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Breaking News

  • Wednesday April 23, 4:36 AM ET
    • The Bank of England's Monetary Policy Committee voted unanimously, as expected, to keep interest rates at 0.5% and against more quantitative easing at a meeting earlier this month, the minutes of the meeting show.
    • Meanwhile, the U.K.'s Public Sector Net Borrowing dropped to £4.86B in March from £7B in February and was well below consensus of £9.1B. (PR)
    [Global & FX, Top News, Breaking News] Comment!
  • Wednesday April 23, 4:29 AM ET
    • Lockheed Martin (LMT) has won an order from Australia for 58 F-35 Joint Strike Fighters in a deal worth $11.6B, making the country one of the largest international customers for the plane.
    • The booking will increase Australia's fleet of F-35s to 72, and the government has retained an option to buy another 18 aircraft.
    • The deal comes as Lockheed Martin faces governmental budget restrictions across the world, which has prompted countries to cut back their orders for the F-35.
    [Top News] Comment!
  • Wednesday April 23, 4:17 AM ET
    • Eurozone flash manufacturing PMI has increased to 53.3 in April from 53 in March and missed consensus that was also 53.
    • Services has risen to a 34-month high of 53.1 from 52.2 and vs 52.4.
    • Composite output has climbed to a 35-month high of 54 from 53.1 and vs 53.1.
    • Manufacturing output has increased to 56.5 from 55.6.
    • The growth was led by Germany, while France stabilized.
    • The data indicates that eurozone GDP is on course to rise 0.5% in Q2 following 0.4% growth in Q1.
    • The bloc experienced a return to job creation, says Markit, suggesting that companies believe "that the recovery has legs and is looking increasingly sustainable." However, Markit warns of "growing fears that deflationary pressures are intensifying."
    • The euro rises further, having gained a boost from German PMI, and is +0.25% at $1.3839. (PR)
    • ETFs: FXE, VGK, EUO, FEZ, ERO, IEV, EU, EPV, EZU, HEDJ, DRR, FEU, FEP, UPV, EUFX, ULE, ADRU, FEEU, URR, EURL, EURZ, DBEU, FIEU
    [Global & FX, Top News, On the Move] 1 Comment
  • Wednesday April 23, 4:03 AM ET
    • ARM Holdings' (ARMH) Q1 net profit rose to £62.3M ($104.7M) from £51.9M a year earlier.
    • EPS increased to 4.4 pence from 3.7 pence.
    • Revenue climbed 10% to £186.7M ($305.2M).
    • Adjusted pretax profit rose 9% to £97.1M.
    • Processor licensing revenue +38% in dollar terms; underlying processor royalty revenue +8%.
    • 2.9B chips using ARM technology shipped, +11%.
    • ARM signed 26 processor licenses across multiple markets, including mobile computing, enterprise networking and chips for "Internet of Things" devices.
    • ARM's pipeline "remains healthy for Q2 and the rest of the year," the company said. It expects FY dollar revenues to be in line with market expectations, assuming the semiconductor industry improves in H2, as is generally anticipated. Consensus is for $1.31B.
    • Shares are -2% in London. (PR)
    [Earnings, Tech, Consumer] Comment!
  • Wednesday April 23, 3:44 AM ET
    • German flash manufacturing PMI has increased to 54.2 in April from 53.7 in March and topped consensus of 54.
    • Services has risen to 55 from 53 and vs 53.4.
    • Manufacturing output has climbed to 58.8 from 57.
    • Composite output has grown to to 56.3 from 54.3.
    • "A combination of increased activity, rising new orders and further employment growth across both the manufacturing and service sectors suggest companies will remain in expansion mode during the coming months," says Markit. The data indicates that "the economy is set to build on the foundation of last quarter's solid growth."
    • However, Markit warns that price data points to an "increasing risk of deflationary pressures."
    • The DAX is flat after being lower earlier, while the euro has recovered from prior losses, particularly after French PMI data, and is +0.05% at $1.3814. (PR)
    • ETFs: EWG, BUND, EWGS, DBGR, GERJ, DXGE, BUNL, FGM, BUNT, GGOV, HEWG
    [Global & FX, Top News, Breaking News] Comment!
