Global & FX

  • 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 | 60 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 | 1 Comment
  • 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 | 11 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 | 16 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
  • 7:45 AM
    • Could it be the experts were wrong? The U.K.'s unemployment rate fell to 4.9% in the three months ended in May - the lowest level since 2005. Though the numbers predate the Brexit vote, that country's version of the Fed's Beige Book reports a big jump in uncertainty, but no evidence of a sharp slowing in the economy since the vote.
    • Cable is up 0.4% to $1.3165. The FTSE is ahead 0.2%.
    • The Bank of England sat on its hands last week, but promised a rate cut in August. Will it be able to talk its way out of it?
    | 7:45 AM
  • 7:01 AM
    • Burberry (OTCPK:BURBY, OTCPK:BBRYF) announces it plans to buy back up to £100M ($130.99M) worth of shares.
    • The company says the purchases will be executed between today and April 18, 2017.
    • Shares of Burberry are flat on the day in London trading.
    | 7:01 AM
  • 6:26 AM
    • The Bank of England sees "no clear evidence" that a sharp economic slowdown is yet under way after last month's vote to leave the European Union, though there are signs investment and hiring are being put on hold.
    • Sterling surged to a session high of $1.3157 on the news and better-than-expected jobs data. The U.K. jobless rate fell to 4.9% in the three months to May, marking the lowest level since 2005.
    | 6:26 AM | 4 Comments
  • 6:00 AM
    • Japan -0.25%.
    • Hong Kong +0.97%.
    • China -0.29%.
    • India +0.48%.
    • London +0.24%.
    • Paris +1.19%.
    • Frankfurt +1.15%.
    | 6:00 AM
  • 4:55 AM
    • Iran is exploring a return to international debt markets for the first time since 2002, as the Islamic Republic seeks to finance an economic recovery that can offer it another route out of isolation.
    • Economy Minister Ali Tayebnia said in an interview that he expects his country to secure a credit rating in the "near future" and Iranian officials are "negotiating with all the rating agencies."
    | 4:55 AM
  • 4:31 AM
    • Around 50,000 Turkish soldiers, police, judges, civil servants and teachers have now been suspended or detained as President Erdogan responds to the coup attempt that almost forced him from power.
    • His crackdown offers stability of sorts, which explains why domestic markets have pared some of their kneejerk losses. But it also engenders uncertainty, causing Turkey's central bank to cut its overnight lending rate by a quarter point to 8.75%.
    • ETFs: TUR, TKF
    | 4:31 AM | 4 Comments
  • 4:12 AM
    • U.K. Prime Minister Theresa May will meet with Chancellor Angela Merkel in Germany today before heading to France to meet with President Francois Hollande.
    • The recent Brexit vote will likely top the agenda in discussions with her EU counterparts.
    • Prior to her first foreign trip as leader, May will take on her opposition parties at Prime Minister's Question time in the House of Commons.
    | 4:12 AM | 1 Comment
  • Tuesday, July 19, 2016

  • 8:19 PM
    • Orange (NYSE:ORAN) has wrapped an acquisition of Airtel in Sierra Leone, where Airtel is the top mobile carrier.
    • The French firm closed the deal along with Senegal-based partner Sonatel, and following an agreement with Bharti Airtel it reached in January.
    • Airtel has 1.3M customers and a mobile penetration rate of about 50% in Sierra Leone.
    | 8:19 PM
  • 3:14 PM
    • BMW (OTCPK:BAMXY) says it will delay the launch of its 2017 diesel models in the U.S. while it waits for U.S. regulators to clear the vehicles.
    • U.S. regulators are taking a more extensive look at German diesels in the wake of the Volkswagen emissions cheating scandal.
    • The development pushes back the debut dates for the 328d sedan, 328d sports wagon, X3 xDrive28d, and X5 xDrive35d.
    | 3:14 PM
  • 11:19 AM
    • VimpelCom (VIP +0.7%) -- which has been subject to governmental probes in the past year over dealings in Uzbekistan -- is shoring up its compliance bona fides with new hires.
