Global & FX

  • Today - Thursday, July 28, 2016

  • 9:50 AM
    | 9:50 AM | 2 Comments
  • 9:00 AM
    • Fiat Chrysler Automobiles (NYSE:FCAU) will stop making passenger cars in the U.S. as it turns the focus at U.S. plants to Jeep SUVs and Ram pickups exclusively.
    • CEO Sergio Marchionne says the strategy will help Fiat Chrysler improve its profit margin closer to the 12% reported by GM last week.
    • "I think our biggest task now is to close the operating margin gap with our competitors. That remains a permanent fixation that we have inside the house," Marchionne noted.
    | 9:00 AM | 2 Comments
  • 7:09 AM
    • A memo from SABMiller (OTCPK:SBMRY) CEO Alan Clarke to employees sent yesterday asked them to have no contact with Anheuser-Busch InBev (NYSE:BUD). The MegaBrew too was unexpected.
    • "It suggests that they think that the risk is real that shareholders won’t approve this," says Morningstar analyst Philip Gorham on the development.
    • The missive from Clarke also instructed employees to stop talking to reps from Molson Coors (NYSE:TAP) and Asahi Group Holdings (OTCPK:ASBRF) which are both set to buy beer assets from SABMiller.
    • SAB shareholder Aberdeen Asset Management maintains that even the new upped bid from Anheuser-Busch InBev is too low.
    | 7:09 AM | 1 Comment
  • 6:00 AM
    • Japan -1.13%.
    • Hong Kong -0.20%.
    • China +0.08%.
    • India +0.65%.
    • London -0.27%.
    • Paris -0.07%.
    • Frankfurt -0.55%.
    | 6:00 AM
  • 5:24 AM
    • Barack Obama, Joe Biden, Tim Kaine and Michael Bloomberg took aim at Republican presidential nominee Donald Trump at the DNC Wednesday evening, as the war of words heats up between the major U.S. political parties.
    • Meanwhile, Trump has come under fire for encouraging Russia to release any emails they had stolen from Hillary Clinton and appeared willing to consider recognizing Crimea as Russian territory and lift sanctions against the country.
    | 5:24 AM | 10 Comments
  • 4:06 AM
    • U.S. firms operating in Venezuela have escalated the use of an accounting maneuver to insulate themselves from the plunging bolivar and worsening economic crisis in the country that has erased more than $10B in profits over the past 18 months.
    • Colgate-Palmolive (NYSE:CL), Procter & Gamble (NYSE:PG) and PepsiCo (NYSE:PEP) have all begun deconsolidating the financial results of their Venezuelan operations, meaning they can essentially no longer hurt or benefit a U.S. parent company.
    | 4:06 AM | 4 Comments
  • 2:18 AM
    • Stirring alarm among Ankara's NATO allies, Turkey's government has shut down 130 media outlets and sacked more than 1,684 military officers, widening a crackdown almost two weeks after a failed coup.
    • The decree was the second announced under emergency powers. The first, issued last week, closed 2,341 institutions, including private schools, universities, unions, charities and foundations.
    • ETFs: TUR, TKF
    | 2:18 AM
  • Wednesday, July 27, 2016

  • 3:50 PM
    • Turkcell (TKC +0.2%) is gathering companies for a joint venture to pursue more efficient investment in Turkey's fixed broadband infrastructure.
    • Its Turkcell Superonline unit plans to join with Vodafone Turkey (NASDAQ:VOD), TurkSAT and members of the country's Telecommunication Operators Association in order to increase fixed broadband penetration, in part through removing redundancy in building infrastructure.
    • "The alliance members constitute 55% of the Turkish telecommunications industry’s revenue," says Turkcell CEO Kaan Terzioglu. "Our objective is to make sure that 21 million more households in Turkey reach a viable [fiber-to-the-home] solution." He says Turkey could save up to $12.6B if companies invest via the JV rather than separately.
    • Previously: Turkcell Iletisim reports Q2 results (Jul. 27 2016)
    • Updated 5:45 p.m.: TKC is off 8.4% after hours.
    | 3:50 PM | 5 Comments
  • 9:32 AM
    • Fiat Chrysler Automobiles (FCAU +0.7%) issues a strong Q2 report amid an escalating sales reporting scandal in the U.S.
    • Q2 profit was up 16%, despite a 2% decline in sales and 1.3% slip in deliveries.
    • Fiat says it hopes to increase margins in Europe and still sees selling 500K Jeep vehicles a year in China by 2018.
    • The company raises full-year guidance for adjusted operating profit to €5.5B ($6.04B).
    • Fiat Chrysler results (.pdf)
    • Previously: Fiat Chrysler reports Q2 results (July 27)
    | 9:32 AM | 2 Comments
  • 6:00 AM
    • Japan +1.72%.
    • Hong Kong +0.40%.
    • China -1.91%.
    • India +0.07%.
