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Foster Wheeler
Выбор редакции
20 марта, 15:03

Frontrunning: March 20

Stock futures lower after G20 drops free-trade pledge (Reuters) U.K. to Trigger Brexit on March 29, May’s Spokesman Says (BBG) Comey to Testify on Hill About Russia, Wiretap Allegation (WSJ) Germany, Japan Push Trade Deal as Merkel Seeks Anti-Trump Allies (BBG) North Korea engine test may be prelude to partial ICBM flight (Reuters) Regulators Said to Weigh Appraisal Change That May Spur Lending (BBG) Gorsuch to restore conservative tilt to US court (FT) White House installs political aides at Cabinet agencies to be Trump’s eyes and ears (WaPo) Canada Committed to Lower Debt Ratio, Morneau Says Before Budget (BBG) Deputy to Uber CEO Abruptly Exits, Adding to Management Turmoil (WSJ) Almost half of Canadians want illegal border crossers deported (Reuters) Deutsche Bank Says Revenue to Stay ‘Broadly Flat’ This Year (BBG) What’s Attacking the Web? A Security Camera in a Colorado Laundroma (WSJ) French financial prosecutor's office evacuateda (Reuters) A Six-Figure Income May Not Shield You From a Shock (BBG) It’s Good to Be a CEO, Again: Stocks Rise, and So Does Pay (WSJ) Norway unseats Denmark as world's happiest country (Reuters) Rent or Buy in New York? Compare the Costs (BBG) No plans for early election, says UK PM May's spokesman (Reuters) Visco Says ECB Could Shorten Break Between QE Exit And Rate Hike (BBG) China says preparatory work for Xi-Trump meeting has begun (Reuters) Polls in Austria show erosion of far-right Freedom Party's lead (Reuters)   Overnight Media Digest WSJ - Uber Technologies Inc said a prominent retail executive it hired as president just six months ago is leaving, the most senior in a string of executive departures as the ride-hailing giant reels from an escalating series of controversies. http://on.wsj.com/2mjaMFD - Pay raises are back in style in the corner office, wiping out cuts from a year earlier and pushing CEO compensation to new highs amid a surging stock market. http://on.wsj.com/2mjaLBo - Walt Disney Co's "Beauty and the Beast" was a monster at the box office this weekend, opening to $170 million from Thursday night through Sunday in the U.S. and Canada, according to studio estimates. http://on.wsj.com/2mjbsuO - Freeport-McMoRan Inc's standoff with Indonesia over the giant Grasberg copper and gold mine is entering a new phase, as the company scales back operations while trying to force a resolution to the dispute. http://on.wsj.com/2mjhMT0 - Music mogul Irving Azoff and a business partner, Tim Leiweke, recently purchased Venues Today, and are in talks to buy Pollstar, people familiar with the matter said. Both outlets cover the live-music business. http://on.wsj.com/2mj8l5N - Canadian mining company Dominion Diamond Corp received a $1.1 billion bid from a privately held conglomerate in Montana, but the two sides are at a negotiating impasse, setting the stage for a public takeover fight. http://on.wsj.com/2mj6Bd7 - The Italian government on Saturday made a series of nominations for the top management of large listed companies it controls, including confirming the chief executive of oil major Eni SpA for a second three-year term. http://on.wsj.com/2mj8sOL - Apple Inc's Chief Executive Tim Cook defended globalization in a rare public speech in China, as his company faces political pressure in the U.S. to bring back factories. http://on.wsj.com/2mjaJcU   FT British Prime Minister Theresa May will begin her tour of the UK in order to unite the country before she enters formal Brexit negotiations by the end of the month. The UK defence ministry has said it is in talks with Germany to sign a new defence co-operation agreement after the country launches Brexit. SNC-Lavalin of Canada and UK's Petrofac Ltd are eyeing John Wood Group Plc and Amec Foster Wheeler Plc for picking up assets and contracts. The Children's Investment Fund wrote a letter to Safran SA's board in a push to its campaign to block Safran's takeover bid for Zodiac Aerospace SA .   NYT - Jeff Jones, Uber's president of ride sharing, has left the company after just six months, Uber said on Sunday. In addition, Brian McClendon, Vice-President of maps and business platform at Uber, also plans to leave at the end of the month. http://nyti.ms/2mKP2hX - German officials included the offices of both Volkswagen's chief executive and the head of the Audi division when they raided company premises last week as part of an investigation into emissions fraud, according to a copy of the search warrant. http://nyti.ms/2nqd7hJ - A senior Chinese official on Sunday defended his country's push for greater self-sufficiency in computer chips, electric cars and other industries, calling it a necessary strategy in the face of Western countries' controls of certain high-tech gear. http://nyti.ms/2nqmXQM   Britain The Times * A senior director of MI5, Jeremy Fleming, is coming out of the shadows to become the new head of intelligence eavesdropping service GCHQ. http://bit.ly/2mKzkn2 * Shareholders could win the legal right to block excessive pay deals for company bosses, as part of British Prime Minister Theresa May's attack on large executive pay. http://bit.ly/2mGtx0W The Guardian * Google executives are bracing for a two-pronged inquisition from the advertising industry and the government over the company's plans to stop ads being placed next to extremist material. http://bit.ly/2nB4kde * Former British ambassador to Washington, Peter Westmacott, has issued a withering criticism of U.S. President Donald Trump and his inner circle, accusing them of making absurd claims about UK's involvement in alleged wiretapping of Trump Tower that he warns could damage close ties between the two countries. http://bit.ly/2np3uQj The Telegraph * Billions of pounds' worth of water contracts will be awarded to utilities in the coming weeks ahead of the opening of the business supply market. The first major framework contract is expected to be awarded by Crown Commercial Services on behalf of UK's public sector which is understood to be worth between 800 million pounds to 900 million pounds. http://bit.ly/2mGqA0i * British housebuilder Crest Nicholson Holdings is facing an embarrassing investor backlash over generous share awards for its top executives as the government weighs radical reforms to rein in excessive pay. http://bit.ly/2n58Sr3 Sky News * A man named David Hempseed has been charged after a member of staff at a NatWest bank in Birmingham was held hostage, police say. http://bit.ly/2nTvmZt * Scottish First Minister Nicola Sturgeon has insisted to a rapturous crowd at her party's conference that "there will be an independence referendum". http://bit.ly/2nTxJvu The Independent * Theresa May is expected to visit Wales this week as she commences a tour of the devolved nations ahead of triggering Article 50 within the next fortnight. http://ind.pn/2mY9cWP  