    • The company has named Dan Chapman its group chief compliance officer, and tapped Enrique Aznar (who's been working on global compliance at VimpelCom for three years) as its newly created chief values and culture transformation officer.
    • "Dan will focus on the next phase of our Group's Compliance development, building out a robust compliance framework," says General Counsel Scott Dresser.
    • Chapman, who has recently acted in chief compliance roles for Cameron International, Parker Drilling and Baker Hughes, has also served as vice chairman of the American Bar Association's Committee on International Anti-Corruption.
    | 11:19 AM
  • 10:50 AM
    • Anheuser-Busch InBev (BUD -1%) is lower ahead of SABMiller's highly-anticipated annual meeting scheduled for Thursday.
    • The meeting takes on added significance with more reports out indicating that new activist investors may push the company to seek a better deal out of Anheuser-Busch. They could face some resistance from large stakeholders Altria (NYSE:MO) and the Santo Domingo family which are in line for a more favorable "partial share alternative" in the merger due to the recent drop in the pound and gain in BUD's share price.
    | 10:50 AM | 3 Comments
  • 10:20 AM
    • Mounting a spirited defense against a takeover by Vivendi (OTCPK:VIVHY -1.3%), Ubisoft (OTCPK:UBSFY +3.9%) may be getting traction with investors with a case to pursue better returns on its own.
    • Shares of Ubisoft are up 4.9% in Paris to a 52-week high there.
    • Vivendi increased its stake in Ubisoft to more than 20% of capital today, and has already taken control of sibling company Gameloft (OTCPK:GLOFY), also run by the Guillemot family.
    • Ubisoft founder Yves Guillemot is pushing institutional shareholders to back the family's approach, which includes buying up more stock (the Guillemots hold 9% of capital and 15% of voting rights).
    • Vivendi says it's not pursuing a full takeover for at least six months, though it has asked for board seats.
    • Ubisoft reports its Q1 sales tomorrow, with eyes on the success of its recent release The Division.
    | 10:20 AM
  • 9:47 AM
    • Shares of Zalandro (Pending:ZNDO) are soaring in Paris trading after the online retailer posted impressive preliminary Q2 results.
    • The company expects to report revenue growth of 24% to 26% to €909M to €924M. Adjusted EBIT of €68M to €88M is anticipated.
    • Zalandro press release
    • Zalandro was up 20.52% at last check.
    | 9:47 AM
  • 9:10 AM
    • Diageo (NYSE:DEO) says it is working with employee groups to lower costs tied to a legacy pension plan.
    • The legacy pension plan is a remnant from the merger of Guinness and Grand Metropolitan.
    • estimates the plan in question costs Diageo £43M ($57M).
    • Diageo ADRs are down 1.69% in premarket trading.
    | 9:10 AM
  • 8:35 AM
    • Vauxhall confirms it first saw an incident with a fire in a Zafira B car back in 2009. The widely-reported Zafira fires have been linked to the ventilation system of the model.
    • Execs with Vauxhall are answering questions on the issue to a transport select committee in the U.K.
    • The cost of the Zafira recalls is expected to be around €40M ($44.14M)
    • Vauxhall Motors is wholly-owned subsidiary of General Motors (NYSE:GM).
    | 8:35 AM | 1 Comment
  • 7:24 AM
    • The European Commission fined a group of truck makers €2.93B ($3.24B) for colluding on truck prices for over 14 years.
    • The companies which admitted to the charges include Daimler (OTCPK:DDAIF), Volvo/Renault (OTCPK:VOLVY, OTC:RNSDF, OTCPK:RNLSY), MAN (OTCPK:VLKAY), Iveco (NYSE:CNHI), and DAF (NASDAQ:PCAR). MAN wasn't fined because it came forward to alert the EC of the cartel.
    • "For 14 years they colluded on the pricing and on passing on the costs for meeting environmental standards to customers. This is also a clear message to companies that cartels are not accepted," said Commissioner Margrethe Vestager.
