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MARKET CURRENTS

  • 4:11 AM Japanese stocks (DXJ) buck the trend in Asia and rise 1.8% after exports jump a better-than-expected 10.1%, with Sony and SoftBank rising on corporate news (I, II). Equities elsewhere in the region fall as investors stay cautious ahead of the FOMC monetary policy announcement later. Hong Kong -1.1%, China -0.7%, India -0.3%. Comment! [Global & FX, Top Stories, On the Move]
  • 3:55 AM As it seeks to play catch up with Amazon in online sales, Wal-Mart (WMT) has turned to its store employees to pack and mail items to customers, which the retailer reckons should help it save money and time. The method represents a further integration of Wal-Mart's brick & mortar operations with its Internet business. The latter is run separately and has suffered in the past from not being seen as enough of a priority across the whole company. Comment! [Consumer]
  • 3:37 AM AstraZeneca's (AZN) and Bristol-Myers Squibb's (BMY) diabetes drug Onglyza doesn't reduce heart risks, a large-scale study shows, with patients who suffer from the Type 2 version of the disease not experiencing fewer strokes, heart attacks and other adverse events than those who took a placebo. Investors had hoped that a demonstrable cardiovascular benefit for Onglyza, which generated sales of $709M in 2012, would give it an edge over rival treatments and revive slowing demand. (PR) Comment! [Healthcare]
  • 3:28 AM As broadly expected, Alcatel-Lucent (ALU) intends to cut costs by €1B and sell another €1B of assets within two years as it looks to become cash-flow positive by 2015, at which point the telecom-equipment company will look to slash its debt by €2B by selling shares or through further asset sales. The changes are part of a recovery program called the "Shift Plan," which also includes Alcatel-Lucent focusing on IP networking and ultra-broadband access. Alcatel-Lucent is hiring a COO as well, while CFO Paul Tufano will leave. Shares are +6.7% in Paris. (PR) 1 Comment [Tech, Consumer, Top Stories]
  • 3:12 AM The WSJ carries an expose of how traders manipulate the spot market for oil, with Halis Bektas from Switzerlad, for example, admitting that he will sell a small amount of oil at a loss to drive down the benchmark price and then buy shiploads at the lower cost. McGraw Hill Financial (MHFI) unit Platts Platts, which sets the benchmark by relying on information that traders provide about their deals, said that it's not aware of such manipulation and that its staff are trained to ignore unusual pricing. Comment! [Energy, Top Stories]
  • 2:52 AM The SEC plans to alter the somewhat cozy relationship it has with Wall Street and force companies to admit wrongdoing in some settlements or face the risk of going to court instead. That's not to say that the agency will abandon the "no admit, no deny" approach, new Chairwoman Mary Jo White said yesterday, but it does mark her first big policy change. It comes after the likes of Judge Jed Rakoff rejected the SEC's $285M deal with Citigroup because of the "no admit, no deny" clause in the deal. Comment! [U.S. Economy, Financials]
  • 1:55 AM Facebook (FB) CEO Mark Zuckerberg has discussed potential partnerships with Samsung (SSNLF.PK) President Shin Jong Kyun as the U.S. company looks to boost advertising sales on mobile devices. The firms already seem to have a decent relationship, with Samsung being among the first device makers to feature Facebook's Home software on its handsets. Meanwhile, Facebook intends to invest more in Korea and serve as a platform for startups. 1 Comment [Tech, Consumer]
  • 1:44 AM Boeing's (BA) 787 has suffered another hiccup after an apparent problem with an oil filter in one of the plane's engines forced a United Airlines (UAL) Dreamliner flying to Tokyo from Denver to make an unscheduled landing in Seattle. There was no indication that the problem was related to the 787's revamped battery, but it is the latest of several glitches to plague the jet since commercial flights resumed recently. Comment!
  • 1:35 AM The weak yen helped Japanese exports grow at the fastest rate since 2010 in May, with sales abroad jumping 10.1% on year vs +3.8% in April and consensus of +6.5%. However, volume dropped 4.8%, hurt by the economic situation in China and the EU. Imports climbed 10% vs +9.5% a month earlier and forecasts of +10.8%. Japan generated a trade deficit for the 11th consecutive month as the figure widened 13% on month to ¥993.9B ($10.4B). (PR) Comment! [Global & FX, Top Stories]
  • 12:10 AM Notable earnings after Wednesday’s close: FNSR, JBL, MU, RHT Comment! [Earnings]
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TOP ARTICLES4:41 AM ET SUNDAY NOV 25
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