strategic industries
It hasn t got any worse maybe that s all we can be
thankful for said Cohen Anything they can do to stimulate
regional demand would be good
The three agreements signed on Tuesday include the ASEAN
Trade in Goods Agreement to reduce tariffs on traded goods and
to provide a clear framework of custom procedures
Intra ASEAN trade which accounts for one quarter of total
ASEAN trade was valued at 404 3 billion in 2007 said a
Malaysian press statement
The ASEAN Framework Agreement on Services aims to improve
the efficiency and competitiveness of the region s air travel
healthcare and tourism
Finally the ASEAN Comprehensive Investment Agreement aims
to protect investors by levelling the playing field and
providing compensation for investors who become negatively
affected if a country modifies their commitments
If you look at the global environment for the next one
two years foreign investments are likely to come down and
ASEAN must continue in its efforts to make itself a very
attractive regional venue for foreign investment Lim Hng
Kiang Singapore s trade minister told reporters
Trade ministers from Singapore Malaysia Indonesia
Cambodia and Laos and a senior official from Brunei took part
in the signing ceremony The other members of ASEAN the
Philippines Thailand Vietnam and Myanmar were not
represented
All three agreements were based on older frameworks that
have been refined
ASEAN needs to implement the principles they put out long
ago Even before the Asian crisis in the early 1990s they
were concerned about the rise of China and the solution put out
at that time was the need to create a more homogeneous market
said Don Hanna the head of Citigroup s Asia Pacific economic
and market analysis
Additional reporting by Kevin Lim Editing by Kazunori
Takada |
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