    • European Commission press release
    | 7:24 AM | 5 Comments
  • 5:47 AM
    • Annual inflation in the U.K. accelerated in June, fueled by a rise in airfares as soccer fans traveled to France for the 2016 European Championships.
    • The Office for National Statistics said consumer prices climbed 0.5% from a year earlier, up from a 0.3% rise in May.
    • Data was collected before the Brexit, so the recent drop in sterling wasn't captured in the numbers.
    | 5:47 AM
  • 5:36 AM
    • German investor confidence deteriorated in July on concern that Britain's decision to leave the EU could weaken the region's fragile economic recovery.
    • The ZEW Indicator of Economic Sentiment for Germany, which aims to predict economic developments six months ahead, fell to -6.8 from 19.2 in June. That's the lowest level since November 2012.
    | 5:36 AM
  • 5:17 AM
    • North Korea has launched three powerful ballistic missiles from its east coast, with the U.S and Japan labeling the tests a clear violation of U.N. resolutions, and South Korea vowing to push for tighter sanctions on Pyongyang. "
    • The ballistic missiles flight went from 500 to 600 kilometers, which is a distance far enough to strike all of South Korea including Busan," the South's military said in a statement.
    | 5:17 AM | 1 Comment
  • 4:43 AM
    • Moody's has put Turkey's Baa3 credit rating, the lowest level of investment grade, on review for a downgrade to "assess the medium-term impact" of the failed coup on the country's growth and policy-making institutions.
    • It's also likely Turkish citizens won't be granted visa-free travel this year, according to European Commissioner Gunther Oettinger, despite the nation's migration deal with the EU.
    • U.S. Secretary of State John Kerry has further stressed that NATO countries had a requirement when it came to democracy and "will measure very carefully what is happening."
    • ETFs: TUR, TKF
    | 4:43 AM | 3 Comments
  • 4:16 AM
    • As Turkey picks up the pieces after Friday's failed coup, new details are emerging of how it unfolded, and just how close the military intervention came to succeeding.
    • In the meantime, the government has detained or suspended nearly 20K members of the police, judiciary and army, and demanded the extradition of Fethullah Gulen, the alleged mastermind of the overthrow attempt.
    • "The U.S. should not harbor a terrorist," declared President Erdogan, threatening to go to war with "any country" that supports the exiled cleric.
    • ETFs: TUR, TKF
    | 4:16 AM | 2 Comments
  • Monday, July 18, 2016

  • 2:33 PM
    • SkyPeople Fruit Juice (SPU -24.5%) says an online report indicating that Future World Group had successfully gained a listing on Nasdaq by acquiring SkyPeople and is now a controlling shareholder in SkyPeople is inaccurate.
    • The company notes it entered a share purchase agreement with Future World, but the closing conditions of the share purchase agreement have not been met and may never be met.
    • Yongke Xue remains the controlling stockholder of SkyPeople.
    • Shares of SkyPeople skyrocketed last week after the online report was circulated.
    • Source: Press Release
    | 2:33 PM | 6 Comments
  • 1:22 PM
    • Publishing for the first time its corporate bond holdings since the expansion of QE, the ECB shows purchases of paper from the likes of Danone, Lufthansa, Glencore, Telecom Italia, and Citycon Oyj.
    • The amounts of individual holdings weren't included, but the ECB, along with the other EU state central banks, have bought about €10.4B worth in total.
    • The buys have likely been a contributor to a decline to a record-new euro investment-grade bond index interest rate to 0.77%. The average premium of corporate to government debt has plunged 118 basis points to its lowest level in a nearly a year.
    • ETFs: PICB, IBND
    | 1:22 PM
  • 12:47 PM
    • Fiat Chrysler Automobiles (FCAU -0.4%) is under investigation by the Department of Justice for violations of securities law, according to Bloomberg.
    • It's unclear if the case is related to a charge levied by a Chicago dealer that Fiat paid U.S. dealers to boost sales tallies.
