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Frankfurt Trading Session Heads Up Friday, August 11, 2017

Frankfurt opening news digest


EUR/USD: Neutral (since 07 Aug 17, 1.1785): Immediate bias is for a probe lower towards 1.1680.EUR rebounded strongly after touching a low of 1.1702 yesterday. Downward pressure has eased somewhat with the strong daily closing but it is too early to expect stabilization. As indicated yesterday, only a move back above 1.1830 would indicate that


USD: Will US CPI Lend Some Support To The USD On Friday? – Credit Agricole

As the focus of USD traders will be on the US CPI report on Friday, Credit Agricole CIB Research economists expect the top-tier data to show signs of stabilization.CACIB expects the first 0.2% MoM increase in the core CPI since February, which would push the YoY rate up to 1.8% YoY from 1.7% YoY.”With small gains in energy and food t


EUR/GBP: Room For Bullish Extension: Levels & Targets – Credit Suisse

Credit Suisse FX Technical Strategy Research notes that EUR/GBP has seen a strong rally since April this year and has reinforced a large base set above .8852 to achieve the next target at the November 2016 high at .9050.”The extension above here keeps the risks directly higher for the 78.6% retracement of the October/December 2016 fall at .914


AUD/USD: S/T Correction Risk But M/T Bullish Setup Intact: Levels & Target – NAB

NAB FX Technical Strategy Research notes that the the medium-term positive technical setup for AUD/USD remains intact after shifting to a new level upon the July breakout close above key resistance levels.”Both price and momentum triggers remain positive at a MT/LT level,” NAB adds. However, in the very near term, NAB notes


EUR/GBP Technical Analysis: Aiming Above 0.91 Figure

The Euro found fuel for another pus higher having spent a week in a narrow consolidation, with buyers now poised to try their luck above


Japanese Yen Technical Analysis: Is the Rally Getting Overextended?

The Japanese Yen remains in a firm uptrend against its major counterparts with no obvious sign yet of a reversal but relative strength studies are


S&P 500, VIX and Dollar Shape the Conversation of True Risk Reversal

Have we seen the official start of the long-overdue reversal in exaggerated speculative exposure – otherwise known as ‘risk appetite’?


Australian Dollar Gains as RBA’s Lowe Envisions Next Rate Move

The Australian Dollar ultimately appreciated as RBA’s Governor Philip Lowe first highlighted the central bank’s patience and then their next rate move.


NZD/USD Technical Analysis: Kiwi Drops Most in 7 Months

The New Zealand Dollaraccelerated lower against its US counterpart as expected, suffering the largest drop since January and hitting the lowest level in a month.


Gold Prices May Shrug Off US CPI Data as Risk Appetite Collapses

Gold prices may continue to find support as geopolitical jitters sour market sentiment even as US CPI data points to the first inflation uptick in


COLOMBIA: Colcap Falls 0.46% As Geopolitical Tensions Hurt Stock Markets

Colcap, the main index of the Colombian Stock Exchange, fell 0.46% Thursday, closing at 1,463.54 points, tracking the downward trend in emerging markets. Camilo Silva, an analyst at Valora Inversiones, said Colcap’s behavior was in line with that seen throughout emerging markets and in the United States amid growing political tension between Washington and Pyongyang.


New Zealand Food Prices Dip 0.2% In July

Food prices in New Zealand declined an unadjusted 0.2 percent on month in July, Statistics New Zealand said on Friday – following the 0.2 percent increase in June.


BRAZIL: Ibovespa Falls With Fiscal Target And Geopolitical Tension

Ibovespa, the benchmark stock index in Brazil, closed down 1% at 66,992.09 points Thursday, reflecting investors’ fears that the government might miss its fiscal targets for 2017 and 2018 and amid mutual threats between the United States and North Korea.


Renewed Consolidation Called For Singapore Stock Market

The Singapore stock market on Thursday ended the four-day slide in which it had surrendered almost 30 points or 0.9 percent. The Straits Times Index now rests just beneath the 3,325-point plateau although it figures to head south again on Friday.


New Zealand Food Prices Fall 0.2% In July

Food prices in New Zealand were down an unadjusted 0.2 percent on month in July, Statistics New Zealand said on Friday – following the 0.2 percent gain in June. Fruit and vegetable prices fell 1.


BRAZIL: Investors Expect Gov’t To Miss 2017 Fiscal Target By R$ 15 Billion

The market forecast for the Brazilian government’s primary deficit in 2017 increased to R$ 154.841 billion, according to a monthly survey by the Ministry of Finance.


Losses May Accelerate For Malaysia Bourse

The Malaysia stock market has finished lower in back-to-back sessions, although it has given up just 4 points or 0.2 percent in that span. The Kuala Lumpur Composite Index remains just beneath the 1,780-point plateau and it’s looking at another soft start again on Friday.