    • London +0.28%.
    • Paris +1.44%.
    • Frankfurt +0.98%.
    | 6:00 AM
  • 5:18 AM
    • Britain's economy picked up speed in Q2, helped by the biggest upturn in industrial production since 1999.
    • According to the Office for National Statistics, gross domestic product grew by 0.6%, up from 0.4% in the last quarter.
    • The positive figure adds to optimism that the U.K. economy was robust going into the Brexit vote and may therefore weather possible consequences better than forecasted.
    | 5:18 AM
  • 3:27 AM
    • Looking to repair an economy damaged by years of political upheaval, Egypt is "nearing the final stages" of its talks with the IMF to secure $7B annually over three years.
    • Separately, Jordan and the fund have signed a letter of intent for a $700M credit facility to augment the kingdom’s reserves and help it cope with an influx of refugees.
    • EGX 30 +4.8% to 7,900.
    • ETFs: EGPT
    | 3:27 AM
  • 2:43 AM
    | 2:43 AM | 8 Comments
  • Tuesday, July 26, 2016

  • 7:23 PM
    • Vivendi (OTCPK:VIVHY -0.1%) is backing out of a deal to buy the TV operations of Mediaset (OTCPK:MDIUY -5.6%), the company controlled by former Italian prime minister Silvio Berlusconi.
    • Vivendi said it was unwilling to take the 100% of the money-losing operation, and its CEO says "We no longer want control."
    • Mediaset shares fell 6.9% in Milan.
    • Price differences had slowed negotiations last winter; now Vivendi is reportedly seeking just 20% of the TV arm Mediaset Premium, then a 15% stake in parent Mediaset, rather than the agreed 100%.
    • Vivendi is now offering to come to a "new agreement, under different terms, so as to pursue discussions," but Mediaset is saying there are no ongoing negotiations: “Vivendi had the chance to analyze Mediaset Premium results prior to signing the agreement."
    | 7:23 PM
  • 7:12 PM
    • Telefonica Brasil (NYSE:VIV) posted Q2 results where profits declined 23% but revenues came in ahead of expectations
    • Revenues of 10.51B reais rose 0.9%, but profits fell to 699.5M reais (about $214M), short of analyst expectations for 924M reais.
    • Total accesses fell 9.1% to 97.1M: 73.3M mobile (-11.3%), and 23.8M fixed line (-1.5%).
    • Postpaid subs grew 6.9% with a market share of 42.3% (up 0.7 percentage points from last year). Mobile ARPU rose 15.9%.
    • EBITDA of 3.2B reais was up 3.7% with an EBITDA margin of 30.5%.
    • Press Release
    | 7:12 PM
  • 2:41 PM
    • There's almost no chance that the automobile industry won't be a major talking point during the U.S. presidential election campaign which adds a layer of uncertainty for investors in the sector.
    • While the ramifications of the Trans-Pacific Partnership and Donald Trump's plan to add tariffs on foreign car makers and auto parts suppliers are already being debated, it's the union workers who may be the target of the most discussion in the next few months with Michigan, Ohio, and Pennsylvania considered critical battleground stocks.
    • The United Auto Workers endorsed Hillary Clinton and expects her to renegotiate the North American Free Trade Agreement to help land stronger unions in Mexico, while Trump has taken a more populist route of promising to add tariffs on Ford for cars built in Mexico. He's also hammering home that he will force better trade deals, but is walking a tightrope with some Rust Belt voters after suggesting that local plants should be closed and moved to states with lower wages.
    • Most analysts think it's more likely that the $7,500 electric vehicle tax credit will expire if Trump wins the election than if Clinton ascends to the White House. The EPA and some its regulations are also sure to get a hard look.
    • Investors are looking for a breakout after the dust settles, with the Detroit Three all trailing the S&P 500 Index return for the year.
    | 2:41 PM | 54 Comments
  • 1:51 PM
    • Fiat Chrysler Automobiles (FCAU +1.6%) says it will revise the way it reports monthly sales in the U.S. to knock off controversial "reserve" numbers.
    • The action from the automaker is its attempt to get ahead of a federal probe into its accounting.
    • The new method will put an end to Fiat's well-publicized multi-year streak of positive sales growth in the U.S.
    | 1:51 PM | 1 Comment
  • 11:34 AM
    • Bloomberg Gadfly outlines the case on why the board at SABMiller (OTCPK:SBMRY) should reject the upped offer from Anheuser-Busch InBev (BUD +1%).
    • Though the new deal valued at $104B offers larger shareholders such as Altria (MO -0.8%), Bevco, and hedge funds improved partial share alternative benefits, the premium is still on the thin side for smaller investors due to the pound devaluation.
    • Also, the risks of combining two companies with dramatically opposing cultures can't be ignored, warns Bloomberg.
    • SABMiller's board is expected to review the offer after regulators in China weigh in on the merger.
