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  • Today - Monday, September 1, 2014

  • 7:05 AM
    • The Markit Eurozone Manufacturing PMI fell to 50.7 in August vs. 51.8 in July and against a preliminary estimate of 50.8. Looking at some individual countries, the PMI slipped to 51.4 from 52 in Germany - the lowest level in about a year; Spain continues growth at 52.8 (down from 53.9); Italy falls into contraction, at 49.8 from 51.9 in August.
    • "The slowdown in industry is likely to add further fuel to the fire for analysts expecting additional monetary or fiscal stimulus to be implemented," says Markit's Rob Dobson.
    • The euro slipped on the news release, but has since bounced to flat on the session at $1.31.
    • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
    | Comment!
  • 6:12 AM
    • In another round of Samsung restructuring, Samsung Heavy Industries (OTC:SMSHF) will absorb Samsung Engineering in a 2.5T won ($2.5B) deal.
    • Under the terms of the transaction, Samsung Heavy will issue around 94M new shares to Samsung Engineering shareholders at 26,972 won per share.
    • Samsung's restructuring has accelerated since the May hospitalization of the group's chairman Lee Kun-hee, and has sparked investor speculation to the group's succession.
    | Comment!
  • 5:13 AM
    • The euro hit a new one-year low this morning, falling as far as $1.3119 against the dollar, as worries of escalating violence in Ukraine kept the currency on the defensive ahead of the ECB policy meeting later this week.
    • The ruble also tumbled to a fresh low, as the dollar rose by 0.7% to 37.33 against the ruble in early trade. The plunge follows the European Commission President Jose Manuel Barroso's warning over the weekend that the situation in Ukraine was approaching "a point of no return."
    • Euro Stoxx 50 -0.2%; DAX -0.4%; FTSE 100 -0.3%; CAC 40 -0.5%.
    • The euro is -0.4% at $1.3119.
    • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
    | 1 Comment
  • 4:31 AM
    • Vladimir Putin has called for immediate talks on the "statehood" of southern and eastern Ukraine, although his spokesman Dmitry Peskov said this does not mean that Moscow endorses rebel independence on the territory they have seized.
    • The announcement comes as the EU and U.S. prepare for another round of sanctions on Russia due to their increased military involvement in Ukraine.
    • Meanwhile, Australia has issued new sanctions on Moscow, restricting arms exports and the access of Russian state-owned banks to the Australian capital markets. The new restrictions build on the financial sanctions and travel bans enacted by Australia in March.
    • ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
    | 3 Comments
  • 4:01 AM
    • China's State Administration for Industry & Commerce has given Microsoft (NASDAQ:MSFT) 20 days to respond to queries resulting from its investigation into the compatability of its Windows operating system and Office software suite.
    • At least 30 foreign companies have been recently probed by Chinese regulators as the government seeks to enforce a 2008 anti-trust law.
    • Microsoft says it is "serious about complying with China's laws and committed to addressing SAIC's questions and concerns".
    | 2 Comments
  • 2:11 AM
    • Caixabank (OTCPK:CAIXY) has announced that it will buy Barclays’ (NYSE:BCS) Spanish operations, including its retail bank, wealth management business and commercial banking business for €800M ($1.1B).
    • The deal will cement Caixabank’s position as the largest retail bank in Spain by adding 250 branches and 550K new clients, along with assets worth €21.6B.
    • The acquisition will not include Barclays' Spanish credit card and investment banking arms.
    | Comment!
  • 1:56 AM
    • America Movil (NYSE:AMX) has hired Bank of America (NYSE:BAC) to sell a significant amount of its wireline/mobile assets, in order to lower its market share by less than 50%.
    • Potential buyers include AT&T (NYSE:T) and SoftBank (OTCPK:SFTBY), a source tells Bloomberg.
    • The move is in response to new Mexican regulation designed to curb the company's dominance. America Movil announced the sale in July.
    | Comment!
  • Sunday, August 31, 2014

  • 10:29 AM
    • EU leaders are planning to formulate options within a week for new sanctions against Russia, should Moscow not back down from its involvement in the Ukraine crisis.
    • "Should the situation stay as we see it today, or should there be further escalation, sanction in the areas the commission has looked at up until this point, such as on the energy and financial sector, will be heightened," says German Chancellor Angela Merkel.
    • Until 72 hours ago, EU leaders weren't expected to take any action against Russia. However, fresh news of rebel gains and a NATO warning that stated Russia had moved "well over 1,000 troops" across the border have prompted the EU to consider its next round of additional sanctions.
    • ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
    | 8 Comments
  • 9:56 AM
    • Stressing the need for additional measures to counter deflation, French PM Manuel Valls has announced that the ECB must take further action against the overvalued euro.
    • The announcement comes on the heels of the euro zone's inflation data for August, which displayed consumer prices rising just 0.3% Y/Y (well below the ECB's target of just below 2%).
    • Along with hints from Mario Draghi, the new figures are also boosting expectations that the central bank will soon announce further stimulus measures and will likely trigger lively discussion at the ECB's Sept. 4 policy meeting this week.
    • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
    | 3 Comments
  • Saturday, August 30, 2014

