Seeking Alpha
  • Friday, July 3, 2015

  • 9:20 AM
    • Adding to their list of woes, Greeks can no longer use their PayPal (PYPL, EBAY) accounts, Quartz reports.
    • Capital controls have effectively crippled the online payment service, which relies on traditional banks and credit cards to transfer money.
    • Another area seeing a revival is Bitcoin (COIN, OTCQB:BTCS). New customers depositing at least €50 with BTCGreece, the only Greece-based Bitcoin exchange, rose by 400% between May and June. The average deposit quadrupled to around €700.
  • 6:28 AM
  • 5:59 AM
    • Britain's dominant services sector grew more than expected last month, suggesting that economic recovery picked up going into the second half of the year.
    • Markit's services PMI for June came in at 58.5, considerably higher than the 57.5 reading penciled in by economists and ahead of a 56.5 reading in May.
    • "Growth is looking increasingly unbalanced," said Markit's Chris Williamson, citing Wednesday's survey that showed June's U.K. manufacturing growth declining to its lowest level in more than two years.
    • The report, which suggests the U.K. economy grew 0.5% in the second quarter, also gives Bank of England policy makers plenty to digest as they prepare for their monthly meeting next week.
    • The pound is +0.2% at $1.5632, while the FTSE is -0.1%.
    | Comment!
  • 5:19 AM
    • European stocks and bonds are trading cautiously ahead of Sunday's Greek referendum that could determine the country's future in the eurozone.
    • Greek Prime Minister Alexis Tsipras is campaigning for citizens to vote "no," while the rest of the 19-nation currency bloc says a clear "yes" could get Athens back on track to reform. Polls suggest the outcome is still too hard to tell.
    • Tensions are also high after the IMF warned of a huge financial hole in the nation's economy. The fund stated Greece needed an extra €50B over the next three years, including €36B from its European partners, to stay afloat.
    • FTSE 100 -0.4%; DAX -0.3%; CAC 40 -0.6%; Euro Stoxx 50 -0.6%
    • ETFs: GREK
  • 2:30 AM
    • The bloodbath in Chinese equities continued today, with the Shanghai Composite plunging over 5.8% amid reports that the country's securities market regulator launched a probe into suspected market manipulation.
    • Following a slump of nearly 30% in Chinese stocks since mid-June, China Securities Regulatory Commission has now set up a team to look at "clues of illegal manipulation across markets."
    • A flurry of policy moves over the past week, including an interest rate cut, attempts to curb short selling and a relaxation of margin lending rules, have all failed quell the sell-off that is sharply turning into a full-blown crash.
    • Shenzhen -5.3%; ChiNext -1.7%.
  • Thursday, July 2, 2015

  • 12:03 PM
    • In a report interestingly completed prior to Greece calling for a referendum on further austerity, closing its banks, and defaulting (excuse me, going into "arrears"), the IMF says the country would need another €50B in assistance - with about two-thirds coming from the eurozone and the rest from the IMF.
    • Even with better terms on possible future loans, Greece's debt-to-GDP ratio would decline to just 150% of GDP in 2020 from 175% today, says the IMF (the 2020 target set at the 2012 bailout was 124%).
  • 8:45 AM
  • 7:26 AM
    • "I prefer to cut my arm off rather than sign an agreement without debt restructuring," Greek Finance Minister Yanis Varoufakis tells Bloomberg, promising to step down if citizens vote "yes" on Sunday for the austerity measures demanded by the country's creditors.
    • The country, he says, should not "extend and pretend" any longer that it can pay its debts.
    • "We desperately want to stay in the euro ... We are going to win ("no" vote) on Sunday."
    • The banks and the stock market remained closed. NBG +1.8% premarket; GREK no trades.
  • 7:18 AM
  • 6:00 AM
    • Japan +0.95%.
    • Hong Kong +0.12%.
    • China -3.48%.
    • India -0.27%.
    • London +0.06%.
    • Paris -0.18%.
    • Frankfurt -0.21%.
    | Comment!
  • 4:58 AM
    • Sweden's central bank unexpectedly lowered its main interest rate deeper into negative levels today and expanded its bond purchases to the end of the year, saying uncertainty abroad had increased and it was difficult to assess the consequences of the situation in Greece.
    • The repo rate was cut to -0.35% from -0.25%, while the country expanded its bond purchasing program by 45B kronor ($5.3B) to the end of year, adding to the 80B-90B kronor that was already announced.
    • ETFs: EWD, FXS
    | 1 Comment
  • 1:56 AM
  • Wednesday, July 1, 2015

