Seeking Alpha
  • Today - Tuesday, March 3, 2015

  • 4:24 AM
     
    • German retail sales and record index advances in the U.S. fueled European stocks higher today, pushing the DAX up a staggering 16.4% YTD.
    • Retail sales rose by more by 2.9% M/M and 5.3% Y/Y in January, heavily beating economists' forecast for a 0.3% M/M decline.
    • U.S. stocks also began the new month in strong style, with the Nasdaq closing above the 5,000 level for the first time since March 2000, yesterday, and the Dow and S&P 500 also setting records.
    • FTSE 100 +0.3%; DAX +0.3%; CAC 40 +0.3%; Euro Stoxx 50 +0.3%.
    | Comment!
  • 2:04 AM
    • Australian stocks fell back from seven-year highs today after the Reserve Bank of Australia surprised markets by holding interest rates at 2.25% instead of lowering rates for a second consecutive month.
    • "Further easing of policy may be appropriate over the period ahead. The Board will further assess the case for such action at forthcoming meetings," said RBA Governor Glenn Stevens.
    • China cut its rates over the weekend and the ECB begins a trillion-euro quantitative easing plan this month.
    • S&P/ASX 200 closed down 0.4% at 5,933.90
    • ETFs: EWA, AUSE, KROO, EWAS, FAUS, QAUS
    | Comment!
  • Monday, March 2, 2015

  • 3:56 PM
    • The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (NYSEARCA:ASHR) has been the place to be for the past few months thanks to the opening up of China's A-shares market to the globe. The ETF is ahead by 27% since the end of October and has roughly doubled AUM to $1.1B.
    • The popularity to buy ASHR led to Deutsche's Chinese partner using up its purchase quota, thus forcing the bank to cap ETF creations, creating the potential for the share price to leap past NAV.
    • Today's move allows market makers in ASHR to transact 25 "creation units" each day as opposed to just one. A creation unit is equal to 50K shares.
    | 1 Comment
  • 9:52 AM
    • The Geneva Auto Show hits full speed this week with technology a dominant theme.
    • European automakers such as Mercedes-Benz (OTCPK:DDAIF) and BMW (OTCPK:BAMXY) are displaying their connected car concept, while Opel (NYSE:GM) is touting the OnStar service.
    • The emerging role of Apple and Google in the industry looms as a large factor in the background with top execs seeming uncertain as to what to expect.
    • "We have to understand that, and then to find our roles, to which extent they are complementary, to which extent we become dependent, to which extent we are competitors," noted Daimler CEO Dieter Zetsche.
    • Audi (OTCQX:VLKAY) looks to steal some thunder from Tesla Motors with its Electric R8 (610 hp, range 280 miles).
    • What to watch: Anticipation is high for a presentation by Aston Martin on its future direction. Small UV entrants from Renault (OTC:RNSDF) and Honda (NYSE:HMC) are key introductions. On the ultra high-end, Ferrari (NYSE:FCAU) and McLaren are expected to grab headline for new dream cars.
    | Comment!
  • 7:11 AM
    • JBS (OTCQX:JBSAY) cancels plans for an IPO for its processed food unit due to unfavorable market conditions.
    • The company has suspended the JBS Foods IPO three other times in the past.
    | Comment!
  • 6:24 AM
    • Eurozone consumer prices fell for the third straight month in February, giving some encouragement to ECB policy makers as they prepare to meet in Cyprus on Wednesday and Thursday to set the stage for their new stimulus program.
    • Eurostat said prices were 0.3% lower than in February 2014, having fallen 0.6% in January, while the unemployment rate across the eurozone fell to 11.2% in January, its lowest since April 2012.
    • FTSE 100 +0.3%; DAX +0.2%; CAC 40 -0.4%; Euro Stoxx 50 -0.1%.
    • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
    | Comment!
  • 6:00 AM
     