Выбор редакции
20 марта, 08:52

Wood Group to buy Amec Foster Wheeler for $2.7 billion

Wood Group PLC has agreed to acquire the entire issued and to be issued share capital of fellow oil field services firm Amec Foster Wheeler PLC in a deal valued at $2.7 billion.

17 марта, 13:47

Quiet Start To Quad-Witching St. Paddy's Day: Futures Flat, Global Stocks Mixed

A quiet start to today's quad-witching St. Patrick's day, with European stocks mixed, Asian shares and U.S. index futures (-0.1%) little changed ahead of industrial production data with just Tiffany's set to report earnings. Emerging markets headed toward the best week in eight months even as the global equities rally spurred by the Federal Reserve’s outlook lost momentum. The lack of a more hawkish tone in the FOMC's statement meant the dollar was poised for its biggest weekly loss since February. As Bloomberg observes, markets from Malaysia to Turkey climbed, while Jakarta’s benchmark touched a record before erasing gains. Shares in Tokyo dropped weighing down the MSCI Asia Pacific Index after it posted its biggest gain since November. Chinese stocks slipped 1 percent as investors sought more evidence of a sustainable economic recovery, but indexes were set for a 1 percent increase for the week. Hong Kong's Hang Seng index touched its highest level since August 2015 on Friday. While up only marginally on the day, it was on track for a 3.2 percent gain for the week, its biggest since September. The MSCI Emerging Markets Index rose 0.2 percent, bringing its rally for the week to 4.2 percent, far outpacing a 1.3 percent advance for the MSCI All-Country World Index. European shares opened lower although have since rebounded into the green, while futures on the S&P 500 Index retreated some more following Thursday's modest decline, after climbing to within 0.5% of an all-time high. The Bloomberg Dollar Spot Index was little changed after a two-day loss, while Treasuries recovered some of the previous day’s declines. "The story in global markets over the past 24 hours has centered on a broad-based tightening of monetary policy conditions (and the perception of future tightening)," Chris Weston, chief market strategist at IG in Melbourne, wrote in a note. Global stocks are on course for the best week since January in a week full of central bank announcements but none more improtant thatn the Fed raising its benchmark lending rate a quarter point without accelerating the timetable for future hikes, a move which according to Goldman and RBC was misinterpreted by a market which no longer believes that the Fed could possibly do anything to harm equities according to SocGen' Albert Edwards. “A less hawkish monetary policy in the U.S. is more likely to push assets outside of the U.S. into higher-risk, higher-return markets,” James Woods, a Sydney-based investment analyst at Rivkin Securities, said in a phone interview. “A weaker dollar is supportive of those emerging markets generally. I’m not sure whether its going to be long-lived though. People are going to get back to focusing on the next Fed hike, and also Trump’s policies which would be dollar supportive.” The Stoxx Europe 600 Index was unchanged in early trading, holding on to a modest weekly gain after reaching the highest closing level since December 2015 on Thursday. The MSCI Asia Pacific Index retreated 0.2 percent, after closing Thursday at the highest since June 2015. Japan’s Topix fell 0.4 percent, capping its biggest weekly decline in more than a month. The MSCI Emerging Markets Index rose 0.2 percent, bringing its rally for the week to 4.2 percent, far outpacing a 1.3 percent advance for the MSCI All-Country World Index. The Jakarta Composite Index gained as much as 0.7 percent to a record before erasing gains. India’s Sensex Index climbed 0.3 percent, taking its gains for a holiday-shortened week to 2.6 percent. South Korea’s Kospi and Taiwan’s Taiex jumped 0.7 percent. Hong Kong’s Hang Seng and the Hang Seng China Enterprises Index were little changed after soaring the most since May on Thursday. Futures on the S&P 500 slipped 0.1 percent, after the benchmark gauge fell 0.2 percent Thursday. MSCI's all-country world stock index held near Thursday's all-time high on Friday, on track to end the week 1 percent higher. The pound was unchanged on Friday after strengthening Thursday as some Bank of England policy makers said they may not be far behind Kristin Forbes who’s leaning toward raising interest rates. The