Friday, July 31, 2015
- After five weeks of closure, the Athens stock exchange will reopen on Monday, after what seems like a geological time frame's worth of developments in Greek solvency.
- After the government's compromise with creditors, investors say it will take some time, likely months, before the companies there can raise money internationally.
- “The Greek crisis has had an adverse impact on all sectors of the economy,” said Apostolos Gkoutzinis of law firm Shearman & Sterling.
- The Luxembourg stock exchange lifted a suspension on trading of Greek bonds a week ago.
- GREK +2.6% today, though still down 21.7% over the past three months. The National Bank of Greece (NYSE:NBG) gained 6% today (and is down 19.9% over the past month).
- Related tickers: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY
- Previously: IMF drops bombshell on Greece (Jul. 31 2015)
- Previously: Greece, creditors begin talks to secure bailout deal (Jul. 28 2015)
- Toyota (TM +0.9%) says it has 600 orders lined up for the new Mirai FCV through its website.
- The hydrogen-powered car with an estimated range of 300 miles will only be sold in the U.S. in California where refueling infrastructure is in place.
- The Japanese automaker has set a cautious target for the U.S. of 3K Mirai sales by 2017.
- The Mirai is priced at $57,500.
- Toyota pitches hydrogen as the next-gen automobile fueling alternative in this Mirai video.
- Previously: Toyota Mirai coming to U.S. in October (May. 06 2015)
- Previously: Next-gen vehicle strategy critical for automakers (May. 09 2015)
- The NHTSA is investigating if other automakers are at risk of hacking attacks after 1.4M Fiat Chrysler automobiles were recalled last week due to an exposure highlighted in Wired magazine.
- The regulator plans to focus on if wireless components supplied to Fiat are also used in other vehicles on the road in a way that isn't fully secure from remote access.
- The U.S. Copyright Office is also a major player in the hacking drama. This fall the government body will rule on if third-party researchers can access components and software to check for vulnerabilities. The open source vs. proprietary debate will be familiar to tech investors.
- Previously: Automakers start to tackle hacking issue (Jul. 23 2015)
- Previously: More security flaws seen in connected vehicles (Jul. 31 2015)
- Previously: Hacking demo leads to recall of 1.4M Fiat Chrysler vehicles (Jul. 24 2015)
- Automaker stocks: GM, F, TM, HMC, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, OTCPK:MMTOF, TTM, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:GELYF, FCAU, OTCPK:NSANY, OTCPK:DDAIF, OTCPK:MZDAY, TSLA.
- FedEx (FDX +0.3%) will face an extensive review by the European Commission of its proposed takeover of TNT Express (OTCPK:TNTEY).
- A statement from the EC says it has concerns over the impact on pricing from the two shipping giants combining.
- The regulator will review the deal for 90 days.
- European Commission press release
- Inflation in the eurozone held steady in July, highlighting a continuing challenge for the ECB as it looks to stoke price growth in the 19-nation bloc.
- According to Eurostat's flash estimate, the annual inflation rate stayed at 0.2%, as falling energy prices offset rises in industrial goods.
- The unemployment rate also remained unchanged at 11.1%, holding pace for the third straight month.
- Japan +0.30%.
- Hong Kong +0.56%.
- China -1.13%.
- India +1.48%.
- London -0.22%.
- Paris +0.22%.
- Frankfurt -0.19%.
- With forecast-beating earnings underpinning market sentiment, European stocks advanced slightly after a three-day gain, heading for their biggest monthly jump since February.
- Among the European notables this morning: Airbus (OTCPK:EADSY) +3.5% despite a new A400M charge; BNP Paribas (OTC:BNPZY) +3% after beating expectations; CaixaBank (OTCPK:CAIXY) -1.8% after cutting guidance; Lloyds (NYSE:LYG) is little changed; ArcelorMittal (NYSE:MT) +1.8% on keeping forecasts; Carrefour (OTCPK:CRRFY) edged higher after a profit rise; BG Group (OTCQX:BRGYY) up slightly despite a 65% slump in net income.
- Europe: FTSE 100 flat; DAX +0.1%; CAC 40 +0.4%; Euro Stoxx 50 +0.1%.
- More troubles are popping up for Greek PM Alexis Tsipras after the IMF dropped a bombshell stating Athens' high debt levels and current record of implementing reforms disqualify it from a third bailout.
- The news raises questions over whether the institution will join the EU's latest financial rescue, and if it will be even possible without the fund's backing.
- IMF staff will still participate in the bailout negotiations under way, but will not decide whether to agree to a new program for months - potentially into next year.
- ETFs: GREK
- Chinese shares suffered their worst month in nearly six years this July after confidence in a government-led recovery wavered.
- The Shanghai Composite lost 9% this week, and is down 14% month to date - its worst monthly performance since August 2009.
- The latest market crackdown: China's securities regulator said it launched a probe into automated trading, restricting 24 stock accounts suspected of "influencing securities trading prices."
- ETFs: FXI, ASHR, EWH, CAF, YINN, KWEB, PGJ, GXC, FXP, HAO, YANG, TAO, CHIX, CHN, PEK, CHIQ, CQQQ, MCHI, TDF, QQQC, XPP, YAO, GCH, ASHS, YXI, CN, CHXF, FCA, CHNA, CNXT, CHII, ECNS, CHIE, EWHS, CHIM, KBA, KFYP, FCHI, JFC, FHK, AFTY, CHAU
- Pacific Rim officials are nearing the final spurt of Trans-Pacific Partnership negotiations, but differences over dairy exports and exclusivity periods for drugs still need to be resolved before a final deal is reached.
- About 650 officials from 12 nations are taking part in the discussions on the Hawaiian island of Maui. A news conference is scheduled for 7:30 p.m. ET after the last talks are concluded.
- Previously: Trans-Pacific Partnership deal in sight (Jul. 27 2015)
- Long drawn-out negotiations between Ukraine and its major creditors are finally starting to thaw, after the latter agreed to take a small reduction in the face value of their holdings to speed up a debt restructuring process.
- The two sides have stood at an impasse for months over about $19B worth of bonds, which have tanked in value because of concerns Kiev wouldn't be able make its repayments.
Visit Seeking Alpha’s new Earnings Center
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs