Seeking Alpha
  • Wednesday, April 16, 2014

  • 1:23 PM
    • Automobile sales in Germany rose 5.8% Y/Y in March to 323,991 units.
    • Q1 sales finished at 781,647, up 6% from a year ago.
    • German automakers: DDAIF, BAMXY, VLKAY
    | 1 Comment
  • 10:42 AM
    • Leaving its benchmark lending rate at 1% for the 29th consecutive meeting, the Bank of Canada gives its blessing to a weaker currency, noting the lower Canadian dollar "should provide additional support" to the country's exporters.
    • The loonie (FXC) is off 0.2% and buying $0.9091 after the policy statement.
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  • 9:53 AM
    • General Motors (GM) will give a first look at the 2015 Chevrolet Trax at the New York International Auto Show. The smaller-sized SUV model is similar to the Buick Encore which has sold better than expected in the U.S.
    • Land Rover (TTM) plans to debut a new line of SUVs under the Discovery brand name. The automaker sees the brand as its high-volume family division.
    • Ford (F) will bring out its limited edition Mustang GT on the 50th anniversary of the model's introduction. The automaker has been using the Mustang as a brand builder in global markets.
    • Audi (VLKAY) is hoping to make a splash with an A3 Sportback which utilizes turbo diesel technology. Automobile analysts think TDI will be a major buzzword at this year's show.
  • 8:10 AM
  • 7:50 AM
    • Daimler (DDAIF) will take in a cash haul of €2.43B ($3.36B) for the sale of its 50% stake in an engine joint venture.
    • The German automaker is selling its stake to partner Rolls-Royce (RRCEF, BAMXY).
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  • 7:01 AM
    • Suzuki (FUJHY) plans to introduce models which use a new hybrid system in order to stay competitive with rivals on gas mileage.
    • The new gas-electric system from the automaker will be unveiled in a compact car that will be sold first in Japan.
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  • 5:21 AM
    • Global equities are mainly higher on relief that the slowdown in China's economy in Q1 wasn't as bad as expected, with GDP of +7.4% topping consensus of +7.3%. The data helped offset nervousness about the continuing escalation in eastern Ukraine.
    • The Nikkei experienced yet another sharp move, this time jumping 3% following recent heavy selling. "Japanese shares are rebounding from recent declines because of the yen and U.S. share gains, while Alibaba is supporting technology companies," says market strategist Ayako Sera. Yesterday, Yahoo reported that Alibaba's Q4 net profit surged 110% to $1.35B. That helped boost shares in major Alibaba shareholder Softbank by 8.5%.
    • Elsewhere in Asia, Hong Kong +0.1%, China +0.2%, India -0.5%.
    • Euro Stoxx 50 +1.1%, London +0.3%, Paris +1.1%, Frankfurt +1%, Milan +2%, Madrid +1.3%.
    • U.S. stock futures: Dow +0.5%. S&P +0.5%. Nasdaq +0.6%
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  • 5:05 AM
    • Eurozone CPI accelerated to +0.9% in March from +0.3% in February, but missed consensus of +1%.
    • On year, inflation fell to 0.5% (flash 0.5%) from 0.7%.
    • Core CPI moderated to +0.7% from +1% and vs forecasts of +0.8%.
    • The euro is +0.2% to $1.3845. (PR)
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  • 4:40 AM
    • U.K. unemployment for the three months to February fell to 6.9% from 7.1% previously and came in under forecasts that were also 7.1%.
    • Average earnings including bonuses accelerated to +1.7% from +1.4% but missed expectations of +1.8%. Still, the figure brings wage growth in line with inflation of 1.7% after a long period in which salary rises remained well below CPI growth.
    • The pound spikes and is +0.2% at $1.6802, while the FTSE is +0.4%. (PR)
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  • 3:57 AM
    • Ukraine retook an airfield in the eastern Donetsk region yesterday after fighting with pro-Russian militias.
    • Ukrainian forces have also apparently surrounded the town of Slaviansk, which had been seized by the militias. In total, the separatists have taken over government and police buildings in up to 10 towns and cities in eastern Ukraine.
    • Ukraine's action has prompted Vladimir Putin to describe the country as being on the "brink of civil war;" it has also come ahead of talks tomorrow between senior diplomats from Russia, the EU, the U.S. and Ukraine.
    • Russia's Micex is -0.1%, while the USD-RUB is -0.4% at 36.095.
    • More on Ukraine
  • 3:38 AM
    • Japanese industrial output fell 2.3% on month in February, as expected, after rising 3.8% in January.
    • On year, production +7% vs +10.3%.
    • The Nikkei is +3% and the USD-JPY is +0.3% at 102.26. (PR)
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  • 2:56 AM
    • China's GDP growth slowed to its lowest level in 18 months in Q1, moderating to 7.4% on year from 7.7% in Q4 but topping forecasts for 7.3%. The figure is below the government's target of 7.5%, although the country's leaders have indicated that the goal is flexible as they try to implement reform.
    • Falling momentum in investment and consumption, struggling real estate, and weak external demand were among the main factors that caused the slower expansion.
    • On quarter, GDP +1.4%, as expected, vs +1.8%.
    • The value of home sales fell 7.7% in Q1 to 1.1T yuan ($177B); new property construction -25% to 291M square meters (3.1B square feet).
    • Industrial production +8.8% in March +8.6% in previously and consensus of +9%.
    • Retail sales +12.2% vs +11.8% and +12.1%.
    • Urban fixed-asset investment +17.6% in Q1 vs +17.9% previously and forecasts of +18.1%.
    • MNI Business Sentiment Indicator 51.1 in March vs 50.2 in February.
    • "All the forward-looking indicators are weak - growth is going to continue to slow," says Standard Chartered's Stephen Green. "We expect a mix of moderate monetary easing over the next few months and more aggressive reform measures."
    • However, Credit Agricole economist Dariusz Kowalczyk expresses a bit of optimism. "The silver lining is that retail sales and industrial output both rebounded in March, suggesting that growth is bottoming out."
    • The Shanghai Composite is flat.
    | 1 Comment
  • Tuesday, April 15, 2014

