Dentalfloss
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Bounce off our blue
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Dentalfloss
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The easy bit has been done
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Ditto
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Mornin folks 😷 😷 😷 😷 😷 😷 😷 😷 😷 
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Dentalfloss
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Dax updated
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Tiz in support
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Updated
10330-10370 is decent supp area
10330-10370 is decent supp area
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In rez area
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Silver
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Good Morning: The Long & the Short of it and The Bigger Picture - 15 May 2020 - ADM ISI
- Barrage of China, Europe and US data accompanies another key Eurogroup
Finance Ministers' meeting and UK/EU press conferences on Brexit talks
- China: overall data underlines recovery gradual / tentative, rise in
Unemployment key challenge ahead of key National People’s Congress
annual policy meeting
- US Retail Sales: April set to smash March's record fall, broad based
weakness likely outside of food, Q3 outlook still very foggy
- US Industrial Production: pharma and consumer staples likely to be
the only bright spot; projected fall worst since 1937 & 1945, risks
to downside of consensus
- US Michigan Sentiment: modest further fall seen, recent report implies
little chance of mirroring Consumer Confidence expectations recovery
- Chart: US Industrial Production mth/mth over past 100 years
..........................................................................
********************
** EVENTS PREVIEW **
********************
A barrage of data from around the world ends the week, along with another likely very fraught Eurogroup Finance Ministers meeting to again discuss the thorny issue of financing and instrumentation for a co-ordinated economic package to combat the economic impact of Coronavirus, and there are also the respective press conferences from Frost and Barnier following this week's UK/EU negotiations. Statistically, the run of Chinese April monthly activity data will doubtless be subject to the usual levels of over-interpretation/extrapolation, with the various provisional Q1 GDP readings from Central and Eastern Europe, much of which was locked down well ahead of western Europe, perhaps of greater interest than those from Germany and other Eurozone countries. The attention then moves to the deluge of US data: Retail Sales, May NY Fed Manufacturing survey, Industrial Production, Michigan Sentiment, JOLTS Job Openings (for March) and TIC Portfolio flows; with month GDP in Brazil and provisional Q1 GDP in Colombia also on tap. The corporate earnings schedule finds its focus in Asia and Russia, with Alibaba, JD.com, the various parts of Japan Post, Mizuho, NTT, SingTel and Gazprom reporting. Market price action continues to be erratic, at one moment looking through unsurprising dire run of economic data in the hope of better times ahead and a fairly rapid recovery, and at other times tripped up by reality as outlined by Fed chairman Powell and BoE's Bailey this week, along with the real risk of a second round rise in infection rates (exacerbated by this week's comments from the WHO). Official (central banks, fiscal) support measures and record levels of govt bond (and corporate) issuance continue to play key roles, and volatility will remain at much higher levels than has been typical over the past 5 years, even if not as high as the extreme March spike.
** China - April Retail Sales, Industrial Production & Unemployment **
- Of today's data run, the key item was (as is the case elsewhere) the rise in the Unemployment Rate to 6.0% vs. March's 5.9% and an expected dip to 5.8%, which underlines why Finance Minister Liu Kun wrote in Thursday's official People's Daily that "downward pressure on the economy is still increasing". While Industrial Production rose 3.9% y/y from March's -1.1%, and more than the expected 1.5% y/y, it has to be noted that both March and April were subject to base effects, given 2019 readings were respectively +8.5% and 5.4%, and in any case still signals an only very gradual recovery in activity. The rise in Unemployment doubtless played into the weaker than expected Retail Sales (-7.5% y/y vs. f'cast -6.0%, March -15.8%), though consumer fears about infection notwithstanding the gradual easing of movement restrictions doubtless played a more significant role. Overall it underlines the challenges facing the authorities ahead of next week's delayed sitting of its (rubber stamping) parliament, which will above all need to come up with extra fiscal measures to increase labour demand. The only gradual recovery in activity levels, above all on the consumer side of the equation, probably serves as a reasonable proxy for what will happen elsewhere in Asia and indeed the rest of the world.
** U.S.A. - April Retail Sales, Industrial Production & Michigan Sentiment **
- March Retail Sales at -8.4% m/m headline were the worst on record, even if the ex-Autos & Gasoline measure was 'only' down 2.8%. That headline record is expected to be short-lived given a consensus forecast of -11.9% m/m for April, but the core measures are projected to be much worse than March, given that it was only in April that lockdown was in place all month. Gasoline sales will see a price and volume impact, with Auto Sales only slightly less of a drag than in March, but the likes of food services will likely have 'fallen off a cliff', and most sub-categories (except food & beverages) will likely post sharp falls. May and June should see sales trough, the big question remains how much spending will recover in Q3 given that man consumers will remain very fearful of infection without a reliable testing regime, plenty of evidence that recovery from the virus has been shown to be a less than reliable signal of immunity, the high level of fatalities, and a vaccine still being a very distant prospect (regardless of the irresponsible claims of some politicians, across the world). Ahead of the Industrial Production report, the first of the May manufacturing surveys from the NY Fed is forecast to rebound from an all-time record low of -78.8 to -60.0, though this would be the second worst on record. This being a diffusion index, it would require only a modest improvement in the balance of companies reporting an improvement or flattening in business conditions to see a larger rebound, given that 85% reported worse conditions in April. As for Industrial Production, the consensus looks for a drop of 12.0% m/m, with Manufacturing seen down 14.6% m/m, which would smash the prior m/m records from 1937 and 1945 (see chart), and with very few sectors (pharma, some consumer staples) likely to have escaped large contractions, and the risks given the very weak survey production sub-indices, the risks look to be to the downside of the consensus estimates. May Michigan Sentiment is projected to slip relatively modestly to 68.0 from April's final 71.8, and as with the Consumer Confidence measure, the question is whether Expectations diverge from Current Conditions, which will almost certainly drop, though a recent report by the compilers suggests that this will not be the case.
