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14 сентября, 16:21

Comcast (CMCSA) Unveils SD-WAN Gigabit-Ready Combo Products

Comcast (CMCSA) unveils the first cable-delivered, gigabit-ready Software Defined Networking (SDN) product on its Comcast Business ActiveCore SDN platform.

14 сентября, 00:48

CenturyLink (CTL) Defers Level 3 Communications Acquisition

The much-hyped merger between CenturyLink (CTL) and Level 3 Communications that will expectedly raise CenturyLink's network by 200,000 route miles of fiber is likely to be closed by the end of October.

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13 сентября, 20:22

Subscriber Loss Should Have Limited Impact On Comcast's Revenues

Last week, Comcast’s stock declined by 5% in a single day after Matthew Strauss, executive vice president for Comcast’s Xfinity services, said that the company expects to report a loss of 100,000-150,000 subscribers in Q3.

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08 сентября, 00:25

Panic Buying Leaves 40% Of Miami Stations Out Of Gas

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Authored by Mike Shedlock via MishTalk.com, As Hurricane Irma nears Florida, everyone is in a rush to fill up their tanks. About 40% of the gasoline stations in the Miami-Fort Lauderdale region are now without fuel. Floridians have turned to the Crowd-Sourced ‘Gas Buddy’ App to determine which stations still have gas. The above image from the web version of Gas Buddy Tracker. Zoom into the area you’re looking for gas to see the red and green symbols indicating fuel shortages. Gas Buddy says the mobile app is more accurate. Patrick DeHaan, the senior petroleum analyst at Gas Buddy, said their newest feature – the Gas Availability Tracker – has now been rolled out to those who could be affected by Hurricane Irma in Florida, Georgia and the Carolinas.   “The tool seeks to help motorists in need to find gasoline, and certainly in some cases. will also help motorists find stations that have power,” DeHaan said.   The app was developed during Hurricane Harvey in Texas. People can log in to view gas stations in their area. A red fuel pump icon indicates the station currently has gas. A red lightning bolt icon indicates the station has power, especially helpful for those in areas affected by power outages.   The data is largely crowdsourced by users who submit information through the app.   Florida Gov. Rick Scott announced in Miami that he’s asked the governors of Alabama and Georgia to waive trucking regulations so tankers can get fuel into the city, which is experiencing one of the largest shortages statewide as residents prepare for the hurricane’s landfall.   He told residents of the Florida Keys that “we’re doing everything to get fuel to you as quickly as possible.” Tourists are under a mandatory evacuation order, which began Wednesday morning.   Residents will then be ordered to evacuate, but the fuel shortage is putting a hitch in that. Governor Promotes Gas Buddy, Expedia, Google Maps, Xfinity TechCrunch reports As Irma nears, Florida Governor tells residents to use Gas Buddy, Expedia, Google Maps. Speaking at a press conference this morning, Florida Governor Rick Scott told state residents to turn to apps and other online resources, including Gas Buddy, Google Maps, Expedia and Comcast’s Xfinity Wi-Fi hotspot finder, to help them find fuel, navigate safely, and stay connected both ahead of and following Hurricane Irma’s arrival.   The lack of readily available gasoline, in particular, has been a huge problem facing the state – something that Scott admitted he knew had been “frustrating” in this time of crisis. Not only have some gas stations had long lines, many simply keep running out of gas entirely, as people prepare for possible evacuations by topping off their tanks.   The company tells TechCrunch that it’s now seeing hundreds of gas stations across Florida, Georgia, North Carolina and South Carolina without fuel. It says the hardest hit cities are Miami (30% of stations are out of gas), West Palm Beach (29%), Fort Myers-Naples (20%), Tampa (13%), and Orlando (9% are out.)   The app has seen a ton of usage following Harvey and ahead of Irma – its App Store ranking has jumped 150 spots over the past week or so, and is now in the top 50 Overall.   In addition to Gas Buddy, Scott noted that the state was working with Google to keep its mapping app updated with the most current information on road closures.   “Real time traffic information and evacuation routes is available at FL511.com,” said Scott. “We have traffic cameras on every major roadway in the state and are clearing traffic issues in real-time so we can keep people moving,” he continued. “We’re coordinating with Google’s emergency response team to prepare to close roads in Google Maps in real-time in the event that Hurricane Irma forces a closure of any roads in the aftermath of the storm,” Scott added.   Of course, the Google-owned Waze app may be more useful ahead of Irma’s landfall. The crowdsourced navigation tool is great for finding out about traffic incidents, road closures, speeds, and other hazards in real-time as well. This information is additionally fed into Google.org’s Crisis Maps, which displays other details like precipitation, public alerts, evacuation routes, shelters, forecasts and more.   “If you need a hotel, go to Expedia.com/florida,” said Scott. “Expedia is working on hotel occupancy in real-time.”   Scott noted that Comcast was opening 137,000 hotspots to help people stay connected, too. These Xfinity Wi-Fi hotspots will be made free across the state for non-Xfinity customers and subscribers alike. AT&T, Verizon, and T-Mobile are all setting up additional Wi-Fi hotspots as well, he said. Hurricane Preparation The Florida.Gov website has updates on Hurricane Irma Preparedness. Today, Governor Rick Scott received a full update on Hurricane Irma from the State Emergency Operations Center. The Governor is traveling the state today to meet with local officials, ensure communities have all the resources they may need, and to encourage families and visitors to be fully prepared. Evacuation orders have been issued in Monroe County and additional orders are expected as the storm nears the state. The Governor will continue to be in constant communication with state and local emergency management officials, city and county leaders, and utility officials who are also working to ensure the state is prepared to respond to any potential impacts from Hurricane Irma. Evacuation Notices and Orders Broward County has issued voluntary evacuations of mobile homes and low-lying areas beginning today. Collier County has issued voluntary evacuations of Marco Island beginning today. Monroe County has issued mandatory evacuations for visitors beginning this morning. Mandatory evacuations for residents will begin this evening. Individuals with special needs started being evacuated from Miami-Dade County this morning. Additional evacuations are expected throughout the state. All Floridians should pay close attention to local alerts and follow the directions of local officials. To find available shelters by county, visit floridadisaster.org/shelters The site also lists school closures and emergency numbers. Blame Anti-Gouging Laws for Shortages Out of Gas: If Florida gas stations were not under anti-gouging rules, panic buying and tank topping would slow.https://t.co/f3d1cw8y9q — Mike Mish Shedlock (@MishGEA) September 7, 2017