    • Previously: AB InBev sweetens offer for SABMiller (July 26)
    | 11:34 AM | 10 Comments
  • 11:04 AM
    • With PricewaterhouseCoopers newly chosen to administer its bankruptcy proceeding, Brazil's Oi (NYSE:OIBR) is seeking a creditor haircut of almost two-thirds along with $1B in new cash in order to get itself out of protection, Reuters says citing an O Globo report.
    • Shareholders and management are talking with bondholders represented by Moelis & Co. about reducing total debt to about 25B reais (some $7.6B) from a current 65.4B reais.
    • The $1B in cash that could be used for new investment is equivalent to investments that Oi made last year.
    • Shares fell more than 6% on the Brazilian exchange.
    | 11:04 AM
  • 10:57 AM
    • The Macau casino sector is riding high after Las Vegas Sands (LVS +4.7%) pointed to a "stabilization" trend in the mass market segment.
    • The focus by investors is starting to pivot to new projects with Wynn Palance (August 22) and Sands Parisian (September 13) openings around the corner. Though extra traffic and non-gaming sales are anticipated, there could also be some pricing pressure for room rates.
    • Analyst note that the revenue comparisons will start to ease for companies in Q3 just as the new properties come on line.
    • Advancers on the day include Wynn Resorts (WYNN +5.1%), MGM Resorts (MGM +2%), and Melco Crown Enterprises (MPEL +5.4%).
    • Previously: Signs of improvement for Las Vegas Sands in late Q2 (July 25)
    | 10:57 AM | 2 Comments
  • 10:46 AM
    • Orange (NYSE:ORAN) is off 3.6% in U.S. trading as its earnings report showed slowing sales growth in a fierce wireless market.
    • Profits jumped in the company's first half, goosed by the January sale of its stake in UK operator EE to BT Group. That brought £3.44B in cash along with a BT stake.
    • While first-half revenues were up 2.7%, they were flat for the past three months. EBITDA was up 2.3% to €3.34B, in line with expectations.
    • Revenues in its French home market fell 1.1% to €9.38B (Mobile services, €3.59B; Mobile equipment sales, €326M; Fixed services, €5.18B; other, €277M) while gains in Spain provided some makeup (up 31% to €2.42B).
    • Press Release
    | 10:46 AM
  • 9:28 AM
    • Porsche (OTCPK:VLKAY) says it will create 1,400 jobs to help develop and produce its new all-electric sports car.
    • The company plans to search globally for digitalisation, e-mobility, smart mobility, and vehicle connectivity experts.
    • Porsche's Mission E model is seen as an eventual rival to Tesla's Model S.
    | 9:28 AM
  • 6:01 AM
    • Japan -1.43%.
    • Hong Kong +0.62%.
    • China +1.14%.
    • India -0.53%.
    • London +0.16%.
    • Paris -0.20%.
    • Frankfurt -0.18%.
    | 6:01 AM
  • 5:26 AM
    • Specialist Italian pension funds are considering a government request to pour money into a bank rescue fund, days before European stress tests are expected to show the country's third-largest lender, Banca Monte dei Paschi (OTCPK:BMDPY), in urgent need of capital.
    • Italy is looking for ways to support struggling lenders without breaking EU state aid rules, but a deeper financial crisis could further undermine confidence in the eurozone's fourth-largest banking sector.
    | 5:26 AM | 1 Comment
  • 5:07 AM
    • The Bank of England's Martin Weale has changed his mind and now supports immediate stimulus for the U.K. economy at next week's policy meeting.
    • The pivot follows a series of negative business reports, culminating in last week's poor PMI data.
    • Only a week ago, the widely-followed policymaker called on the central bank to wait for "firmer evidence" before implementing more monetary easing.
    • Sterling -0.2% to $1.3131.
    | 5:07 AM
  • 4:54 AM
    • Days before the Summer Olympics begin in Brazil, the country's central bank will release June's current-account figures.
    • Brazil has a shrinking deficit, and the data could reflect potential damage from a recent strengthening of the real.
    • While some athletes are staying away from the games this year due to Zika concerns, over 10,000 players are expected to participate.
    | 4:54 AM
  • Monday, July 25, 2016

  • 7:33 PM
    • In a Brazil threatened by an environment of business scandals, Telefonica Brasil (VIV -2.3%) is probing its own marketing division to see whether contracting practices led to excessive price discrepancies, Valor Econômico reports.
    • The company spends 1.3B reais (about $395M) annually on marketing and advertising and has already begun a restructuring of the unit's leadership, the paper says. Former chief Cristina Duclos has been dismissed and the company is looking for a new marketing executive.
    • The probe examined contracts with some of Brazil's biggest ad agencies, including DPZ&T, Young & Rubicam (NASDAQ:WPPGY) and Africa (NYSE:OMC), and ended up retaining them.
    | 7:33 PM
  • 4:50 PM
    • Las Vegas Sands (NYSE:LVS) missed consensus estimates with its Q2 report, but achieved a bit of a turnaround by recording year-over-year revenue growth for the Macau mass market business in June (last quarter of the reported period).