dollar index, which tracks the greenback against a basket of six trade-weighted peers, retreated 0.2 percent to 100.18. It hit a five-week low on Thursday, and is down 1 percent for the week. The dollar was steady at 113.32 yen but is on track to post a 1.2 percent loss for the week. Meanwhile, the fascination with volatility remains, as it continues to retreat after the central bank policy decisions, while at the same time, the defeat in this week’s Dutch elections of anti-immigration candidate Geert Wilders is being seen as a blow to populist political leaders, easing concerns ahead of French elections. A gauge of volatility on the Euro Stoxx 50 Index plunged 26 percent on Thursday, the most on record.  “Volatility is scarily low and there’s just a lot of complacency out there,” James Audiss, a senior wealth manager at Shaw and Partners in Sydney, said in a phone interview. “After we get through the big macro events with governments and elections, we have to start to look to corporate earnings. That’s where it becomes not so much a systemic stock market move as stock selection.” In commodities, U.S. and Brent crude held above a 3-1/2-month low breached early this week, supported by a weaker dollar. Gold was up slightly at $1,228 an ounce. It was poised to gain 1.8 percent for the week, its first in three, driven by the Fed's more moderate monetary policy stance. * * * Market Snapshot S&P 500 futures down 0.1% to 2,378.00 STOXX Europe 600 up 0.02% to 377.81 MXAP down 0.2% to 147.85 MXAPJ up 0.3% to 478.99 Nikkei down 0.4% to 19,521.59 Topix down 0.4% to 1,565.85 Hang Seng Index up 0.09% to 24,309.93 Shanghai Composite down 1% to 3,237.45 Sensex up 0.3% to 29,682.41 Australia S&P/ASX 200 up 0.2% to 5,799.65 Kospi up 0.7% to 2,164.58 German 10Y yield rose 1.8 bps to 0.466% Euro down 0.01% to 1.0765 per US$ Brent Futures down 0.04% to $51.72/bbl Italian 10Y yield rose 6.4 bps to 2.366% Spanish 10Y yield rose 3.5 bps to 1.934% Brent Futures down 0.04% to $51.72/bbl Gold spot up 0.1% to $1,228.05 U.S. Dollar Index down 0.08% to 100.28 Top Overnight News Airbus Probed by French Authorities as U.K. Fraud Case Widens Amazon Seeks Nod to Invest, Partner in India Food Supply Chain Amec Foster Wheeler Wins Share of $950m U.S. Air Force Contract AstraZeneca Says FDA Issues Response for ZS-9 in Hyperkalaemia Morgan Stanley Veteran Wong Said to Leave to Help Set Up PE Fund Trump Adviser Gary Cohn Said to Sell Stake in China’s ICBC: NYT Apple Plans R&D Centers in China’s Shanghai and Suzhou Freeport Indonesia Axes About 2,100 Workers as Talks Continue Cerro Verde Says Union Could Start Indefinite Strike March 24 U.K. Pulls YouTube Adverts, Summons Google Over Content: Times In Asian markets equities traded mixed, following a weak lead on Wall St. with markets relatively calm following a tumultuous 2 weeks packed with key risk events and ahead of quadruple witching. ASX 200 (+0.2%) was buoyed by gold names as the precious metal held on to most of its post-FOMC gains, while strength in the largest weighted sector financials further underpinned the index. Nikkei 225 (-0.3%) lagged as USD/JPY languished, while Shanghai Comp. (-1.0%) and Hang Seng (flat) were mixed with the mainland underperforming after the PBoC conducted a net weekly drain of CNY 120bIn. 10yr JGBs were flat despite weakness in riskier Japanese assets, while a mixed enhanced-liquidity auction for 2yr, 5yr, 10yr and 20yr JGBs also failed to spur demand. The PBoC injected CNY 20bIn in 7-day reverse repos, CNY 20bIn in 14-day reverse repos and CNY 20bIn in 28-day reverse repos, for a net weekly drain of CNY 120bIn vs. CNY 110bIn net drain last week. In European bourses, price action has been similarly uneventful as the week closes, with major indices failing to find a firm direction as participants keep one eye on the quadruple witching throughout the day. The FTSE has managed to hold near yesterday's fresh all time highs, despite miners seeing some profit taking in the wake of recent strength. The softness in miners has been offset by the likes of Berkeley, who led the index at the open after their pre-market earnings. Yields continue to climb in the fixed income space, with bund prices lower today by around 50 ticks after the Nowotny comments yesterday. Elsewhere, Greek yields also continue to climb after yesterday's commentary from an EU official suggesting it is likely the bailout review will be completed by early April. In currencies, the Bloomberg Dollar Spot Index