    • Japan +0.15%
    • Hong Kong +0.26%.
    • China +0.78%.
    • India +0.33%.
    • London +0.30%.
    • Paris -0.23%.
    • Frankfurt +0.16%.
    | Comment!
  • 5:58 AM
    • U.K. manufacturing growth hit a seven-month high in February as domestic strength offset weakness in Britain’s main export markets.
    • "This reinforces the picture of a broader growth revival in the U.K. so far in the opening quarter," said Markit's Rob Dobson, but warned that the upturn relied on the manufacture of consumer goods, rather than plant and machinery which would reflect improving business investment.
    • Markit's PMI rose a full point to 54.1 from a revised 53.1 last month, beating all economists' forecasts.
    • The pound is down 0.2% at $1.5414, while the FTSE 100 is +0.3%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK
    | Comment!
  • 2:19 AM
    • In the biggest change to its monetary policy since opening up its economy more than two decades ago, India's central bank and finance ministry have agreed to introduce inflation targeting to rein in a long history of volatile price rises.
    • The 4% inflation target for the 2016/17 fiscal year will be symmetrical, seeking to keep consumer price growth within two percentage points on either side of the central target.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, SMIN, INCO
    | Comment!
  • 1:56 AM
    • Asian stocks edged up on Monday after China cut interest rates by a quarter percentage point over the weekend, while a survey showed HSBC's PMI climbing to 50.7 in February - the strongest level since July - from 49.7 in January.
    • "Deflationary risk and the property market slowdown are two main reasons for the rate cut this time," said a central bank official.
    • In the last few months, China has been showing further signs of flagging economic growth, with its GDP dipping to 7.3% in Q4 - its slowest rate in over two decades, and its CPI sliding to 0.8% in January - its weakest showing since late 2009.
    • Shanghai +0.4%; Hang Seng +0.2%; Nikkei +0.2%
    • Previously: China lowers benchmark interest rates again (Mar. 01 2015)
    • ETFs: FXI, EWH, KWEB, PGJ, YINN, GXC, FXP, ASHR, HAO, TAO, YANG, CHIQ, CQQQ, CHIX, MCHI, QQQC, PEK, XPP, YAO, YXI, CHXF, ECNS, FCA, CHII, CN, CHIE, CHIM, EWHS, FCHI, ASHS, KFYP, CNXT, CHNA, KBA, FHK
    | Comment!
  • Sunday, March 1, 2015

  • 9:48 AM
    • For the second time in less than four months, the People’s Bank of China has cut interest rates, lowering by a quarter percentage point both the benchmark one-year loan rate, to 5.35%, and the one-year deposit rate, to 2.5%.
    • "Deflationary risk and the property market slowdown are two main reasons for the rate cut this time," said a central bank official.
    • In the last few months, China has been showing further signs of flagging economic growth, with its GDP dipping to 7.3% in Q4 - its slowest rate in over two decades, and its CPI sliding to 0.8% in January - its weakest showing since late 2009.
    • ETFs: FXI, EWH, KWEB, PGJ, YINN, GXC, FXP, ASHR, HAO, TAO, YANG, CHIQ, CQQQ, CHIX, MCHI, QQQC, PEK, XPP, YAO, YXI, CHXF, ECNS, FCA, CHII, CN, CHIE, CHIM, EWHS, FCHI, ASHS, KFYP, CNXT, CHNA, KBA, FHK
    | 21 Comments
  • Friday, February 27, 2015