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10 августа, 02:20

Streaming Killed The Cable Bundle: Record 941,000 Pay-TV Customers Ditch Cable In Q2

Back in the ancient days, long before Al Gore had even invented the internet, the Buggles declared once and for all that "Video Killed the Radio Star."  Now it seems that a remake of that classic MTV hit is in order as, with each passing quarter, it's becoming increasingly clear that streaming has officially killed the cable bundle.   We've long held the opinion that the content creation and media distribution businesses are on the precipice of a major transformation.  Since the birth of cable TV, content creators (think Disney, Discovery, Scripps, AMC, etc.) have been locked in a perpetual tug-of-war with distribution companies (Comcast, Charter, Verizon, AT&T, etc.).  Up until now, content creators have been the clear winners as they've continued to force cable companies to carry their growing lineup of channels, many of which are awful, by effectively holding their good content hostage until distributors agree to pay for channels that they (and their customers) likely don't want.  As an example, a company like Scripps may refuse to sign a distribution agreement with Charter for HGTV or the Food Network, unless they also agree to pay for their less popular channels like TVN, Fine Living or the Asian Food Channel. All of which is precisely why cable customers have ended up paying for 1,000 channels when they really only watch about 5 of them. But, that is all changing with the onset of direct-to-customer streaming.  HBO was the first to blink, then came ShowTime and now Disney has just announced that ESPN will also go direct.  What this means, of course, is that increasingly people will be able to make a la carte purchases of the media they actually value and ditch all the 'crap' that clever content creators have forced down our throats for years by holding their desired content hostage.  In summary, streaming killed the cable bundle. All of which is precisely why, as Fast Company and MoffettNathanson report, pay-TV customers are ditching cable bundles in record numbers with nearly 1 million customers throwing in the towel in Q2 2017 alone. The country’s top cable and satellite TV providers just wrapped up another quarter of record subscriber declines as customers flee traditional pay-television distributors in favor of streaming and on-demand services, according to a research note from MoffettNathanson. Combined declines for the second quarter of 2017 came close to a million subscribers, the firm estimates, with Dish Network, DirectTV, and AT&T hit especially hard. As bad as it was, the customer exodus was not as bad as some analysts had predicted, prompting analyst Craig Moffett to ask the question, “Is ‘not as worse’ even a thing?”   “[Y]es, things are getting worse,” Moffett wrote. “But at least in Q2 they got worse more slowly. Less worse. Or, not as worse. Or, well, you get the idea.”   If all this sounds familiar, it’s because three months ago, the industry had just logged its worst quarter in history, losing an estimated 762,000 pay-TV subscribers. This time around, that number has jumped to 941,000 subscribers. Even Comcast, which had been bucking the trend over the last few quarters, ended Q2 with a net loss of 34,000 pay-TV customers.   Of course, if you're going to stream all of your media content online then you need a good internet connection which is at least partially why the satellite and DSL providers (Dish, DTV, AT&T) are bleeding customers way faster than the cable companies that deliver much faster internet speeds.   Perhaps it's time for a remake?

09 августа, 13:59

Risk Off: Global Stocks Slide As "Fire And Fury" Results In "Selling And Fear"