added less than 0.1 percent, after dropping 0.2 percent on Thursday on top of a 1.3 percent post-FOMC drop. The gauge is down 1.2 percent for the week, the most since the period ended Feb. 3. The yen was little changed at 113.25 per dollar, paring its biggest weekly gain in more than a month. The pound rose 0.2%, rebounding just shy of $1.24. The currency is up 1.6 percent for the week, its biggest gain since January. The euro was little changed at $1.0769, bringing its advance for the week to 0.9 percent, following yesterday's hint by Nowotny that rate hikes in Europe may be coming. The USD continues to struggle this morning — this in spite of US Treasury yields balancing out after the sell off post FOMC. Both the EUR and GBP are still gaining ground against the greenback this morning, and both from an interest rate perspective, where yesterday's MPC conclusion revealed the majority of the BoE see a case for a rate hike sooner on the timeline. This came alongside the dissenting Forbes who voted for a hike this time around, though tempered by the fact that she leaves the committee in Jun. Cable has pushed higher today to test the stronger resistance levels seen ahead of 1.2400, but has held for now. EUR/GBP was testing support ahead of 0.8650 late yesterday before the ECB's Nowotny hit the newswires with hints towards a rate move ahead of tapering — distinguishing their exit strategy to that of the US. The cross rate turned tail to reclaim 0.8700, but has topped out ahead of 0.8750 before moving lower again. This has come in tandem with a EUR/USD move towards 1.0800, but selling intensifies the closer we get to this level. In commodities, oil rose 0.2 percent to $48.84, heading toward its first weekly gain in three weeks thanks to a surge on Wednesday. Gold added 0.1 percent after a two-day gain, trading at $1,228.33 an ounce and poised for a 2 percent increase for the week. Oil prices have recovered courtesy of the latest inventory data from API, perhaps less so the DoE. Saudi Arabia have also alluded to a potential extension to production cuts beyond June, but this will be cause for consolidation more than anything else, and it is now surprise to see WTI struggling to get back into the $50-55 range — currently just under $49.00. The moderate retracement in the USD has also been supportive, as it has across the commodity spectrum, with the impact on base metals positive along with some fresh optimism over demand. Supply issues have also aided Copper and Zinc price, but levels still comfortably off the recent highs seen. Gold continues to track the USD, and with a tighter correlation in Treasuries, USD/JPY has been a good indicator, with some calls for a move back to $1250.00. Looking at the day ahead in the US we’ll get the February industrial and manufacturing production prints for February where the consensus is for +0.2% mom and +0.5% mom respectively. The conference board’s leading index for February is also due along with the first estimate of the March University of Michigan consumer sentiment print. It’s worth noting that over the weekend China will also release February property prices data. There are a couple of other things to highlight starting today. One is the G-20 finance ministers meeting which continues into tomorrow and the other is the Scottish National Party conference which also continues into tomorrow, where clearly most will be looking for further debate on a possible second referendum. US Event Calendar March 17-March 20: Labor Market Conditions Index Change, est. 2.5, prior 1.3 9:15am: Industrial Production MoM, est. 0.2%, prior -0.3%; Capacity Utilization, est. 75.5%, prior 75.3%; Manufacturing Production, est. 0.5%, prior 0.2% 10am: U. of Mich. Sentiment, est. 97, prior 96.3; Current Conditions, est. 111, prior 111.5; Expectations, est. 87.1, prior 86.5 U. of Mich. 1 Yr Inflation, prior 2.7%; 5-10 Yr Inflation, prior 2.5% 10am: Leading Index, est. 0.5%, prior 0.6% Jim Reid concludes the overnight wrap, with the announcement that his wife is expecting twin boys What have Amal Clooney, Beyoncé and my wife got in common? Please don't spill your coffee when reading the following but shock of all shocks they are all expecting twins. We had our 12 week scan yesterday - which I just managed to get back in time for after storm Stella delayed me - and it all went well. Ours are identical which are a 1 in 300 occurrence, and totally hit us for six when we found out a few weeks ago. I knew nothing about