MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 24
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8:46 AM SABMiller (SBMRY.PK) tips off in its latest earnings release that beer drinking in the U.S. remains sluggish, with jointly-owned MillerCoors reporting domestic sales to retailers tailing off 2% Y/Y and sales to wholesalers dipping 3%. While the company blames the high unemployment rate in the U.S. for soft beer sales, the influence of craft breweries remains an underlying factor. 1 Comment
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8:40 AM Best quote from the EU summit: Discussions about eurobonds were "not unheated," says Jean-Claude Juncker. (via Sara Eisen) 3 Comments
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8:38 AM Moody's affirms France's AAA-rating and its negative outlook, saying it would raise its outlook if the country's debt metrics improve but would cut if its contingent liabilities increase. Moody's adds that France's plan for sustainable finances is positive. Comment!
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8:34 AM How about a show of hands on who thinks the euro is headed lower, asked Goldman's Jim O'Neill at a January hedge fund conference, when the currency was about $1.26. Nearly every hand in the room shot up. Six weeks later, the euro was buying $1.35. "If Europe says something good," writes Upsidetrader, look for a big reversal in the euro, the dollar, and stocks. 2 Comments
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8:21 AM Suntech (STP) CEO Zhengrong Shi says if Europe follows the U.S. in levying punitive tariffs on Chinese solar panel imports, it could deal a "lethal" blow to the industry. Beyond words, China signals it may retaliate against the tariffs, saying U.S. government backing for six clean energy projects in China had violated WTO rules and acted as barriers to trade. Comment!
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8:02 AM The majority of steel mills in northern China have halted production, according to an analyst in the coal-trade business, putting more meat behind an earlier story about iron ore and coking coal buyers attempting to back away from orders. Not surprisingly, electricity producers seeing their own stockpiles of coal grow due to slumping demand for juice. 1 Comment
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7:53 AM Aluminum producers in the province of Henan (China's largest producing province) have idled about 700K tons of capacity in recent months, says a senior official, with another 500K to be shut by year's end. The country in total has capacity of 23M tons, mostly at the high end of the global cost curve, thus making it particularly susceptible to weaker demand. Comment!
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7:43 AM Weak Chinese property developers are in survival mode, says S&P, facing "spiraling upward" borrowing costs. Higher-rated companies are also facing higher rates and shorter terms, the agency's Chris Lee says, not expecting much of a property recovery even if the government eases policy. Comment!
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7:30 AM Expect the ECB to respond to Greece by holding another LTRO, says Commerzbank's chief economist, adding he expects the bank to take its time about announcing such. "The growing uncertainty is poison for the economy," he says. He predicts a cheaper euro, not because of a run, but because the ECB will have the loosest monetary policy. 2 Comments
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7:22 AM More on China's HSBC PMI: Along with a decline in the headline number were falls in both input and output costs, perhaps giving greater scope for easier monetary policy (full report). Remember, this report covers smaller, privately-owned firms as opposed to the official PMI, where the companies have state support and better access to credit. Comment!
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6:44 AM General Motors (GM) says it has no plans to move production from South Korea to Europe after speculation popped up that a move could be in the offing. The topic has become a hot-button issue in South Korea, where the nation's highly-agitated unions have threatened "war" with GM over any loss of production. 2 Comments
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6:39 AM A decision from the EU's second highest court denies an appeal by Mastercard (MA) over excessive interchange fees charged on cross-border card payments. The company failed to convince the court that the fees were fundamental or that a significant number of European banks would stop using Mastercard if they were reduced. Comment!
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4:33 AM UK Q1 GDP revised down to -0.3% Q/Q from -0.2% preliminary reading. GDP revised down to -0.1% Y/Y from 0.0% preliminary. Comment!
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4:17 AM Confidence in Germany's business sector ticked down in May, with IFO's Current Assessment coming in at 113.3 vs. 117.5 in April. Business Climate comes in at 106.9 vs. 109.9 prior. Comment!
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4:10 AM BOJ governor Shirakawa says the bank is committed to easing, but won't do so solely to weaken the yen. Shirakawa adds the "biggest factor affecting currency moves now is investors' risk aversion," and there's no evidence that an expanded monetary base will weaken the currency. Currently: USD -0.13% to ¥79.36. 1 Comment
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4:04 AM Eurozone flash PMI composite index comes in at 45.9 in May, a 35-month low, vs. 46.6 expected and 46.7 previous. Manufacturing at 45.0 vs. 45.9 prior. Services at 46.5 vs. 46.9 prior. 3 Comments
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3:46 AM German Q1 exports +1.7% Q/Q, a sharp turnaround from -1.5% in Q4. Imports flat Q/Q, up from -0.6% in Q4. Comment!
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3:32 AM German flash manufacturing PMI at 45.0 in May, down from 46.2 in April. Services unchanged at 52.2. Composite output index at 49.6, down from 50.5 prior and a six-month low. Comment!
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2:05 AM HSBC's flash estimate of China's PMI: 48.7, down from last month's 49.3. If the preliminary reading is confirmed on June 1, it will mark seven months of manufacturing contraction, bolstering the case for more stimulus. Comment!
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2:01 AM German final Q1 GDP comes in at +0.5% Q/Q and +1.7% Y/Y, both in-line with preliminary readings. Comment!
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