TOP NEWS
MARKET CURRENTS
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4:42 AM Even Japanese stocks are subject to the law of gravity (who knew?) as a confluence of factors sends the Nikkei (EWJ, DXJ) plunging 7.3% on the session (the swing from intraday high to low was ~9%). Yields on JGB 10s (JGBL) spiked above 1% at one point as an already skittish and volatile market was further rattled by what have generally been perceived as hawkish comments out of Ben Bernanke and other Fed officials on Wednesday. Yields pulled back in late trading. Compounding the problem for Japanese stocks was the yen (FXY), which has strengthened some 2% against the dollar to 101.16 most recently. (See also: China HSBC flash PMI shows contraction) Comment! [Global & FX, On the Move]
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3:17 AM China PMI shrinks for the first time in seven months, dropping to 49.6 from 50.4 in April, missing expectations. HSBC, who collect the data, didn't mince words in an appeal to Beijing: "The cooling manufacturing activities in May reflected slower domestic demand and ongoing external headwinds. A sequential slowdown is likely in the middle of Q2, casting downside risk to China's fragile growth recovery. Moreover, the further signs of labor market slackness call for more policy support. Beijing still has fiscal ammunition to do so." ETFs: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF; BONDS: RMB, DSUM, CHLC, CNY, CYB, FXCH Comment! [Global & FX]
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3:08 AM Equity futures turn sharply lower overnight, possibly in reaction to weak manufacturing data out of China and a mini-crash in Japan that left the Topix -6.9%. Factory activity in China shrunk for the first time in 7 months, reflecting "slower domestic demand and ongoing external headwinds." S&P futures currently -1.1% to 1437.50 after dropping below 1434 when European markets first opened. 7 Comments [Global & FX, Breaking News, On the Move]
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12:10 AM Notable earnings after Thursday ’s close: ARO, BLOX, CRM, GPS, MENT, MRVL, P, ROST, SHLD, SVM, WSM, ZUMZ Comment!
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12:05 AM Notable earnings before Thursday’s open: AAP, AINV, ALKS, BKE, BONT, DLTR, GME,HRL, QSII, RL, SLF, TD Comment!
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12:00 AM Thursday's economic calendar:
8:30 Initial Jobless Claims
9:00 PMI Manufacturing Index Flash
9:00 FHFA House Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 New Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Comment!
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22 May, 10:32 PM GE bucked the downtrend today, rising 0.9% as Jeff Immelt - speaking at a conference (transcript) - says the company is considering spinning off parts of GE Capital through an IPO. "In financial services, putting things up for sale with the assumption that a bank would buy it has been a fool's journey," said Immelt, "(but) the capital markets are very receptive to IPOs." The proceeds would fund more buybacks as Immelt hopes to lower the share count to 9B-9.5B shares by 2015's end (from about 10.4B currently). 1 Comment
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22 May, 10:17 PM Ford (F) says it will close its plants in Australia in 2016 as a strong aussie and high labor costs weigh heavily on the Australian manufacturing sector's ability to compete with cheap imports. The closures are expected to result in the loss of some 1,200 jobs. 2 Comments [Consumer]
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22 May, 10:09 PM More P-E insiders cash in as Oaktree Capital (OAK) prices an upsized secondary (to 7M units from 6M) at $53.50 per share. The greenshoe option is for 15%, 1.05M shares. The company is using the proceeds to take out selling insiders. Two weeks ago, Apollo Global (APO) strategic investors and managing partners offered up 21.1M shares, and its CEO Leon Black has let it be known - now is the time to harvest. OAK -0.3% to $54.25 AH. 1 Comment [Financials]
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22 May, 10:06 PM China HSBC flash PMI prints in contraction territory for the first time in seven months, coming in at 49.6, down from a final reading of 50.4 in April. The new orders sub-index falls to 49.5 (eight month low) while new export orders stabilize a bit from last month. Comment! [Global & FX, Breaking News]
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TOP ARTICLES4:49 AM ET THURSDAY MAY 23
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