  • 7:12 AM
    • Nestle (NSRGF, NSRGY) reports a 5% drop in sales during Q1 as its performance in North America and Europe came in below expectations.
    • Organic sales rose 4.2% during the period.
    • Growth in developed markets was only 0.6%, while emerging markets saw a 8.5% increase in sales.
    • A strong Swiss franc was a drag on earnings. It's a trend the company warns could continue.
    | Comment!
  • 7:04 AM
    • Volkswagen (VLKAY) selects Wolfgang Duerheimer to take charge of its Bentley and Bugatti nameplates.
    • The exec will man the role beginning on June 1.
    • It's familiar territory for Duerheimer as he took a spin with the luxury brands back in 2011.
    | Comment!
  • 5:44 AM
    • Asian stocks moved lower after a strong opening after the Peoples Bank of China withdrew 172B yuan ($28B) through repurchase agreements.
    • Shares of banks and brokerage firms in China stumbled off the news.
    • The Shanghai Composite Index closed down 1.4%, while the Hang Seng fell 1.6%. The Nikkei showed a 0.6% gain as a strong report on retail sales in the U.S. earlier in the day spilled over.
    | 1 Comment
  • Monday, April 14, 2014

  • 11:55 AM
    • Think the Fed is bad? With the Bank of Japan vacuuming up the supply thanks to its own QE program, the government's new issue of 10-year JGBs looks like its going to go 24 hours without even a single trade. Typically, recent issues are the busiest traders, but the BOJ is buying about ¥7T of JGBs per month, roughly 70% of all new issuance. With rates so low and supply scarce, traders say sitting on the sidelines is less costly than trading.
    • Don't expect the market to stay asleep for long, says traders, with one expecting a big jump in yields rather than a slow creep upwards. 10-year JGBs currently yield 0.61%.
    | 1 Comment
  • 8:00 AM
  • 7:46 AM
    • Peugeot (PEUGY) plans to cut the number of models it sells in half in a bid to improve margins.
    • CEO Carlos Tavares thinks the French automaker can improve its operating margin to 2% by 2018 and as high as 5% sometime between 2019 and 2023.
    • Despite the sharp cut in models, Peugeot still plans to grow aggressively in China with the help of partner Dongfeng Motor.
    | Comment!
  • 5:43 AM
    • European shares and U.S. stock futures are solidly lower as the tension in eastern Ukraine escalates, with pro-Russian gunmen in several cities ignoring a deadline to disarm and leave government buildings that they'd seized.
    • Wall Street's declines on Friday amid a continued sell-off in tech stocks are also souring the mood.
    • In Asia, the Nikkei's woes continued as it fell 0.4%, with investors concerned about Japan's economic recovery.
    • Elsewhere in Asia, Hong Kong +0.1%, China +0.05%, India closed.
    • Euro Stoxx 50 -0.9%, London -2%, Paris -0.9%, Frankfurt -0.9%, Milan -1.1%, Madrid -2%.
    • U.S. stock futures: Dow -0.2%. S&P -0.2%. Nasdaq -0.35%
    | Comment!
  • 5:30 AM
    • Ukraine could be about to carry out a "large-scale anti-terrorist operation" on pro-Russian separatists in several cities in eastern Ukraine after the rebels ignored a deadline to stand down.
    • Militias have taken control of the city of Slaviansk by seizing government buildings and setting up barricades on the outskirts of town. There have already been casualties after the government launched an operation yesterday.
    • Gunmen have also taken over administrative buildings in Donetsk, which has become one of the centers of pro-Russian protests. The governor of the Donetsk region has said that a government operation has started, although journalists on the ground hadn't seen any sign of it.
    • Russia has warned Ukraine not to use force against the militias, but Ukraine and the U.S. blame Russia for the escalation.
    • The increasing tension has hit Russian markets, with the Micex -1.65% and USD-RUB +0.9% at 35.963 rubles.
    • Live blog
    • More on Ukraine
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