    • For the quarter, RevPAR was down across nearly all Macau properties.
    • In Las Vegas, the company saw its adjusted EBITDA margin rate improve to 20.3% from 15.7% last year.
    • Results were also improved for Sands Bethlehem, with almost all of the key metrics higher, led by a $15 gain in RevPAR to $155.
    • The Parisian Macau is still on schedule to open in September.
    • Previously: Las Vegas Sands misses by $0.04, misses on revenue (July 25)
    • LVS +1.13% AH to $48.34.
    | 4:50 PM | 2 Comments
  • 3:18 PM
    • The BOJ surprised markets in January with a move to negative interest rates, but has disappointed fans of monetary stimulus schemes ever since. The result has been a steady increase in the yen (though the currency has weakened somewhat since the Abe administration consolidated power in this summer's elections).
    • That's supposed to change on Friday, when 85% - according to a Reuters poll - expect the central bank to boost the size of its QE program, and further cut rates into negative territory.
    • The one-week implied volatility of dollar/yen ended last week at its highest level since 2008, according to Credit Suisse, meaning traders are gearing up for big swings in the pair. As for the Nikkei, traders are loading up on call options, and volatility on the WisdomTree Japan Hedged Equity Fund (NYSEARCA:DXJ) is the highest in a year.
    | 3:18 PM
  • 12:16 PM
    • LATAM Airlines (LFL -1.9%) agrees to pay a $12.75M fine as part of a settlement with the Department of Justice.
    • The Chilean carrier's predecessor paid bribes to Argentinian officials by creating a fake third-party vendor in a case that dates back almost ten years.
    • Shares of LFL are up 62% YTD.
    • DOJ press release
    | 12:16 PM
  • 11:28 AM
    • Alcohol companies are pushing out a wide variety of new healthier drinks, including more vegan, gluten-free, and all-natural products.
    • Anheuser-Busch InBev (BUD -0.2%) is at the forefront of the initiative, with a pledge to increase its mix of low-alcohol beer or alcohol-free beer to 20% of global beer volume by the end of 2025. Sales in the category grew to $9.96B last year, up 19% in five years.
    • Heineken (OTCQX:HEINY), Carlsberg (OTCPK:CABGY, OTCPK:CABJF), and Diageo (DEO -0.2%) also have healthier products on tap.
    | 11:28 AM
  • 10:10 AM
    • Robin Li, founder of Chinese search giant Baidu (BIDU -1.5%), has dropped a pursuit of the firm's iQiyi streaming service that was criticized for being too low.
    • Li and Yu Gong had led an investor group to offer to buy out Baidu's 80.5% of the service for $2.8B, but couldn't come to terms on the offer.
    • Shareholders led by hedge fund Acacia Partners had slammed that price as "far too low" and offered up a competing outside valuation of $5.8B.
    | 10:10 AM | 3 Comments
  • 9:55 AM
    • With a regulatory report looming, BT Group (BT +1.7%) has offered to set up an independent board for its infrastructure arm Openreach in a bid to keep the division in the company.
    • Openreach has become a bone of contention for rivals like Vodafone (VOD -0.3%), Sky (OTCQX:SKYAY +0.8%) and TalkTalk (OTC:TKTCY) that buy wholesale capacity from BT and who have argued for a breakup of the company to ensure fair competition.
    • UK regulator Ofcom is set to issue a report tomorrow on how BT can improve its performance, and has been considering whether a split is in the industry's best interest; in December, the regulator's chief said the status quo wasn't an option with Openreach.
    • "We believe very strongly ... that this would be the wrong time to break up BT and distract us from the remaining investment to get superfast and ultrafast broadband right across the country in the next two to three years," says Chairman Mike Rake.
    | 9:55 AM
  • 9:08 AM
    • Kandi Technologies Group (NASDAQ:KNDI) announces its 50-50 joint venture with Geely Automobile Holdings signed a framework sales agreement with Pang Da Automobile Trade Co. to sell electric vehicles in a program aimed at college campuses.
    • Pang Da anticipates purchasing at least 60K EVs from the JV in the next four years for its time-sharing campus EV lease program.
    • "In response to the national policy promoting the adoption of renewable energy vehicles, Pang Da has been actively working on expanding its Green Campus Drive Electric Campaign this year,” says Pang Da's Chang Ye.
    • Source: Press Release
    | 9:08 AM | 31 Comments
  • 8:15 AM
    • William Hill (OTC:WIMHF, OTCPK:WIMHY) confirms it's the target of a joint takeover bid from 888 Holdings (OTCPK:EIHDF) and The Rank Group.
    • The company says it will listen to any proposal, although it also added that it's "not clear" a combination will enhance its strategic positioning.
