Heads-up News 

Frankfurt Trading Session Heads Up Thursday, August 10, 2017

Frankfurt opening news digest

Preview: US: PPI


AUD: Confidence Check For Bulls; CAD: Rally Coming To An End For Now – Credit Agricole

Credit Agricole CIB FX Strategy Research notes that AUD/USD has reached levels that are looking excessive relative to the Australian-US 2Y rate differential.As such, CACIB argues that in the near-term, it will be a confidence check for AUD bulls if they manage to keep the currency bid.”External factors are likely to remain the main driver


EUR/CHF: Further Upside Likely In Near to Medium-Term; Where To Target – Nordea

Nordea FX Strategy Research argues that in the short term, the likelihood of a further pick-up in EUR/CHF remains rather high, noticing that almost every potential market parameter is currently in favor of weakening pressure on the CHF.”But it took some time before EUR/CHF finally rallied on those market conditions, which is why we remain caut


Nikkei 225 Technical Analysis: Base Gives Way. What Next?

The Nikkei 225 looks a shade less comfortable at the heights than it did just a couple of weeks back. The recent range break need


New Zealand Dollar Firm As RBNZ’s Wheeler Tries Talking It Down

The New Zealand Dollar showed resilience to comments from the head of its own central bank that it is too strong. Even a thinly veiled


SPX Fails Bullish and Bearish Breaks, USD and Yen Reversing?

Sentiment and market positioning seem to be in a ‘pick your poison’ paradox. The backdrop for speculative appetite reads both as stretched and faulty, a


Dow Jones Industrial Average Drops for Second Day in a Row

The Elliott Wave model we are following in DJIA calls for a mild retracement back towards 20,000 before embarking upon a quest for a new


Gold Prices Advance in Preparation for $1296 Retest

The higher probability Elliott Wave models suggest the up trend that began December 2016 is incomplete. We are looking to buy when the current triangle


USD/CAD Price Analysis: Counter Trend Price Target In Sights

After an impressive run from mid-May, USD/CAD has traded higher for the month of August, but the retracement higher may be running out of steam.


Fed Members Split on Tightening, Bullard Weighs in On Equities and USD

Federal Reserve members Charles Evans and James Bullard weighed in on the future on FOMC policy today, showing a divide in the pace considered appropriate


NZ Dollar and Bond Yields Ultimately Gain on RBNZ Rate Hold

The New Zealand Dollar and local bond yields gained despite the RBNZ holding rates and projecting concerns over inflation and the level of the currency.


PETROBRAS: Asset Sale Should Aid In 2Q17 Profit Rise, Analysts Say

Brazil state-owned oil company Petrobras is expected to maintain the flow of positive results after the sale of its 90% stake in Nova Transportadora do Sudeste (NTS) to Brookfield and its affiliates, completed in the second quarter.


MEXICO: Storm Franklin To Turn Into Hurricane

Mexico’s National Meteorological Service reported on Wednesday that Tropical Storm Franklin is expected to touch ground as a hurricane near the municipality of Vega de la Torre, in the province of Vera Cruz, according to an update on the storm situation.


Continued Consolidation Tipped For Taiwan Stock Market

The Taiwan stock market has moved lower in consecutive trading days, sliding almost 110 points or 1 percent along the way. The Taiwan Stock Exchange now rests just above the 10,470-point plateau and it’s looking at another soft start again on Thursday.


BRF: Analysts Expect Net Loss In Q2 With Stagnant Margins

Brazilian meatpacker BRF’s second-quarter financial results should show the company is still facing difficulties to improve its profit margins and the magnitude of an investigation about tainted meat in Brazil in the company’s sales.


Japan Core Machine Orders Sink 1.9% In June

Core machine orders in Japan were down a seasonally adjusted 1.9 percent on month in June, the Cabinet Office said on Thursday – coming in at 790.0 billion yen. That was well shy of forecasts for an increase of 3.


Japan Producer Prices Gain 0.3% In July

Producer prices in Japan were up 0.3 percent on month in July, the Bank of Japan said on Thursday. That exceeded expectations for an increase of 0.2 percent following the upwardly revised 0.


MEXICO: Producer Price Index Rises To 5.92% On Year In July

Mexico’s National Producer Price Index, which excludes crude oil prices, increased by 5.92% in July on a yearly basis, but slowed down from the 6.69% rise in June, said the country’s statistics office.


Singapore Bourse May Extend Losing Streak

Ahead of Wednesday’s holiday for National Day, the Singapore stock market had moved lower in four straight sessions, giving away almost 30 points or 0.9 percent along the way.


New Zealand July Electronic Spending Falls 0.7%

Overall credit card spending in New Zealand fell a seasonally adjusted 0.7 percent on month in July, Statistics New Zealand said on Thursday. That missed expectations for a decline of 0.


VENEZUELA: US Sanctions Likely To Hurt Citgo – Moody’s

Possible U.S. sanctions against Venezuela would hurt, but not disrupt, companies such as Citgo Petroleum and Citgo Holding, according to a report by Moody’s Investors Service.


