Today's Headlines
Bloomberg:
- Macron's Approval Rating Slides Two Months After French Election. President Emmanuel Macron’s approval rating fell sharply in the past month as French voters were either confused by plans for the tax system, shocked by a dispute with the head of the army or unsettled by upcoming labor laws reform, an Ifop pollster told Journal du Dimanche. The rating for Macron, elected in early May, fell 10 percentage points to 54 percent this month, the second-biggest decline for a French president so soon after election. Jacques Chirac dropped 15 points from his May 1995 election to July, the Paris-based pollster said.
- German President Says Need to Send Erdogan ‘Stop Signals’. German President Frank-Walter Steinmeier said Chancellor Angela Merkel’s government is right to act against what he called unacceptable Turkish policies under President Recep Tayyip Erdogan, who he said seeks to quench the country’s opposition. “Many who have worked cooperatively with him and his party in the last few years are now being persecuted, are thrown in jail, are being silenced. We can’t accept that,” Steinmeier said in excerpts of an interview with ZDF public television released before broadcast Sunday evening. “It’s a question of the self-esteem of our country to send clear stop signals.”
- Bank of Japan Dot Plot Paints a Pessimistic Picture of Inflation. Almost all board members see greater downside risks for prices. Even a quick glance at the Bank of Japan’s latest inflation forecasts makes for disappointing reading. The BOJ pushed back its timetable for hitting 2 percent price gains for a sixth time since Governor Haruhiko Kuroda took over. And it cut its estimates for core CPI for this fiscal year and the next two. A close look at the individual projections of the board’s nine members released after its July 19-20 policy meeting is cause for even more pessimism. Eight of them see risks “tilted to downside” for their price forecast for fiscal 2019 -- the year when the BOJ currently hopes to reach its inflation goal. Put another way, the chances of prices dropping below forecast are way higher than beating it.
- Stocks to Edge Lower Before Earnings Flurry, Fed.
Stocks in Asia were set for a small drop ahead of a week packed with
earnings results and a Federal Reserve interest-rate decision. The
dollar remains near a 14-month low and the euro is holding on to recent
gains with the greenback near to a technical level that some say will
precede more losses. Equity-index future
s in Japan, Hong Kong and South Korea were all lower and oil extended declines before an OPEC meeting on Monday. Japan’s Topix index slid 0.7 percent. Australia’s S&P/ASX 200 Index lost 0.3 percent and South Korea’s Kospi index was little changed. The yen climbed 0.2 percent to 110.96 per dollar as of 9:01 a.m. in Tokyo, a fifth day of gains. The euro bought $1.1680. WTI crude lost 0.1 percent in early Monday trading to $45.72 a barrel.
- OPEC Says More Libya, Nigeria Oil Needed as Demand Picks Up. The oil market will need more crude from Libya and Nigeria as it re-balances at a faster rate in the second half after a slow start, OPEC Secretary-General Mohammad Barkindo said. Compliance with production cuts by members of the Organization of Petroleum Exporting Countries is “excellent,” Barkindo told reporters in St. Petersburg, Russia. Libya and Nigeria are exempt from the cuts and have been boosting production, leading to speculation about whether OPEC will seek to cap their output to help reduce a global glut.
- Steelmakers Are Worth the Most in Years And It's Thanks to China. Steel stocks are trading at the highest since 2011 and it’s mostly thanks the industry’s biggest menace in recent years: China. Demand in China, which produces half the world’s steel, has been surprisingly strong this year and the country closed some plants to ease a glut that had spread across the globe. That’s led to a steep drop in exports, helping steel prices extend a recovery and pushing a Bloomberg gauge of global steel stocks up 45 percent in the past year. That’s triple the advance in the Bloomberg World Mining Index.
Wall Street Journal:
MarketWatch.com: - Senate Republicans Unsure of What Health-Care Measure They Will Vote On. Vote, which is expected as soon as Tuesday, would allow debate on either a plan to repeal ACA or a more comprehensive bill to repeal and replace it.
- Xi’s Sign-Off Deals Blow to China Inc.’s Global Spending Spree. Measure is a warning to China’s other big private businesses that loaded up on debt to buy assets overseas.
- California Says Tesla(TSLA) Is Too Big to Fail. State Democrats can’t stop throwing taxpayer money at the electric vehicle wunderkind.
- Next Leap for Robots: Picking Out and Boxing Your Online Order. Developers close in on systems to move products off shelves and into boxes, as retailers aim to automate labor-intensive process.
- President Trump Defends His Power to Issue Pardons. Blames Democrats for health-care legislation failure, presses Republican-controlled Senate to pass a bill.
- Force Congress’s Hand on Health Care. Lawmakers and their staff should have to buy insurance on the exchanges—the way the law requires.
- OPEC Grapples With Growing Threats to Oil Deal. Deal intended to withhold about 2% of global oil supplies has failed to raise crude prices.
Fox News:
CNBC:
- This $200 'smart' doorbell will show you who (or what) is in front of your house at all times. (video)
- Private equity giant KKR nears deal to buy health website WebMD(WBMD). Private equity firm KKR is nearing an all-cash deal to acquire WebMD Health, a U.S. online health publisher with a market capitalization of $2.1 billion, people familiar with the matter said on Sunday.
Zero Hedge:
- Fukushima's "Swimming Robot" Captures First Images Of 'Massive Deposits' Of Melted Nuclear Fuel. (video)
- Don't Show President Trump This Chart! This won't help US-China relations... Despite international sanctions aimed at curbing the country’s nuclear activities, North Korea’s economy grew by 3.9 percent in 2016, which is the highest growth rate since 1999 (6.1 percent).
Business Insider:
Welt am Sonntag:
Welt am Sonntag:
- Semiconductor Pricing Power Returns, Siltronic CEO Says. After lean years the semiconductor industry is returning to pricing power, the CEO of German wafer producer Siltronic said in an interview. After price hikes in 1Q and 2Q new increases in the fall are negotiated, Christioph von Plotho said. "The pricing power is now with us. Demand has been growing in the past years, overcapacity doesn't exist anymore and we have full utilization since the third quarter of 2016", he said.
Night Trading
- Asian indices are -.75% to -.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 84.75 +.25 basis point.
- Asia Pacific Sovereign CDS Index 21.0 unch.
- Bloomberg Emerging Markets Currency Index 73.81 -.01%.
- S&P 500 futures -.12%.
- NASDAQ 100 futures -.07%.
Earnings of Note
Company/Estimate
- (CALM)/-.15
- (HAL)/.18
- (HAS)/.45
- (ITW)/1.64
- (MAN)/1.76
- (PETS)/.38
- (SWK)/1.97
- (VFC)/.29
- (GOOG)/8.28
- (APC)/-.35
- (SANM)/.74
- (SWFT)/.20
- (WERN)/.27
Economic Releases
9:45 am EST
9:45 am EST
- The Preliminary Markit US Manufacturing PMI for July is estimated to rise to 52.2 versus 52.0 in June.
- The Preliminary Markit US Services PMI for July is estimated to fall to 54.0 versus 54.2 in June.
- Existing Home Sales for June are estimated to fall to 5.57M versus 5.62M in May.
- None of note
- The BoJ minutes could also impact trading today.
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