  • 2:04 PM
    • Many Chinese Internet and mobile names are selling off as the yuan falls to its lowest levels against the dollar since Oct. 2012, thanks to the dollar's broader strength against foreign currencies and ongoing worries China's economy is cooling off. The exchange rate is currently at 6.27.
    • A weaker yuan affects the top and bottom lines of Chinese firms, as reported in dollars. It also increases financing costs (should Chinese companies seek to raise capital overseas), and is triggering fears of capital outflows that could lead the yuan to sell off further.
    • Notable decliners include YY (YY -5.2%), Vipshop (VIPS -4.1%), SouFun (SFUN -2.1%), Leju (LEJU -3.8%), Bitauto (BITA -3.7%), Autohome (ATHM -3.6%), Sungy Mobile (GOMO -4.2%), Momo (MOMO -6.6%), NetEase (NTES -4.9%), Ctrip (CTRP -2.3%), Qunar (QUNR -3.1%), iDreamSky (DSKY -3.7%), Jumei (JMEI -3.3%), Changyou (CYOU -3.3%), and 500.com (WBAI -4.8%). 500.com was downgraded to Hold by Deutsche today in response to recent provincial license suspensions.
    • A few of the aforementioned names also sold off on Wednesday. Forward P/E and P/S multiples for the group are far lower than they were 12 months ago.
    | 8 Comments
  • 2:03 PM
    • Turkish mobile leader Turkcell (TKC -2.1%) is lower today, along with other Turkish trades, as Société Générale bails out of the country: "We just closed all our bullish trades on Turkey."
    • The firm expects the Turkish lira to sell off in the aftermath of the central bank's rate cut -- and its dispute with Turkey's leadership over monetary policy.
    • SocGen has taken out a long position in dollar/lira volatility that it says is already paying off.
    • The Turkish lira has slipped 3% against the dollar over the past week.
    • Related stocks: (OTCQX:TKGBY -3.4%), (OTCPK:TAVHY -2.3%)
    • ETFs: TUR -2%.
    • Previously: Turkey tumbles as government takes over Bank Asya (Feb. 04 2015)
    | Comment!
  • 1:05 PM
    • Fiat Chrysler Automobiles (NYSE:FCAU) recalls more than 467K Dodge and Jeep SUVs.
    • The recall action includes 2012 and 2013 Dodge Durangos as well as 2011 Jeep Grand Cherokees located outside of North America.
    • Consumer advocacy groups are pushing to see the automaker broaden the recall.
    | 4 Comments
  • 8:33 AM
    • Mazda (OTCPK:MZDAY) plans to sell only a diesel version of its new CX-3 SUV in Japan in a big bet on the fuel alternative.
    • The high-end version of the CX-3 includes noise-reducing technology.
    • Diesel-powered cars only accounted for 3% of sales in Japan last year.
    • The big picture: A weak yen has helped Subaru and Mazda grow global sales and take market share in key markets.
    | Comment!
  • 8:01 AM
    • Nissan (OTCPK:NSANY) says it can reach 10% market share in the U.S. without making any major production investments in the next few years.
    • The Japanese automaker hints it can shift output from South Korea and its home plants to meet U.S. demand.
    • If Nissan is to hit the 10% goal it will need a strong response for the 2015 Murano mid-size SUV.
    • Nissan's U.S. market share has ranged from 8.7% to 9.7% recently.
    | Comment!
  • 7:03 AM
    • International Consolidated Airlines Group (OTCPK:ICAGY) reports net income surged 341% Y/Y to £309M ($346M) in Q4.
    • Revenue in the quarter was up 9.9% to £5.015B ($7.73B).
    • Available seat miles +5.8%.
    • Revenue passenger per kilpometers +6.4%.
    • The company expects operating profit of €2.2B ($3.39B) in for 2015.
    • IAG press release (.pdf)
    | Comment!
  • 6:47 AM
     
  • 6:14 AM
    • Germany's parliament approved an extension of Greece's bailout today after Finance Minister Wolfgang Schaeuble spoke in favor of the deal, telling parliament: "We Germans should do everything possible to keep Europe together as much as we can."
    • The Bundestag vote was the only major parliamentary hurdle for the four-month extension to the bailout program, as other EU countries are expected to vote in favor of the deal, approved by eurozone finance ministers earlier this week.
    • ETFs: GREK -4% premarket
    | 4 Comments
  • 6:00 AM
     
    • Japan +0.06%
    • Hong Kong -0.32%.
    • China +0.36%.
    • India +1.65%
    • London -0.14%.
    • Paris +0.08%.
    • Frankfurt -0.17%.
    | Comment!
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