========================== ** THE DAY AHEAD ** ===========================
********************
** TODAY'S EVENTS **
********************
# HOLIDAYS: Egypt, Oman, Tunisia - Ramadan Holiday
Eurozone ----- Finance Ministers hold video conference on its economic
response to the coronavirus crisis
U.K./EU ----- UK's Frost & EU's Barnier hold press conferences
following the week's Brexit talks
Ghana ----- Bank of Ghana rate decision - current 14.50%
- Govt Bond Auctions / Buybacks
Australia 02:00 AUD 2.0 Bln 2.75% 2024 ACGB
New Zealand 03:05 NZD 1.05 Bln total 5.5% 2023, 3.0% 2029 &
2.75% 2037 NZGB
China 04:00 Size t.b.c. 2050 Govt
India 10:30 INR 300 Bln total 6.18% 2024, 7,57% 2033 &
7.16% 2050 Govts
- Corporate Earnings:
• Alibaba (Q1) • Dai-ichi Life (Q4) • Gazprom (Q1) • Hitachi Ltd (Q4) • Indian Oil Corp (Q4) • Japan Post Bank (Q4) • Japan Post Holdings (Q4) • Japan Post Insurance (Q4) • JD.com (Q1) • Mizuho Financial (Q4) • NTT (Q4) • Samsung Life Insurance (Q1) • Singapore Telecommunications (Q1) • TDK (Q4) // 3i Group (Yr -0.76) • ACS (Q1 0.06) • Avon Products (Q1 0.01) • Bicycle Therapeutics (Q1 0.11) • Card Factory (Yr 0.16) • CNP Assurances (Q1) • Fortum (Q1 0.97) • FRP Advisory (Q1) • Gamesys (Q1) • GEA (Q1 0.26) • Hapag-Lloyd (Q1 0.45) • IMA Industria Macchine Automatiche (Q1) • La Francaise des Jeux SAEM (Q1) • Manchester United (Q3 0.01) • N Brown (Yr 0.20) • Non-Standard Finance (Yr 0.04) • Richemont (Yr 2.18) • Sophos (Yr 0.16) • Stobart (Yr -0.03) • Symphony Environmental Technology (Yr -0.003) • Ted Baker (Yr 0.13) • Varta (Q1) • Velocys (Yr) // California Resources (Q1 $-1.71) • Diamond Eagle Acquisition (Q1) • DraftKings (Q1) • Expedia (Q1 $-1.41) • Fluor (Q1 $0.29) • Invesco Mortgage Capital (Q1 $0.40) • Loral Space & Communications (Q1) • Royal Caribbean Cruises (Q1 $-0.36) • VF (Q4 $0.18) • Vir Biotechnology (Q1 $-0.53) • Whiting Petroleum (Q1 $-0.82)
..........................................................................
******************
** TODAY'S DATA **
****************** MEDIAN
Japan 00:50 Mar Loans & Discounts to Corporations
00:50 Apr PPI -0.8% (m) -1.4%
China 03:00 Apr Industrial Production 1.5%
03:00 Apr Industrial Production y.t.d. -5.4%
03:00 Apr Retail Sales -6.0%
03:00 Apr Retail Sales y.t.d. -15.6%
03:00 Apr Fixed Asset Investment y.t.d. -10.0%
03:00 Apr Property Investment y.t.d. -4.5%
03:00 Apr Surveyed Unemployment Rate 5.8%
Indonesia 05:00 Apr Trade Balance $-200 Mln
05:00 Apr Exports -3.95%
05:00 Apr Imports -15.8%
Philippines ----- Mar Overseas Remittances
India ----- Apr Trade Balance $-7.30 Bln
Finland 06:00 Mar GDP Indicator
Peru 06:00 Mar Economic Activity Index -14.2%
06:00 Apr Unemployment Rate
Denmark 07:00 Q1 GDP
07:00 Apr PPI
Norway 07:00 Apr Trade Balance
Germany 07:00 Q1 prov. GDP SA/WDA -2.3% (q) -2.0%
07:00 Q1 prov. GDP NSA -1.6%
07:00 Apr PPI -0.6% (m) -1.8%
Romania 07:00 Q1 prov. GDP -0.9% (q) 2.1%
France 07:45 Apr final HICP 0.1% (m) 0.5%
07:45 Apr final CPI 0.1% (m) 0.4%
Slovakia 08:00 Q1 prov. GDP -2.1%
08:00 Mar Industrial Orders
Czech Rep. 08:00 Q1 prov. GDP -3.4% (q) -2.0%
Hungary 08:00 Q1 prov. GDP -1.0% (q) 2.1%
Turkey 08:00 Apr Home Sales
Netherlands 08:30 Q1 prov. GDP -3.0% (q) -1.9%
08:30 Mar Trade Balance
Poland 09:00 Q1 prov. GDP -1.2% (q) 1.7%
09:00 Apr final CPI
Italy 09:00 Mar Industrial Orders
09:00 Mar Industrial Sales
09:30 Mar General Government Debt
10:00 Apr final HICP 0.1%
Bulgaria 09:00 Q1 prov. GDP WDA 1.2%
Hong Kong 09:30 Q1 final GDP -5.3% (q) -8.9%
Slovenia 09:30 Mar Average Real Monthly Wages
Portugal 09:30 Q1 prov. GDP
Eurozone 10:00 Q1 prov. GDP -3.8% (q) -3.3%
10:00 Mar Trade Balance SA EUR 17.0 Bln
10:00 Q1 prov. Employment
Cyprus 10:00 Q1 prov. GDP
Croatia 10:00 Apr CPI
Bulgaria ----- Apr Unemployment Rate
Ukraine ----- Mar Merchandise Trade Balance y.t.d.
----- Q1 prov. GDP -1.9% (q) -1.0%
Botswana ----- Apr CPI
Nigeria ----- Apr CPI 12.3%
Israel 12:00 Apr CPI -0.5% (m) -0.8%
Iceland 13:00 Apr Unemployment Rate
Brazil 13:00 Mar Economic Activity Index -5.85% (m) -2.78%
U.S.A. 13:30 Apr Advance Retail Sales -11.9% (m)
13:30 Apr Retail Sales ex-Autos -8.5% (m)
13:30 Apr Retail Sales ex Autos & Gas -7.6% (m)
13:30 Apr Retail Sales 'Control Group' -4.9% (m)
13:30 May NY Fed Empire Manufacturing -60.0
14:15 Apr Industrial Production -12.0% (m)
14:15 Apr Manufacturing Output (SIC) -14.6% (m)
14:15 Apr Capacity Utilization 64.0%
15:00 Mar Business Inventories -0.2% (m)
15:00 Mar JOLTS Job Openings 5.80 Mln
15:00 May prov. Michigan Sentiment 68.0
21:00 Mar Total Net TIC Portfolio Flows
Canada 13:30 Mar International Securities Transactions
14:00 Apr Existing Home Sales
Russia 14:00 Mar Trade Balance $7.0 Bln
Colombia 17:00 Q1 GDP -0.2% (q) 1.4%
17:00 Mar Economic Activity Index -2.5%
Jamaica ----- Apr CPI
****************** OVERNIGHT HEADLINES *****************
China - As China reopens, factories fire up but jobs gloom keeps consumers
at home
- Apr Industrial Production 3.9% y/y vs. f'cast 1.5%
- Apr Industrial Production y.t.d. -4.9% y/y vs. f'cast -5.4%
- Apr Retail Sales -7.5% y/y vs. f'cast -6.0%
- Apr Retail Sales y.t.d. -16.2 % y/y vs. f'cast -15.6%
- Apr Fixed Asset Investment y.t.d. -10.3 % y/y vs.
f'cast -10.0%
- Apr Surveyed Unemployment Rate 6.0% vs. f'cast 5.8%
- Higher unemployment pressuring consumption
China - Property investment rebounds in April as economy reopens, sales
decline eases
- Apr Property Investment -3.3% y/y vs. f'cast -4.5%
- Apr Property Sales -2.1% y/y (vs. March -14.1%)
China/Oil - China crude oil runs rebound in April as fuel demand picks up
- April crude runs 13.1 mln bpd, 11% higher on month
- Fuel demand recovers as coronavirus lockdown unwinds
- Jan-April refinery runs down 3.4% on yr
- April natural gas output +14% on yr; crude oil +0.9%
China - April Aluminium Output picks up as prices recover
- April aluminium output up 1.5% at 2.97 mln T - stats bureau
- Daily output of 99,000 T is highest since June 2019
- Overall nonferrous output at 4.93 mln T in April
China - April Crude Steel output jumps, demand picks up after coronavirus
curbs eased
- April Steel output at 85.03 mln T vs 78.98 mln T in March
- Average daily output 2.83 mln T vs 2.55 mln T a month earlier
- Seasonal steel output in China https://tmsnrt.rs/3bvFznj
Asia/World - Coronavirus could inflict $8.8 trillion in global losses - ADB
China - April Power Output +0.3% y/y at 554.3 billion kWh - stats bureau
Germany - April PPI -0.7% m/m, -1.9% y/y vs. f'cast -0.6%/-1.8%
USA/China - U.S., China deadlock over U.N. coronavirus action deepens
USA/China - Trump says he doesn't want to talk to Xi right now, could even
cut China ties
Indonesia - Indonesia returns to trade deficit in April as imports, exports
plummet
- Apr Imports fall 18.58% y/y vs. f'cast 15.79%, most since Oct 2015
- Apr Exports down 7.02% y/y, more than expected 3.95%
- Apr Trade Balance at -$0.35 bln, vs -$0.2 bln in poll
Japan - Fin Min Aso: Aim to decide 2nd extra budget draft around May 27
Japan - Wholesale prices fall at fastest pace in 4 yrs on pandemic hit
- April PPI plunges 2.3% yr/yr vs f'cast -1.6%
- Drop driven mostly by falling oil, nonferrous metal costs
- Data suggest falls in consumer prices ahead
Czech Rep. - Q1 prov. GDP -3.6% q/q -2.2% % y/y vs. expected -3.4%/-2.0%
Denmark - Q1 GDP Indicator -1.9% q/q vs. Q4 0.3%
Finland - March GDP Indicator -2.7% y/y vs. February +1.2%
Hungary - Q1 prov. GDP -0.4% q/q +2.2% % y/y vs. expected -1.0%/+2.1%
Romania - Q1 flash GDP 2.4% y/y above expected 2.1%
Slovakia - Q1 prov. GDP -3.9% y/y vs. expected -2.1%
USA/Taiwan - Taiwan's TSMC to build Arizona chip plant as U.S.-China tech
rivalry escalates
- TSMC to invest $12 bln in Arizona plant from 2021 to 2029
- Plan will create over 1,600 high-end professional jobs - TSMC
- TSMC is a major supplier to Apple, Qualcomm, Huawei
Sth Korea - Govt pledges more steps to tackle pandemic employment shock
India/Agri - India's farmers gather record wheat crop, but cannot move it
- 100+ mln tonne wheat crop world's largest pandemic harvest
- Millions of workers missed key harvest
- Private buyers unable to conduct trades in empty markets
- India's wheat harvest expected to top 100 mln tonnes for
first time this season: https://tmsnrt.rs/2WKHUFO
N.Zealand - April BusinessNZ Manufacturing PMI plunges to 261. vs. March 38.1
Argentina - Buenos Aires province on brink of default as bond payment deadline
passes
Canada - BOC says its coronavirus measures appear to be working, 'robust'
recovery possible
Mexico - Central bank lowers rates 50 bps to 5.5)% as f'cast, hints at
more cuts
Brazil - Brazil coronavirus cases hit daily record of 13,944 as Bolsonaro
pressures CEOs
USA/Pharma - U.S. regulator is reviewing Abbott's fast COVID test after
studies raise accuracy concerns
U.S.A. - Want a fast recovery? Invest in tests, Fed's Kaplan says
- Fed's Kaplan says economy needs to be reopened, but gradually
U.S.A. - Fed corporate bond program starts with a fizzle as total assets
on balance sheet near $7.0 Trln
U.S.A. - Lipper: US fund flows IG US$5.245bn inflow; HY US$4.485bn inflow
- U.S.-based stock funds post $3.24 bln weekly inflow
------------- TOP FIXED INCOME / FX / COMMODITY HEADLINES ----------------
** FOREX **
> Yuan eases, set for biggest weekly loss in a month
> Dollar set for weekly gain as pandemic recovery hopes waver
> Australia dlr daunted by viral doubts, NZ bonds suffer supply shock
> Turkish lira flat after firming on swap line optimism
> Most Asian currencies subdued, Taiwan dollar gains
> Sterling hits low of $1.2166 as UK's Brexit stance deters investors
> Canadian dollar recovers as financial review produces no 'bombshells'
> Loonie touches its weakest intraday level since May 7 at 1.4140
> Mexican peso leads gains among Latam FX
> South Africa's rand weaker as global economic worries weigh
> Rouble slips on U.S. jobs data, Fed's grim global economic outlook
** FIXED INCOME **
> JGB yield curve steepens, 5s solid, ultra long-end bonds heavy
> JGB 2s unch at -0.17%, 5s -0.5bp at -0.125%, 10s unch at -0.01%
> JGB 20s +1bp at 0.34%, 30s +2bp at 0.475%, 40s +2.5bp at 0.495%
> India Bond Yields Flat, Traders Await RBI Participation At Auction
> Asia Credit: Wall Street revives on stimulus and reopening hopes
> Fitch Revises Laos' Outlook to Negative, Affirms Rating at 'B-'
> UST yields down as investors gauge reopening progress
> USTs: Back to the future bull flattener, yields fall despite S&P rebound
> Canadian bond yields ease across the curve
> Euro$: Equity swings flip credit sensitve White Pack; small changes
> USD SWaps: Swapped supply & M-mkt moves ease spread bid, but payers lurk
> US Fed buys US$305m of corporate bond ETFs
> US IG Credit: Nine issuers raise US$10.365bn in primary market
> US IG Credit: ninth straight day of nine or more high-grade issuers
> US IG Credit: 2020 YTD volume: US$937.38bn vs. 2019 YTD: US$481.893bn
> US HY Credit: Two issuers expect to raise US$1.45bn in primary
> Fitch wins approval for China domestic bond ratings
> Poll: As euro zone recession deepens, ECB to scale up bond buying next mth
> Coronavirus to leave a legacy of unprecedented global debt
> Debt relief for poorest countries will not penalise MDB's 'preferred creditor'
> Argentine province on brink of default as bond payment deadline passes
> Mexico central bank lowers rates 50 basis points, hints at more cuts
> BoC says its measures appear to be working, 'robust' recovery possible
> Euro zone bond yields fall again; focus remains on virus, policy measures
> Bank of England not considering taking rates below zero - Bailey
> Grace period expiration looms for Buenos Aires province
** COMMODITIES & ENERGY **
> Oil extends gains amid signs of China demand pickup, supply overhang fading
> Gold firms on Sino-U.S. tensions, economic recovery worries
> Copper rises on solid China data, stimulus hopes
> China iron ore futures jump as data signals upbeat domestic demand
> Soybeans edge higher, but poised for biggest weekly drop in a month
> Palm oil up over 2% as Malaysia slashes export duty, set for weekly gain
> Raw sugar closes up buoyed by crude oil gains, coffee also up
> China Apr crude steel output jumps, demand picks up after coronavirus curbs
> LME dealers take to the phones in fight to save LME ring
> Which metals will gain most from a green energy revolution?
