tyb
Morning Market Report
Some headlines
Daimler's New Leaders Confront Old Issues as Diesel Bites Again
Shares drop 3.9% after carmaker grapples with diesel costs. New CEO, CFO face sobering start on past diesel troubles.
https://www.bloomberg.com/news/articles/2019-06-23/daimler-cuts-2019-ebit-forecast-on-diesel-provisions
Eldorado Resorts to buy Caesars Entertainment for about $8.5 billion
Eldorado Resorts Inc has agreed to buy Caesars Entertainment Corp for about $8.5 billion in cash and stock, as it looks to build scale to take on competition from larger companies such as Las Vegas Sands and Wynn Resorts.
https://www.reuters.com/article/us-caesars-m-a-eldorado/eldorado-resorts-to-buy-caesars-entertainment-for-about-8-5-billion-idUSKCN1TP14H?
S&P Futures Trade Near Record High As European Stocks, Dollar Stumble Ahead Of G20
good start for a heavy data release week
S&P futures levitated on Monday, rising to a high of 2,962 and just shy of a new record, alongside buoyant Asian stocks while European shares slumped as the Stoxx 600 Index reversed an earlier gain following the third profit warning from Daimler, and a slump in German business confidence; the dollar dropped to three-month lows as hopes waned for progress in China-U.S. trade talks at this week’s G20 meeting, while Trump was expected to announce even harsher sanctions against Iran today. The European Stoxx 600 index fell 0.2%, reflecting losses in Paris and Milan. Stocks in London were little changed. Germany’s export-sensitive DAX fell 0.5% after a profit warning by Daimler caused its shares to drop nearly 5%. Earlier in the session, gains in Asia saw the MSCI regional and global stocks gauges rise again towards last week’s six-week highs. Asian stocks advanced, led by health care and consumer discretionary firms,
as investors awaited possible new sanctions against Iran and gauged the probability of a U.S.-China trade deal later this week.
Investors are waiting to see if Presidents Donald Trump and Xi Jinping can de-escalate a trade war that is damaging the global economy and souring business confidence. The leaders will meet during a G20 summit in Japan which starts on Friday.
Wall Street also looked in line for more gains after closing lower on Friday. S&P 500 e-minis pointed to a 0.2% rise at the open.
Overnight, a Chinese newspaper said FedEx Corp was likely to be added to Beijing’s “unreliable entities list” following yet another delivery fiasco involving a Huawei shipment.
In FX, the dollar index slipped 0.1% lower to 96.11 after its biggest weekly drop in four months last week, when the Federal Reserve said that it may cut interest rates soon to bolster the U.S. economy.
See cap#4 for FRB watch data on July meeting odds-this is showing they will but does not mean it will habben.
Meanwhile, gold resumed its rise amid economic woes, looming U.S. interest rate cuts and tensions between Tehran and Washington: the precious metal stood at $1,404.79 per ounce, not far from Friday’s six-year high of $1,410.78.
remember this represents COMEX trading and is almost all paper contracts-very little physical metal is being traded here. This does not factor in the many billions of $'s of physical that is traded suing this as it's pricing input, i.e. local shops, IRL transactions.
Brent crude futures rose 0.4% to $65.42 per barrel, near Friday’s three-week high of $65.76. U.S. crude futures were up 0.9% at $57.91, standing at its highest in over three weeks.
Boo,hiss…
Those moves in inflation expectations added some nuance to the moves in bonds, where rises in break-evens were offset by falling real yields.
The moves in currencies continued their trends from earlier in the week, with the dollar dropping -1.40% (-0.44% Friday) and the euro gaining +1.43% (+0.66%). Oil also continued to rally, with WTI staging its strongest week since 2016 as US-Iran tensions heated up.
Overall a very heavy data release week ahead, check notables for a schedule in pb of last night.
https://www.zerohedge.com/news/2019-06-24/sp-futures-trade-near-record-high-european-stocks-dollar-stumble-ahead-g20
https://www.bloomberg.com/markets/stocks/futures
https://www.marketwatch.com/investing/bond/tmubmusd10y?
https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html/
Lloyds will not reveal frozen account details
Lloyds Banking Group has refused to reveal how much money is in the Jersey accounts which it has frozen amid heightened fears about financial crime.
It would not say how many of the 8,000 accounts were held by UK citizens.
Lloyds said the accounts were suspended because customers failed to respond to requests to prove their identity.
The crackdown came after the imposition of tougher money laundering rules in Jersey, which has faced pressure to improve its financial transparency.
The drastic action to freeze accounts was revealed in the Financial Times. The paper said that HSBC, Barclays and RBS had also tightened controls in Jersey.
Lloyds emphasised that it had frozen the accounts because customers had not got back in touch, not because of any other specific concerns.
Islands' secret records to be made public
Jersey is 'seventh worst tax haven'
Lloyds started trying to contact expatriate customers of its Jersey operation in January 2016, asking them to update their details and provide missing information.
A crucial component of the information required is a certified identity document, proving that the account holder is genuine.
"Unfortunately, where a customer has not provided us with this necessary information we have had to freeze their account until we get the information," said a spokesperson for Lloyds.
"This is also to protect the customer, as it prevents anybody else trying to use the account if the customer has stopped using it or has moved address."
Accounts in the Channel Islands and other offshore centres are commonly used by overseas workers to house money they have earned or saved in different currencies.
But they attract suspicion about tax avoidance, and fears that they are used to stash illegal money from around the world.
https://www.bbc.com/news/business-48744104
ty anon, mine not on this drive and never went back to get it again. Once you got through it the amounts sort of made you sick.
>POTUS on a plane to Japan for the G20 this week means something fun is bound to happen.