  • Wednesday April 23, 3:31 AM ET
    • Ericsson's (ERIC) Q1 EBIT rose to 2.6B Swedish kronor ($395M) from 2.1B a year earlier but missed consensus of 3.5B kronor.
    • Net profit almost doubled to 2.12B kronor from 1.21B kronor.
    • Operating income jumped 25% to 2.63B kronor.
    • Sales dropped to 47.5B kronor from 52.03B kronor and undershot forecasts of 50.8B kronor, hurt by two major North American projects peaking in H1 2013 and by reduced activity in Japan.
    • The gross margin increased to 36.5% from 32% and topped expectations of 34%.
    • North America sales -23% and North East Asia -19%, although there was growth in China, the Middle East and Latin America. Western Europe was flat.
    • Wins five-year project from Vodafone; terms undisclosed.
    • Shares slump 5.4% in Stockholm. (PR)
    [Earnings, Tech, Top News, On the Move] Comment!
  • Wednesday April 23, 3:16 AM ET
    • French flash manufacturing PMI has dropped to 50.9 in April from 52.1 in March and missed consensus of 51.9.
    • Services has fallen to 50.3 from 51.5 and vs 51.4.
    • Manufacturing output has declined to 51.6 from 53.3.
    • Composite output has slipped to 50.5 from 51.8.
    • The weaker rise in activity "reflected stalling new business, while staffing levels were cut at a sharper rate," says Markit, adding that companies reported hesitancy among clients. "The business climate looks set to remain frail."
    • The CAC 40 (EWQ) is -0.3%, while the euro dives a bit and is now flat at $1.3808. (PR)
    [Global & FX, Top News, Breaking News] Comment!
  • Wednesday April 23, 3:04 AM ET
    • Hess Corp. (HES) is selling its assets in Thailand to the country's PTT Exploration & Production (PEXNY) for $1B. The interests comprise minority stakes in onshore and offshore natural gas and condensate fields.
    • The divestiture adds to $7.8B worth of assets that Hess sold in the year through late January. It also comes as other U.S. energy companies offload non-core interests as they look to focus on unconventional projects in North America.
    [Dividends, M&A] Comment!
  • Wednesday April 23, 2:50 AM ET
    • Allergan (AGN) has adopted a one-year stockholder rights plan following a $47B hostile takeover bid from Valeant (VRX) and Bill Ackman's Pershing Square.
    • If any unapproved investor purchases 10% or more of Allergan's stock, other shareholders will have the right to acquire discounted shares. The plan would prevent Ackman from significantly increasing his 9.7% stake and it would stop Valeant from taking its offer directly to shareholders.
    • Allergan said the plan is not designed to prevent a takeover bid that directors are in favor of; rather it "aims to provide the board with adequate time to fully assess any proposal." (PR)
    [M&A, Top News, Healthcare] Comment!
  • Wednesday April 23, 2:31 AM ET
    • Australian CPI eased to +0.6% on quarter in Q1 from +0.8% in Q4 and came in below consensus that was also +0.8%.
    • On year, inflation rose to 2.9% from 2.7% but was below forecasts of 3.2%. The latest figure compares with the Reserve Bank of Australia's target of 2-3%.
    • Core CPI +0.5% on quarter vs +0.9% and +0.7%. On year, core inflation +2.6% vs +2.6% and +2.9%.
    • The low inflation could cool speculation that the Reserve Bank of Australia may raise interest rates from a record low of 2.5%, especially with house prices surging and amid the prospect of a looming building boom.
    • "The Reserve Bank can comfortably keep interest rates at exceptionally low levels over the near term," says economist Savanth Sebastian. "Whichever way you cut it, inflation is well and truly in check."
    • The S&P/ASX 200 is +0.7% and the AUD-USD is -0.9% at $0.9285. (PR)
    • ETFs: FXA, EWA, AUD, AUSE, CROC, AUNZ, KROO, EWAS, GDAY, FAUS
    [Global & FX, Top News] Comment!
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