  • 6:15 PM
    • Fiat Chrysler Automobiles has a target date of October 13 for its NYSE launch, according to Fiat (OTCPK:FIATY) CEO Sergio Marchionne.
    • major merger hurdle was cleared this week by Fiat to help keep the reorganization on track.
    • Paying for Fiat's five-year, €48B ($64B) growth plan could be a challenge. Marchionne says a decision on a capital increase will be made in October after the new FCA shares are trading hands.
    • What to watch: Chrysler has had strong sales in the U.S. this year and is tipped by Kelley Blue Book to show double-digit growth for August. Automobile industry analysts think the NYSE listing could provide another jolt for the brand and help reinforce the trend of the Big Three (GM, F) out-performing some foreign automakers (Volvo, Volkswagen, Hyundai) unable to compete at scale.
    | 9 Comments
  • Friday, August 29, 2014

  • 10:55 AM
    • Iron ore prices are falling for a 10th straight day and have dropped 8.4% this month to five-year lows on concerns that global supplies are topping demand just as China’s recovery shows signs of faltering.
    • Iron ore demand seems to be cooling in China, Commerzbank analysts say, adding that the usual seasonal uptick in Chinese demand likely will fail to materialize this year.
    • Supply in the seaborne market also remains plentiful, where output is expected to exceed demand by 72M tons in 2014 and 175M tons in 2015, and prices will average $106/ton this year and $80 next year, Goldman Sachs estimates.
    • Global miners are mostly lower following big losses yesterday: SID -2.6%, VALE -1.6%, CLF -1%, RIO -0.2%, BHP +0.2%.
    | 3 Comments
  • 10:27 AM
    | 8 Comments
  • 7:57 AM
    • The EU has failed to broker a truce to resolve the natural gas dispute between Russia and Ukraine during talks in Moscow today, though the Russian energy minister promises to maintain gas supply to Europe for the winter.
    • Russia repeated previous offer to sell gas to Ukraine at a discount of $100 per 1,000 cubic meters of gas, but Ukraine must pay at least $1.45B of its debt to Russian gas monopoly Gazprom (OTCPK:OGZPY) before any talks on the restructuring of the rest of $5.3B debt can start.
    • If Ukraine cuts off Russian gas transit, it would hit Europe, which sources ~30% of its natural gas from Russia.
    • ETFs: UNG, DGAZ, UGAZ, BOIL, GAZ, KOLD, UNL, NAGS, DCNG
    | Comment!
  • 7:34 AM
    • Satellite tracking from the AIS ship tracking system used by the U.S. Coast Guard showed no known position for the United Kalavrvta, the tanker carrying $100M worth of Kurdish crude near Texas.
    • Many tankers loaded with the controversial oil have recently gone dark by switching off their transponders, including a Kamari tanker which disappeared days ago north of Egypt's Sinai and reappeared empty two days later.
    • Baghdad and the Kurdistan Regional Government still have a long way to go to settle claims over who has the sole right to export the oil.
    • Previously: Kurdish crude battle still not over
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | Comment!
  • 7:12 AM
    | 2 Comments
  • 6:40 AM
    • Euro zone inflation continued to fall in August, with consumer prices rising just 0.3% Y/Y, well below the ECB's target of just below 2%.
    • The new figures released by Eurostat boost expectations that the central bank will announce further stimulus measures, and will likely result in lively discussion at the ECB's Sept. 4 policy meeting next week.
    • At Jackson Hole last Friday, ECB President Mario Draghi also hinted at further stimulus measures.
    • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
    | 22 Comments
  • 4:46 AM
    • Malaysia Airlines (OTCPK:MLYAF) is cutting 30% of its workforce, slashing 6,000 jobs of its current 20,000 staff, following the company's long-running losses and its two recent aircraft disasters.
    • The restructuring will cost $1.9B and de-list Malaysia Airlines from the Kuala Lumpur exchange by the end of 2014.
    • Earlier this month, wealth fund Khazanah Nasional offered to take the airline private by buying out the remaining stock of the company it did not already own.
    | Comment!
  • 4:27 AM
    • Fiat (OTCPK:FIATY) says it has cleared a road block for its planned reorganization, as the pay off of dissenting shareholders who were allowed to tender their shares will likely not exceed the €500M ($658.3M) set aside for the merger.
    • The reorganization will create Fiat Chrysler Automobiles, a new company with headquarters in Amsterdam, domiciled in the U.K. for tax purposes and a primary stock market listing in New York.
    | 1 Comment
  • 4:00 AM
    • The U.S. and EU are likely to impose another round of sanctions on Russia, following heavy firefights in new regions along Ukraine's eastern border, and a NATO warning that stated Russia had moved "well over 1,000 troops" into the country.
    • Despite the severe escalation, President Obama ruled out military intervention in the region, but outlined the necessity to consider additional economic sanctions on Russia.
    • ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
    | 7 Comments
  • 3:33 AM
     
    • Pakistan's army chief stepped into the political struggle between the country's embattled Prime Minister Nawaz Sharif and the opposition demanding his resignation.
    • The coup-prone nation has been gripped by mass rallies for more than two weeks and the new intervention suggests a likely transfer of power from the politicians to the army.
    • In the past, Pakistan has repeatedly swung between military rule and democracy. Sharif himself was toppled in a coup in 1999 during his previous tenure.
    • KSE-100 +3.2% to 28,661.
    | Comment!
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