BANCO DO BRASIL: Adjusted Income Grows 47.1% In Q2 To R$ 2,649 Billion

Banco do Brasil reported an adjusted net income of R$ 2.649 billion (US$ 839.91 million) in the second quarter of this year, a 47.1% increase compared to the same period of last year and in line with analysts forecasts.


New Zealand Manufacturing Sector Slows In July

The manufacturing sector in July continued to expand in July, albeit at a slower rate, the latest survey from Business NZ said on Friday with a Performance of Manufacturing Index score of 55.


Tech Shares, North Korea Likely To Weigh On KOSPI

The South Korea stock market has moved lower in three consecutive trading days, falling almost 40 points or 1.8 percent along the way. The KOSPI now rests just beneath the 2,360-point plateau and the losses may accelerate on Friday.


OI: Company Is Still Reviewing Plans To R$ 8 Billion Capital Increase

Brazil’s telecom company Oi is still studying alternatives to raise R$ 8 billion (US$ 2,54 billion) in capital under its bankruptcy recovery plan. There were rumors that the capital increase could be considerably lower, at R$ 5 billion (US$ 1,59 billion).


VENEZUELA: Russia Supports Constituent Assembly And Criticizes Sanctions

Unlike many other countries, the Russian government supported Venezuela’s National Constituent Assembly (ANC). According to Moscow, the move will allow the South American country to make progress towards stabilization.


ARGENTINA: Monthly Inflation Rises More Than Expected In July

Argentina’s consumer price index increased by 1.7% in July on a monthly comparison, accelerating from the previous month, when prices rose by 1.2%, said the country’s statistics office.


PERU: Exports Rise 31.5% On Year In June

The total volume of goods exported by Peru in June grew 31.5% compared to the same period of 2016, accumulating 12 months of consecutive growth. Also, the figure shows an acceleration compared to May, when exports had risen by 12.


New Zealand Manufacturing PMI On Tap For Friday

New Zealand will on Friday see July results for the Performance of Manufacturing Index from Business NZ, highlighting a modest day for Asia-Pacific economic activity.


GRUPO TELECOM: Net Income Rose 109.5% In 1H17, To $ 3,639 Million

Argentina’s Grupo Telecom net profit more than doubled in the second quarter compared to a year before, to 1.673 billion pesos (US$ 94 million), with results boosted by higher revenues and lower operating costs.


ISA: Profit Jumps 83.5% In The Second Quarter Boosted By New Revenues

Colombia’s Interconexión Eléctrica (ISA) recorded a 363.136 billion Colombian pesos (US$ 120.5 million) net profit in the second quarter of 2017, an 83.5% increase compared to the same period of the year previous.


Geopolitical Concerns Lead To Sell-Off On Wall Street – U.S. Commentary

Adding to the modest losses posted in the two previous sessions, stocks moved sharply lower over the course of the trading day on Thursday. With the sell-off on the day, the Nasdaq and the S&P 500 fell to their lowest closing levels in a month.


BANCO MACRO: Profit Rises 12% In Q2 Boosted By Fees, Lower Spending

Argentina’s Banco Macro reported that net income for the second quarter of 2017 was at 2.015 billion Argentinean pesos (US$ 112 million), 14% higher than in the first quarter of this year and 12% larger than in the second quarter of 2016.


ECOPETROL: Government Expects US$ 1.3 Billion In Profits By Year’s End

Colombia’s Finance Minister Mauricio Cárdenas said that the government’s goal reported to Ecopetrol’s board of directors is to reach 4 billion Colombian pesos (US$ 1.


Stocks Remain Firmly Negative In Mid-Day Trading – U.S. Commentary

After coming under pressure early in the session, stocks continue to see notable weakness in mid-day trading on Thursday. With the drop on the day, the major averages are adding to the losses posted in the two previous sessions.


Stocks Extending Pullback Amid Geopolitical Concerns – U.S. Commentary

Extending the pullback seen over the two previous sessions, stocks have come under pressure in morning trading on Thursday. The major averages have slid firmly into negative territory, with the Dow and the S&P 500 pulling back further off Monday’s record closing highs.


EnerSys (ENS) Has Fallen To A 9-Month Low After Q1 Report

EnerSys (ENS) reported first quarter non-GAAP EPS of $1.12 after the bell Wednesday, down from $1.14 last year. EnerSys gapped open lower Thursday and has continued to lose ground in early trade.


Chicago Bridge & Iron (CBI) Has Tumbled To A New Low After Q2 Loss

Chicago Bridge & Iron (CBI) reported a second quarter loss of $3.02 per share after the close Wednesday, compared to the profit of $1.09 per share last year. The company expects to report EPS of $1.