    • Shares of William Hill are up over 10% in London trading.
    • William Hill press release
    | 8:15 AM
  • 6:00 AM
    • Japan -0.04%.
    • Hong Kong +0.13%.
    • China +0.10%.
    • India +0.96%.
    • London +0.12%.
    • Paris +0.72%.
    • Frankfurt +0.67%.
    | 6:00 AM
  • 5:01 AM
    • German business sentiment deteriorated less than expected in July, with the Ifo institute's business climate index falling to 108.3 from 108.7 in June, but better than the 107.7 figure expected by economists.
    • The robust reading follows a closely-watched PMI survey last week that suggested Germany's private sector continued to power ahead of its European rivals in the weeks after Brexit, defying fears of a post-referendum slowdown.
    | 5:01 AM | 2 Comments
  • 3:05 AM
    | 3:05 AM
  • Sunday, July 24, 2016

  • 8:41 AM
    • Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation objected to a deal between the government and local guards involving payments to reopen key ports.
    • "It sets a terrible precedent and will encourage anybody who can muster a militia to shut down a pipeline, an oilfield, or a port, to see what they can extort," Mustafa Sanalla said in a letter to U.N. Libya envoy Martin Kobler.
    • Armed factions and security threats have already helped slash Libya oil output to less than a quarter of the 1.6M bpd seen before the 2011 uprising against Muammar Gaddafi.
    | 8:41 AM | 15 Comments
  • 7:50 AM
    • President Tayyip Erdogan is tightening his grip on Turkey, ordering the closure of 2,341 private schools, charities and other institutions in his first decree since imposing a state of emergency after the July 15 failed military coup.
    • Turkey also extended detentions without charges to 30 days and arrested a nephew of Fethullah Gulen, the U.S.-based cleric accused by Ankara of orchestrating the overthrow attempt.
    • ETFs: TUR, TKF
    | 7:50 AM | 28 Comments
  • 7:14 AM
    • "We reiterate our determination to use all policy tools - monetary, fiscal and structural - individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth," leaders from the world's top economies declared in a joint communique on Sunday following a conference in Chengdu, China.
    • Whereas monetary policy figured prominently in previous meetings of G20 officials, discussions this time around focused on growth, as a result of Britain's upcoming exit from the EU and fears of rising protectionism across the globe.
    • See the full text of the communique here
    | 7:14 AM | 25 Comments
  • Saturday, July 23, 2016

  • 1:18 PM
    • The Japanese government and the European Commission are working together to connect their global positioning systems in a coordinated effort to clear a path for autonomous vehicles.
    • By linking Japan's Quasi-Zenith Satellite System and EU's Galileo satellite network the margin of error of the combined system will be improved dramatically.
    • The development could be positive for Japanese automakers (OTCPK:NSANY, TM, HMC, OTCPK:MZDAY, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:MMTOF) and suppliers such as Mitsubishi Electric (OTC:MIELF, OTCPK:MIELY), Hitachi (OTCPK:HTHIF) and NTT Data (OTC:NTTDF).
    | 1:18 PM
  • Friday, July 22, 2016

  • 7:47 PM
    • PricewaterhouseCoopers has been chosen to administer the bankruptcy of Brazilian telecom Oi (NYSE:OIBR).
    • A judge chose the firm over Alvarez & Marsal and Deloitte & Touche, entrants hoping to be the in-court administrator for the country's largest ever bankruptcy ($20B in liabilities to be reorganized).
    • PricewaterhouseCoopers hasn't advised on any of Brazil's biggest bankruptcy cases so far.
    • Meanwhile, Oi's shareholders today reiterated their support for an in-court reorganization.
    • Previously: Firms lobby for role administering Oi bankruptcy (Jul. 08 2016)
    | 7:47 PM | 1 Comment
  • 2:29 PM
    • A shooting rampage in a Munich shopping mall has left several dead and wounded. More than one gunman is believed to be involved and no one has yet been arrested.
    • Authorities are in the process of evacuating the mall, but many are still hiding inside.
    • The main train station in the city has also been evacuated. There are also unconfirmed reports of more gunfire in the city center, and the police has asked people to avoid public areas.
    | 2:29 PM | 78 Comments
  • 10:15 AM
    • The sale of VisionChina Media's (NASDAQ:VISN) subway mobile TV ad business looks to have hit a hitch.
    • Earlier this year, the company said it reached a deal to sell the business for 780M yuan (now about $117M) to Ledman Optoelectronic.
    • Now Ledman has said it submitted an application to the China Securities Regulatory Commission to suspend the transaction, "pending uncertainties surrounding government regulatory policies pertaining to foreign-listed Chinese companies relisting in China's domestic stock market."
    | 10:15 AM
  • 10:05 AM
    • Phoenix New Media (FENG -1.9%) says its Yidian unit has a strategic deal with smartphone maker Guangdong OPPO.
