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Monday, 30 Mar 2015
00:56
Monday, 30 Mar 2015
00:50

- Industrial Production (Feb P) Y/Y -2.6% vs. Exp. -0.6% (Prev. -2.8%)

Reaction details: 00:51

- No immediate reaction seen in USD/JPY, trades 119.30 (+18 pips) last.

Source: BBG
Print
Monday, 30 Mar 2015
00:45

Desk open between 1300BST/0700CDT to 1615BST/1015CDT on Good Friday (3rd April) in order to cover the release of US Non-farm Payrolls (skeletal service)
 
 There will be no Asia-Pacific service on Sunday 5th April 2015
 
Normal service will resume at 1200BST/0600CDT on Easter Monday 6th April 2015 in order to cover the US session as normal. UK & European markets closed

 

Market closures & desk opening hours

3rd April (Good Friday) – Desk open between 1300BST/0700CDT to 1615BST/1015CDT in order to cover the release of US Non-farm Payrolls (skeletal service)

FLOOR TRADE:

CME/CBOT: Interest Rate/FX – Early close at 1600BST/1000CDT (CBOT Pit open at 1320BST/0720CDT as usual); Commodities/Equities – Closed

COMEX: Closed

NYMEX: Closed

NYSE: Closed

ELECTRONIC TRADE:

CME Globex: Equities – Early close at 1415BST/0815CDT (Electronic trade opens the previous night at 2300BST/1700CDT as usual); Interest Rate/FX – Early close at 1615BST/1015CDT; Commodities – Closed

NYMEX: Closed

ICE (UK): Closed

Eurex (EU): Closed

ASIAN BOURSES:

Shanghai Composite (CH): Regular Close

Tokyo Stock Exchange (JN): Regular Close

KOSPI (SK): Regular Close

Hang Seng (HK): Closed

ASX 200 (AU): Closed

Bombay Stock Exchange (IN): Closed

Straits Times Index (SI): Closed

TAIEX (TA): Closed

 

4th & 5th April – Desk Closed for the weekend (No Asia-Pac service on Sunday evening)

6th April (Easter Monday) – Desk to re-open at 1200BST/0600CDT in order to cover the US session as normal. UK & European markets closed. Main data releases are Markit US Service PMI & ISM Non-Manufacturing Composite

FLOOR TRADE:

CME/CBOT: Regular Close

COMEX: Regular Close

NYMEX: Regular Close

NYSE: Regular Close

ELECTRONIC TRADE:

CME Globex: Regular Close

NYMEX: Regular Close

ICE (UK): Closed

Eurex (EU): Closed

ASIAN BOURSES:

Shanghai Composite (CH): Closed

Hang Seng (HK): Closed

ASX 200 (AU): Closed

Bombay Stock Exchange (IN): Regular Close

Straits Times Index (SI): Regular Close

Tokyo Stock Exchange (JN): Regular Close

KOSPI (SK): Regular Close

TAIEX (TA): Closed

Source: RANsquawk
Print
Monday, 30 Mar 2015
00:34

Hyundai Mipo (010620 KS)
- Co. wins KRW 172.6bln contract for car carriers. (BBG)

Posco (005490 KS)
- Co. is said to be withdrawing from the planned USD 12bln steel complex in India. (BBG)

Samsung (005930 KS)
- Co.'s Vice Chairman Lee sees possibility of combining IT and medicine. (BBG)

 

Source: BBG
Print
Monday, 30 Mar 2015
00:33

EUR/USD

- 1.0900 (356mln).

AUD/USD
- 1.2540 (440mln), 1.2570 (320mln), 1.2600 (453mln).

USD/CAD
- 1.2465 (735mln), 1.2500 (278mln), 1.2525 (242mln).

USD/JPY
- 118.70 (850mln), 119.00 (250mln). 

Source: BBG
Print
Monday, 30 Mar 2015
00:30

Canon (7751 JT), Toyota (7203 JT)
- Norwegian pension fund's holdings of Japanese stocks increased by 30% in 2014 to JPY 4.8trl. (Nikkei)

Chugai (4519 JT)
- EMA supports Helsinn Healthcare drug for chemo-induced nausea. (BBG)

Docomo (9437 JT)
- Co. is said to cancel 6.4% of shares on March 31. (BBG)

Eisai (4523 JT)
- EMA panel supports Lenvima for treatment of thyroid cancer. (BBG)

JVC Kenwood (6632 JT)
- Co. will offload Teichiku Entertainment unit to Brother Industries (6448 JT). (BBG)

Mimasu Semiconductor Industry (8155 JT)
- Co. reports 9-month net income increased by 11% to JPY 1.54bln whilst operating profit fell 3% to JPY 2.26bln. (BBG)