MEXICO: Annual Inflation Rises To 6.44% In July, Highest Level Since 2008

The annual inflation rate in Mexico rose from 6.31% in June to 6.44% in July, the highest level since December 2008. Inflation remains more than twice the Mexican central bank target of 3% for this year.


Losses May Accelerate For Malaysia Bourse

The Malaysia stock market on Wednesday ended the six-day winning streak in which it had advanced almost 20 points or 1.2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,780-point plateau and it may take further damage on Thursday.


VENEZUELA: Americas’ Foreign Ministers Condemn Constituent Assembly

Foreign ministers from 12 countries in the Americas and the Caribbean condemned the National Constituent Assembly (ANC) in Venezuela and deemed it as a “breach of the democratic order” in the country, according to a joint statement released by Peru’s Foreign Ministry after a meeting held yesterday in Lima.


UK House Price Balance Tumbles In July – RICS

The house price balance in the United Kingdom came in with a score of +1 in July, the Royal Institution of Chartered Surveyors said on Thursday. That was well shy of forecasts for a score of +9, and down sharply from +7 in June.


New Zealand Overall Electronic Spending Slips 0.7% In July

Overall credit card spending in New Zealand was down a seasonally adjusted 0.7 percent on month in July, Statistics New Zealand said on Thursday. That missed expectations for a decline of 0.


GOL: Company Posts Q2 Loss As Stronger Dollar Increases Expenses

The Brazilian airline Gol Linhas Aéreas reported a R$ 474.6 million net loss during the second quarter of 2017, despite increasing revenues and lower costs. A stronger US dollar increased the company’s financial expenses and weighed on the results.


Losing Streak May Continue For South Korea Shares

The South Korea stock market has finished lower in back-to-back sessions, sliding more than 30 points or 1.3 percent along the way. The KOSPI now rests just beneath the 2,370-point plateau it may extend its losses on Thursday.


ECOPETROL: Company Secures US$ 330 Million Credit Line With Bancolombia

Colombia’s state-owned oil company Ecopetrol will secure a 990 billion pesos (US$ 330 million) credit line with Bancolombia as part of its debt management strategy.


MEXICO: Structural Economic Challenges Remain Despite NAFTA – Moody’s

The biggest impediments to the Mexican economic growth require more than a renegotiation of the North American Free Trade Agreement (NAFTA) to be solved, said Moody’s rating agency in a report on the country.


Japan Machine Orders Data Due On Thursday

Japan is on Thursday scheduled to release June figures for core machine orders, highlighting a modest day for Asia-Pacific economic activity. Core machine orders are expected to rise 3.


ECOPETROL: Profit Rises 65.8% In The Second Quarter With Higher Oil Prices

Colombian oil company Ecopetrol reported a 1.305 billion pesos (US$ 430 million) in the second quarter of 2017, a 65.8% increase from the same period of 2016, while sales rose 11.


GERDAU: Profit Falls 5.1% In The 2Q17 As Weaker Real Weighs On Expenses

Brazil’s steelmaker Gerdau net profit decreased 5.1% in the second quarter from a year before, to R$ 75 million, pressured by lower sales and output and by a negative impact from a stronger dollar compared to the Brazilian currency, the real.


Stocks Close Mostly Lower Amid Geopolitical Concerns – U.S. Commentary

After ending the previous session modestly lower, stocks saw continued weakness during trading on Wednesday. Selling pressure was somewhat subdued, however, limiting the downside for the major averages.


GRUPO GALICIA: Profit Rises 33.5% In Q2 Boosted By Banking Unit

Argentina’s Grupo Financiero Galicia reported a net profit of 1.835 billion pesos in the second quarter of 2017, 33.5% higher than the 1.375 billion recorded in the second quarter of 2016.


BANCOLOMBIA: Net Income Falls By 11% Pressured By Higher Loan Provisions

Bancolombia reported a 654 billion Colombian pesos (US$ 22 million) net income in the second quarter of 2017, an 11% fall from the same period of the previous year.


BRAZIL: Annual Inflation Falls To 2.71% In July

The annual inflation rate in Brazil decreased to 2.71% in July, the lowest level since February 1999, and is near the bottom of the 2.5% to 6.5% target range set by the country’s central bank, said the national statistics office.


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

After moving lower early in the session, stocks remain mostly negative in mid-day trading on Wednesday. Selling pressure has remained relatively subdued, however, limiting the downside for the major averages.


Geopolitical Concerns Lead To Weakness On Wall Street – U.S. Commentary

Stocks have moved mostly lower in morning trading on Wednesday, adding to the modest losses posted in the previous session. The Dow and the S&P 500 are pulling back further off the record closing highs set on Monday.


U.S. Wholesale Inventories Climb 0.7% In June, Slightly More Than Expected

A report released by the Commerce Department on Wednesday showed wholesale inventories in the U.S. rose by slightly more than expected in the month of June. The Commerce Department said wholesale inventories climbed by 0.


