Today's Headlines
Bloomberg:
- Asian Demand for 16,000 Planes Spells Jackpot for Airbus, Boeing(BA). The rapid growth of mainland Chinese carriers and the entry of many budget operators has meant billions of dollars in orders for the aircraft makers. At the Singapore Airshow this week, top officials from Airbus SE Chief Executive Officer Tom Enders to Boeing Co.’s vice president of marketing Randy Tinseth are due to outline their plans to capture that boom.
- Global Equity Rout Deepens as Rate Fears Grow. Asian equities fell with Dow Jones Industrial Average futures tumbling almost 1 percent as the biggest rout for global stocks in two years and surging government bond yields kept investors questioning the speed of monetary policy tightening. The dollar extended gains. Equity indexes in Australia and New Zealand sank at least 1 percent, while futures on the S&P 500 Index were 0.7 percent lower and losses were expected in Japan and Hong Kong. The gauge of U.S. shares tumbled 2.1 percent Friday and the 10-year Treasury yield rose above 2.85 percent following solid jobs data showing rising wages and a hint from Dallas Fed President Robert Kaplan that the Federal Reserve may need to lift interest rates more than three times this year. Futures on Japan’s Nikkei 225 Stock Average sank 1.4 percent in late Friday trading in Chicago. Australia’s S&P/ASX 200 Index dropped 1.3 percent and New Zealand’s S&P/NZX 50 Index sank 1.5 percent. Contracts on Hong Kong’s Hang Seng Index declined 1.3 percent. The MSCI Asia-Pacific Index fell 0.3 percent.
- Broadcom Said to Plan $120 Billion Qualcomm(QCOM) Bid, Reuters Says. Broadcom Ltd. plans to raise its hostile takeover offer for semiconductor rival Qualcomm Inc. to about $120 billion from $105 billion, Reuters reported, citing people familiar with the deal that it didn’t identify.
Wall Street Journal:
- New Immigration Bill Would Omit Trump’s More Contentious Proposals. Republican Sen. John McCain, Democratic Sen. Chris Coons say they will propose path to citizenship for DACA participants, but no wall.
- Companies Everywhere Copied Japanese Manufacturing. Now the Model Is Cracking. Concepts celebrated in business publications world-wide have been tarnished by a string of scandals.
- Memo’s Release Escalates Clash Over Russia Probe; Trump Says It ‘Totally Vindicates’ Him. Release comes after the FBI expressed ‘grave concerns’ over the accuracy of the document.
- Despite Market Turmoil, Corporate Earnings Shine Bright. With about half of the companies in the S&P 500 having reported results, 80% have beat revenue expectations.
- As Stock-Market Rout Spreads, Investors Fear Markets Falling in Lockstep. Some investors worry that markets moving in tandem raise the chances of a more severe selloff than what still-positive fundamentals would warrant.
- Bitcoin’s Crashing? That Won’t Stop Arbitrage Traders From Raking in Millions. Cryptocurrency arbitrageurs cash in on wide price disparities between exchanges.
- Rent Controls, a Bane of Landlords, Are Gaining Support as Costs Soar. Movement finds momentum as price pressures rise in urban areas, tax incentives for ownership wane.
- Banks Raise Oil Forecasts but See Risks. Rebalancing in crude supply pushes prices to multi-year highs but some analysts question how long the rally will last.
Zero Hedge:
Night Trading
- Asian indices are -1.25% to -1.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 67.5 +3.0 basis points.
- Asia Pacific Sovereign CDS Index 11.75 +.25 basis point.
- Bloomberg Emerging Markets Currency Index 75.89 -.04%.
- S&P 500 futures -.42%.
- NASDAQ 100 futures -.35%.
Earnings of Note
Company/Estimate
- (BMY)/.67
- (HES)/-.92
- (ON)/.37
- (SYY)/.65
- (BMI)/.24
- (FN)/.70
- (FTNT)/.29
- (OCLR)/.12
- (NOV)/-.04
- (SWKS)/1.91
Economic Releases
10:00 am EST
10:00 am EST
- The ISM Non-Manufacturing Composite for January is estimated to rise to 56.5 versus 55.9 in December.
- None of note
- The Eurozone PMI report and the Eurozone retail sales report could also impact trading today.
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