  • 2:10 PM
    • "We see no ground for further talks at this point," says Eurogroup President Jeroen Dijsselbloem, commenting on Greece's suggestion earlier today of possible grounds for compromise.
    • The creditors, says Dijsselbloem, like everyone else, will await the results of Greece's Sunday referendum vote on proposed austerity measures.
    • Stocks continue to give back sizable opening gains, with the Dow (DIA +0.4%), S&P 500 (SPY +0.3%) and Nasdaq (QQQ +0.2%) now all at session lows.
  • 12:30 PM
    • Toyota (NYSE:TM) unit sales +4.1% to 209,912 units on an unadjusted basis vs. the +2.6% to +3.4% range estimated by research firms.
    • Toyota division sales rose 3.1% to 183,791 units, led by a 16.5% gain for Toyota trucks.
    • The Corolla and Camry models were both over 30K unit threshold for the month, although they fell from the volume level of a year ago.
    • Lexus sales were up 11.1% to 26,121 units.
    | Comment!
  • 11:20 AM
    • Formerly the WisdomTree China Dividend ex-Financials Fund (NASDAQ:CHXF), the ETF is now the WisdomTree China ex-State-Owned Enterprises Fund (CXSE). The net expense ratio is 0.53% (0.63% gross minus a 0.10% waiver through July 2016).
    • Source: Press Release
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  • 11:19 AM
    • Volkswagen (OTCQX:VLKAY) unit sales +5.6% to 30,436 units.
    • Golf sales +228% to 1,967.
    • Jetta sales -8.4% to 11,080.Passat sales -3.3% to 6,984.
    • Beetle sales -12% to 2,282.
    • Tiguan sales +8% to 2,064.
    • The new Golf-R model sold 192 units.
    • YTD Volkswagen U.S. sales -2.6% to 174,442 units.
    | Comment!
  • 10:59 AM
    • Mazda (OTCPK:MZDAY) unit sales +3.9% Y/Y to 27,223 units.
    • Car sales fell 3.3% to 16,273 units.
    • Truck sales +16.7% to 10,950 units.
    • Mazda CX-5 sales +18% to 9,373.
    • Mazda6 sales +11% to 5,332.
    • Mazda3 sales +5% to 9,251 units.
    • YTD Mazda U.S. YTD sales +1.6% to 158,996 units.
    | Comment!
  • 10:40 AM
    • Honda (NYSE:HMC) unit sales +4.2% to 134,397 units vs. a 6%-7.2% range forecast by research firms.
    • Sales in the Honda division increased +0.9% to 118,870 units, while Acura sales jumped 38.6% to 15,527 units.
    • Sales growth by model: Accord -15% to 27,477; Civic -11% to 28,727; Pilot -7.5% to 9,093; CR-V +8.5% to 28,349; Acura ILX +79% to 1,662; Acura TLX 3,986 (new).
    • YTD Honda sales +1.8% to 753,001 units.
    | Comment!
  • 10:27 AM
    • Nissan (OTCPK:NSANY) unit sales +13.3% to 124,228 units vs. +12% forecast by analysts.
    • Sales growth by brand: Nissan +13% to 114,243; Infiniti +16.5% to 9,985.
    • Sales growth by model: Pathfinder +12.7% to 7,168; Frontier -22.5% to 4,437; Sentra +0.6% to 17,200; Altima +12.7% to 29,418; Leaf -11.6% to 2,074; Infiniti Q50 +43% to 3,470; Infiniti QX60 +39% to 3,003.
    • YTD Nissan sales +4.2% to 672,203 units.
    | Comment!
  • 10:18 AM
    • Audi (OTCQX:VLKAY) unit sales +8.3% to 18,262 units.
    • Sales by model line: A3 +42% to 3,482; A4 -15% to 2,863; A5 -29% to 1,101; Q5 +6.1% to 4,270; Q3 867 (new).
    • YTD Audi sales +11.0% to 93,615 units.
    | Comment!
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