twins beforehand but apparently identical ones are totally random across age, region, religion and family history. There are absolutely no clues to their likelihood. Indeed given our age and a long time trying we thought Maisie was a miracle. What this qualifies as we've no idea. However poor Trudi has been suffering from extreme morning sickness for the last 2 months and has been on medication to help combat it. Apparently it's twice the hormones with twins and can be twice the sickness. Homelife has been a bit of a nightmare over this period and I've had to step up to the plate a lot and also get care for poor Maisie. She is still sick and exhausted but is slowly getting slightly better. So please feel for her growing two replicas of us inside of her. Also it being twins and our geriatric age (combined 87 years old around delivery... and I'm the toy boy!) make it a risky pregnancy so hopefully everyone will have their fingers crossed for us. To build some suspense there will be a gender reveal in today's PDF. I've no idea how gender reveal parties have caught on in recent years but luckily I've avoided going to all I've been invited to. All you have to do is open the PDF for all to be made apparent. Oh and I'm sure there are some twins or parents of twins out there reading this. Any advice will be gratefully received - especially with identicals. It's fair to say we're still in shock. We certainly don't know how to tell poor Bronte!! Talking of sickness, tracking bond yields over the last 36 hours has left you in danger of experiencing quite bad motion sickness as Wednesday night's fierce rally partly and suddenly reversed yesterday. 10y Treasury yields rose +4.7bps to 2.541% and in doing so reversed just under 50% of the post Fed move. 2y yields also darted back up +3.3bps to 1.334% and unwound a similar percentage of the prior day rally. I had a lot of clients email me yesterday wondering why bonds should have rallied so much in the first place when the Fed had hinted that they could let inflation run symmetrically around their target which might mean a period where's it's allowed to run a little hot. The relatively dovish dots seemed to dominate activity Wednesday night but perhaps there was some acknowledgment yesterday that this actually could mean 10 year yields should rise not fall. Anyway there are many ways of interpreting the Fed and at the moment yields are still notably lower than before the decision. That said in Europe bond markets yesterday did pretty much complete the post Fed u-turn. 10y Bund yields backed up +3.4bps to finish at 0.443%, yields in the periphery were up to +6.7bps higher while similar maturity Dutch yields were +2.6bps higher at 0.683%. Indeed the biggest driver appeared to be that market-friendly Dutch election result and specifically the defeat for the populists, helping to lower expectations of a possible Le Pen shock in France. ECB board member Praet also spoke and sounded generally upbeat on European growth prospects although did still sound some caution on the inflation outlook. Later in the evening and after the European close the ECB’s Nowotny also caused a bit of a hawkish buzz after being quoted in the Handelsblatt saying that the ECB doesn’t necessarily need to follow the US model of completing QE before raising rates, and also that the ECB could raise the deposit rate before the main refinancing rate. We'll see the reaction in the front end this morning. The Euro spiked on Nowotny’s comments having traded flat for most of yesterday, closing up +0.30% versus the Dollar and it’s up a little bit more this morning at 1.078. Generally positive sentiment in Europe was reflected in a decent session for risk assets yesterday with the Stoxx 600 closing +0.70%, with European Banks +0.94% and to a new 15-month high. The iTraxx Main and Crossover indices were 2bps and 7bps tighter respectively. In contrast the S&P 500 (-0.16%) and Dow (-0.07%) both eased back, albeit very modestly with the S&P 500 still up about +0.30% versus the pre-Fed level. EM on the other hand surged again with the MSCI EM index up a bumper +2.09% and to the highest since July 2015. Meanwhile it’s worth highlighting that President Trump’s budget came and went without causing too much of a ripple. The President proposed steep cuts to a number of domestic departments to pay for higher military spending, amongst other things. Indeed much of the chatter is that Congress will almost certainly reject most of the