> Aurubis upbeat on annual outlook despite coronavirus risks
> Russia's Nornickel uses freight flights for palladium exports amid Covid19
> EU opens dumping probe into Turkish steel imports
> China April coal output up 6% on year -stats bureau
> Poland's KGHM says demand for copper is stable
> Indonesia state miner Inalum plans buyback of about $1 bln in bonds
> Mexico mining official says industry should aim for June 1 restart
> Australia's BlueScope Steel says cyber 'incident' causing disruptions
> Global oil refining could rebound in June, but margins weak -IEA
> China crude oil runs rebound in April as fuel demand picks up
> China's top energy firms to grow gas output despite spending cuts
> Brent oil market structure, physical rally could draw oil from storage
> US commodities regulator warns of more volatility, possible negative prices
> S.Korea's U.S. April crude imports rise 32.1% but broader demand slumps
> U.S. weighs measures in response to Iran fuel shipment to Venezuela -source
> Saudi Arabia must keep cool and balance deep oil cuts with need for gas
> Petrobras warns economy has changed forever as it books massive impairment
> Equinor's shareholders reject climate proposals from activists
> Democratic lawmakers urge Fed chair to bar oil, gas firms from lending program
> Russian security firm takes control of Rosneft's Venezuela assets
> India's farmers gather record wheat crop, but cannot move it
> U.S. soybeans set to pass the excess-supply baton to corn in 2021
> USDA limits review requirements of some biotech farm products
> Malaysia cuts crude palm oil export duty for June to zero
> South Korean group bought 50,000 T corn, 17,000 T soymeal -trade
> Canada farmers rush to grab government credit as pandemic hits cash flow
> Strategie Grains raises EU wheat export forecast, cuts harvest outlook
> Brazil's JBS reports steep Q1 loss as forex swings hurt bottom line
===================== ** CORPORATE / EQUITY HEADLINES ** =================
** TOP STORIES ** Asian Companies / Indices **
..........................................................................
> Asia shares struggle as coronavirus strains U.S.-China relations
> MSCI ex-Japan, Nikkei on course for weekly loss
> Tokyo's Nikkei share average closes up 0.62 pct at 20,037.47
> S&P +0.17%, N225 +0.74%, SSEC +0.3%, MSCI AXJ +0.4%,
> Asian stock markets: https://tmsnrt.rs/2zpUAr4
> Australian miners hit over 2-month high on robust commodity prices
> China's semiconductor stocks hit over 2-mth high as Sino-U.S. tension flare
> Indian shares fall as relief measures fail to impress -
> Taiwan's TSMC announces $12 bln U.S. chip factory
> Singapore Airlines cuts capex estimate by at least 12% amid virus
> Australia's Westpac files defence in money-laundering case
> China's top energy firms to grow gas output despite spending cuts
> Insurer AIA's new business value drops 27% as COVID-19 disrupts markets
> Singapore's Temasek joins Facebook-backed Libra project
> China healthcare investment booms on virus-related spending bets
> Clogged cooling system likely cause of gas leak in India, investigators say
> Nissan's North America head resigns ahead of expected restructuring
> BlueScope Steel says cyber 'incident' causing disruptions
..........................................................................
** TOP STORIES ** Americas Companies / Indices **
..........................................................................
> Wall St closes with strong gains as recovery hopes offset pandemic fears
> Cisco rises as profit, revenue top estimates
> US indices up: Dow 1.62%, S&P 1.15%, Nasdaq 0.91%
> VIX volatility index drops 2.67 pts to 32.61%
> Canada's TSX rises 0.04% to 14,509.66
> Taiwan's TSMC announces $12 bln U.S. chip factory
> House Democrat wants U.S. airlines to cap seating because of coronavirus
> WeWork reports slower cash burn in first quarter - CFO email
> Taiwan's TSMC announces $12 bln U.S. chip factory
> Nike warns of fourth-quarter hit from virus-related store closures
> Singapore's Temasek joins Facebook-backed Libra project
> US regulator reviewing Abbott's fast COVID test after studies raise accuracy
> U.S. Postal Service reviewing delivery contracts -WashPost
> GM self-driving unit Cruise cuts jobs as pandemic hits sector
> Amazon Prime snags Bollywood premiers as pandemic closes theatres
> Part of Gilead's coronavirus drug donation allocated to Japan
> SEC scrutinizes public companies that took emergency loans -sources
> AIG shareholders give stronger approval to board's pay changes
> Walt Disney World and unions agree on safeguards for returning to work
> Office Depot plans store closures, 13,100 job cuts by 2023
> Canada's Trudeau: world has changed even if pandemic ends, vaccine found
> BoC says its measures appear to be working, 'robust' recovery possible
> How Tesla tapped a tiny Canadian lab for battery breakthroughs
> Manulife 'very happy' to boost stake in China life-insurance venture-CFO
> Ontario to let retailers, vehicle dealerships open next Tuesday, with limits
> Canadian farmers rush to grab government credit as pandemic hits cash flow
> Canada March factory sales slump by the most in over 11 years, April seen worse
> Aurora Cannabis posts smaller sequential loss as pot use rises amid lockdown
> McDonald's to resume take-out service in 30 restaurants in Canada
> Brazil and Mexico report record surge in coronavirus cases
> Brazil's economic fragility magnifies 'rock and a hard place' crisis
> Mexico central bank lowers rates 50 basis points, hints at more cuts
> Mexico's president pushes back on government forecast on coronavirus
> Mexico appears to delay auto industry restart to June 1 amid confusion
> Brazil's Petrobras warns economy has changed forever as it books massive
> Latin America air travel recovery to lag everywhere else in the world
> Argentine province on brink of default as bond payment deadline passes
> Brazil's JBS reports steep Q1 loss as forex swings hurt bottom line
> U.S. weighs measures in response to Iran fuel shipment to Venezuela
> U.S. considers returning Cuba to list of state sponsors of terrorism
> As lockdown hurts, desperate Venezuelans turn to cow blood soup
> Venezuela scientists face govt backlash for research predicting surge in
..........................................................................
MARC OSTWALD
Chief Economist & Global Strategist
ADM Investor Services International Limited
A Subsidiary of ADM
4th Floor, Millennium Bridge House
2 Lambeth Hill, London EC4V 3TT
t +44 20 7716 8534 / m +44 7775 850465
[email protected]
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| Inbox | x |
| 08:41 (25 minutes ago) |
|
- Barrage of China, Europe and US data accompanies another key Eurogroup
Finance Ministers' meeting and UK/EU press conferences on Brexit talks
- China: overall data underlines recovery gradual / tentative, rise in
Unemployment key challenge ahead of key National People’s Congress
annual policy meeting
- US Retail Sales: April set to smash March's record fall, broad based
weakness likely outside of food, Q3 outlook still very foggy
- US Industrial Production: pharma and consumer staples likely to be
the only bright spot; projected fall worst since 1937 & 1945, risks
to downside of consensus
- US Michigan Sentiment: modest further fall seen, recent report implies
little chance of mirroring Consumer Confidence expectations recovery
- Chart: US Industrial Production mth/mth over past 100 years
..........................................................................