    • Yidian is responsible for Yidian Zixun, a mobile news and lifestyle app. In the deal, OPPO will pre-install the app on its smartphones and engage in revenue sharing tied to the advertising the app generates, as well as ads from Yidian's Newsfeed (embedded in the phone's browser).
    • Correspondingly, Yidian will issue Series D preferred shares to an OPPO associate.
    | 10:05 AM
  • 7:30 AM
    • Volkswagen (OTCPK:VLKAY) will suspend sales in South Korea after July 25 due to pressure over the emissions cheating scandal.
    • The decision to stop selling 70 models in the nation comes in front of a detailed government review of the emissions issue set for later this month.
    • Volkswagen sales in South Korea are down 32% YTD.
    | 7:30 AM
  • 6:00 AM
    • Japan -1.09%.
    • Hong Kong -0.16%.
    • China -0.86%.
    • India +0.34%.
    • London +0.26%.
    • Paris +0.41%.
    • Frankfurt +0.36%.
    | 6:00 AM
  • 5:57 AM
    • Business activity in the eurozone did not fall as much as expected in July, despite Brexit jitters and the Bastille Day massacre, as Markit's flash PMI for the region dropped to 52.9 from June's 53.1.
    • Meanwhile, sterling is down 0.8% to $1.3133 after the British economy shrank at its steepest pace since early 2009, with the flash U.K. composite PMI falling to 47.7 from 52.4.
    • "At this level, the survey is signaling a 0.4% contraction of the [U.K.] economy in Q3," said Chris Williamson, chief economist at Markit.
    | 5:57 AM | 3 Comments
  • 5:35 AM
    • Ahead of the G20 meeting of finance officials this weekend, the IMF painted a dark outlook for the global economy, issuing an "urgent" call for the world's largest economies to roll out more growth-boosting policies and to "act more aggressively."
    • "I don’t think this is a moment that calls for the kind of coordinated action that occurred during the 'great recession' in 2008 and 2009," said U.S. Treasury Secretary Jacob Lew, before jetting to the meeting late Thursday.
    | 5:35 AM | 2 Comments
  • 5:23 AM
    • U.S. prosecutors have linked Malaysian Prime Minister Najib Razak to hundreds of millions of dollars allegedly siphoned from one of the country's economic development funds, according to a lawsuit seeking the seizure of more than $1B of assets from 1MDB.
    • The move sets up a rare confrontation between U.S. prosecutors and an important partner in trade, the fight against terrorism and China's military expansion in Southeast Asia.
    • ETFs: EWM
    | 5:23 AM | 1 Comment
  • 4:47 AM
    • French President Francois Hollande has given U.K. Prime Minister Theresa May a choice: Accept unlimited immigration from the EU or lose access to its single market.
    • "There can be no free movement of goods, free movement of capital, free movement of services if there is no free movement of people,” he said at a press conference.
    • May also confirmed that the triggering of Article 50 won’t come this year as her government works out its negotiating position.
    | 4:47 AM | 16 Comments
  • 4:34 AM
    • Turkey has entered its second day under a state of emergency as President Erdogan signaled that the three-month period approved by parliament may not be enough to complete a purge of those responsible for last week's failed coup.
    • Erdogan and his top aides say the powers won’t be used to infringe rights and freedoms, a concern that has strained ties between NATO allies.
    • ETFs: TUR, TKF
    | 4:34 AM | 17 Comments
  • 3:43 AM
    | 3:43 AM | 2 Comments
  • 2:53 AM
    • Finance ministers and central bank governors from G20 countries are gathering in Chengdu, China, for a two-day meeting that begins tomorrow.
    • Brexit and monetary policy at a global level are likely to be the main topics of discussion.
    • Officials will also likely discuss the renminbi, which is showing some new signs of weakness, and China's currency policies.
    | 2:53 AM
  • Thursday, July 21, 2016

  • 1:35 PM
    • Avianca Holdings (NYSE:AVH) reports it transported 2.460M passengers in June, up 5.3% Y/Y.
    • Traffic was up 9.8% to 3.166B revenue passenger kilometers.
    • Capacity increased 8.1% to 3.874B available seat kilometers during the month.
    • The company's load factor improved 120 bps to 81.7%.
    • Source: Press Release
    | 1:35 PM
  • 12:26 PM
    • Sony (SNE -1.9%) is trimming jobs from its U.S. operation, The New York Post says, which may be connected to marketing budget cuts on movie projects from a studio showing lackluster results of late.
    • Shares finished down 0.6% in Tokyo.
    • Sony Corporation of America has already cut about 100 from a 700-person workforce, the Post says, with "most of the senior vice president titles and above" on the way out. “The parent company is taking over," its source said. "They don’t need a corporate structure in the U.S."
    • The American unit includes Sony Pictures, Sony Music and Sony Electronics. Sony Pictures is currently in fifth place in studio market share this year.