US futures are set for a sharply lower open (at least in recent market terms) following a steep decline in European stocks and a selloff in Asian shares, following yesterday's sharp escalation in the war of words between the U.S. and North Korea. In a broad risk-off move U.S. Treasuries rose, the VIX surged above 12 overnight, while German bund futures climbed to the highest level in six weeks. The Swiss franc gained 1.2 percent to 1.1320 per euro its biggest daily advance since February 2015, while the yen surged as much as 0.8% against per euro, its strongest level in three weeks while gold rose. "Trump's comments about North Korea have created nervousness and the fear is if the President really means what he said: "fire and fury"," said Naeem Aslam, chief market analyst at Think Markets in London. "The typical text book trade is that investors rush for safe havens." Gold was headed for it’s largest gain this month while the yen and Swiss franc were the biggest advancers among G-10 currencies after President Donald Trump ratcheted up his rhetoric against North Korea. Treasuries and most European government bonds climbed amid the shift to safer assets, while almost every sector of the Stoxx Europe 600 Index fell and emerging markets equities were poised for the biggest drop since June 15. The rand extended losses after South Africa’s president survived a no-confidence vote. Earlier on Tuesday, volatility from the U.S. to Japan rose after Trump said in response to a Washington Post report on North Korea’s nuclear capabilities that further threats from the country would be met with “fire and fury.” North Korea said it’s examining an operational plan for firing a ballistic missile toward Guam. The VIX jumped above the 200-DMA as equity markets continuously push lower. The financial sector lagged, while defensive healthcare sector outperforms; gold and crude were supported in tandem. The heightened geopolitical tensions between the US and North Korea dampened global risk sentiment, which snapped the DJIA's streak of record closes and saw nearly all Asia-Pac bourses in negative territory. This was after US President Trump warned North Korea the US would respond to any threats with an unprecedented level of "fire and fury", which spurred a response from North Korea that it was considering striking Guam with mid-to long-range missiles. “Trump in his reactions is something new for all of us,” Geraldine Sundstrom, portfolio manager at Pimco Europe, said in an interview on Bloomberg TV. “Given the nature of the threats, given the players are new, it makes the situation a little bit unusual,” said Sundstrom, who recommended safe haven trades and minimizing risks through duration.  As a result, global assets have slumped in a "classic, risk-off reaction" as Bloomberg puts it. The MSCI EM Asia Index of shares slid the most in a month. “We’re seeing a bit of risk aversion due to concerns over North Korea,” said Dushyant Padmanabhan, a currency strategist at Nomura in Singapore. “Besides the geopolitics, the market will also be focused on the Friday’s U.S. CPI print and what clues that might give us on the path for inflation.” The Nikkei 225 (-1.3%) underperformed as exporters suffered from the flows into JPY. The Nikkei Stock Average Volatility Index soared as much as 38%, most since August 2015, with the VNKY Index closing +24% at 16.00. The Korean KOSPI (-1.1%) was also, so to say, "weighed down" by the increased threat of nuclear war. In retrospect, that the South Korean market dipped just over 1% on the prospect of a mushroom cloud, is rather impressive. Hang Seng (-0.4%) and Shanghai Comp (-0.2%) were subdued following a miss on Chinese CPI and PPI data, while ASX 200 (+0.4%) bucked the trend amid gains in the metals-related stocks and with the largest-weighted financials sector buoyed after big-4 bank CBA reported an 8th consecutive year of record profits. Demand for 10yr JGBs was spurred by a flight to quality and with the BoJ in the market for JPY 770b1n of JGBs. The curve also slightly flattened amid outperformance in the long-end. Elsewhere, the Stoxx Europe 600 Index declined 0.6 percent as of 9:54 a.m. in London, the largest drop in more than a week on a closing basis. The U.K.’s FTSE 100 Index declined 0.6 percent, the first retreat in a week. Germany’s DAX Index sank 1.2 percent in the biggest tumble in almost three weeks. Futures on the S&P 500 Index sank 0.4 percent, the largest decrease in almost five weeks. The MSCI Emerging Market Index sank 0.9 percent, the biggest dip in almost eight weeks. "Heightened geopolitical risks overnight have seen the markets flip from risk-on to risk-off and we have to wait and see how long this move runs before adding some positions," said Viraj Patel, an FX strategist at ING in London. In overnight FX trading, risk aversion dominated trading as the Swiss franc and the yen led gains among Group-of-10 currencies, while the dollar index steadied as EM currencies halted a three-day rally. The yen appreciated as much as 0.8 percent to 128.61 per euro, its strongest level in three weeks. During previous occasions of political turmoil between the U.S. and North Korea, the Japanese currency over performed, yet the Swiss franc’s sharp decline in the past two weeks made for stretched positioning versus the euro, resulting in a bigger gain. The Australian dollar and New Zealand dollar both weakened.  