Tuesday, July 26, 2016

Today's Headlines

Posted by Gary .....at 2:58 PM
Bloomberg:
  • Islamic State Claims Attack After Priest Murder in French Church. French police killed two attackers who seized hostages and murdered a priest during a siege at a church in Normandy in the latest attack claimed by Islamic State amid a wave of terror attacks across Europe. The police said they killed the assailants as they ended the standoff in north-western France on Tuesday morning. Le Figaro reported that the attackers cut the priest’s throat, citing police sources. The Paris prosecutor’s anti-terrorism unit has been tasked with looking into the assault.
  • Putin, Erdogan Mend Ties as Post-Coup Turkey Turns to Russia. Turkey and Russia will seek to speed up the repair of frayed relations when Recep Tayyip Erdogan meets Vladimir Putin for talks in St. Petersburg next month in the wake of the failed military coup against the Turkish president. Russia “isn’t just our close and friendly neighbor, but also a strategic partner,” Turkish Deputy Prime Minister Mehmet Simsek, who announced the Aug. 9 visit, said at talks in Moscow with his Russian counterpart Arkady Dvorkovich on Tuesday. “Today, we are here to normalize the situation and our relations as soon as possible and at an accelerated pace since they were disrupted on November 24,” he said, referring to the downing of a Russian warplane by Turkish fighter jets near the Syrian border.
  • China Steel Oversupply Still ‘Big Worry’ for Industry, JSW Says. Steel supply from China, the world’s biggest producer, remains a “big worry” for the global industry, which continues to be under pressure despite an improvement in prices, JSW Steel Ltd. Chairman Sajjan Jindal said. There is “‘huge overcapacity” in China and the industry is worried about how the Asian nation will address the issue, Jindal, who runs India’s second-biggest steelmaker, said in an interview after the company’s annual general meeting in Mumbai. “Our biggest concern is how China plays out and what they do as most of their businesses are run because of the highly subsidized policies of the government.”
  • Europe Stocks Little Changed Amid Faurecia, Commerzbank Results. (video) Automobile-parts maker Faurecia SA added 4.3 percent after raising its 2016 targets. AMS AG rallied 12 percent after the semiconductor company posted better-than-estimated profit and forecast an increase in sales. Commerzbank AG lost 4.5 percent after saying a key measure of its capital strength fell in the second quarter, leading lenders lower before Friday’s bank stress-test results. BP Plc fell 1.3 percent after its profit plunged. The Stoxx Europe 600 Index added 0.1 percent at the close, after rising as much as 0.4 percent and sliding 0.6 percent.
  • No-Win Oil Market Saps Profits for Refiners and Producers: Chart. (video)
  • El-Erian Says Fed Risks ‘Collateral Damage’ by Keeping Rates Low. (video) Allianz SE’s Mohamed El-Erian said Federal Reserve policymakers must be aware of the diminishing returns of keeping interest rates so low and need to be aware of the possibility of “unintended consequences” from their approach. “If the Fed continues with interest rates being too low, it risks causing collateral damage,” El-Erian, Allianz’s chief economic adviser, said Tuesday in a Bloomberg Television interview. “The more the structural headwinds, the less effective central banks’ stimulus is. It’s ironic, but this is a recognition that is now spreading within the Fed.”
  • Analyst Warns of a Restaurant Downturn and Sees Harbinger of U.S. Recession. And it doesn't bode well for the U.S. economy. According to one analyst, not even the Pokemon Go craze can save the restaurant industry. During much of the recovery from the financial crisis, restaurant spending has been a retail highlight as other areas, like department stores, have struggled. According to Stifel Financial Corp. analyst Paul Westra, however, recent surveys point to the start of a serious decline. 
  • Analog Devices(ADI) Said in Advanced Talks to Buy Linear Technology(LLTC). Analog Devices Inc. is in advanced talks to acquire Linear Technology Corp., according to people familiar with the matter. A deal for Linear, which has a market valuation of about $12 billion, could be announced as soon as today, the people said, asking not to be identified as the matter is private. No final agreement has been reached and the deal may still fall apart, they said.
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