proposals. House Speaker Paul Ryan confirmed that the budget request is part of a “long, ongoing” process. Overnight in Asia it’s been fairly quiet for the most part. Equity bourses are fairly mixed but moves have been modest with the Nikkei (-0.36%) and Shanghai Comp (-0.24%) a little softer but the Hang Seng (+0.28%), Kospi (+0.35%) and ASX (+0.37%) all slightly firmer. Rates and currencies are also fairly quiet while Oil and Gold are a little firmer. Staying in Asia, after China's mini tightening yesterday it was good timing from our chief economist Zhiwei Zhang who published a note looking at how the property bubble is getting bigger with policy behind the curve. Zhiwei thinks the root cause of this bubble is excessively loose monetary policy set to achieve growth above its potential. He thinks aggressive monetary tightening is unlikely in 2017 though and that the bubble might help the economy in the near term, partly through a large wealth effect for households as well the government. But it severely heightens macro risks, particularly for 2018-2020.  Talking of bubbles our asset allocation team published a note yesterday suggesting that US real yields are extremely misvalued if not actually in a bubble and are at levels comparable to those seen at the depths of the financial crisis. So after a week of a Fed hike and a mini Chinese one, here in the UK there was some surprise that BOE member Kirsten Forbes dissented from the rest of the committee yesterday and voted for a 25bp hike. She does leave the committee in the summer which perhaps downplays the move but the tone in the minutes were on the hawkish side notwithstanding the MPC acknowledging that wage inflation was "notably weaker" than the expectations from the Inflation Report in February. As DB's Mark Wall highlights, first there was a reference to "some members" (beyond Forbes) feeling that it would not take much upside relative to current growth and inflation expectations for an immediate tightening of policy to be warranted. Second, the MPC sees potential offsets against the baseline view that weaker consumption weakens GDP, for example, more supportive net trade. Mark's baseline view is for an indefinite hold on rates but yesterday's tone increases the risks of upcoming tightening. Away from the central banks, yesterday’s data was largely second tier by nature in the US. The most notable was perhaps the Philly Fed manufacturing index which declined a bit less than expected in March (32.8 vs. 30.0 expected; 43.3 in February) albeit with the index still at fairly elevated levels. The details also revealed a small uptick in new orders by 0.6pts to 38.6. Away from that housing starts were reported as rising +3.0% mom in February (vs. +1.4% expected) however permits fell -6.2% mom (vs. -1.9% expected). On the employment front initial jobless claims held steady at 241k while the BLS JOLTS report for January showed a small lift in the quits rate to 2.2% which matches the post-recession high from December 2015. The hiring rate rose to 3.7% from 3.6% and was the first increase since July. Finally the only notable data in Europe was the final February inflation report for the Euro area where headline CPI was confirmed at +0.4% mom and the YoY rate at +2.0%. There were no final revisions to the core either at +0.9% yoy. Away from that central bank decisions from Switzerland, Norway and Turkey saw benchmark rates left on hold. Looking at the day ahead it’s a fairly quiet end to the week for data in Europe this morning with Q4 wages data in France and the latest trade balance reading for the Euro area the only releases of note. In the US we’ll get the February industrial and manufacturing production prints for February where the consensus is for +0.2% mom and +0.5% mom respectively. The conference board’s leading index for February is also due along with the first estimate of the March University of Michigan consumer sentiment print. It’s worth noting that over the weekend China will also release February property prices data so it’ll be worth seeing if the data backs up our aforementioned economists’ view. There are a couple of other things to highlight starting today. One is the G-20 finance ministers meeting which continues into tomorrow and the other is the Scottish National Party conference which also continues into tomorrow, where clearly most will be looking for further debate on a possible second referendum. Meanwhile I'll still be walking round in a state of shock.