    • FCAU fell 5% lower from a modest gain after the report broke, but is now battling back.
    | 12:47 PM
  • 12:41 PM
    • Like it or not the huge success of Pokémon Go is likely to unleash a huge pop in mobile games designed around augmented reality.
    • There is already an online petition asking for a similar Harry Potter Go game to be designed and many more mainstream characters are sure to start showing up in games linked to the cameras on smartphones and tablets.
    • Companies stocked with an arsenal of appealing characters that could be brought into augmented reality games include Disney (NYSE:DIS), Time Warner (NYSE:TWX), Mattel (NASDAQ:MAT), and Hasbro (NASDAQ:HAS). Movie studios (LGF, SNE, VIA, VIAB) could also benefit as AR games tied around plot lines from old movies are developed (The Godfather, Star Wars, Blade Runner, Hunger Games, etc.) and used to promote new features.
    • Many retailers and restaurant chains have already been active in trying to latch on to the Pokémon Go buzz (see What's McDonald's doing inside the Pokémon code?), while GameStop (NYSE:GME) thinks it has an angle on the collectibles and accessories side. As the retail sector works out the science of in-game marketing opportunities, even more opportunities could arise.
    • Technology firms with a stake in augmented reality include Google (GOOGL, GOOG) , Himax (NASDAQ:HIMX), Nvidia (NASDAQ:NVDA), and Intel (NASDAQ:INTC).
    • Nintendo ADRs (OTCPK:NTDOY) are up 8.6% today and have doubled in value during the week following Pokémon Go's introduction.
    | 12:41 PM | 55 Comments
  • 12:26 PM
    • According to recruitment specialist Reed Group, there have been more than 150K jobs added to its website in the three weeks compared with the same period one year ago.
    • "The situation is surprisingly good," says James Reed. "If a drop in confidence begins to feed through I think we’d be the first to see it."
    • Technology firm CEB Global begs to differ, saying the number of jobs being advertised has halved since the vote.
    • The FTSE 100 climbed another 0.4% today, and the pound is up 0.65% vs. the dollar to $1.3273.
    | 12:26 PM
  • 11:02 AM
    • Japan Tobacco (OTCPK:JAPAF, OTCPK:JAPAY) is making a strong play to grab market share in the U.S. with a new brand priced very low.
    • LD cigarettes cost $2.81 per pack at select stores in North Carolina and South Carolina in a limited roll-out of the budget brand.
    • Japan Tobacco faces an uphill battle in grabbing shelf space in the U.S. from cigarette heavyweights Altra (MO -0.5%) and Reynolds American (RAI -0.2%).
    | 11:02 AM | 10 Comments
  • 6:00 AM
    • Japan +0.68%.
    • Hong Kong +0.66%.
    • China -0.35%.
    • India -0.48%.
    • London +0.30%.
    • Paris -0.42%.
    • Frankfurt -0.47%.
    | 6:00 AM
  • 4:52 AM
    • International Trade Secretary Liam Fox is aiming for a Brexit date of January 1, 2019, but said the time could "be brought forward if necessary."
    • Britain may also seek to curb immigration from the European Union even before it formally leaves the bloc, according to Brexit "Tsar" David Davis.
    • Scotland's Nicola Sturgeon separately confirmed she would not rule out the possibility of Scotland remaining in the EU as well as part of Britain.
    | 4:52 AM | 1 Comment
  • 4:10 AM
    | 4:10 AM | 2 Comments
  • 4:01 AM
    • The Istanbul 100 Index slid 4.8% this morning, while the Turkish lira rebounded 3% to 2.9274 vs. the dollar, following Friday's failed coup attempt that left 290 people dead and over 6,000 arrested.
    • NATO allies have thrown their support behind President Erdogan, but tensions are still high over his demand to extradite U.S.-based cleric Fethullah Gulen, whom he blamed for the overthrow attempt.
    • Is the West shifting its stance of wanting a thriving democracy in countries like Turkey and Egypt, or at this point, does it just want strength and stability?