********************
** EVENTS PREVIEW **
********************
A barrage of data from around the world ends the week, along with another likely very fraught Eurogroup Finance Ministers meeting to again discuss the thorny issue of financing and instrumentation for a co-ordinated economic package to combat the economic impact of Coronavirus, and there are also the respective press conferences from Frost and Barnier following this week's UK/EU negotiations. Statistically, the run of Chinese April monthly activity data will doubtless be subject to the usual levels of over-interpretation/extrapolation, with the various provisional Q1 GDP readings from Central and Eastern Europe, much of which was locked down well ahead of western Europe, perhaps of greater interest than those from Germany and other Eurozone countries. The attention then moves to the deluge of US data: Retail Sales, May NY Fed Manufacturing survey, Industrial Production, Michigan Sentiment, JOLTS Job Openings (for March) and TIC Portfolio flows; with month GDP in Brazil and provisional Q1 GDP in Colombia also on tap. The corporate earnings schedule finds its focus in Asia and Russia, with Alibaba, JD.com, the various parts of Japan Post, Mizuho, NTT, SingTel and Gazprom reporting. Market price action continues to be erratic, at one moment looking through unsurprising dire run of economic data in the hope of better times ahead and a fairly rapid recovery, and at other times tripped up by reality as outlined by Fed chairman Powell and BoE's Bailey this week, along with the real risk of a second round rise in infection rates (exacerbated by this week's comments from the WHO). Official (central banks, fiscal) support measures and record levels of govt bond (and corporate) issuance continue to play key roles, and volatility will remain at much higher levels than has been typical over the past 5 years, even if not as high as the extreme March spike.
** China - April Retail Sales, Industrial Production & Unemployment **
- Of today's data run, the key item was (as is the case elsewhere) the rise in the Unemployment Rate to 6.0% vs. March's 5.9% and an expected dip to 5.8%, which underlines why Finance Minister Liu Kun wrote in Thursday's official People's Daily that "downward pressure on the economy is still increasing". While Industrial Production rose 3.9% y/y from March's -1.1%, and more than the expected 1.5% y/y, it has to be noted that both March and April were subject to base effects, given 2019 readings were respectively +8.5% and 5.4%, and in any case still signals an only very gradual recovery in activity. The rise in Unemployment doubtless played into the weaker than expected Retail Sales (-7.5% y/y vs. f'cast -6.0%, March -15.8%), though consumer fears about infection notwithstanding the gradual easing of movement restrictions doubtless played a more significant role. Overall it underlines the challenges facing the authorities ahead of next week's delayed sitting of its (rubber stamping) parliament, which will above all need to come up with extra fiscal measures to increase labour demand. The only gradual recovery in activity levels, above all on the consumer side of the equation, probably serves as a reasonable proxy for what will happen elsewhere in Asia and indeed the rest of the world.
** U.S.A. - April Retail Sales, Industrial Production & Michigan Sentiment **
- March Retail Sales at -8.4% m/m headline were the worst on record, even if the ex-Autos & Gasoline measure was 'only' down 2.8%. That headline record is expected to be short-lived given a consensus forecast of -11.9% m/m for April, but the core measures are projected to be much worse than March, given that it was only in April that lockdown was in place all month. Gasoline sales will see a price and volume impact, with Auto Sales only slightly less of a drag than in March, but the likes of food services will likely have 'fallen off a cliff', and most sub-categories (except food & beverages) will likely post sharp falls. May and June should see sales trough, the big question remains how much spending will recover in Q3 given that man consumers will remain very fearful of infection without a reliable testing regime, plenty of evidence that recovery from the virus has been shown to be a less than reliable signal of immunity, the high level of fatalities, and a vaccine still being a very distant prospect (regardless of the irresponsible claims of some politicians, across the world). Ahead of the Industrial Production report, the first of the May manufacturing surveys from the NY Fed is forecast to rebound from an all-time record low of -78.8 to -60.0, though this would be the second worst on record. This being a diffusion index, it would require only a modest improvement in the balance of companies reporting an improvement or flattening in business conditions to see a larger rebound, given that 85% reported worse conditions in April. As for Industrial Production, the consensus looks for a drop of 12.0% m/m, with Manufacturing seen down 14.6% m/m, which would smash the prior m/m records from 1937 and 1945 (see chart), and with very few sectors (pharma, some consumer staples) likely to have escaped large contractions, and the risks given the very weak survey production sub-indices, the risks look to be to the downside of the consensus estimates. May Michigan Sentiment is projected to slip relatively modestly to 68.0 from April's final 71.8, and as with the Consumer Confidence measure, the question is whether Expectations diverge from Current Conditions, which will almost certainly drop, though a recent report by the compilers suggests that this will not be the case.
========================== ** THE DAY AHEAD ** ===========================
********************
** TODAY'S EVENTS **
********************
# HOLIDAYS: Egypt, Oman, Tunisia - Ramadan Holiday
Eurozone ----- Finance Ministers hold video conference on its economic
response to the coronavirus crisis
U.K./EU ----- UK's Frost & EU's Barnier hold press conferences
following the week's Brexit talks
Ghana ----- Bank of Ghana rate decision - current 14.50%
- Govt Bond Auctions / Buybacks
Australia 02:00 AUD 2.0 Bln 2.75% 2024 ACGB
New Zealand 03:05 NZD 1.05 Bln total 5.5% 2023, 3.0% 2029 &
2.75% 2037 NZGB
China 04:00 Size t.b.c. 2050 Govt
India 10:30 INR 300 Bln total 6.18% 2024, 7,57% 2033 &
7.16% 2050 Govts
- Corporate Earnings:
• Alibaba (Q1) • Dai-ichi Life (Q4) • Gazprom (Q1) • Hitachi Ltd (Q4) • Indian Oil Corp (Q4) • Japan Post Bank (Q4) • Japan Post Holdings (Q4) • Japan Post Insurance (Q4) • JD.com (Q1) • Mizuho Financial (Q4) • NTT (Q4) • Samsung Life Insurance (Q1) • Singapore Telecommunications (Q1) • TDK (Q4) // 3i Group (Yr -0.76) • ACS (Q1 0.06) • Avon Products (Q1 0.01) • Bicycle Therapeutics (Q1 0.11) • Card Factory (Yr 0.16) • CNP Assurances (Q1) • Fortum (Q1 0.97) • FRP Advisory (Q1) • Gamesys (Q1) • GEA (Q1 0.26) • Hapag-Lloyd (Q1 0.45) • IMA Industria Macchine Automatiche (Q1) • La Francaise des Jeux SAEM (Q1) • Manchester United (Q3 0.01) • N Brown (Yr 0.20) • Non-Standard Finance (Yr 0.04) • Richemont (Yr 2.18) • Sophos (Yr 0.16) • Stobart (Yr -0.03) • Symphony Environmental Technology (Yr -0.003) • Ted Baker (Yr 0.13) • Varta (Q1) • Velocys (Yr) // California Resources (Q1 $-1.71) • Diamond Eagle Acquisition (Q1) • DraftKings (Q1) • Expedia (Q1 $-1.41) • Fluor (Q1 $0.29) • Invesco Mortgage Capital (Q1 $0.40) • Loral Space & Communications (Q1) • Royal Caribbean Cruises (Q1 $-0.36) • VF (Q4 $0.18) • Vir Biotechnology (Q1 $-0.53) • Whiting Petroleum (Q1 $-0.82)
..........................................................................
******************
** TODAY'S DATA **
****************** MEDIAN
Japan 00:50 Mar Loans & Discounts to Corporations
00:50 Apr PPI -0.8% (m) -1.4%
China 03:00 Apr Industrial Production 1.5%
03:00 Apr Industrial Production y.t.d. -5.4%
03:00 Apr Retail Sales -6.0%
03:00 Apr Retail Sales y.t.d. -15.6%
03:00 Apr Fixed Asset Investment y.t.d. -10.0%
03:00 Apr Property Investment y.t.d. -4.5%
03:00 Apr Surveyed Unemployment Rate 5.8%
Indonesia 05:00 Apr Trade Balance $-200 Mln
05:00 Apr Exports -3.95%
05:00 Apr Imports -15.8%
Philippines ----- Mar Overseas Remittances
India ----- Apr Trade Balance $-7.30 Bln
Finland 06:00 Mar GDP Indicator
Peru 06:00 Mar Economic Activity Index -14.2%
06:00 Apr Unemployment Rate
Denmark 07:00 Q1 GDP
07:00 Apr PPI
Norway 07:00 Apr Trade Balance
Germany 07:00 Q1 prov. GDP SA/WDA -2.3% (q) -2.0%
07:00 Q1 prov. GDP NSA -1.6%
07:00 Apr PPI -0.6% (m) -1.8%
Romania 07:00 Q1 prov. GDP -0.9% (q) 2.1%
France 07:45 Apr final HICP 0.1% (m) 0.5%
07:45 Apr final CPI 0.1% (m) 0.4%
Slovakia 08:00 Q1 prov. GDP -2.1%
08:00 Mar Industrial Orders
Czech Rep. 08:00 Q1 prov. GDP -3.4% (q) -2.0%
Hungary 08:00 Q1 prov. GDP -1.0% (q) 2.1%
Turkey 08:00 Apr Home Sales
Netherlands 08:30 Q1 prov. GDP -3.0% (q) -1.9%
08:30 Mar Trade Balance
Poland 09:00 Q1 prov. GDP -1.2% (q) 1.7%
09:00 Apr final CPI
Italy 09:00 Mar Industrial Orders
09:00 Mar Industrial Sales
09:30 Mar General Government Debt
10:00 Apr final HICP 0.1%
Bulgaria 09:00 Q1 prov. GDP WDA 1.2%
Hong Kong 09:30 Q1 final GDP -5.3% (q) -8.9%
Slovenia 09:30 Mar Average Real Monthly Wages
Portugal 09:30 Q1 prov. GDP
Eurozone 10:00 Q1 prov. GDP -3.8% (q) -3.3%
10:00 Mar Trade Balance SA EUR 17.0 Bln
10:00 Q1 prov. Employment
Cyprus 10:00 Q1 prov. GDP
Croatia 10:00 Apr CPI
Bulgaria ----- Apr Unemployment Rate
Ukraine ----- Mar Merchandise Trade Balance y.t.d.
----- Q1 prov. GDP -1.9% (q) -1.0%
Botswana ----- Apr CPI
Nigeria ----- Apr CPI 12.3%
Israel 12:00 Apr CPI -0.5% (m) -0.8%
Iceland 13:00 Apr Unemployment Rate
Brazil 13:00 Mar Economic Activity Index -5.85% (m) -2.78%
U.S.A. 13:30 Apr Advance Retail Sales -11.9% (m)
13:30 Apr Retail Sales ex-Autos -8.5% (m)
13:30 Apr Retail Sales ex Autos & Gas -7.6% (m)
13:30 Apr Retail Sales 'Control Group' -4.9% (m)
13:30 May NY Fed Empire Manufacturing -60.0
14:15 Apr Industrial Production -12.0% (m)
14:15 Apr Manufacturing Output (SIC) -14.6% (m)
14:15 Apr Capacity Utilization 64.0%
15:00 Mar Business Inventories -0.2% (m)
15:00 Mar JOLTS Job Openings 5.80 Mln
15:00 May prov. Michigan Sentiment 68.0
21:00 Mar Total Net TIC Portfolio Flows
Canada 13:30 Mar International Securities Transactions
14:00 Apr Existing Home Sales
Russia 14:00 Mar Trade Balance $7.0 Bln
Colombia 17:00 Q1 GDP -0.2% (q) 1.4%
17:00 Mar Economic Activity Index -2.5%
Jamaica ----- Apr CPI
****************** OVERNIGHT HEADLINES *****************
China - As China reopens, factories fire up but jobs gloom keeps consumers
at home
- Apr Industrial Production 3.9% y/y vs. f'cast 1.5%
- Apr Industrial Production y.t.d. -4.9% y/y vs. f'cast -5.4%
- Apr Retail Sales -7.5% y/y vs. f'cast -6.0%
- Apr Retail Sales y.t.d. -16.2 % y/y vs. f'cast -15.6%
- Apr Fixed Asset Investment y.t.d. -10.3 % y/y vs.