    • Sony's ADRs hit a 52-week high of $31.33 last week; they're up 21.9% YTD.
    | 12:26 PM
  • 12:19 PM
    • The S&P China 500 Index launched in 2015, and is made up of the 500 largest, most liquid Chinese companies, while approximating the composition of the broader Chinese stock market. All share classes - including A-shares - are eligible.
    • WisdomTree (NASDAQ:WETF) and Credit Suisse Asset Management have licensed the index and plan to jointly launch and distribute ETFs across the world which will track it.
    | 12:19 PM | 2 Comments
  • 10:36 AM
    • Cellcom Israel (NYSE:CEL) has taken a sharp turn into the red in U.S. trading, down 1%, following news that it got a temporary injunction it sought in the quest to acquire Golan Telecom.
    • The injunction freezes an agreement signed by Golan Telecom and Hot Mobile, which Cellcom argued violated its agreement to acquire Golan.
    • Cellcom will deposit a bond of 200K shekels to cover damages in case the court rules for Golan.
    • Also today in Israel telecom: PTNR -2.5%; OTCPK:BZQIY -0.9%; BCOM -0.9%.
    | 10:36 AM | 1 Comment
  • 9:28 AM
    • Noting the "encouraging resilience" with which markets have handled the Brexit news, Mario Draghi says the ECB will be in better position to assess the fallout in coming months.
    • Live blog
    • While expecting the eurozone economy to continue to move forward at a moderate pace, risks remain to the downside, in part thanks to the Brexit.
    • Asked about the unrelenting bear market in the stock prices of the EU's banks, Draghi says it's "of some significance" to policy makers because it raises the lenders' cost of capital, meaning lending becomes less profitable, meaning less lending. As for bank solvency, he's not too concerned, saying they're in much better shape than they were headed into the financial crisis.
    • The euro (NYSEARCA:FXE) has bounced around a bit, but is currently back to flat on the session at $1.1017. The Stoxx 50 (NYSEARCA:FEZ) initially dipped hard as Draghi began his press conference, but has returned to a loss of just 0.3%.
    | 9:28 AM | 3 Comments
  • 8:26 AM
    • As expected, the ECB left rates unchanged today - the main refinancing rate at 0%, the marginal lending facility at 0.25%, and the deposit rate at -0.40%. QE will continue to run at €80B monthly until at least March 2017.
    • The Stoxx 50 (NYSEARCA:FEZ) is lower by 0.35%, and the euro (NYSEARCA:FXE) flat at $1.1022.
    • The main event awaits - Mario Draghi's press conference begins in five minutes.
    | 8:26 AM
  • 6:52 AM
    • Traders are again shifting their focus to Europe, where the ECB will provide its first interest rate decision since the U.K. voted to leave the EU.
    • Much like the Bank of England, the central bank is likely to wait for post-Brexit data to be released before making any significant policy decisions, but may tweak its bond-buying program.
    • Besides Brexit issues, Mario Draghi is likely to field questions about the ECB's June TLTRO and Italy's troubled banking sector.
    | 6:52 AM | 1 Comment
  • 6:00 AM
    • Japan +0.77%.
    • Hong Kong +0.54%.
    • China +0.37%.
    • India -0.78%.
    • London -0.46%.
    • Paris -0.56%.
    • Frankfurt -0.53%.
    | 6:00 AM
  • 5:08 AM
    | 5:08 AM
  • 4:57 AM
    • Reinforcing a pattern that has been evident since the June 23 referendum, Britain's Theresa May emphasized on Wednesday she would seek the closest possible economic ties with Germany post-Brexit, but Angela Merkel confirmed she wouldn't enter the negotiating game until the U.K. invokes Article 50.
    • Why? Early discussions would give the British incentives to delay notification, put more chips on the U.K. side of the table and risk dragging out the exit talks indefinitely.
    | 4:57 AM | 10 Comments
  • 2:55 AM
    • George Soros has detailed a seven-point plan which he believes could help Europe avoid a catastrophe.
    • "If significant progress could be made on the refugee issue, it would make the other issues - from the continuing Greek debt crisis to the fallout from Brexit to the challenge posed by Russia - easier to tackle," he said.
    • "The chances of success remain slim. But as long as there is a strategy that might succeed, all the people who want the EU to survive should rally behind it."
    | 2:55 AM | 5 Comments
  • 2:44 AM
    • Turkey's President Erdogan declared a three-month state of emergency Wednesday night, allowing him to sidestep parliament in passing new laws against supporters of Friday's coup and "protect democratic values."
    • The Istanbul stock index is down 9.5% so far this week, and the lira fell as far as 3.0769 vs. the greenback after Standard & Poor's downgraded Turkey's sovereign credit rating and lowered its outlook to "negative."