Mitsubishi Heavy (7011 JT)
- Co. is expected to post record operating profit of JPY 300bln in 2015 vs. Exp. JPY 301.7bln. (Nikkei reports)

Mizuho (8411 JT)
- Co. will integrate asset management companies. (BBG)

Nissan (7201 JT)
- Co. is said to be in discussions with Mercedes-Benz on pickup trucks. (WSJ)

Olympus (7733 JT)
- Co. to pay JPY 11bln yen in out-of-court settlements to pension funds and overseas institutional investors. (BBG)

Oji Holdings (3861 JT)
- Co. is said to face JPY 12bln charge for the sale of Alpac Forest state to Hokuetsu Kishu (3865 JT). (BBG)

Broker Moves
- Advantest (6857 JT) downgraded to underweight from neutral at Mitsubishi UFJ Morgan Stanley.
- Orix (8591 JT) downgraded to neutral at Nomura.
- Screen (7735 JT) downgraded to neutral vs overweight at Mitsubishi UFJ Morgan Stanley.
- Fuji Media (4676 JT) upgraded to overweight from neutral at Mitsubishi UFJ Morgan Stanley.

Source: BBG/Nikkei
Print
Monday, 30 Mar 2015
00:24
Analysis details: 00:31

- As a guide, USD/SGD currently trades 1.3701. Support is seen  at 1.3663 and 1.3572, pivot at 1.3694, and resistance at 1.3724, 1.3755, 1.3816.  

Source: BBG
Print
Monday, 30 Mar 2015
00:04

- Weak demand and low iron ore prices are being cited as reasons for the forecast.

Analysis details: 00:16

- As a guide, iron ore is trading at USD 54.10/tonne which is a six year low.

Source: BBG
Print
Sunday, 29 Mar 2015
23:50
Source: BBG
Print
Sunday, 29 Mar 2015
23:34
Analysis details: 23:37

- As a guide, the country holds 9% of the world's oil reserves.

Source: Telegraph
Print
Sunday, 29 Mar 2015
23:30

Primary Health (PRY AT)
- An unnamed suitor is said to be in early talks with banks in regards to acquiring Co. (AFR)

Caltex Australia (CTX AT)
- Chevron (CVX) intends to sell its 50% stake in the Co. for approximately AUD 4.7bln. (BBG)

Beach Energy (BPT AT)
- Chevron (CVX) pulled out of a USD 349mln shale gas project with Co. (BBG)

ANZ Bank (ANZ AT)
- Co. CEO expresses interest in possibly tying up with Standard Chartered (STAN LN) but highlights a deal could prove difficult due to regulation. (AFR)

BHP (BHP AT)
- The Sintracerromatoso union at Co.’s Colombian nickel mine voted to strike. (BBG)

Fortescue (FMG AT)
- Co. CEO backs Forrest’s comments about capping iron ore output. (ABC)

 Macquarie (MQG AT)
- Co. agree to pay USD 15mln to the US Securities and Exchange Commission in regards to its role in underwriting a fraudulent public offering. (BBG)
- Co. is said to be interested in acquiring Tank & Rast. (Reuters)

Nine Entertainment (NEC AT)
- Co.s CEO and Chairman could swap roles. (Australian)

PanAust (PNA AT)
- Guangdong Rising is preparing to table a 2nd bid to acquire Co. (BBG)

Rio Tinto (RIO AT)
- Co. says stalled talks with the Mongolian government over the USD 5.4bln expansion of the Oyu Tolgoi mine have resumed. (BBG)

Slater & Gordon (SGH AT)
- Co. is close to acquiring the insurance claims unit of Quindell (QPP LN) for GBP 700mln. (FT)

Ten Network (TEN AT)
- Foxtel is said to require additional investors to inject funds into Co. if it is to take the 14.9% stake. (AFR)

Woolworths (WOW AT)
- Options traders and short sellers are betting that Co. will end up losing the price war currently being waged amongst Australia’s largest supermarkets. (BBG)

Telstra (TLS AT)
- Co. more than doubles the download data allowance it offers customers in order to ward off competition ahead of the release of the Samsung Galaxy S6. (AFR)

Basic Materials
- Gold futures declined thus ending its longest rally since 2012 on Friday in New York whilst Oil’s sudden fall in price leaves analysts divided.

Other News
Australian Prime minister Abbott said the country is set to join the Asian Infrastructure Investment Bank

Broker Moves
- Sims Metal Management (SGM AT) upgraded to buy at Goldman Sachs
- Beach Energy (BPT AT) downgraded to neutral at Macquarie

Source: BBG
Print
Sunday, 29 Mar 2015
23:25

- FY sales CNY 49.3bln.

Source: BBG
Print
Sunday, 29 Mar 2015
23:19

Cites
- Key commodity prices decreasing to multi-year lows, and are likely to continue.
- Inflation remains contained.
- AUD is kept higher due to the actions of other central banks.

Analysis details: 23:28

- As a guide, the next RBA rate decision is scheduled for April 7th, where the OIS is pricing in a 59% chance of a 25bps rate cut.

- Furthermore, banks including Goldman Sachs are leaning towards a rate cut in April. 

Source: The Australian
Print
Sunday, 29 Mar 2015
23:14
Source: BBG
Print
Sunday, 29 Mar 2015
23:08
Analysis details: 23:11

- Of note, Iran nuclear agreement could be reached by March but there must be further progress in talks, according to France's foreign minister Fabius.

- Saudi army official Asseri said that Saudi Arabia has no imminent intention to send troops into Yemen.

Source: BBG
Print
Sunday, 29 Mar 2015
22:45
Analysis details: 22:47

- As a guide, the Government Pension Fund of Norway is the world's third largest pension fund. 

Source: BBG
Print
Sunday, 29 Mar 2015
22:12


US MARKET WRAP: US indices traded range bound throughout most of the session, however edged higher heading towards the Wall St close, with the Energy sector underperforming as oil prices slumped throughout the session amid the slowest decline in rig count 

US indices traded mostly flat, with the S&P 500 headed for its worst weekly loss since January and the NASDAQ-100 on course for its sharpest weekly drop since October. The Health Care sector outperformed, led higher by gains in Biotech names, with energy names the notable laggards amid sharp losses in oil prices. The lower-than-expected revision to US GDP (2.2% vs. Exp. 2.4%) provided little in the way of direction despite showing the biggest gain in Q4 US Consumer Spending since 2006 as it was a tertiary reading of Q4, with focus shifting to the Q1 figure. In stock specific stories, Dow Chemical (+1.94%) shares posted strong gains after announcing plans to spin-off its chemical unit and merge it with Olin Corp (+13.98%), while BlackBerry (+1.72%) shares also moving higher after reporting upbeat earnings. Heading towards the Wall St. close, equities enjoyed a modest rally led by Semiconductors to sign off the week firmly in the green. Shortly before the close, Fed Chair Yellen said a rate lift-off may be appropriate later in 2015 and it is suitable that monetary policy remains accommodative for some time. With these comments being mostly a reiteration of the FOMC meeting last week, there was a muted reaction across asset classes and focus for next week will turn mainly to the Nonfarm Payrolls release. Finally, the DJIA finished up 0.19% at 17,712.66, the S&P 500 finished up 0.24% at 2,061.02 and the NASDAQ-100 finished up 0.41% at 4,332.86.

US Treasuries trended higher throughout the day amid the weaker-than-expected US GDP revision, dampening concerns over how quickly the Federal Reserve could move to hike rates for the first time since 2006. As such, the 10y yield posted its first drop in 3 days, with the bid tone in fixed income products boosted further by increased speculation that liquidity issues will remain in Greece.

In the commodities complex, Brent and WTI crude futures fell sharply to trim their best weekly gains in 4 years as concerns over the conflict in Yemen abated, which led focus back to talks over Iran’s nuclear program and the slowing decline in the US rig count. With the deadline looming at the end of this month and parties increasing efforts to reach an agreement, fears over the potential surge in oil supplies from OPEC’s 3rd largest producer by capacity re-surfaced. Furthermore, the US Baker Hughes rig count showed the smallest dip in active rigs since December, pointing towards a continuation in surging supplies that has caused oil prices to fall over 50% since the summer of 2014. In the precious metals complex, spot gold snapped its longest rally since 2012 and led its peers lower, Yemen-inspired safe-haven appetite subsiding and the USD-index recovering from some of its recent losses, heading towards its longest run of gains since 2005.  

 

Source: RANsquawk
Print
Sunday, 29 Mar 2015
22:01

ASIA

PBoC Governor Zhou said China's growth rates have fallen a bit too much hinting at additional monetary easing and that the nation needs to be more vigilant about deflation and is watching downward trend of global economy and declining commodity prices. Elsewhere, PBoC adviser Chen added that further policy easing is required. (Caixin)

EUROPE

Fitch downgraded Greece to CCC from B. Fitch said the downgrade reflects lack of access to markets and uncertainty regarding potential disbursements from the Troika group of lenders. (RTRS)

European finance ministers will probably not meet again before the middle of April to give the country more funds. Officials added that the proposals sent by Greece are lacking the required detail. (WSJ) Conversely EU sources suggest that the talks between the Eurogroup and Greece are `encouraging` and Greece may receive funds in the first three days of the week. (La Republicca)

UK

BoE’s Broadbent (neutral) said it is likely that the BoE will hike rates over the next 2-3 years. (Times)

Latest YouGov/Sunday Times poll puts Labour on 36%, Tories 32%, UKIP 13%. (Sunday Times)

GEOPOLITICAL

Iran and the P5+1 nations have attempted to continue negotiating a deal however officials have warned that a deal before the end of the month could still fall apart. (RTRS)

US

Fed Chair Yellen said late on Friday that rate lift-off may be appropriate later in 2015 and it is suitable that monetary policy remains accommodative for some time. (BBG)

Source: RANsquawk
Print
Sunday, 29 Mar 2015
22:00
Source: RANsquawk
Print
Friday, 27 Mar 2015
21:00
Friday, 27 Mar 2015
20:46
Source: BBG
Print
Friday, 27 Mar 2015
20:43
Friday, 27 Mar 2015
20:33
  • Dow Chemical (DOW) is to spin off its chlorine unit and merge it with Olin Corp (OLN) in a deal worth USD 5bln.
  • RANsquawk sources note takeover talk for SMA Solar Technology (S92 GY) – Unconfirmed.
  • Time (TIME) has called off discussions with CineSport regarding a potential takeover bid.
  • CNBC's Faber says Macerich (MAC) will probably reject takeover offer from Simon Property Group (SPG).
  • Conwert (CWI AV) say Deutsche Wohnen's (DWNI GY) acquisition offer is not adequate.
  • Sources say Richemont's (CFR VX) online fashion retailer Net-A-Porter and its rival firm Yoox (YOOX IM) have entered negotiations over a potential merger deal yet again.
  • According to Forbes, Amazon (AMZN) says it is not in discussions for a takeover bid for Richemont's (CFR VX) Net-a-Porter.
  • WSJ writes that Intel (INTC) are interested in a takeover of Altera (ALTR).
Source: RANsquawk
Print
Friday, 27 Mar 2015
20:33

TIME: 1741GMT/1341EDT

NEWS: Sabre (SABR) announces a potential takeover in Q2 in 8-K

REACTION: In an immediate reaction, SABR shares rose 1.2% from USD 23.73 to USD 24.00

 

TIME: 1631GMT/1231EDT

NEWS: Positive mention on CNBC for Zulily (ZU)

REACTION: In an immediate reaction, ZU shares rose 5.3% from USD 12.53 to USD 13.19 before rising to a high of USD 13.29 over the following 5 minutes for a total upwards move of 6.1%

 

TIME: 1629GMT/1029EDT

NEWS: Pandora (P) mentioned positively on CNBC

REACTION: In an immediate reaction, P shares rose 3.4% from USD 15.64 to USD 16.18

 

TIME: 1625GMT/1225EDT

NEWS: Positive mention on CNBC for Intrexon (XON)

REACTION: In an immediate reaction, XON shares rose 2.6% from USD 41.08 to USD 42.15

 

TIME: 1601GMT/1201EDT

NEWS: Norwegian Central Bank Chief has reiterated that policy rates are likely to be lowered

REACTION: In an immediate reaction. EUR/NOK rose by 125 pips from 8.6764 to 8.6889

 

TIME: 1436GMT/1036EDT

NEWS: RANsquawk sources note positive talk for Vascular Biogenics (VBLT), saying it could be mentioned in a 60 minute piece - Unconfirmed

REACTION: In an immediate reaction, VBLT shares rose 7.1% from USD 5.50 to USD 5.89 before reaching a high of USD 6.59 over the following 11 minutes for a total upwards move of 19.7%

 

TIME: 1405GMT/1005EDT

NEWS: RANsquawk sources note positive talk for Novogen Ltd (NVGN), saying the firm is getting a 60 Minutes mention for a segment on brain cancer this Sunday – Unconfirmed

REACTION: In an immediate reaction, NVGN shares rose 14.63% from USD 3.83 to USD 4.39, before moving to USD 4.48 over the following 4 minutes, for a total reaction of 18.1%.

 

TIME: 1341GMT/0941EDT

NEWS: CNBC's Faber says Macerich (MAC) will probably reject offer from Simon Property Group (SPG)

REACTION: In an immediate reaction, MAC shares fell 1.0% from USD 86.86 to USD 85.97 before falling to a low of USD 85.60 over the following 28 minutes for a total downwards move of 1.4%

 

TIME: 1223GMT/0823EDT

NEWS: RANsquawk sources note takeover talk for SMA Solar Technology (S92 GY) – Unconfirmed

REACTION: In an immediate reaction, S92 GY shares rose 1.7% from USD 11.66 to USD 11.85 before touching a high of USD 12.20 over the following 6 minutes for a total upwards move of 4.7%

Source: RANsquawk
Print
Friday, 27 Mar 2015
20:05