    • ETFs: TUR, TKF
    | 4:01 AM | 13 Comments
  • Sunday, July 17, 2016

  • 6:35 AM
    • Mehmet Simsek is telling investors not to worry following Friday's failed military coup, saying the government is in charge and has decided on "all necessary measures" after consulting with the central bank and treasury.
    • Other investing news: The lira plunged 4.8% to 3.0157 per dollar in the largest one-day selloff since 2008, while oil prices rose, climbing 1.3% to $46.28/bbl.
    • Turkish Airlines on Saturday resumed flights from Istanbul's international airport, although some foreign carriers canceled weekend flights (the number of visitors to Turkey fell by 28% in April, marking the biggest drop in 17 years).
    • ETFs: TUR, TKF
    | 6:35 AM | 9 Comments
  • Saturday, July 16, 2016

  • 6:52 AM
    • "They will pay a heavy price for their treason," says Turkish President Recep Tayyip Erdogan, arriving at Istanbul's airport from vacation in Marmaris. He blames the plot on followers of U.S.-based Islamic preacher and one-time ally Fethullah Gulen.
    • Source: Bloomberg
    • Dozens of coup backers are among the nearly 200 dead, and nearly 3K military personnel have been arrested, according to pro-Erdogan forces.
    • The presidential post in Turkey has historically been a ceremonial role, with head of state duties centered on the prime minister. Erdogan - who had been PM for more than a decade prior to becoming president - has been trying to transform the presidency into the center of power. The coup plot is likely to give him more ammunition to do so.
    | 6:52 AM | 64 Comments
  • Friday, July 15, 2016

  • 3:54 PM
    • The iShares MSCI Turkey ETF (NYSEARCA:TUR) has taken a sharp turn, off 2.5% in the last few minutes, amid chatter about unusual military activity in the country as President Erdogan is on holiday.
    • "Possibly a coup, or an attack," tweets the Financial Times' Alex Barker. "Jets in Ankara. Troops in streets."
    • Forces have closed off bridges in Istanbul, he adds.
    | 3:54 PM | 14 Comments
  • 3:54 PM
    • Reports of the Army being deployed in Istanbul, blocking two key bridges in the city, have raised chatter of a possible military coup. TUR -2.6%
    • Update at 3:55: Further reports say nationwide martial law has been declared by the Turkish Army.
    • Updated at 4:10: Reuters is reporting the Turkish prime minister as saying military action is being taken without his order.
    • More from the PM: According to the AP, PM Binali Yildirim says a group within the military attempted a coup, but it will not be successful.
    • Updated 4:39 p.m.: In a statement, Turkey's military says it has taken over the country for "democratic order, human rights." It's seized control of Ataturk airport in Istanbul. TUR, -2.5% into the close, is off 6.1% after hours.
    | 3:54 PM | 112 Comments
  • 2:20 PM
    • The roller-coaster Pokémon Go climb at Nintendo (OTCPK:NTDOY) continues, with the stock up 7.4% on OTC trading following gains of 9.8% today in Tokyo.
    • Analysts have come through this week with bullish calls. Today, Jefferies Group reiterated its Buy rating; Macquarie (Outperform) and Deutsche Bank (Buy) have also maintained their strong takes on the stock.
    • CLSA's Jay Defibaugh is a rare exception, holding a Sell rating on the shares on the firm's concerns that massive revenues might not lead to profits.
    • “In our past conversations with Nintendo management in the context of Pokemon games for Nintendo handhelds and consoles, management has indicated that Nintendo receives royalties for Pokemon titles but, surprisingly, little direct profit, benefiting instead from the impact of Pokemon titles on hardware sales and penetration,” he says.
    • Numbers are further obscured considering Nintendo, Pokemon Co. and Alphabet all took part in a $30B fund-raising round for Pokémon Go developer Niantic last fall.
    • Shares have risen 72.2% in Tokyo since the game's launch last Friday, and OTC shares up 81%.
    | 2:20 PM | 21 Comments
  • 10:36 AM
    • AT&T (T +0.4%) is setting its own bar high for investing in Mexico, targeting becoming the country's leading operator within 10 years -- a tall order involving unseating incumbent America Movil (NYSE:AMX).