Perrigo Co. (PRGO) Is Up Sharply After Strong Q2 Report

Perrigo Co. (PRGO) reported second quarter adjusted EPS of $1.22 Thursday morning, down from $1.29 last year. Analysts expected EPS of $0.93. The company also increased its full year adjusted EPS forecast to between $4.


U.S. Producer Prices Unexpectedly Dip 0.1% In July

Reflecting a drop in prices for services, the Labor Department released a report on Thursday showing an unexpected decrease in U.S. producer prices in the month of July.


U.S. Weekly Jobless Claims Unexpectedly Edge Higher

First-time claims for U.S. unemployment benefits unexpectedly edged higher in the week ended August 5th, according to a report released by the Labor Department on Thursday.


Stocks May Extend Pullback In Early Trading – U.S. Commentary

Stocks may come under pressure in early trading on Thursday, extending the pullback seen over the two previous sessions. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 48 points.


Portugal Inflation Remains Stable In July

Portugal’s consumer price inflation held steady in July, after easing in the previous two months, figures from Statistics Portugal showed Thursday. The consumer price index rose 0.


U.S. Producer Prices Unexpectedly Edge Lower In July

Reflecting a drop in prices for services, the Labor Department released a report on Thursday showing an unexpected decrease in U.S. producer prices in the month of July.


South Africa’s Manufacturing Production Falls Further

South Africa’s manufacturing production decreased for the third straight month in June, preliminary figures from Statistics South Africa showed Thursday. Manufacturing production fell an unadjusted 2.


U.S. Weekly Jobless Claims Inch Up To 244,000

First-time claims for U.S. unemployment benefits unexpectedly edged higher in the week ended August 5th, according to a report released by the Labor Department on Thursday.


Macy’s Q2 Results Beat View; Reiterates FY17 Outlook

Department store chain Macy’s Inc. on Thursday reported a surge in profit for the second quarter from last year as a decline in sales was more than offset by lower expenses and one-time charges.


UK GDP Growth Slows In July: NIESR

The UK economy grew at a slightly slower pace in three months ended July, the National Institute of Economic and Social Research said Thursday. According to monthly GDP estimates of NIESR, output grew 0.


Ireland Consumer Prices Fall For Second Month

Ireland’s consumer prices decreased for the second straight month in July, preliminary data from the Central Statistics Office showed Thursday. The consumer price index dropped 0.


Greece Jobless Rate Falls Slightly In May

Greece’s unemployment rate declined or the fifth straight month in May, preliminary data from the Hellenic Statistical Authority showed Thursday. The seasonally adjusted jobless rate dropped to 21.


UK Industrial Output Growth Tops Expectations; Trade Deficit Widens

UK industrial production grew more than expected in June on higher oil and gas output, while visible trade gap widened to a nine-month high, data from the Office for National Statistics revealed Thursday.


Coca-Cola European Partners Raises FY17 Earnings Outlook – Quick Facts

While reporting its second-quarter financial results today, Coca-Cola European Partners plc (CCE) raised its earnings outlook for fiscal 2017 and declared a quarterly dividend.


Norway Inflation Lowest Since Mar 2013

Norway’s consumer price inflation eased at a slower-than-expected pace in July to the weakest level in more than four years, figures from Statistics Norway showed Thursday.


Sensex, Nifty Hit One-month Lows

Indian shares fell for a fourth consecutive session on Thursday as a slew of factors such as SEBI’s crackdown on shell companies, a stand-off in the Doklam area of the Sikkim sector between Indian and Chinese troops for seven weeks now and rising tensions between the U.


Market Cautious, Set To Slip At Opening

The initial trading at U.S. Futures Index points to lower opening for Wall Street. The market is cautiously reacting to latest geopolitical developments and commodity price movements.


A Wall Street analyst’s ‘hot mic’ upstaged Snapchat’s CEO and stole the show

Snap CEO Evan Spiegel’s response to a BTIG analyst’s questions about growth hacking caused an unexpected moment of comedy during the earnings call.


GOP senators start to rally around Mitch McConnell amid barrage of attacks from Trump

Republican senators Rob Portman, Jeff Flake, and Orrin Hatch are all backing Mitch McConnell, despite Trump’s attacks against him.


Sales of Snapchat’s camera glasses are already slowing

In its Q2 earning call Snapchat’s parent company gave a less than glowing report about Spectacle sale3s.


JULIA CORONADO: Bonds and stocks disagree — ‘the bond market is, dare I say it, smarter’

Julia Coronado, the founder and president of economic research firm MacroPolicy Perspectives, spoke to Business Insider executive editor Sara Silverst


Video: S&P 500, VIX and Dollar Shape the Conversation of True Risk Reversal

Talking Points: • The S&P 500 suffered its second biggest decline in 11 months while the VIX surged to 16 • Escalating threats between the US and North Korea…


Cheer Up


“…being broke is a very efficient educational agency.”


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