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Today - Thursday, February 23, 2012
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10:09 AM After a 26.2% YTD gain in dollar terms, Turkish shares are downgraded to underweight at Morgan Stanley. Marianna Kozintseva says the ECB liquidity gusher and easing in China have been priced in, and the market is trading at a pricey level next to its EM peers. TUR -1.7%. Comment!
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9:57 AM The G-20 is nowhere near a consensus on providing additional resources to the IMF so it can contribute to the Greek bailout, according to a senior Canadian official. The statement seems to be part of an international push to get Germany to agree to a far larger permanent rescue fund. The G-20 meets this weekend. Comment!
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9:42 AM Knock it off: Basketball legend Michael Jordan files suit against China's Qiaodan Sports Company over its alleged misuse of his name and identity on its products. The case could have bigger implications for retailers trying to avoid copycat Chinese companies undercutting potential sales, especially with a highly contested race to sell Jeremy Lin apparel to Asian markets on tap. Comment!
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9:39 AM Greek parliament passes a law enabling the debt swap for private bondholders, reports Reuters, checking off one of the to-do items on its list before final approval of the bailout. Comment!
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9:04 AM The Greek PSI is "about as voluntary as a confession was voluntary in the Spanish inquisition," says Commerzbank CEO Martin Blessing. In the meantime, Greek finmin Venizelos admits CDS could be triggered when Athens votes on a collective action clause, but says it's not a concern of his. Comment!
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8:49 AM FedEx (FDX) is not likely to bid for Dutch delivery firm TNT Express in an effort to trump a $6.4B bid from UPS, according to Reuters. TNT's shares had jumped to an all-time high in Amsterdam trading partly on hopes that FedEx, which has flirted with the idea of buying TNT for years, might trigger a bidding war. Comment!
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7:56 AM Target's (TGT) big bet on Canada gets its first test with a temporary store in Toronto that opens today. The company is hoping to hit a sweet spot in Canada's retailing landscape between Harry Rosen and Holt Renfrew on the high end and Zellers and Wal-Mart on the low end. Target's full launch of 135 stores is planned for 2013. Comment!
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7:45 AM AerCap Holdings (AER) CEO Aengus Kelly says a "vast" amount of overordering could leave Boeing (BA) and Airbus (EADSY.PK) with too many planes built as buyers decide to pare back. The aircraft-leasing exec questions whether smaller carriers such as Lion Air and Norwegian Air Shuttle bit off more than they can chew with their recent mega-sized orders. 1 Comment
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7:37 AM "We have to be realistic. It's not yet in the bank," says a senior IMF official warning of "huge implementation risks" for the Greek bailout. Translation: It's easier to cut a check allowing Greece to pay its creditors (while taking on new ones) than it is for extra-national officials sitting in a room to remake an entire country. Comment!
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7:15 AM More on oil: The correlation between oil prices and equities is melting away, notes Scott Barber. Since the financial crisis, the oil price has been demand driven - with crude moving higher along with stocks. Of late, price moves are more to do with supply worries which could presage something less than positive for the equity markets. 1 Comment
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6:59 AM Do two negatives make a positive? A tie-up between General Motors and Peugeot (PEUGY.PK) - two automakers that both lose money in Europe - doesn't makes sense to Sanford Bernstein's Max Warburton. "PSA and Opel can’t restructure independently. We see no reason why putting PSA and Opel together would speed up the process of plant closures, as both have excess capacity." Comment!
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5:57 AM The European Commission now forecasts a mild recession for the eurozone, with the region shrinking 0.3% this year. As recently as November, the EC had expected 0.5% growth this year. One of the sharpest country revisions is for Spain, now expected to contract 1% vs. prior forecast of +0.7%. Stocks give back gains after the report: London +0.2%. Paris -0.1%. Frankfurt -0.3%. Euro +0.5% to $1.3314. Comment!
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5:29 AM The U.K. and Japan are urging the U.S. to rewrite the Volcker Rule, concerned trading restrictions on U.S. banks could hit sovereign debt markets at a particularly fragile moment. In a high-profile expression of their concern, U.K. finmin George Osborne and Japanese counterpart Jun Azumi have written an op-ed in the FT. Comment!
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4:48 AM Spanish PM Rajoy has reportedly asked European officials to raise Spain's debt reduction target to 5%, arguing the current 4.4% target will be impossible to meet. Sources say the EC is preparing to cut its eurozone growth forecasts, and Spain may latch on to the downward revision to argue its target needs adjustment. Comment!
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4:40 AM China could face an economic crisis unless it implements deep reforms. That's the conclusion of a report, to be released Monday by the World Bank and a Chinese think tank, which challenges how China's economic model has developed over the last decade and stresses the need to scale back China's vast state-owned enterprises. Comment!
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4:15 AM Nissan (NSANY.PK) will recall 250,000 cars globally to fix a mechanical glitch that could lead to a fuel leak in extreme cases. No accidents have been reported due to the fault. Comment!
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4:13 AM Ifo's index of German business confidence rises to 109.6 from 108.3, better than the 108.8 expected. Current conditions rises to 117.5 from 116.3, beating expectations of 116.5. Business expectations up to 102.3 from 100.9, vs. 102 expected. Comment!
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3:49 AM Economists expect China’s Premier Wen Jiabao to target an expansion of around 7.5% in his report to the National People’s Congress next month, a slight pullback from the 8% goal maintained from 2005-2011. A cut in the target growth rate would suggest policymakers are prepared to accept slower growth as the cost of shifting the economy’s drivers to consumption from exports and investment. Comment!
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3:06 AM That sounds more like it: Shanghai denies plans to ease home buying restrictions, keeping itself in line with Beijing's goal of curbing speculation and cooling rapidly rising prices. But with home prices now falling in China's major markets, it might be time to relax the restrictions. Comment!
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