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US June Retail Sales Advance (M/M): 0.5% (est 0.5% ; prevR 1.3% ; prev 0.8%)
NY Fed Empire Mfg Jul: 22.6 (est 21.0 ; prev 25.0)
Trump, Russia Pres Putin Summit Begins As Leaders Make Intro Statement In Finland
UK Govt Could Accept Amendments To Customs Bill
UK Govt Spokesman: Rules Out 2nd Brexit Referendum 'Under Any Circumstances'
UK PM May: Loses Another Ministerial Aide Over Her Chequers Brexit Plan
EU's Savona: Italy Proposes EUR50 Bln Extra Spending On Investments
China Files Complaint To WTO Against US Proposed Tariff On Chinese Goods
China Growth Slows Slightly In Q2 But Matches Estimates; But Surprise Fall In Output
European/Asian Equity Performance: Asian markets traded slightly softer overnight on the back of the China GDP slowdown and industrial output miss. Japanese markets were closed for a market holiday.
European equity markets starting the week off on a weaker note mainly by softer oil prices. Energy stocks weighing on the Stoxx 600. CAC 40 trading down over 0.3pct, FTSE 100 down c.1pct whilst the DAX trades pretty flat buoyed by Deutsche Bank which sees Q2 profit 'considerably' above expectations. Shares trading up close to 7pct in Europe trading.
US Equity futures: (E-Minis and Nasdaq futures) flat ahead of the cash equity open as earnings season is in focus.
Commodities: WTI the main mover, with the front month contract traded sub $70 as Libyan ports reopen and output fears ease. Gold August futures buoyed slightly by a softer dollar to trade around $1244.50
FX: Dollar taking a pause from its 6 month high reached last week. Cable trading 0.3pct higher at 1.3265 (session highs $1.3293) ; EUR/USD rallying above $1.17 to trade 1.1710 (session highs: $1.1725); USD/JPY paring losses post US retail sales numbers, to trade around 112.40 (session lows 112.11).
Fixed Income: Yields higher across the curve today, 10 year yield trades higher around 2.847pct whilst on the short-end 2 year yield trading higher around 2.586pct.
Equities: * indicates move premarket
- Amazon ($AMZN): *0.4% - Amazon's fourth annual prime day begins at 3PM (ET) and will last 36 hours, 6 hours longer than year ago.
- Bank Of America ($BAC): *0.9% - Reported 2Q earnings which beat top and bottom line estimates. Loan growth, FICC trading and lower taxes helped earnings. Revenue in at $22.6B (est $22.27B) ; EPS: $0.63 ( $0.57)
- BlackRock ($BLK): *-1.0% - Quarterly profit rises 25.6pct. Revenue beat : $3.61B (est $3.60B); EPS also beat: $6.66 (est $6.54). Long term inflows fell however to $14.5B vs. $54.63B Q/Q
- Boeing ($BA): *0.8% - US-China Trade Spat a Concern for Aerospace World. Farnborough airshow in focus today as Boeing bags deals for 14x 777 freighter ($4.7 Bln deal with DHL) and 30x 737 MAXs ($3.5Bln deal with Jackson Square Aviation).
- Barclays ($BCS): *2.0% - WSJ reports that Barclays Mulls US Push As Activist Looms
-Deutsche Bank ($DB): *6.9% - Q2 Preliminary Results Top Estimates 'Considerably'. Bank seeing net income of about EUR400 Mln and Income before Income Taxes of c.EUR700 Mln. Preliminary results also guide higher revenue than estimates.
- FedEx ($FDX): *-0.6% - UPS cutting rating to 'neutral' from 'buy'. Noting global footprints makes it vulnerable to tariffs and ongoing trade tensions
- General Electric ($GE): *0.3% - GE Aviation Unit Sees $15 Bln In Farnborough Deals
- Goldman Sachs ($GS): * 0.25% - NYT reports bank Expected To Formally Name David Solomon Successor To CEO Lloyd Blankfein. Bank has Q2 Earnings report on Tuesday.
- Lockheed Martin ($LMT): *0.5% - Lockheed has struck a preliminary deal to sell $13 Bln worth of F-35 jets to the Pentagon according to Reuters.
- Netflix ($NFLX): *0.45% - Reports earnings after the bell today. (Estimates: Revenue ($3.94B); EPS ($0.79). Citi in a note citing near-term setup for stock may not be favourable.
- UPS: ($UPS): *1.2% - UBS upgraded UBS to 'buy' from 'neutral'. Noting UPS has multiple cost and productivity drivers in place as well as benefits from a new agreement with the Teamsters union
- Wells Fargo ($WFC): *0.35% - Wells Fargo upgraded to 'outperform' from 'market perform' at Keefe, Bruyette & Woods, citing improved expense control and capital return at the bank.
Some of the United States’ closest allies are scrambling to find a way around the latest sanctions of the Trump Administration against Tehran, and Washington may have to revise its goal of reducing Iranian oil exports to zero.
Bloomberg recently reported, citing unnamed sources in the know, that Japan, for one, might have to stop loading Iranian crude in September unless it manages to score a waiver with the State Department. (Oil Price - Continue Reading)
Chinese and U.S. officials have raised the prospect of resuming talks over trade between the two nations after President Donald Trump ratcheted up the pressure by announcing a huge new round of potential tariffs.
After the U.S. unveiled a list of Chinese imports worth $200 billion that could face higher duties, China’s Vice Minister of Commerce Wang Shouwen said “when we have a trade problem, we should talk about it.” While that came amid fresh threats of retaliation from Beijing, it matches some willingness from the Trump team to resume talks at a high level, according to a person familiar with the administration’s thinking. (Bloomberg - Continue Reading)
Top German carmakers including BMW and Volkswagen have inked a series of deals this week to continue developing electric and self-driving cars in China.
The flurry of commitments coincides with a trip to Berlin by Chinese Prime Minister Li Keqiang, but it also reflects a growing recognition that China holds the key to the auto industry's future.
Factories in China produced about 25 million passenger cars last year, according to the International Organization of Motor Vehicle Manufacturers. China is already the top market for many global car brands, and its drivers purchase more electric vehicles than any other country. (CNN – Continue Reading)
U.S. President Donald Trump is pushing his trade conflict with China toward a point where neither side can back down.
By Aug. 30, as the U.S. nears mid-term elections vital for Trump’s legislative agenda, the White House will be ready to impose 10 percent tariffs on $200 billion of Chinese-made products, ranging from clothing to television parts to refrigerators. The levies announced Tuesday -- together with some $50 billion already in the works -- stand to raise import prices on almost half of everything the U.S. buys from the Asian nation. (Bloomberg – Continue Reading)
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