Today - Friday, December 13, 2013
9:37 AMBrewers hit advertising snag in the U.K.
- Brewers in the U.K. are getting set to battle regulators over TV advertising after a single complaint about a commercial from an industry coalition group caused it to be pulled.
- The 'Let There Be Beer' campaign aimed to "re-ignite" demand in the U.K. amid soft sales before hitting the snag. Anheuser-Busch InBev (BUD), Heineken (HINKY), SABMiller (SBMRF), Carlsberg (CABGY), and Molson Coors (TAP) are united on the issue.
9:01 AMSky Deutschland to offer streaming service in Germany
- Sky Deutschland (FOXA) will enter the streaming video on demand market in Germany and Austria with a new service called Snap.
- Subscribers will have access to the vast library of content Sky has under its wraps.
- Snap will compete with Amazon's Lovefilm and beats Netflix (NFLX) to the sizable German market.
8:49 AMSetback for Spain as LVS pulls $35B resort project
- Spanish stocks are off the highs but remain ahead by 0.4% on the session following Las Vegas Sands' reported decision to drop its massive project for suburban Madrid. The 10-12 year, $35B project was to include 12 casino resorts with 36K rooms, and was a key spoke in the government's plan to pull the economy out of its slump and lower the 26% unemployment rate.
- The MSCI Spain Capped ETF (EWP) is up 26% Y/Y.
8:45 AMHonda recalls 19K 2014 Acura MDXs in the U.S.| Comment!
7:31 AMIreland exits rescue program
- "This isn’t the end of the road," says finance minister Michael Noonan as Ireland becomes the first EU state to officially exit its rescue program. "This is a very significant milestone on the road."
- The economy is forecast to grow about 2% next year and unemployment is below 13% after rising above 15% in 2012. Noonan pledges to keep the screws down on fiscal discipline, but also makes noises about a tax cut sometime in the next two years.
- Irish stocks are up marginally on the session; EIRL is up 37.7% YTD.
5:30 AMWorld stock markets mixed as taper-talk dominates
- Asian shares are mixed, while EU equities and U.S. stock futures are mostly higher as thoughts of the taper continue to dominate, particularly with a FOMC meeting scheduled for next week.
- "The economic fundamentals are so much better than in May and June when they started talking about this," says forex strategist Marshall Gittler. "If they thought it was a good idea in May, then they must think it's an even better idea now."
- The Nikkei ends +0.4% after the dollar hits a fresh five-year high of ¥103.925. The USD-JPY is now +0.2% to ¥103.55.
- Elsewhere in Asia, Hong Kong is +0.2%, China is -0.3% and India is -1%.
- EU Stoxx 50 +0.2%, London flat, Paris +0.1%, Frankfurt +0.2%, Milan +0.2% and Madrid +0.3%.
- U.S. stock futures: Dow +0.15%. S&P +0.3%. Nasdaq +0.3%
4:09 AMJapanese industrial output +1%
- Japanese industrial production rose 1% on month in October (flash +0.5%) vs +1.3% in September.
- On year, output accelerated to +5.4% from +5.1%.
- Capacity utilization +1.2%, as in September.
- The Nikkei is +0.4% and the USD-JPY is +0.2% at 103.55. (PR)
- ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, JSC, JGBL, JPP, ITF, DXJS, JGBT, JPNL, JPNS, FJP
3:41 AMIndia suffers stagflationary trends
- Indian CPI rose 11.2% in November and exceeded consensus of 10%, while industrial production fell 1.8% in October vs expectations of -1.2%.
- The trends exacerbate the dilemma for the Reserve Bank of India, which is due to meet next week, about how to bring down inflation against a background of weak growth.
- The data "paint a stagflationary picture of the economy where despite weaker growth, inflation remains elevated due to supply-shocks," says Nomura economist Sonal Varma.
- The Sensex is -0.7%, while the USD-INR is -0.2% at 62.071 rupees.