- The absence of any US economic data has cleared the way for an overall
subdued trading environment, considering it is a quadruple witching Friday.
Equity indices are posting modest gains while commodities generally tick higher
and the greenback languishes. US Treasury prices opened lower as yesterday's
selling pressure carried through to this morning's open in Chicago, but prices
have since recovered today's losses. Yields still remain a good margin away
from last week's multi-month highs and are trying to recover from yesterday's
mortgage back induced selling. Soothing commentary from Treasury Secretary
Geithner as well as the EU after its recent summit are undergirding optimism.
In addition, GM is likely to emerge from bankruptcy a month ahead of schedule,
by mid July, according to press reports. Front-month NYMEX crude is up a bit,
trading just under $72.
- Rochdale's Dick Bove made positive comments on
Citigroup this morning, noting that he belives the bank's shares could rally as
much as 28% in the near future, to $4.00/share. Shares of Citi remain in
positive territory as the rest of the major banks sink into the red. The New
York Times writes that private equity firm Kohlberg Kravis Roberts may cancel
its plans to list on the NYSE. It was planning to merge its operation with KKR
Private Equity Investors, but now it may pursue the merger without the
complicated process of listing in New York.
- Research in Motion's Q1 results and Q2 forecast were more or less in line
with estimates yesterday afternoon. Analysts have reacted tepidly this morning,
with BoA/Merrill Lynch reiterating its prior price target of $100 and lowering
its 2010 earnings estimates on the firm, while Thomas Weisel raised their PT
ever so slightly. Apple is launching its 3GS iPhone today; AT&T noted that
it has sold "hundreds of thousands" of the new model in preorders.
Shares of Apple have held steady all week, while PALM has jumped 10% in the
early going this morning. Shares of RIMM are down 2%. Carmax zoomed ahead of
estimates in its Q1 report today, sending its shares up as much as 15% in early
trading. A Carmax executive said that the used car market continues to be less
bad than market for new cars. Smith & Wesson reloaded its Q4 revenue
guidance thanks to its acquisition of Universal Safety Response, Inc, putting
it well above the consensus estimates.
- UBS shined some light on the solar industry in a sector report, raising its
2010 global demand estimates thanks to the emerging recovery in China
and the US.
However, it lowered its solar module price estimates to near marginal cost.
UBS's top global industry picks included First Solar, Wacker Chemie, Yingli
& OCI Company. It rated Yingli and SunTech Power at Buy based on favorable
cost structures and strong distribution. In addition, it sees SunPower as best
positioned to win in the US
commercial and residential markets. UBS downgraded SolarWorld, citing lower
estimates for gross margin based on ASP pressure
- In currencies, the greenback maintained a tone of consolidation tone during
the New York session despite
firmer equities, with EUR/USD unable to capitalize on higher gold or oil
prices. CAD retraced its earlier strength and moved above the 1.13 level
following the weaker than expected Canadian retail sales data. The Mexican
Central Bank said its easing cycle was almost over and stated that the second
half of 2009 should see improvement in its economic activity. The bank cut its
overnight rate by 50bps to 4.75% this morning, as expected.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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