    • The company wants to cover 75M people in Mexico by the end of this year, and 100M by the end of 2018. That's toward AT&T's larger goal of a North American area covering 400M. It's investing $3B into Mexico to hit those goals.
    • According to the Federal Telecommunications Institute, America Movil has a 68% share of the mobile market; Telefonica (NYSE:TEF) has 23.2% and AT&T just 8.1% for now.
    | 10:36 AM | 10 Comments
  • 10:17 AM
    • Shaw Communications (NYSE:SJR) managed to triple profits (GAAP basis) in its fiscal Q3 results with the help of its reconfiguration, acquiring Wind Mobile and selling off media assets.
    • After trading up premarket, shares are off 0.7% on the NYSE early this morning.
    • Gains from the C$2.65B sale of Shaw Media to Corus Entertainment led the company to EPS of $1.44 vs. a year-ago $0.42. Of that, the company is classifying $1.33 as from discontinued operations as part of its new pure-play comms approach, leaving $0.11 from continuing operations vs. a year-ago $0.28.
    • The company lost accounts on the consumer side, however: down 47,256, vs. a year-ago decline of 46,023. Of those, cable TV subs fell by 47,482 while satellite video grew by 3,847. Internet subs fell by 8,760 and phone subscribers declined by 14,861.
    • In Business Network Services, the company added 1,489 cable TV subs and lost 2,734 satellite TV subs. Internet subs grew by 458 while phone subs grew by 5,094.
    • Wind Mobile got its one millionth subscriber by May 31. Average revenue per user rose to $36.30 from Q2's $35.
    • Press Release
    | 10:17 AM
  • 8:19 AM
    • Mitsubishi Motors (OTCPK:MMTOF) car registrations -19.7% to 10,389 units in June, according to the European Automobile Manufacturers Association.
    • Overall EU registrations +6.9% Y/Y to 1,459,508 units in June, led by double-digit gains in Italy and Spain. Registrations were up 8% in Germany, while falling slightly in the U.K.
    • Mitsubishi market share: 0.7% vs. 0.9% a year ago.
    • Mitsubishi YTD registrations -9.4.
    • EAMA release (.pdf)
    | 8:19 AM
  • 8:17 AM
    • Honda (NYSE:HMC) car registrations +39.1% to 14,606 units in June, according to the European Automobile Manufacturers Association.
    • Overall EU registrations +6.9% Y/Y to 1,459,508 units in June, led by double-digit gains in Italy and Spain. Registrations were up 8% in Germany, while falling slightly in the U.K.
    • Honda market share: 1.0% vs. 0.7% a year ago.
    • Honda YTD registrations +33.5%.
    • EAMA release (.pdf)
    | 8:17 AM
  • 8:15 AM
    • Suzuki (OTCPK:SZKMY) car registrations +17.6% to 19,069 units in June, according to the European Automobile Manufacturers Association.
    • Overall EU registrations +6.9% Y/Y to 1,459,508 units in June, led by double-digit gains in Italy and Spain. Registrations were up 8% in Germany, while falling slightly in the U.K.
    • Suzuki market share: 1.3% vs. 1.1% a year ago.
    • Suzuki YTD registrations +13.1%.
    • EAMA release (.pdf)
    | 8:15 AM
  • 8:14 AM
    • Jaguar Land Rover (NYSE:TTM) car registrations +13.4% to 18,582 units in June, according to the European Automobile Manufacturers Association.
    • Overall EU registrations +6.9% Y/Y to 1,459,508 units in June, led by double-digit gains in Italy and Spain. Registrations were up 8% in Germany, while falling slightly in the U.K.
    • JLR market share: 1.2% vs. 1.2% a year ago.
    • JLR YTD registrations +29.9%.
    • Results include the Jaguar and Land Rover brands.
    • EAMA release (.pdf)
    | 8:14 AM
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