f'cast -10.0%
- Apr Surveyed Unemployment Rate 6.0% vs. f'cast 5.8%
- Higher unemployment pressuring consumption
China - Property investment rebounds in April as economy reopens, sales
decline eases
- Apr Property Investment -3.3% y/y vs. f'cast -4.5%
- Apr Property Sales -2.1% y/y (vs. March -14.1%)
China/Oil - China crude oil runs rebound in April as fuel demand picks up
- April crude runs 13.1 mln bpd, 11% higher on month
- Fuel demand recovers as coronavirus lockdown unwinds
- Jan-April refinery runs down 3.4% on yr
- April natural gas output +14% on yr; crude oil +0.9%
China - April Aluminium Output picks up as prices recover
- April aluminium output up 1.5% at 2.97 mln T - stats bureau
- Daily output of 99,000 T is highest since June 2019
- Overall nonferrous output at 4.93 mln T in April
China - April Crude Steel output jumps, demand picks up after coronavirus
curbs eased
- April Steel output at 85.03 mln T vs 78.98 mln T in March
- Average daily output 2.83 mln T vs 2.55 mln T a month earlier
- Seasonal steel output in China https://tmsnrt.rs/3bvFznj
Asia/World - Coronavirus could inflict $8.8 trillion in global losses - ADB
China - April Power Output +0.3% y/y at 554.3 billion kWh - stats bureau
Germany - April PPI -0.7% m/m, -1.9% y/y vs. f'cast -0.6%/-1.8%
USA/China - U.S., China deadlock over U.N. coronavirus action deepens
USA/China - Trump says he doesn't want to talk to Xi right now, could even
cut China ties
Indonesia - Indonesia returns to trade deficit in April as imports, exports
plummet
- Apr Imports fall 18.58% y/y vs. f'cast 15.79%, most since Oct 2015
- Apr Exports down 7.02% y/y, more than expected 3.95%
- Apr Trade Balance at -$0.35 bln, vs -$0.2 bln in poll
Japan - Fin Min Aso: Aim to decide 2nd extra budget draft around May 27
Japan - Wholesale prices fall at fastest pace in 4 yrs on pandemic hit
- April PPI plunges 2.3% yr/yr vs f'cast -1.6%
- Drop driven mostly by falling oil, nonferrous metal costs
- Data suggest falls in consumer prices ahead
Czech Rep. - Q1 prov. GDP -3.6% q/q -2.2% % y/y vs. expected -3.4%/-2.0%
Denmark - Q1 GDP Indicator -1.9% q/q vs. Q4 0.3%
Finland - March GDP Indicator -2.7% y/y vs. February +1.2%
Hungary - Q1 prov. GDP -0.4% q/q +2.2% % y/y vs. expected -1.0%/+2.1%
Romania - Q1 flash GDP 2.4% y/y above expected 2.1%
Slovakia - Q1 prov. GDP -3.9% y/y vs. expected -2.1%
USA/Taiwan - Taiwan's TSMC to build Arizona chip plant as U.S.-China tech
rivalry escalates
- TSMC to invest $12 bln in Arizona plant from 2021 to 2029
- Plan will create over 1,600 high-end professional jobs - TSMC
- TSMC is a major supplier to Apple, Qualcomm, Huawei
Sth Korea - Govt pledges more steps to tackle pandemic employment shock
India/Agri - India's farmers gather record wheat crop, but cannot move it
- 100+ mln tonne wheat crop world's largest pandemic harvest
- Millions of workers missed key harvest
- Private buyers unable to conduct trades in empty markets
- India's wheat harvest expected to top 100 mln tonnes for
first time this season: https://tmsnrt.rs/2WKHUFO
N.Zealand - April BusinessNZ Manufacturing PMI plunges to 261. vs. March 38.1
Argentina - Buenos Aires province on brink of default as bond payment deadline
passes
Canada - BOC says its coronavirus measures appear to be working, 'robust'
recovery possible
Mexico - Central bank lowers rates 50 bps to 5.5)% as f'cast, hints at
more cuts
Brazil - Brazil coronavirus cases hit daily record of 13,944 as Bolsonaro
pressures CEOs
USA/Pharma - U.S. regulator is reviewing Abbott's fast COVID test after
studies raise accuracy concerns
U.S.A. - Want a fast recovery? Invest in tests, Fed's Kaplan says
- Fed's Kaplan says economy needs to be reopened, but gradually
U.S.A. - Fed corporate bond program starts with a fizzle as total assets
on balance sheet near $7.0 Trln
U.S.A. - Lipper: US fund flows IG US$5.245bn inflow; HY US$4.485bn inflow
- U.S.-based stock funds post $3.24 bln weekly inflow
------------- TOP FIXED INCOME / FX / COMMODITY HEADLINES ----------------
** FOREX **
> Yuan eases, set for biggest weekly loss in a month
> Dollar set for weekly gain as pandemic recovery hopes waver
> Australia dlr daunted by viral doubts, NZ bonds suffer supply shock
> Turkish lira flat after firming on swap line optimism
> Most Asian currencies subdued, Taiwan dollar gains
> Sterling hits low of $1.2166 as UK's Brexit stance deters investors
> Canadian dollar recovers as financial review produces no 'bombshells'
> Loonie touches its weakest intraday level since May 7 at 1.4140
> Mexican peso leads gains among Latam FX
> South Africa's rand weaker as global economic worries weigh
> Rouble slips on U.S. jobs data, Fed's grim global economic outlook
** FIXED INCOME **
> JGB yield curve steepens, 5s solid, ultra long-end bonds heavy
> JGB 2s unch at -0.17%, 5s -0.5bp at -0.125%, 10s unch at -0.01%
> JGB 20s +1bp at 0.34%, 30s +2bp at 0.475%, 40s +2.5bp at 0.495%
> India Bond Yields Flat, Traders Await RBI Participation At Auction
> Asia Credit: Wall Street revives on stimulus and reopening hopes
> Fitch Revises Laos' Outlook to Negative, Affirms Rating at 'B-'
> UST yields down as investors gauge reopening progress
> USTs: Back to the future bull flattener, yields fall despite S&P rebound
> Canadian bond yields ease across the curve
> Euro$: Equity swings flip credit sensitve White Pack; small changes
> USD SWaps: Swapped supply & M-mkt moves ease spread bid, but payers lurk
> US Fed buys US$305m of corporate bond ETFs
> US IG Credit: Nine issuers raise US$10.365bn in primary market
> US IG Credit: ninth straight day of nine or more high-grade issuers
> US IG Credit: 2020 YTD volume: US$937.38bn vs. 2019 YTD: US$481.893bn
> US HY Credit: Two issuers expect to raise US$1.45bn in primary
> Fitch wins approval for China domestic bond ratings
> Poll: As euro zone recession deepens, ECB to scale up bond buying next mth
> Coronavirus to leave a legacy of unprecedented global debt
> Debt relief for poorest countries will not penalise MDB's 'preferred creditor'
> Argentine province on brink of default as bond payment deadline passes
> Mexico central bank lowers rates 50 basis points, hints at more cuts
> BoC says its measures appear to be working, 'robust' recovery possible
> Euro zone bond yields fall again; focus remains on virus, policy measures
> Bank of England not considering taking rates below zero - Bailey
> Grace period expiration looms for Buenos Aires province
** COMMODITIES & ENERGY **
> Oil extends gains amid signs of China demand pickup, supply overhang fading
> Gold firms on Sino-U.S. tensions, economic recovery worries
> Copper rises on solid China data, stimulus hopes
> China iron ore futures jump as data signals upbeat domestic demand
> Soybeans edge higher, but poised for biggest weekly drop in a month
> Palm oil up over 2% as Malaysia slashes export duty, set for weekly gain
> Raw sugar closes up buoyed by crude oil gains, coffee also up
> China Apr crude steel output jumps, demand picks up after coronavirus curbs
> LME dealers take to the phones in fight to save LME ring
> Which metals will gain most from a green energy revolution?
