June 14, 2019
Headlines over the U.S.-China trade dispute have been practically inescapable. On the heels of a recent visit to China, I can say this is as true there as it is in the U.S. If timing is everything, ours was very good (or bad), as our visit came just as high hopes for a trade deal had collapsed to a deep mutual mistrust.
June 14, 2019
U.S benchmarks notched a fundamentally and technically constructive session yesterday. Although it felt price action shrugged off soft CPI data on Wednesday, we believe this to have overall kept bidders glued to a tiring rally. First and foremost, there is absolutely nothing wrong for a rally to consolidate after running 6.7% (S&P) from low to high in just about a week.
June 14, 2019
Reassure Group, the closed life insurance consolidator owned by reinsurer Swiss Re, has confirmed that it intends to list on the London Stock Exchange. The company says it will stage an initial public offering in July, with Swiss Re selling enough shares to provide a free float of at least 25%. No new funds are being raised for Reassure in the float, which is expected to make the company eligible for inclusion in the FTSE UK indices. Reassure says the flotation will increase its “flexibility and appetite for growth” and widen its future access to capital, as well as providing a partial exit for Swiss Re.
June 13, 2019
June 13, 2019
June 13, 2019
Election fever hit India and Australia in May. The former, the largest democratic election in the world, resulted in a comfortable win for the incumbent – Narendra Modi and his Hindu Nationalist Party (Bharatiya Janata Party). Mr. Modi comes from a humble background and this appears to have resonated with millions of voters aspiring to a similar uplift in fortunes.
June 13, 2019
Tesla (TSLA) held its annual shareholder meeting on Tuesday, where CEO Elon Musk said there is not a demand problem for the Model 3 and that the company expects to unveil its pickup truck this summer.
June 13, 2019
The S&P 500 futures trade 11 points, or 0.4%, above fair value, supported by a bounce in oil and by lingering optimism for the Fed’s policy decision next week. Many of the energy stocks are up in pre-market action following the sharp increase in the price of oil ($53.04/bbl, +$1.90, +3.7%), which fell over 4% yesterday.
June 13, 2019
French tech titan Dassault Systèmes announced a $6 billion acquisition of American software company Medidata Solutions on Wednesday, shining a light on previously announced major marriages…
June 13, 2019
U.S. futures point to a bounce after slipping for a second straight session on Wednesday, dragged down by weaker energy and financial stocks (on lower oil and rising interest cut expectations), but look to steady ahead of jobless claims and import data later this morning. Oil prices surged today after reports of an attack on two tankers near Iran, boosting the region’s oil stocks.
June 12, 2019
June 12, 2019
Online fashion retailer Boohoo Group has again bucked the gloom on the High Street, reporting in a trading update that sales increased by 39% to £254m in the three months to May 31. Sales at the company’s PrettyLittleThing brand soared by 42% to £112m, while its Nasty Gal business more than doubled sales to £18.2m. The Boohoo brand itself increased revenues by 27% to £124m and the group’s gross margin remained stable at 55%.
June 11, 2019
The State Council announced local governments will be allowed to issue bonds to fund infrastructure projects such as railway, highway and energy projects. This activity had been curtailed as tax cuts limited funds available. Infrastructure related names had a very strong day on the news as brokers estimate it could raise GDP by 20 to 50bps. Policy makers willingness to support the economy was broadly seen as a positive by the market as it should be!
June 11, 2019
June 11, 2019
June 11, 2019
Silicon Valley software darling Salesforce announced a $16 billion acquisition of data analytics firm Tableau on Monday – its biggest purchase to date.
June 11, 2019
Retailer Ted Baker has issued another profits warning, stating that consumer uncertainty and “elevated levels of promotional activity” have resulted in “extremely difficult” trading conditions. The company now expects full-year underlying pre-tax profits of between £50m-£60m. Reported sales in the 19 weeks to June 8 were up 3.8%, while constant-currency sales were ahead 1.9%. However, like-for-like sales were down by 1.1% on a reported basis and by 2.9% at constant currency rates. Both retail and wholesale gross margins are lower than last year.
June 10, 2019
Shares of recent stock market debutants Beyond Meat and Zoom Video Communications rose on Friday after both companies’ maiden updates surpassed forecasts.
June 10, 2019
June 10, 2019
June 10, 2019
June 10, 2019
Monday June 10th – Economic Calendar;10:00 AM EST, JOLTs Job openings for April Earnings Calendar: Earnings Before the Open: FGP, SHLO, THO; Earnings After the Close: ADXS, ASNA, CASY, ENZ, LAKE, LOVE
June 7, 2019
China’s Hansoh Pharmaceutical raised $1 billion from its initial public offering on Thursday – Hong Kong’s second-biggest this year – valuing the company at over $10 billion.
June 7, 2019
June 7, 2019
British banks and building societies will be forced to change their fee structures for overdrafts after the Financial Conduct Authority found the lucrative market to be “dysfunctional.” The UK regulator says that its overhauling the overdrafts markets to make it simpler and fairer for consumers.
June 6, 2019
On June 3, House Antitrust Subcommittee Chairman David Cicilline announced a bipartisan investigation into competition in digital markets. The investigation will include a series of hearings held by the Subcommittee on Antitrust, Commercial and Administrative Law on the rise of market power online, as well as requests for information that are relevant to the investigation.