    • ETFs: TUR, TKF
    | 2:44 AM | 7 Comments
  • Wednesday, July 20, 2016

  • 3:10 PM
    • The Department of Commerce issues a preliminary antidumping ruling today confirming Whirlpool's (WHR +2.5%) allegations that Samsung (OTC:SSNLF, OTC:SSNNF) and LG are engaging in ongoing unlawful dumping of clothes washers into the United States.
    • As a result of today's ruling, Samsung and LG will be required to pay cash deposits on clothes washers imported into the United States from their production facilities in China.
    • The cash deposit rate for Samsung is 111.09%, and the rate for LG is 49.88% The DOC also decided to apply Samsung's dumping rate retroactively 90 days to remedy its recent efforts to stockpile washers and undermine the effectiveness of the ruling.
    • Source: Press Release
    | 3:10 PM | 5 Comments
  • 2:53 PM
    • Anheuser-Busch InBev (BUD +1.5%) confirms it struck a deal with the DOJ that will clear a path for its planned merger with SABMiller (OTCPK:SBMRY).
    • The company reaffirms its expectation that the deal will close in the second half of the year.
    • Details of the consent decree haven't been posted to the DOJ website yet.
    | 2:53 PM | 1 Comment
  • 2:21 PM
    • IHS Markit (INFO -1.8%) and the International Swaps & Derivatives Association have wrapped a long antitrust investigation into credit-default swaps with a European settlement.
    • That's the last vestige of a probe that once touched big banks including Goldman Sachs and JPMorgan Chase. Those banks were dropped from the case for lack of evidence that they conspired to stop exchanges from competing in the credit-default swap market; ISDA and IHS Markit were added three years ago.
    • The two gave pledges to the European Commission on fairly licensing intellectual property over the next 10 years. They'll exclude CDS dealers from taking or influencing individual licensing decisions. And they'll be subject to fines for any breaches of the settlement's terms.
    | 2:21 PM
  • 1:46 PM
    • Takilant Ltd. -- the company with ties to the daughter of Uzbekistan's president -- has been ordered to pay $135M by a Dutch court that found it guilty of accepting bribes from VimpelCom (VIP -2%) and Telia (OTCPK:TLSNY -4.1%).
    • That's the latest in a lengthy probe of telecoms that were charged with paying Takilant in exchange for spectrum and business opportunities in Uzbekistan. The company is linked to Gulnara Karimova, the daughter of Uzbek President Islam Karimov.
    • The probes in various countries led to VimpelCom agreeing to pay $795M in settlements.
    • Takilant was found guilty of bribery and forgery but escaped charges of money-laundering as there was no evidence the telecoms' money came from criminal activity.
    • Telia is still under investigation by Dutch prosecutors.
    | 1:46 PM
  • 1:26 PM
    • Beer stocks have moved higher as the day progresses with a crucial board meeting ongoing at SABMiller (OTCPK:SBMRY +0.3%) which could have significant implications for the company's merger with Anheuser-Busch InBev (BUD +2.8%).
    • The sector spiked higher in the last 20 minutes after a new report from CNBC indicated that A-B InBev landed U.S. approval for the massive MegaBrew deal.
    • Molson Coors (TAP +0.7%) and Constellation Brands (STZ +1%) are notably higher off the beer buzz.
    | 1:26 PM
  • 11:51 AM
    • "We expect a period of heightened unpredictability that could constrain capital inflows into Turkey's externally leveraged economy," says S&P, downgrading the country's credit rating further into junk status - to BB from BB+. The outlook is negative, suggesting the chance of another downgrade in the medium term.
    • Moody's earlier this week placed Turkey on review for a downgrade as it assesses the fallout from last week's coup attempt.
    • TUR -1.6%
    | 11:51 AM
  • 10:18 AM
    • Russian Energy Minister Alexander Novak scuttles any hope that the world's biggest oil producers would coordinate on output to stem global oversupply, telling Reuters that the country is not discussing coordination with OPEC and that Russian oil output would rise to a 30-year high 542M-544M tons this year.
    • Novak says Russia sees its cooperation with OPEC focusing on the exchange of information and analysis on the global oil market, rather than on coordinating production.
    • Brent crude -1% at $46.20/bbl, while WTI -1.5% at $43.97 after falling as low as $43.69, its lowest intraday level since May 10; the August contract expires at the close of trade today.
    | 10:18 AM | 5 Comments
  • 9:32 AM
    • SABMiller (OTCPK:SBMRY) may ask for a new offer from Anheuser-Busch InBev (NYSE:BUD), a source tells Reuters.
    • Institutional investors are grumpy after the recent sharp decline in the pound turned around the value of their cash-out alternatives, although it's likely the board will wait for more regulatory hurdles to be cleared before going back to A-B.
    • A SABMiller board meeting is underway today just ahead of tomorrow's annual meeting.
    • SABMiller trades about 4% below its post-buyout high.
    | 9:32 AM
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs