MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 24
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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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8:32 AM Initial Jobless Claims: 370K vs. 371K consensus (prior week revised to 372K from 370K). Continuing claims -29K to 3.26M. Comment!
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8:28 AM Talks between the P5+1 world powers and Iran have continued for a second day, although big differences still remain. Iran wants the West to cancel its impending oil sanctions for the negotiations to carry on; the EU and U.S. want the country to halt its production of higher-enriched uranium and reverse its current capabilities. 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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4:04 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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3:27 AM Shell (RDS.A) extends its $1.8B offer to acquire Cove Energy (CNVGF.PK) to June 13, after Thailand's PTT Exploration came in with a higher $1.9B bid yesterday, sending Cove shares +11.2% in London to 249p, above PTT's 240p/share bid. Some expect Shell to pony up as much as $2.5B; Shell plays coy - it's "considering its options and will make a further announcement if appropriate." (previously) Comment!
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