Bloomberg:
- Malaysia Air Crash Killed 80 Children, Dutch Prime Minister Says. As many as 80 children died in the Malaysian Air jet crash in eastern Ukraine, according to Dutch Prime Minister Mark Rutte, who called the fatalities “too awful for words.” Twenty-three of those children were younger than 12 years old and three were infants, Rutte said at a press conference in The Hague yesterday. The Netherlands lost 193 citizens in the crash, the largest group by nationality among the 298 victims. Identification of bodies has been held up as investigators struggle to access the Ukrainian crash site, which is occupied by pro-Russia insurgents who have been blamed for shooting down the plane.
- EU Struggles to Turn Outrage Into Action After Plane Shootdown. European leaders vented their outrage at the shooting down of a passenger jet over territory held by Ukraine’s rebels and at Russian President Vladimir Putin for frustrating the investigation. Translating that anger into action is another matter. The killing of all 298 passengers and crew of Malaysia Air MH17, desecrated bodies strewn about grain fields with rebels hampering the work of international rescue workers, and denunciations of Putin for sowing Ukraine’s underlying chaos don’t alter the economic links and energy dependence that make the European Union more reluctant than the U.S. to punish Russia.
- Russian Billionaires ‘in Horror’ as Putin Risks Isolation. Russia’s richest businessmen are increasingly frantic that President Vladimir Putin’s policies in Ukraine will lead to crippling sanctions and are too scared of reprisal to say so publicly, billionaires and analysts said. “The economic and business elite is just in horror,” said Igor Bunin, who heads the Center for Political Technology in Moscow. Nobody will speak out because of the implicit threat of retribution, Bunin said by phone yesterday. “Any sign of rebellion and they’ll be brought to their knees.”
- Gaza Sees Deadliest Day as Israel Expands Ground Attack. Israel’s ground offensive in Gaza entered its bloodiest phase yet as militants killed 13 soldiers and fighting in one neighborhood claimed the lives of at least sixty Palestinians. Gunmen ambushed the Israeli soldiers in a southern part of the coastal strip, shot them and took their weapons, Hamas’ military wing said in text messages sent to reporters. At least 60 Palestinians, including women and children, were killed In the Shuja’iya area of Gaza City today, where residents reported heavy artillery and tank fire.
- Capital Squeeze Forces China Brokers to IPOs Amid Slump. Chinese brokerages, undeterred by the worst performance among the world’s major stock markets, are seeking to raise more than $6.2 billion from initial public offerings as capital constraints squeeze their operations. Guotai Junan Securities Co., China’s third-largest brokerage by revenue, is among six securities firms awaiting approval to sell shares for the first time, according to filings posted on the regulator’s website. They’ll be competing with about 600 companies seeking capital in a market where equities are trading near record-low valuations.
- China's First Mortgage Debt Since Crisis Shows Li Concern. China will revive mortgage-backed debt sales this week after a six-year hiatus, as the government extends help to homebuyers in a flagging property market. Postal Savings Bank of China Co., which has 39,000 branches in the country, plans to sell 6.8 billion yuan ($1.1 billion) of the notes backed by residential mortgages tomorrow, according to a July 15 statement on the website of Chinabond. The last such security in the nation was sold by China Construction Bank Co. in 2007, Bloomberg-compiled data show. Premier Li Keqiang is seeking to avert a collapse of the real-estate market after data last week showed new home prices dropped in a record number of cities in the world’s second-largest economy. The central bank in May called on the nation’s biggest lenders to accelerate the granting of mortgages to first-home buyers, and cities including Nanning, Hohhot and Jinan eased property restrictions.
- Asian Stocks Advance With Rupiah; Corn at Four-Year Low. Asian stocks rose, joining a global rebound after the downing of a passenger jet in Ukraine and Israel’s invasion of Gaza roiled markets. Emerging-market currencies climbed while corn fell to the lowest since 2010. The MSCI Asia Pacific excluding Japan Index advanced 0.3 percent as of 10:50 a.m. in Hong Kong, with three stocks rising for every two that fell.
- Speculators Cutting Bullish Oil Bets. Net longs for WTI slipped by 45,107 to 259,259 futures and options, the lowest level since the seven days ended Jan. 21. Long positions fell 10 percent 304,462, the least since January. Shorts climbed 38 percent, to 45,203, the highest level since January.
- Fox Said to Mull Using Sky Sale to Boost Time Warner Bid. Rupert Murdoch’s 21st Century Fox Inc. (FOXA) is considering using proceeds from the sale of its Italian and German pay-TV assets to boost its offer for Time Warner Inc. (TWX), according to two people familiar with the matter.