South Korea’s won fell to a three-week low amid heightened geopolitical tensions over North Korea. CNH and CNY both rally through 6.70/USD, highest since October 2016 after another stronger PBOC fixing. Core fixed income gains sharply, curves bull flatten with heavy volume noted in USTs. VIX jumps above 200-DMA as equity markets continuously push lower. Financial sector lags, while defensive healthcare sector outperforms; gold and crude supported in tandem. Some remain skeptically optimistic: at the moment the tensions increasing around North Korea’s nuclear weapons program does remain an “exchange of rhetoric,” and under normal expectations it’s difficult to think that any “real action” will be taken from here, says Takuya Yamada, a senior money manager in Tokyo. •If something actually happens, it won’t be surprising to see the market fall 5%, 10% in no time at all. However investors are aware of the fact that if North Korea takes action it will mean self- destruction, so their premise is that this is merely “trash talking.” "We've had some competing forces play out over the past 12 hours - the U.S. dollar was stronger off economic data, but that was quickly reversed with President Trump's comments about North Korea earlier today (Wednesday)," said ANZ analyst Daniel Hynes. In rates, the yield on 10-year Treasuries decreased two basis points to 2.24 percent. Germany’s 10-year yield declined four basis points to 0.44 percent, the lowest in six weeks. Britain’s 10-year yield fell four basis points to 1.117 percent, the lowest in six weeks. France’s 10-year yield dipped three basis points to 0.73 percent. In commodities, gold gained 0.6 percent to $1,267.99 an ounce, heading for the biggest one-day increase since July 28. West Texas Intermediate crude climbed 0.4 percent to $49.36 a barrel. Looking at the day ahead, there is the preliminary 2Q nonfarm productivity (0.7% expected) and unit labour costs (1% expected) data, final June wholesale inventories (0.6% expected) as well as the MBA mortgage applications. In Asia, Japan’s PPI for July will also be out on early Thursday morning. Notable US companies reporting today include Twenty First century Fox. Market Snapshot S&P 500 futures down 0.4% to 2,463 MSCI Asia down 0.4% to 160.58 MSCI Asia ex-Japan down 0.6% to 528.93 STOXX Europe 600 down 0.8% to 379.60 Nikkei down 1.3% to 19,738.71 Topix down 1.1% to 1,617.90 Hang Seng Index down 0.4% to 27,757.09 Shanghai Composite down 0.2% to 3,275.57 Sensex down 0.5% to 31,859.44 Australia S&P/ASX 200 up 0.4% to 5,765.66 Kospi down 1.1% to 2,368.39 German 10Y yield fell 3.7 bps to 0.437% Euro down 0.2% to 1.1730 per US$ Brent Futures up 0.02% to $52.15/bbl US 10Y yield fell 2 bps to 2.24% Italian 10Y yield rose 1.1 bps to 1.714% Spanish 10Y yield fell 4.3 bps to 1.411% Brent Futures up 0.02% to $52.15/bbl Gold spot up 0.6% to $1,268.77 U.S. Dollar Index down 0.03% to 93.62 Top Overnight News President Donald Trump’s threat to hit North Korea with “fire and fury” jolted markets from New York to Seoul even as U.S. lawmakers questioned the president’s willingness to back up the heated rhetoric N. Korea can strike before any U.S. pre-emptive attack; considering firing ballistic missiles “at areas around Guam” where U.S. strategic bombers are stationed: KCNA Trump’s presidential campaign, his son Donald Trump Jr. and former campaign manager Paul Manafort have started turning over documents to the Senate Judiciary Committee as part of the panel’s expanded investigation of Russian election- meddling South African President Jacob Zuma narrowly overcame a bid by opposition parties to topple him through a no-confidence motion in parliament. The real loser may be his own party, the African National Congress Morgan Stanley beat Goldman Sachs Group Inc. to become the most profitable foreign securities firm in Japan last fiscal year after it boosted structured-product sales and managed the two biggest initial public offerings BOE Agents’ Summary of Business Conditions: some manufacturers reported that initial pass-through of weaker sterling near completion Italian June Industrial Production m/m: +1.1% vs +0.2% est. China July CPI y/y: 1.4% vs 1.5% est; PPI 5.5% vs 5.6% est. API inventories according to people familiar w/ data: Crude -7.8m; Cushing +0.3m; Gasoline +1.5m; Distillates -0.2m Disney’s Iger Sees a Future Without Netflix, Comcast or DirecTV Goldman Sells U.K. Insurer Stake to GIC, Blackstone, MassMutual Canada Mulls Nicotine Cut as New Front Opens Against Smoking British American Tobacco Is Said to Extend Debt Binge in Europe New iPhone Models Are Said to Enter Mass Production: DigiTimes U.S. FDA Is Said to Issue Form 483 to Baxter Ahmedabad Site: CNBC Fox Is Said to Have Declined to Settle Suits for $60M: NYT Novo Sees Price of Insulin in U.S Dropping Again Next Year Ford Repairs Over 50 Police Units on Carbon Monoxide Concerns In Asia, increased geopolitical tensions after a war of words between US and North Korea dampened global risk sentiment, which ensured the DJIA snapped a 9-day streak of record closes and saw nearly all Asia-Pac bourses in negative territory. This was after US President Trump warned North Korea the US would respond to any threats with an unprecedented level of fire and fury, which spurred a response from North Korea that it was considering striking Guam with mid-to long-range missiles. Nikkei 225 (-1.3%) underperformed as exporters suffered from the flows into JPY, while KOSPI (-1.1%) was also weighed on by the increased threat of nuclear war. Hang Seng (-0.4%) and Shanghai Comp (-0.2%) were subdued following a miss on Chinese CPI and PPI data, while ASX 200 (+0.4%) bucked the trend amid gains in the metals-related stocks and with the largest-weighted financials sector buoyed after big-4 bank CBA reported an 8th consecutive year of record profits. Demand for 10yr JGBs was spurred by a flight to quality and with the BoJ in the market for JPY 770b1n of JGBs. The curve also slightly flattened amid outperformance in the long-end. RBA Assistant Governor Kent states that fixed-income funding is available at favourable rates and that banks' use of wholesale debt is much lower than a few years ago. Further stating that AUD appreciation is more of a story regarding USD depreciation, adds further strength in AUD would result to slightly weaker domestic growth. South Korea Finance Minister sees limited risk impact on markets from North Korea. Chinese CPI (Jul) M/M 0.1% vs. Exp. 0.2% (Prey. - 0.2%) Chinese PPI (Jul) Y/Y 5.5% vs. Exp. 5.6% (Prey. 5.5%) Chinese CPI (Jul) Y/Y 1.4% vs. Exp. 1.5% (Prey. 1.5%) Top Asian News Morgan Stanley Tops Goldman Sachs With Biggest Profit in Japan S. Korea Official Says Tension High, But Not A Crisis: Yonhap Markets on Edge in Seoul as Trump Escalates North Korea Warnings China Remains Inflation Backstop as Mills and Smelters Close India Is Said to Tweak HPCL Share Sale Terms to Skip Open Offer Gold Imports by India Are Said to Have More Than Doubled in July Wharf Soars to Highest Since ’86 on $29 Billion Spinoff Plan Abu Dhabi’s FAB Is Said to Appoint Pant International FIG Head In European bourses, the selling persisted across virtually all