TOP NEWS
MARKET CURRENTS
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4:01 AM Forest Laboratories (FRX) is reportedly among several mid-sized pharmaceutical companies that are interested in bidding for Irish drugmaker Elan (ELN). The speculation comes a day after Royalty Pharma gave up in its hostile attempt to acquire Elan for up to $8B. Jefferies analyst Corey Davis says that a deal could help reduce the buyer's tax rate, as Elan is based in Ireland. Comment! [M&A, Top Stories, Healthcare]
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3:52 AM The mayhem caused by the Fed daring to suggest that it could soon start cutting off the liquidity extends to the European bond markets. Ten-year yields on French bonds +13 bps to 2.24, Germany +11 bps to 1.67%, Italy +18 bps to 4.43%, Portugal +15 bps to 6.22%, Spain +16 bps to 4.69%, U.K. +15 bps to 2.28%. It's worth noting that Japanese 10-year yields are up just 3 bps at 0.84%. 1 Comment [Global & FX, Top Stories, On the Move]
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3:44 AM European shares (FEZ) follow the herd and slide sharply on the Bernanke sell-off and weak Chinese manufacturing activity, with mining firms in particular bearing the brunt. EU Stoxx 50 -1.8%, London -1.2%, Paris -1.8%, Frankfurt -1.9%, Madrid -1.3%, Milan -1%. Comment! [Global & FX, Top Stories, On the Move]
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3:37 AM Flash German Manufacturing PMI 48.7 in in June vs 49.4 in May and consensus of 49.8; services 51.3 vs 49.7 and 50; manufacturing output 50.1 vs 51.1; composite output 50.9 vs 50.2. "The headline PMI signaled growth," says Markit. "However, a look at the other sub-indices paints a worrying picture for the future. The drop off in new business intensified and employment was cut for a second month running." Then there's the effect of the widespread flooding, which hasn't yet shown up in the numbers. (PR) Comment! [Top Stories, Global & FX, Breaking News]
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3:30 AM Flash French manufacturing PMI rises to 48.3 in June from 46.4 in May and vs consensus of 47; manufacturing output 48.1 vs 45.2 in May; services 46.5 vs 44.3 and consensus of 44.8; composite output 46.8 vs 44.6 in May. "Conditions remain weak in France, but the latest Flash PMI data offer further evidence that the decline in output has eased," says Markit. The slower fall in activity was broad-based...reflecting less marked reductions in new business." (PR) Comment! [Global & FX, Top Stories]
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3:17 AM While the dollar rises following the FOMC's various statements and comments yesterday, commodities (DBC) sell off, with gold -3.3% (GLD) to 1,328.85 per ounce, well below the key support level of $1,349. Silver (SLV) -4.3%, Oil -1.8% (USO), copper -1.6% - also dragged down by the poor Chinese PMI print - palladium -1.6% and natural gas (GAZ) -0.8%. 1 Comment [Commodities, On the Move, Global & FX, Top Stories]
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3:09 AM The dollar strengthens across the board following the Ben Bernanke Show yesterday. "Bernanke was more explicit than markets had expected. Rising U.S. yields will spur broad dollar buying. The dollar's direction is now set," says Credit Agricole's Yuji Saito. USD-JPY (FXY) +1.1%, USD-EUR +0.3%, USD-GBP (GBB) +0.3%, USD-AUD +0.6%. 1 Comment [Global & FX, U.S. Economy, Top Stories, On the Move]
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2:43 AM HSBC Chinese manufacturing PMI has fallen to a nine-month low of 48.3 in June from 49.2 in May and vs consensus of 49.4; manufacturing output index 48 vs 50.7. "Manufacturing sectors are weighed down by deteriorating external demand, moderating domestic demand and rising de-stocking," says HSBC. Beijing's preference for reform over stimulus will have a limited impact in the short term, so HSBC expects "slightly weaker growth in Q2." (PR) Comment! [Global & FX, Top Stories]
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12:10 AM Notable earnings after Thursday’s close: ORCL, TIBX Comment! [Earnings]
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12:05 AM Notable earnings before Thursday’s open: IHS, KR, PIR, RAD Comment! [Earnings]
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TOP ARTICLES4:15 AM ET THURSDAY JUN 20
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