Wall Street Journal:
- West Raises Pressure on Russia in Downing of Malaysia Airlines Flight 17. U.S. Charges Moscow With Supplying Rocket, Hiding Evidence.
- Gaza Battle Deadliest in Conflict. Fighting Over Tunnels Kills 13 Israelis, Dozens of Palestinians.
- Barclays Dark Pool Drew Early Alarms. Trading firms and employees raised concerns about high-speed traders at Barclays PLC's dark pool months before the New York attorney general alleged in June that the firm lied to clients about the extent of predatory trading activity on the electronic trading venue, according to people familiar with the firms. Some big trading outfits noticed their orders weren't getting the best treatment on the dark pool, said people familiar with...
- Boko Haram Captures Nigerian Town. More Than 100 Residents of Damboa Believed to Have Been Killed.
- Four Years of Dodd-Frank Damage. The financial law has restricted credit and let regulators create even more too-big-to-fail companies.
Business Insider:
Reuters:
- Dubai Stocks Crash. (graph)
Reuters:
- Angry Australia PM says Ukraine crash probe resembles 'garden clean-up'. Australia's prime minister voiced deep concern on Monday that Russian-backed rebels remained in control of the crash site of a Malaysian airliner shot down over Ukraine, saying the site looked more like a "garden clean-up" than a forensic investigation.
- UK fraud office to launch currency trading probe - Sunday Times. Britain's Serious Fraud Office is poised to begin its first criminal investigation of alleged rigging by traders in the foreign exchange market, the Sunday Times reported.
Financial Times:
National Post:- Hedge funds braced for some of their worst returns since 2008. Nearly two-thirds of hedge fund managers are anticipating full year returns of 6 per cent or less, according to Preqin, the data provider, which surveyed 150 hedge funds collectively managing $380bn of assets. Of these, 44 per cent expect a full-year return of 5 per cent or less.
- Emerging market debt issuance hits record high. Emerging and frontier market countries have borrowed a record amount of money in capital markets in the first half of this year, even as central bankers warn that “debt market euphoria” could be storing up trouble for the future. International sovereign bond sales by emerging markets reached $69.47bn in the first six months of the year, a jump of 54 per cent on the same period in 2013.
- Robert Fulford: As the world burns, America shrugs. The slow American withdrawal from world affairs has been apparent for a long time, but has never been so glaringly evident as this week in the Middle East. Hamas is at war with Israel, the brutal struggle in Syria frustrates the world, the terrorists of ISIS are making serious progress in Iraq — and now another attempt to deprive Iran of nuclear weapons has, so far, been thwarted. The United States has a position of sorts in each of these arenas, but it’s not powerful in any of them. American influence has faded.
- China Growth May Stabilize at 6% as Investment Cools. China's economic growth may stabilize at about 6% in the future after investment growth falls to a normal level, citing Liu Shijin, vice head of Development Research Center of the State Council. High growth of property investment may fall in the next 1-2 years, Liu said. China home demand may peak this year at 12m-13m units, Liu said.
Al-Arabiya:
Night Trading- ISIS burns 1,800-year-old church in Mosul. Militants from the radical jihadist group the Islamic State of Iraq and Syria have set fire to a 1,800-year-old church in Iraq’s second largest city of Mosul, a photo released Saturday shows. The burning of the church is the latest in a series of destruction of Christian property in Mosul, which was taken by the Islamist rebels last month, along with other swathes of Iraqi territory.
- Asian indices are unch. to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 105.50 +3.5 basis points.
- Asia Pacific Sovereign CDS Index 71.50 -1.0 basis point.
- FTSE-100 futures +.21%.
- S&P 500 futures -.04%.
- NASDAQ 100 futures -.04%.
Earnings of Note
Company/Estimate
- (BBT)/.75
- (STI)/.77
- (HAS)/.36
- (HAL)/.91
- (NVR)/14.96
- (WERN)/.35
- (GPC)/1.26
- (MAN)/1.33
- (AGN)/1.44
- (CMG)/3.10
- (NFLX)/1.15
- (TXN)/.59
- (STLD)/.30
- (CDNS)/.20
- (BXS)/.33
- (BRO)/.41
8:30 am EST
- Chicago Fed Nat Activity Index for June is estimated to fall to .18 versus .21 in May.
- None of note
- The German PPI and (CPB) analyst meeting could also impact trading today.
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