markets with Trump's comments in North American trade has been the catalyst for the selling pressure seen in Global equities. US President Trump warned North Korea that a US response to any threats would be 'fire and fury the likes of which the world has never seen'. Comments followed from North Korea, with the state media stating that the US war hysteria will bring a miserable end, and also warns of operation on signs of US provocation, further saying that they are seriously mulling striking Guam. Adding to the downbeat was rather subdued inflation figures out of China. EGB yields falling to the lows amid the aforementioned escalating tensions between the US and North Korea. Peripheral bonds wider by around lbps against the German benchmark. Elsewhere, BATs have begun marketing form their multi-currency (GBP, EUR) 5 tranche after yesterday's chunky USD-denominated 8 part. Technically uncovered German Bobl auction. Top European News Brexit Will Strain BOE’s Supervisory Resources, PRA’s Woods Says Italy Industrial Production Jumps, Pointing to Faster Recovery ABN Amro Bolsters Capital as Dutch Growth Drives Profit Rise Carl Zeiss Meditec Slides as Valeant Shuts Door on Target Assets Ahold Delhaize Boosts Synergy Goal as Competition Concerns Grow Russia Readies $4 Billion Eurobond Swap in Face of Sanctions EON Plots Growth Strategy as Profit Rebounds, Debt Falls Santander Sells Control of Popular Real Estate to Blackstone In currencies, the initial mover following the exchange from the USA and North Korea was USD/JPY, breaking through August's low, however finding some bids just below this 109.80 level. USD/CHF saw similar price action, attempting to test August's low around 0.9650. Traffic was clear at these levels, becoming key support in the pair, with bids clearly stacked around 0.9650. Sterling saw some early bullish pressure this morning, as cable broke 1.30 to the upside, with GBP/USD struggling to find any real direction as Brexit concerns continue. EUR/GBP saw some selling, however, failed to attempt to test 0.90 as bids are evident ahead of this key psychological level. The geopolitical uncertainties between Australia and China did cause some suffering of AUD, as AUD/NZD fell from 1.08, further weight was put on the currency with Central bank commentary from the RBA, as Kent said AUD appreciation is more of a story regarding USD depreciation, adds further strength in AUD would result to slightly weaker domestic growth. In commodities, safe haven flow supporting precious metals with Gold prices up a modest 0.6%, while crude prices have recoup from yesterday's lows following last night's large drawdown in the API report. Saudi and Iraqi oil ministers are to hold a joint press conference on Thursday in an attempt to stabilise oil markets. US Event Calendar 7am: MBA Mortgage Applications, prior -2.8% 8:30am: Nonfarm Productivity, est. 0.7%, prior 0.0%; Unit Labor Costs, est. 1.1%, prior 2.2% 10am: Wholesale Trade Sales MoM, est. 0.0%, prior -0.5%;  Wholesale Inventories MoM, est. 0.6%, prior 0.6% DB's Jim Reid concludes the overnight wrap A bit more going on in the last 12 hours with Trump inflaming already elevated tensions between the US and North Korea late in yesterday's session and this morning we have seen Chinese inflation numbers. If that’s not enough today is a special financial crisis anniversary. More on that later but first to China. China’s July PPI was up 5.5% yoy, but a tad softer than expectations of 5.6% (5.5% previous), the National Bureau of statistics noted mom producer price growth turned positive on the back of steel and non-ferrous metal price rebounds, with ~50% of the industrial sectors seeing price gains in July. CPI was up 1.4% yoy in July (vs. 1.5% expected; 1.5% previous) with food costs decline partly offsetting gains in other consumer goods. Focus remains on the extent of economic growth in 2H, as China’s policy makers had previously indicated a preference for slower growth This morning in Asia, markets are sharply lower on the back of the North Korea story rather than the above inflation numbers. The Nikkei is -1.2%, the Kospi down -0.8%, the Hang Seng -0.8% with Chinese bourses ranging from -0.2% to +0.1%. The Korean won has also dipped 0.5% against the USD. This follows another soporific session yesterday, albeit one that awoke from its slumber in the last hour of trading following defiant comments from Mr Trump concerning North Korea. As per Bloomberg, he said the country would be "met with fire and fury and, frankly, power the likes of which the world has never seen before" if it continues to threaten the US. The VIX spiked from 9.54 just after Europe went home and around 10 when the comments were reported to a peak of 11.29 with 30mins left in the session before closing at 10.96. However even with the late shake-up the S&P 500 only lost around 0.4% after the news and (closed -0.24%) extending the record closing run of sub 0.3% moves in either direction to 14 days. Remember this record covers 90 years of daily data with the previous record being 10 days without a bigger move. Trading volumes in the S&P were again very thin, with the daily value traded at 0.15% of the index market cap, which is ~45% of the historical average. Elsewhere, the Dow dipped 0.2%, with Trump’s comments helping to break a run of 8 consecutive days of fresh all-time highs. Staying with Trump, an earlier article by the Washington post suggested North Korea’s nuclear capabilities may be more advanced than prior expectations. According to US intelligence reports the state: i) can now produce small nuclear warheads that fit inside its missiles, ii) is outpacing expectations in building missiles that are capable of striking the US mainland, and that iii) the state may have up to 60 nuke warheads, this compares to ~7,000 each in US / Russia, 260 in China and 215 in the UK. These reports coupled with increased rhetoric from Pyongyang and a flat refusal to negotiate on their nuclear program may have added to Trump’s fury. Senator McCain said Trump needs to be more cautious in his statements because he may not be able to make good on the implied threats. For now, we watch and wait. Before we review the rest of the last 24 hours, from the prospective of a research analyst that has to write something about financial markets every day, 2017 and 2018 are a great source of ongoing material given the regular 10 year financial crisis anniversaries that we'll see. Today is one of those such days as we mark a decade to the day that money markets started to seize up thus requiring heavily coordinated central bank action that marked an extraordinary period of central bank activity that is still in full flow today. The announcement by BNP Paribas that they were closing three funds linked to US mortgages was the catalyst for a complete lack of trust in money markets over the coming days and weeks. Just over a month later we had the bank run on Northern Rock. As an example of the impact BNP's announcement had, 3 month dollar Libor hadn't moved all year but over the course of two days spiked 20bps. Not a great deal but on this day 10 years ago all the major central banks were forced to inject liquidity with the ECB doing so for the first time since 9/11. One of the great ironies of the period since is that returns in major global assets have been very healthy albeit with some major exceptions. Of the 38 major global assets we usually track for this purpose 27 are higher and 11 lower in dollar adjusted terms. Top of the pack is the S&P 500 (+106%) followed by US HY (+95%) and Gold (87%). Other DM fixed income markets are generally in the 35%-80% range. The Dax (+38%) leads the way in an underperforming European equity story. The Stoxx 600 is up 22% and the FTSE 100 only 12% higher in Dollar terms largely due to a 36% fall in Sterling over the period. Of the 11 assets  that has seen negative dollar returns over the last 10 years the highlights are Greek equities (-82%), Stoxx Euro Banks (-54%), Portuguese equities (-42%), the CRB commodity index (-42%), Italian equities (-33%), and Oil (-32%). EM equities were up 29% but Chinese (-2%), Brazilian (-26%) and Russian (-32%) bourses were selective under-performers. So the huge intervention and general asset price inflation over the last decade hasn't been universally seen across the board. There have been clear winners and losers. Were you the one who during late afternoon on August 8th 2007 decided to switch out of their portfolio of Greek equities to buy the S&P 500 and then go on a 10 year sabbatical? If you were then I have nothing but respect, admiration and jealousy towards you. If you did the reverse trade then I suspect you might not be reading this now but you have my sympathies!! Back to the market’s performance, US bourses all softened ~0.2% overnight. Within the S&P, only the utilities sector was up (+0.3%), while the materials (-0.9%) and Telco sector dipped the most. After the bell, Disney traded ~4% down post its result on softer revenue trends and has said it will stop selling movies to Netflix. Back in Europe, markets broadly strengthened. The Stoxx 600 gained 0.2%, aided by the softer Euro and advances in the utilities sector (+0.6%). Regional indices were also slightly up, with the DAX (+0.3%), FTSE 100 (+0.1%), CAC (+0.2%) and FTSE MIB (+0.1%). Over in government bonds, yields were modestly higher across maturities, with the bunds (2Y: +2bp; 10Y: +2bps), Gilts (2Y: +2bp; 10Y: +2bps) and OATs (2Y: +2bps; 10Y: +2bps) all up ~2bp at the long end of the curve, while Italian BTPs (2Y: unch; 10Y: +1bp) ticked up a bit less. The UST 10Y has dipped overnight (2Y: -1bp; 10Y: -1bp) after yields rose 2-3bps yesterday. PPI/CPI data tomorrow and Friday will be key though for global yields. Currencies were little changed, the US dollar index gained 0.2%, while the Euro/ USD fell 0.4% and the sterling dipped 0.3%. Elsewhere, the Euro/Sterling was broadly flat. In commodities, WTI oil retreated 0.4%, with the EIA increasing its US output forecasts and OPEC noting they had fruitful talks and agreement on compliance (but likely shy of tangible takeaways the market may be hoping for). Elsewhere, precious metals were slightly up (Gold +0.5%; Silver 0.7%) and aluminium increased 5% following reports of China increasing efforts to curtail illegal or polluting capacity. Agricultural commodities were fairly mixed but little changed, with cotton (+0.8%), coffee (+0.5%), soybeans (flat), corn (-0.1%), wheat (-0.2%), and sugar (-0.6%). Away from the markets, Republicans are discussing some kind of compromise to get the tax reforms through, potentially involving a hybrid approach that include permanent tax revisions with temporary cuts for individuals and business. House Speaker Ryan is said to be more resistant to the idea, preferring for corporate tax rate cuts to be permanent. Back in April, the plan was for corporate tax rate to be cut from 35% to 15% and individual tax rates to be reduced from 7 bands to 3, with the top rate down from 39.6% to 35%. Elsewhere, the US treasury's $24bn three-year note sale drew a yield of 1.52%, with a bid-to-cover ratio of 3.13, the highest since December 2015. Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the JOLTS survey reported a record 6.163m job openings in June (vs. 5.75m expected), which should partly support the state of US labour demand. Elsewhere, the July NFIB small business optimism index was higher than expectations at 105.2 (vs. 103.5 expected), the best reading since February. In Europe, June trade reports in both German and France were a bit weaker than market expectations. Germany’s June export posted a -2.8% mom (vs. 0.2% expected) and imports at -4.5% (vs. 0.2% expected). However, despite these declines, exports were still solid on an annual basis, up 5.7% yoy and imports up 6.9% yoy. French’s trade deficit also widened in June, as a 2.8% mom decline in exports dominated a 2.0% mom decline in imports.  Elsewhere, Spain’s home sales rose 19.0% yoy in June. Looking at the day ahead, Bank of France’s July business sentiment indicator (103 expected) will be out early in the morning, followed by Italy’s June industrial production data (0.2% mom and 3.4% yoy expected). Over in the US, there is the preliminary 2Q nonfarm productivity (0.7% expected) and unit labour costs (1% expected) data, final June wholesale inventories (0.6% expected) as well as the MBA mortgage applications. In Asia, Japan’s PPI for July will also be out on early Thursday morning. Notable US companies reporting today include Twenty First century Fox.

