TOP NEWS
- Markets tumble as Bernanke signals QE's end
- Chinese manufacturing PMI shrinks further
- Eurozone factory PMI hits 16-month high
- U.K. banks need to raise £27.1B
- Sony CEO Kirai stays wary of spin-off
- U.K. to "urgently investigate" splitting RBS
- Report: Microsoft held buyout talks with Nokia
- 3D printer firm Stratasys to buy MakerBot
MARKET CURRENTS
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6:17 AM The Swoosh is going digital: Nike (NKE) is encouraging software developers to view the company's FuelBand device for monitoring user activity as a platform for creating apps. "The more uses there are for the FuelBand, the more it becomes something you will never take off," says Nike's Stefan Olander. It's all part of an attempt by Nike, which has had an uneven experience with gadgets, to think more like a technology company. Comment! [Tech, Consumer]
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6:01 AM Rio Tinto (RIO) intends to begin exporting copper from its $6.2B Oyu Tolgoi mine in Mongolia tomorrow after receiving permission from the government to hold the revenue it generates from such sales anywhere it wants. Mongolia had demanded that Rio keep all the income in the country, prompting the miner to delay the start of exports. Oyu Tolgoi's production is forecast to average 330,000 tonnes of copper a year and 495,000 ounces of gold. Comment! [Commodities]
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5:53 AM The rate of HPV, a sexually transmitted virus that is the main cause of cervical cancer, has dropped 56% drop among 14-19 year-old young women since the first vaccine was introduced by Merck (MRK) in 2006. The results have been so good that the director of the Centers for Disease Control & Prevention, Thomas Frieden, wants to "protect a generation from cancer" by increasing vaccination. Merck's drug, Gardasil, generated $1.6B in sales in 2012, while one from GlaxoSmithKline (GSK), Cervarix, earned $428M. Comment! [Healthcare]
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5:36 AM Eurozone finance ministers are due to decide today when and how the European Stability Mechanism (ESM) can be used to bail out distressed banks, with the issue one of the vital elements in creating a European banking union. The Eurogroup will decide how much a government would have to contribute to a bailout in its own country, who would take haircuts, and whether the ESM would become a shareholder in an institution it rescued. Comment! [Global & FX, Top Stories, Financials]
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5:01 AM The British government "will urgently investigate" the case for splitting RBS (RBS) into "good" and "bad" banks, Finance Minister George Osborne said yesterday. The decision will depend on whether the move would support the economy, if it were in the interests of taxpayers, and if it were to speed up RBS's return to private ownership, which is some way off. However, Lloyds (LYG) is in good enough shape for the government to start selling its 39% stake in the bank within months. 2 Comments [Financials, Top Stories]
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4:47 AM The British banking sector needs to formulate plans to raise a combined £13.4B in order to meet Basle III capital requirements, the Bank of England's Prudential Regulation Authority said today. Banks had a total shortfall of £27.1B at the end of 2012 and have already drawn up programs to raise £13.7B, although some of the proposals need regulatory approval. RBS's (RBS) shortfall was £13.6B, Lloyds' (LYG) was £8.6B and Barclays was £3B. However, the U.K. units of Banco Santander (SAN), HSBC (HBC) and Standard Chartered (SCBFF.PK) were in surplus. (PR) Comment! [Top Stories, Financials, Global & FX]
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4:26 AM Sony (SNE) CEO Kazuo Kirai told the company's shareholders meeting that it will take its time in considering Daniel Loeb's proposal to partially spin off its successful entertainment division and use the funds to boost its struggling hardware operations. "The entertainment business plays an important role in Sony’s future growth" and so shouldn't be let go. Hirai said. "This proposal strikes at the heart of what kind of company Sony ultimately will become in the future." Comment! [Tech, Consumer, Top Stories]
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4:11 AM Eurozone flash manufacturing PMI edged up to a 16-month high of 48.7 in June from 48.3 in May and vs consensus of 48.6; services 48.6 vs 47.2 and 47.5; composite index 48.9 vs 47.7 and 48.1; manufacturing output 48.9 vs 47.7 in May. While business activity contracted, says Markit, "there are reassuring signs that the downturn is continuing to ease" across the eurozone. GDP is likely to have again shrunk in Q2, but "the region could stabilize in the third quarter and return to growth in the fourth quarter." (PR) Comment! [Global & FX, Top Stories, Breaking News]
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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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TOP ARTICLES6:26 AM ET THURSDAY JUN 20
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LATEST ARTICLES
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