PUTIAN, China (Reuters) – Criticized and even sued by luxury brand Gucci and others for facilitating the counterfeit goods trade, Chinese e-commerce giant Alibaba Group Holding Ltd has been quietly piloting a scheme to try to curb fakes at source.
Bidness Etc discusses the details of recent insider selling activity at American Express Company (NYSE:AXP), Mattel, Inc. (NASDAQ:MAT), and PHI Inc. (NASDAQ:PHII). American Express Independent director Ronald A. Williams purchased 13,585 shares for $1,100,113 via one direct transaction on May 20, 2015. Following this addition, Mr. Williams’ direct stake in the company has increased to […]
NEW YORK (Reuters) – Amazon.com Inc has started booking revenue from retail sales in individual European countries, instead of channeling all sales through low-tax Luxembourg, the Wall Street Journal reported Sunday.
Bank of America Merrill Lynch (BAML) has reiterated a Buy on the SolarCity Corp (NASDAQ:SCTY) stock and estimated the 12-month target price at $95, with an upside potential of 52.95%. The update in the price target comes after a meeting of the BAML analysts with management of the San Mateo based company. According to the […]
Due to markets closures in the UK, EU and the US we will be closed between the hours of 0600BST and 2200BST (0100EST and 1700EST) on Monday 25th May 2015 however the desk will reopen and resume normal service from 2200BST Monday 25th May to cover the Asia-Pac session.
Desk Opening Hours:
Sunday – Open for Asia service at 2200BST as normal
Monday – Desk closes at 0600BST (0100EST) and reopens at 2200BST (1700EST)
Tuesday – Open as normal
Thank you and enjoy the holiday!
NOTE: Exchange Closures:
FRIDAY 22nd MAY:
US – Early close for bond pit (at 1800BST/1200CDT), early close for ICE Eurodollars (at 2115BST/1615EDT)
MONDAY 25th MAY:
UK – All UK products are closed
EUROPE – EUREX is closed for trading in all derivatives
(Reuters) – Wall Street was mixed in early trading on Friday as investors digested data that showed rising inflation pressure, casting fresh doubt on when the Federal Reserve would ultimately raise interest rates this year.
US equities finished broadly flat on the final trading session of the week with traders squaring positions ahead of the extended weekend. This was in spite of a brief dip on the release of higher than expected Core CPI (Ex. M/M 0.3% vs Exp. 0.2% (Prev. 0.2%)) in the US and amid comments from Fed Chair Yellen who suggested that a rate hike will be appropriate at some point during this year. More specifically, the NASDAQ-100 outperformed the other indices as it was unaffected by the fall in oil prices which weighed on the DJIA given the strength of the greenback. In individual stock news of note, CNBC’s David Faber reported that Microsoft (MSFT) and Salesforce (CRM) were in talks earlier this year which saw the software provider finish the day up 2.9%. Finally, the DJIA finished down at 18232.02, S&P 500 finished down 0.22% at 2126.06 and the NASDAQ-100 finished down 0.05% at 4527.16.
Meanwhile, in the forex markets the USD-index finished higher on the day (0.85%) with much of the move being attributed to higher than expected US CPI data as the core figure rose by the most since January 2013 having been led by rents, medical care and used cars. Market contacts also reported that movement post data was further exacerbated by thin trading conditions heading into the long weekend with little else to provide additional direction to FX markets.
Following the aforementioned CPI data, T-notes sold off aggressively as participants continue to remain sensitive to incoming economic releases in the context of the Fed’s data dependency stance and at the pit-close, T-notes finished at 127.09, down 14 ticks. While elsewhere the corporate pipeline reached a total of USD 51.15bln this week which puts the month of May at a total of USD 150.06bln, the second highest month YTD.
Looking ahead to next week; UK, Europe and US markets are closed on Monday, the BoC have their rate decision on Wednesday, with multiple Fed speakers due throughout including: Mester, Fischer, Lacker, Williams and Kocherlakota. Other data of note includes: UK GDP, US durable goods orders and the Japanese jobless rate.