08 августа, 14:46

Frontrunning: August 8

Tax Overhaul Effort Shaped by Debate Over Corporations (WSJ) Funds target 'unknown' stocks as Wall Street cuts analyst jobs (Reuters) GOP Plans Tax Compromise to Sidestep Democrats (BBG) Few expect Trump's 15-percent corporate tax rate: Deloitte survey (Reuters) Raid on Venezuelan Base Got Help From Active Officers (WSJ) Hackers demand million in ransom for stolen HBO data (AP) OPEC holds second day of compliance talks, to issue statement (Reuters) Time Inc misses revenue estimates as advertising sales slip (Reuters) Uber Chairman Says Travis Kalanick Won’t Return as CEO (WSJ) China says willing to pay the price for new North Korea sanctions (Reuters) Jacob Zuma’s Fate Hangs in Secret Parliament Vote (BBG) Vanguard breaks ranks to pay for analyst research (FT) ‘Gig Economy’ Companies Working Harder to Attract Employees (WSJ) Amid Trump’s Immigration Crackdown, More Mexicans Get Visas to Work in U.S. (WSJ) Tillerson in Thailand presses for more action on North Korea (Reuters) Brexit Is Quietly Strangling Science (BBG) China ride-hailing firm DiDi backs Uber rival Careem (Reuters) China's Trade Surplus Widens for Fifth Month as Imports Moderate (BBG) Mazda announces breakthrough in long-coveted engine technology (Reuters) Envision to sell ambulance business to KKR in $2.4 billion deal (Reuters) Nissan to sell its electric battery business to GSR Capital (Reuters) Overnight Media Digest WSJ - Tesla Inc said it plans to raise $1.5 billion in its first-ever sale of traditional bonds. The company said the funds would help push broader sales of its lower-price Model 3 sedan. on.wsj.com/2vgv3gd - Alphabet Inc's Google fired the employee who wrote an internal memo suggesting men are better suited for tech jobs than women, following an email from Google's chief executive, Sundar Pichai to the company's employees, saying that the memo writer violated company policy. on.wsj.com/2vgWpmu - Uber Technologies Inc won't be bringing co-founder Travis Kalanick back as chief executive, the company's chairman Garrett Camp told employees, in an attempt to quell reports the co-founder was attempting a comeback. on.wsj.com/2vgCKmI - United Technologies Corp made an initial offer of less than $140 a share to acquire Rockwell Collins Inc, but the two aerospace suppliers are still wrangling over the price of a takeover that would exceed $20 billion. on.wsj.com/2vgkytp - Pershing Square Capital Management LP (IPO-PERS.L) said it was nominating its founder William Ackman and two others to the board of Automatic Data Processing Inc, backing off from its previous demand of five seats on the 10-person board. on.wsj.com/2vgr7vR   FT Rising food costs helped British retail sales in July, with consumers cutting back on non-food spending as confidence in the economic outlook waned, according to the British Retail Consortium. The UK government is considering proposals that would fine operators of essential UK services that succumb to cyber attacks 17 million pounds ($22.16 million) if they have poor security. Members of the European Parliament are preparing to bolster EU plans to police London's euro clearing business after Brexit, raising the risk that Britain might lose the lucrative activity. Hedge fund Pershing Square proposed three nominees, including its Chief Executive William Ackman, to serve on the board of Automatic Data Processing Inc.   NYT - The Federal Reserve Bank of San Francisco is investigating Wells Fargo & Co for not refunding car buyers who bought special insurance and repaid their loans early. nyti.ms/2vgw7AT - Alphabet Inc's Google on Monday fired a software engineer who wrote an internal memo that questioned the company's diversity efforts. The employee, who confirmed his firing, argued in the memo that the gender gap among high-tech employees was due in part to biological differences. nyti.ms/2vgJMIh - Programmers are still embarking on new initial coin offerings at a torrid pace even after the Securities and Exchange Commission issued its first warning late last month for entrepreneurs who have been raising money by creating and selling their own virtual currencies. nyti.ms/2vgJPnr - Cable network FX has struck a deal with Comcast Corp to offer a commercial-free experience for its currently airing shows, and some older ones, through a service, called FX+, that will start in September. nyti.ms/2vgY6jY   Canada THE GLOBE AND MAIL ** Trading in the shares of Great Canadian Gaming Corp was halted by regulators last week because of "pending news," ahead of a provincial announcement about who will run gambling in the Greater Toronto Area. The Ontario Lottery and Gaming Corp is expected to select a business within days to take over operations at its casino and thousands of slot machines in the GTA for the next two decades. tgam.ca/2vhwkDU ** A number of executives at Eight Capital Corp have left the independent brokerage firm, weeks after it was involved in a controversial, and unsuccessful, financing deal for a new marijuana company. The departures, which took place over the past month, included former chief executive officer Mark Attanasio and Donato Sferra, who was managing director of investment banking, according to people familiar with the situation. tgam.ca/2vhTlq8 ** Saudi Arabia's use of combat machines against its Shia population goes to the heart of the controversy over whether the Trudeau government is violating Canada's weapons export-control rules. The Trudeau government has reached out to Saudi Arabia and Western allies to register unease over Riyadh's apparent use of Canadian armored vehicles against its own citizens, Foreign Affairs Minister Chrystia Freeland says.tgam.ca/2vhUWMD NATIONAL POST ** Final hearings on the controversial Keystone XL oil pipeline began on Monday with testy exchanges between a lawyer for Nebraska landowners who oppose the project and a company executive and a local economist whose studies tout the benefits of the venture. bit.ly/2vhAsUw ** Saskatchewan premier Brad Wall said in an interview that he is worried the environmental rules Ottawa is set to introduce later this year will strain national unity in the resource-dependent West. bit.ly/2vhGcNH   Britain The Times The booming jobs market shows no signs of abating, according to figures from recruitment agencies that show the fastest rise in jobs placements for more than two years. bit.ly/2vgeWPN Investors in Paddy Power Betfair Plc were nursing heavy losses yesterday after the FTSE 100 gambling operator surprised the market by announcing the resignation of its chief executive. bit.ly/2vJgfKf The Guardian Companies will no longer be able to pay employees their salaries in gold bullion in the first use of a new law designed to combat "morally repugnant" tax avoidance schemes. bit.ly/2fmsyVX Hopes of a breakthrough for householders trapped in the leasehold scandal are rising after a major developer agreed to buy back some freeholds and axe ground rent clauses. bit.ly/2uiIRpq The Telegraph Global Blue, the tax refund payment firm, is paving the way for a 4-billion-euro ($4.72 billion) flotation at the turn of the year, possibly in London. bit.ly/2uALNN9 The government has given the green light to a major offshore wind farm which could prove to be the cheapest yet in UK waters. bit.ly/2hE16U7 Sky News An investment vehicle set up by two scions of the billionaire Wal-Mart Stores Inc dynasty will this week emerge as the victor of a 200-million-pound ($260.70 million)race to buy Rapha, the British maker of upmarket cycling gear. bit.ly/2vdRogh Video-streaming business Netflix Inc has announced its first acquisition -- Millarworld, a Scottish comic book company. bit.ly/2fn35M4

30 июня, 22:26

The Budget-Reform Idea That Won’t Die

The Simpson-Bowles plan has been rejected at every turn. Why is it resurfacing now?