> Aurubis upbeat on annual outlook despite coronavirus risks
> Russia's Nornickel uses freight flights for palladium exports amid Covid19
> EU opens dumping probe into Turkish steel imports
> China April coal output up 6% on year -stats bureau
> Poland's KGHM says demand for copper is stable
> Indonesia state miner Inalum plans buyback of about $1 bln in bonds
> Mexico mining official says industry should aim for June 1 restart
> Australia's BlueScope Steel says cyber 'incident' causing disruptions
> Global oil refining could rebound in June, but margins weak -IEA
> China crude oil runs rebound in April as fuel demand picks up
> China's top energy firms to grow gas output despite spending cuts
> Brent oil market structure, physical rally could draw oil from storage
> US commodities regulator warns of more volatility, possible negative prices
> S.Korea's U.S. April crude imports rise 32.1% but broader demand slumps
> U.S. weighs measures in response to Iran fuel shipment to Venezuela -source
> Saudi Arabia must keep cool and balance deep oil cuts with need for gas
> Petrobras warns economy has changed forever as it books massive impairment
> Equinor's shareholders reject climate proposals from activists
> Democratic lawmakers urge Fed chair to bar oil, gas firms from lending program
> Russian security firm takes control of Rosneft's Venezuela assets
> India's farmers gather record wheat crop, but cannot move it
> U.S. soybeans set to pass the excess-supply baton to corn in 2021
> USDA limits review requirements of some biotech farm products
> Malaysia cuts crude palm oil export duty for June to zero
> South Korean group bought 50,000 T corn, 17,000 T soymeal -trade
> Canada farmers rush to grab government credit as pandemic hits cash flow
> Strategie Grains raises EU wheat export forecast, cuts harvest outlook
> Brazil's JBS reports steep Q1 loss as forex swings hurt bottom line
===================== ** CORPORATE / EQUITY HEADLINES ** =================
** TOP STORIES ** Asian Companies / Indices **
..........................................................................
> Asia shares struggle as coronavirus strains U.S.-China relations
> MSCI ex-Japan, Nikkei on course for weekly loss
> Tokyo's Nikkei share average closes up 0.62 pct at 20,037.47
> S&P +0.17%, N225 +0.74%, SSEC +0.3%, MSCI AXJ +0.4%,
> Asian stock markets: https://tmsnrt.rs/2zpUAr4
> Australian miners hit over 2-month high on robust commodity prices
> China's semiconductor stocks hit over 2-mth high as Sino-U.S. tension flare
> Indian shares fall as relief measures fail to impress -
> Taiwan's TSMC announces $12 bln U.S. chip factory
> Singapore Airlines cuts capex estimate by at least 12% amid virus
> Australia's Westpac files defence in money-laundering case
> China's top energy firms to grow gas output despite spending cuts
> Insurer AIA's new business value drops 27% as COVID-19 disrupts markets
> Singapore's Temasek joins Facebook-backed Libra project
> China healthcare investment booms on virus-related spending bets
> Clogged cooling system likely cause of gas leak in India, investigators say
> Nissan's North America head resigns ahead of expected restructuring
> BlueScope Steel says cyber 'incident' causing disruptions
..........................................................................
** TOP STORIES ** Americas Companies / Indices **
..........................................................................
> Wall St closes with strong gains as recovery hopes offset pandemic fears
> Cisco rises as profit, revenue top estimates
> US indices up: Dow 1.62%, S&P 1.15%, Nasdaq 0.91%
> VIX volatility index drops 2.67 pts to 32.61%
> Canada's TSX rises 0.04% to 14,509.66
> Taiwan's TSMC announces $12 bln U.S. chip factory
> House Democrat wants U.S. airlines to cap seating because of coronavirus
> WeWork reports slower cash burn in first quarter - CFO email
> Taiwan's TSMC announces $12 bln U.S. chip factory
> Nike warns of fourth-quarter hit from virus-related store closures
> Singapore's Temasek joins Facebook-backed Libra project
> US regulator reviewing Abbott's fast COVID test after studies raise accuracy
> U.S. Postal Service reviewing delivery contracts -WashPost
> GM self-driving unit Cruise cuts jobs as pandemic hits sector
> Amazon Prime snags Bollywood premiers as pandemic closes theatres
> Part of Gilead's coronavirus drug donation allocated to Japan
> SEC scrutinizes public companies that took emergency loans -sources
> AIG shareholders give stronger approval to board's pay changes
> Walt Disney World and unions agree on safeguards for returning to work
> Office Depot plans store closures, 13,100 job cuts by 2023
> Canada's Trudeau: world has changed even if pandemic ends, vaccine found
> BoC says its measures appear to be working, 'robust' recovery possible
> How Tesla tapped a tiny Canadian lab for battery breakthroughs
> Manulife 'very happy' to boost stake in China life-insurance venture-CFO
> Ontario to let retailers, vehicle dealerships open next Tuesday, with limits
> Canadian farmers rush to grab government credit as pandemic hits cash flow
> Canada March factory sales slump by the most in over 11 years, April seen worse
> Aurora Cannabis posts smaller sequential loss as pot use rises amid lockdown
> McDonald's to resume take-out service in 30 restaurants in Canada
> Brazil and Mexico report record surge in coronavirus cases
> Brazil's economic fragility magnifies 'rock and a hard place' crisis
> Mexico central bank lowers rates 50 basis points, hints at more cuts
> Mexico's president pushes back on government forecast on coronavirus
> Mexico appears to delay auto industry restart to June 1 amid confusion
> Brazil's Petrobras warns economy has changed forever as it books massive
> Latin America air travel recovery to lag everywhere else in the world
> Argentine province on brink of default as bond payment deadline passes
> Brazil's JBS reports steep Q1 loss as forex swings hurt bottom line
> U.S. weighs measures in response to Iran fuel shipment to Venezuela
> U.S. considers returning Cuba to list of state sponsors of terrorism
> As lockdown hurts, desperate Venezuelans turn to cow blood soup
> Venezuela scientists face govt backlash for research predicting surge in
..........................................................................
MARC OSTWALD
Chief Economist & Global Strategist
ADM Investor Services International Limited
A Subsidiary of ADM
4th Floor, Millennium Bridge House
2 Lambeth Hill, London EC4V 3TT
t +44 20 7716 8534 / m +44 7775 850465
[email protected]
ADMISI.COM
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The information within this publication has been compiled for general purposes only. Although every attempt has been made to ensure the accuracy of the information, ADM Investor Services International Limited (ADMISI) assumes no responsibility for any errors or omissions and will not update it. The views in this publication reflect solely those of the authors and not necessarily those of ADMISI or its affiliated institutions. This publication and information herein should not be considered investment advice nor an offer to sell or an invitation to invest in any products mentioned by ADMISI. © 2019 ADM Investor Services International Limited.
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ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No. 2547805. ADM Investor Services International Limited is a wholly owned subsidiary of Archer Daniels Midland (UK) Limited in the UK and indirectly, is a wholly owned subsidiary of the Archer Daniels Midland Company.
Risk Warning: Investments in Equities, CFDs, futures, options and foreign exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities. Investments in futures, options and foreign exchange entail above average risk, investors should therefore carefully consider whether their financial circumstances permit them to invest and, if necessary, seek the advice of an Independent Financial Advisor. Some services described are not available to all investors. Services may also not be available to certain customers due to legal and/or regulatory constraints either in the United Kingdom or elsewhere. The contents of this electronic mail may have been changed without the knowledge of the sender. ADM Investor Services International Limited ('ADMISI') does not, and will not, consider itself legally bound by the contents of any electronic mail which appears to have originated from within the Company. If you believe you have been sent an e-mail from ADMISI which is inappropriate, please contact the Compliance Department on 44 (0) 20 7716 8000. ADMISI is Authorised and Regulated by the Financial Conduct Authority on any electronic site / platform / website and is a member of The London Stock Exchange.
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