Mexico Inflation Accelerates More Than Expected

Mexico’s consumer price inflation accelerated more-than-expected in July, figures from the statistical office INEGI showed Wednesday. The consumer price index rose 6.


Charter Communications Inc. (CHTR) Has Suddenly Spiked Higher

Charter Communications Inc. (CHTR) dipped at the open Wednesday, but has suddenly spiked sharply to the upside in the last few minutes on increased volume. The stock is now up 14.


Surgery Partners (SGRY) Has Plunged To A New Low After Q2 Loss

Surgery Partners (SGRY) reported a second quarter loss of $0.09 per share after the bell Tuesday, compared to the profit of $0.04 per share in the prior year period.


RingCentral Inc. (RNG) Has Spiked To A New High For The Year

RingCentral Inc. (RNG) has been rising sharply since the open of trade Wednesday and is currently higher by 6.40 at $42.30 on above average volume. RingCentral has broken out of a 2-month trading range this morning and has set a new high for the year.


ACADIA Pharmaceuticals Inc. (ACAD) Has Jumped To A 3-Month High On Q2 Results

ACADIA Pharmaceuticals Inc. (ACAD) reported a second quarter loss of $0.55 per share after the bell Tuesday, compared to the loss of $0.63 per share last year. ACADIA Pharmaceuticals has gapped open sharply higher Wednesday morning and is now up 3.


Red Robin Gourmet Burgers (RRGB) Is Up Sharply On Q2 Results

Red Robin Gourmet Burgers (RRGB) reported second quarter EPS of $0.61 after the bell Tuesday, down from $0.75 a year ago. Analysts expected EPS of $0.52. Red Robin Gourmet Burgers has gapped open sharply higher Wednesday morning and is now up 7.


U.S. Labor Productivity Climbs 0.9% In Q2, More Than Expected

Labor productivity in the U.S. increased by slightly more than expected in the second quarter, according to a report released by the Labor Department on Wednesday.


Stocks May See Further Downside Amid Geopolitical Concerns – U.S. Commentary

After ending the previous session modestly lower, stocks may see further downside in early trading on Wednesday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 30 points.


U.S. Labor Productivity Climbs More Than Expected In Q2

Labor productivity in the U.S. increased by slightly more than expected in the second quarter, according to a report released by the Labor Department on Wednesday.


Brazil Inflation Lowest Since 1999

Brazil’s consumer prices rebounded faster-than-expected in July, yet the rate of inflation was the lowest since early 1999, figures from the statistical office IBGE showed Wednesday.


American Airlines July Traffic, Capacity Rise – Quick Facts

American Airlines Group Inc. (AAL) reported that its traffic, measured in revenue passenger miles or RPM, for the month of July 2017 rose 0.8 percent to a record 21.


Portugal Jobless Rate Falls In Q2

Portugal’s unemployment rate decreased in the three months ended June, figures from Statistics Portugal showed Wednesday. The seasonally adjusted jobless rate dropped to 8.


Turkey GDP Growth Likely Improved In Q2 On Strong Industrial Output

Turkey’s industrial production data for June suggests that GDP growth strengthened in the second quarter, William Jackson, an economist at Capital Economics, said.


Hospitality Properties Q2 FFO Per Share Declines

Hospitality Properties Trust (HPT) Wednesday said its second quarter normalized FFO available increased to $173.60 million from $165.71 million last year. FFO per share declined to $1.


Office Depot Q2 Earnings Miss Estimates; Maintains FY17 Outlook

Office Depot Inc. reported Wednesday a sharp decline in second-quarter profit on the absence of a prior year benefit as well as weak sales. For fiscal 2017, the company continues to expect lower sales and higher adjusted operating income.


Lufthansa Group July Traffic Up 12.8%, Capacity Rises 12.4% – Quick Facts

German airline group Deutsche Lufthansa AG (DLAKF, DLAKY) announced a 0.3 point increase in passenger load factor to 86.3 percent for the month of July. Traffic measured in revenue seat kilometers increased 12.


Tetra Technologies Q2 Net Loss Narrows

Tetra Technologies Inc. (TTI) Wednesday announced a narrower net loss attributable to stockholders for the second quarter to $10.991 million from $26.57 million last year.


4 depressing charts show why many Americans are still haunted by the Great Recession

The US economy has been expanding for eight years but many Americans feel left out due to stagnant wages and incremental job growth.


Facebook is officially launching its big attack on TV

Facebook’s push into becoming a destination for original TV shows begins on Thursday with the launch of its redesigned “Watch” video tab.


North Korea says it plans to fire four missiles at Guam: report


Webinar: RBNZ Holds Rates, Outlook Throttled by Soft Inflation Forecast

Talking Points: • The RBNZ held its benchmark rate unchanged at 1.75 percent – as definitively expected by rate speculation in swaps • Soft inflation concern…


Video: S&P 500 Fails Both Bullish and Bearish Breaks, Keeping Tabs on Dollar and Yen Reversals

Talking Points: • The S&P 500 failed to metabolize a bullish break of a wedge Tuesday on North Korea, then failed a bearish break Wednesday • Concern remains…


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