30 июня, 16:00

Here's Why You Should Hold on to Comcast (CMCSA) Amid Risks

Mobile venture with Charter Communications boosts Comcast's (CMCSA) wireless services businesses, we believe that competitive threats posed by online video streaming providers are a concern.

29 июня, 15:36

Snap Upgrades Geofilter Feature, Enables Easy Customization

Snap Inc (SNAP) has updated its "On-demand Geofilter" feature. Users can now create their own custom geofilters within the app.

29 июня, 04:21

Trump picks FCC's top lawyer for open commission seat

The gang's getting back together at the FCC.President Donald Trump's move to tap FCC General Counsel Brendan Carr for the commission's open GOP slot is another sign that the agency's big players under Trump will look a lot like they did under Barack Obama. Carr is a familiar face at the FCC, having worked as an aide to Chairman Ajit Pai when he was a commissioner during the Obama years. Trump recently nominated Jessica Rosenworcel, a veteran of the Obama FCC, to fill the agency's open Democratic seat. And the remaining two commissioners — Republican Mike O’Rielly and Democrat Mignon Clyburn — are also Obama-era holdovers.The gathering of old hands won't necessarily change the trajectory of the now-Republican FCC, which is chipping away at a slew of Obama-era regulations, including the net neutrality rules. But the returning veterans have in-the-weeds experience and won't have a learning curve as they tackle a range of wonky and controversial topics. "They’re heading into a very difficult period," said Republican telecom industry consultant Justin Lilley. "Net neutrality is going to be very contentious and very high-profile. They’re very serious about getting the best people in these agency jobs."As the newest potential member of the club, Carr already knows the ins and outs of the agency. He’s the FCC's top lawyer and worked in Pai’s office for three years, advising the then-commissioner on wireless, public safety and international issues.As general counsel, Carr has been on the front lines defending Pai’s policy shifts. Carr had to explain to Hill Democrats why the FCC abandoned its legal defense of some of the agency’s reforms to the prison phone industry. His legal team also asked a federal appeals court to drop a review of Obama-era changes to the Lifeline telecom subsidy program because the new Republican majority at the FCC wants to make revisions of its own.Carr’s in-depth regulatory knowledge, plus his backing from Pai, is likely what set him apart from the other contenders for the GOP slot, sources have said. The agency will be under siege as Pai moves forward with his proposal to roll back the FCC’s net neutrality roles, and Carr is seen as a strong ally for the Republican chairman."Brendan has a distinguished record of public service, having worked at the agency for over five years, including most recently as the FCC’s General Counsel," Pai said in a statement released immediately after the White House announcement. "In particular, Brendan’s expertise on wireless policy and public safety will be a tremendous asset to the Commission."Rosenworcel will also bring plenty of FCC and telecom policy experience when she rejoins the agency. She voted for and is a strong supporter of the 2015 net neutrality rules, which require internet service providers like Comcast and Verizon to treat all web traffic equally. She's also known for her expertise on spectrum policy generally, and is a champion of unlicensed spectrum — which is used for Wi-Fi and other services.Rosenworcel, a former Senate aide, coined the term "homework gap" to refer to a lack of internet access at home for school children. She backed a major reform to the FCC’s broadband subsidy program for schools and libraries. Pai’s net neutrality proposal would weaken the agency’s authority over ISPs, and he’s also criticized changes the FCC's previous Democratic majority made to the school broadband funding program, E-rate. Senate Commerce Chairman John Thune has said he would like the Senate to process the nomination for the third GOP FCC commissioner along with Rosenworcel and Pai, who requires a reconfirmation vote this year. Democrats have pressed for a formal renomination hearing for Pai, and the Commerce panel could hold a hearing for all three nominees at the same time.

Выбор редакции
Выбор редакции
28 июня, 18:32

Top Stock Reports for Comcast, Honeywell & General Motors

Top Stock Reports for Comcast, Honeywell & General Motors

Выбор редакции
28 июня, 17:26

Charter And Comcast Court Sprint, But T-Mobile Remains Its Best Bet

The Wall Street Journal reports that cable behemoths Charter Communications and Comcast , have entered into exclusive talks with Sprint to discuss plans to offer wireless services, putting Sprint’s merger talks with T-Mobile on hold. There are multiple outcomes that could stem from the discussions.

28 июня, 14:00

Где живут миллионеры: 15 городов мира

Согласно новому отчету компании Wealth-X, которая занимается исследованиями в области богатства и состояния самых богатых людей на земле, больше всего миллионеров с состоянием от $30 млн и выше проживает в Нью-Йорке.

28 июня, 14:00

Где живут миллионеры: 15 городов мира

Согласно новому отчету компании Wealth-X, которая занимается исследованиями в области богатства и состояния самых богатых людей на земле, больше всего миллионеров с состоянием от $30 млн и выше проживает в Нью-Йорке.

27 июня, 16:30

The Zacks Analyst Blog Highlights: AT&T, DISH Network, Sony, Verizon Communications and Comcast

The Zacks Analyst Blog Highlights: AT&T, DISH Network, Sony, Verizon Communications and Comcast