BoJ Governor Kuroda reiterated that inflation will speed up through 2015 and expects inflation to reach 2% within H2 of 2016. Elsewhere, the IMF said in its annual survey of Japan’s economy and policy that the BoJ should be ready to implement further easing. (BBG)
A total of 3.48bln lock-up shares worth around CNY 58.1bln will become eligible for trade on the Shanghai and Shenzhen stock exchanges this week. (Xinhua)
The Greek Interior Minister Voutsis said on Sunday that Greece will not make repayments to the IMF of EUR 1.6bln expected next month because they have run out of funds and are unable to meet pension and wage bills next month. (Le Figaro) Separately French Finance Minister Sapin said that there is no fall back plan regarding Greece and that a parallel currency will not be considered. (RTRS)
ECB President Draghi says that the central bank are content with their current forward guidance. (BBG)
S&P revised Netherlands outlook to positive from stable; affirmed rating at AA+. (BBG)
Poland’s President Komorowski concedes defeat to challenger Duda in election. The latest exit poll shows Duda at 53% vs 47% for Komorowski. (BBG)
BoE’s Haldane (soft dove) stated that interest rate rises would likely be slow and gradual. Haldane went on to say that he sees inflation picking up towards the end of this year. (BBG)
Economists predict that the ONS will report on Thursday that the UK’s GDP grew by 0.4% over the first 3-months of the year, compared to 0.6% in the fourth quarter of 2014. (Express)
Fed’s Yellen (voter, dove) said that a rate hike is appropriate at some point during the year, and once we lift rates the tightening will be done in a gradual fashion. (BBG)
Fed’s Fischer (voter, soft dove) said that he sees an argument for publishing the Fed’s rate path forecast but says that if they do so, the market must understand that the Fed has no obligation to stick to it. (BBG)
Friday’s Market Summary:
US equities closed the final session broadly flat as traders squared their positions ahead of the extended weekend. This was in spite of a brief dip on the release of higher than expected Core CPI (Ex. M/M 0.3% vs Exp. 0.2% (Prev. 0.2%)) in the US and amid comments from Fed Chair Yellen who suggested that a rate hike will be appropriate at some point during this year.
Following the strong CPI data on Friday T-notes sold off aggressively as participants continue to remain sensitive to incoming economic releases in the context of the Fed’s data dependency stance and at the pit-close, T-notes finished at 127.09, down 14 ticks. In corporate issuance, a total of USD 51.15bln this week which puts the month of May at a total of USD 150.06bln, the second highest month YTD.
An investor advisory service, Institutional Shareholder Services Inc. (ISS) has rejected the 2014 financial results for Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR). The ISS has raised concerns regarding the methodology adopted by the Rio de Janeiro based company, in calculating the write-downs stemming from the corruption charges. Petrobras last year inflated the value of contracts […]
Japanese clothing giant Uniqlo has plans to take over America. To accomplish this goal, the brand, which has 1,500 stores around the world, is going to great lengths to attract male shoppers. Apparel retailers have traditionally gone after women, who tend to shop more often and seek out trendy designs. “We take the men’s business […]
Microsoft Corporation (NASDAQ:MSFT) is committing to a big revamp of its Outlook.com email service. At present, the company is testing the new service with preview users, and is expected to provide feedback of the service via the new Outlook UserVoice forum. The new features will be available to a bigger audience in the coming weeks, […]
It’s a short week in America as everyone takes Monday off to celebrate Memorial Day and enjoy some barbecue with their friends and family. Surely, they’ll also be talking about the economy. But what’ll be the topic of discussion? Signs of wage growth? Low gas prices? The all-time-high stock market? Or perhaps the government-produced economic […]
The leading US coffee house, Starbucks Corporation (NASDAQ:SBUX) is driving at full strength. It is delivering sturdy performance bolstered by impressive global comparable store sales (comps) growth, with solid results across all regions and improved progress from Channel Development and digital initiatives. With its latest second quarter financials, reported last month, the coffee chain exceeded […]
argus media: May 24, 2015 3:50 pm Argus Media: Latest Energy News
Some of Wall Street’s hedge-fund community is becoming increasingly vocal about a serious problem with corporate America. Mike Novogratz, president of $70 billion investment fund Fortress Investments, gave a perfect illustration of this problem on Sunday’s episode of “Wall Street Week.” The anecdote was about a meeting he’d had with the former CFO of Uber, […]
Samsung Electronics Co. Ltd. (OTCMKTS:SSNLF) and Apple Inc. (NASDAQ:AAPL) reignited their war for dominance this year, through their latest line of smartphones. Although, Apple Inc. has a slight edge in terms of market share and popularity, its nearest competitor is not shying away from the battle. Samsung’s S6, is turning out to be a tough […]
Shake Shack’s shares keep rising as the company announces plans to open more restuarants. But each Shake Shack location is worth a ridiculous amount of money, notes Brody Micolucci on StockTwits. He shared a chart from ZeroHedge which shows the company’s share value divided by number of restaurants. A single Shake Shack is worth nearly $50 […]