Выбор редакции
17 марта, 00:27

Kuwait’s PIC lets contract for grassroots olefins-aromatics complex

State-owned Kuwait Petroleum Corp. (KPC) subsidiary Petrochemical Industries Co. KSC (PIC) has let a contract to Amec Foster Wheeler PLC for the integration project between PIC’s proposed grassroots Olefins III-Aromatics II complex and Kuwait National Petroleum Co.’s (KNPC) 615,000-b/d Al-Zour refinery complex now under construction in southern Kuwait.

14 марта, 17:10

Company News for March 14, 2017

Companies In The News are: AMFW,YHOO,VZ,VOD,NAV

14 марта, 14:50

Frontrunning: March 14

U.S. East Coast Braces for Late-Winter Blizzard (WSJ) U.S. Blizzard Grounds Flights, Raises Power as Trump Tweets (BBG) Debt Ceiling Fight May Be Too Tempting for Trump to Pass Up (BBG) Russia appears to deploy forces in Egypt, eyes on Libya role (Reuters) EU headscarf ban ruling sparks faith group backlash (Reuters) Pound Tumbles in Delayed Reaction as May Gets Brexit Go-Ahead (BBG) The Most Important Player in the AIG CEO Resignation: Carl Icahn (WSJ) Waning Sales Force Layoffs By Gun Maker in New York (WSJ) German police raid flats, shut mosque visited by Berlin truck attacker (Reuters) Musk's bold offer of Tesla batteries won't solve Australia's power problems  (Reuters) Proof Wall Street Is Still a Boys’ Club (BBG) Why Robert Shiller Is Worried About the Trump Rally (BBG) Macquarie Loosens Trading-Research Link With a la Carte Service (BBG) Somali pirates hijack first commercial ship since 2012 (Reuters) Tillerson used email alias at Exxon to talk climate: New York attorney general (Reuters) South Korean prosecutors to summon ousted president Park (Reuters) The Monumentally Expensive Quest to Pull Off an Alaskan Oil Miracle (BBG) Fall in Volkswagen brand profit shows long road to recovery (Reuters) German investor morale improves less than expected in March (Reuters) Overnight Media Digest WSJ - Intel Corp agreed to buy Israeli car-camera pioneer Mobileye NV for $15.3 billion, one of the chip maker's biggest acquisitions ever and the latest bet on Silicon Valley's vision of cars as turbocharged computers on wheels. http://on.wsj.com/2nhZq4L - Oil-field services company John Wood Group Plc said it would acquire rival Amec Foster Wheeler Plc in a 2.23 billion pounds ($2.72 billion) all-share deal, the latest sign of consolidation in an industry that has been upended by weak oil prices. http://on.wsj.com/2nhZIsz - Facebook Inc said that data about its users cannot be used for surveillance, cracking down on a method police departments allegedly used to track protesters and activists. http://on.wsj.com/2nhWB3y - Two software startups, Okta Inc and Yext Inc, are trying to pick up where Snap Inc left off, becoming the first tech companies to file for an initial public offering since the parent of Snapchat's blockbuster IPO earlier this month. http://on.wsj.com/2ni2Swd - Yahoo Inc detailed a golden parachute of $23 million for Chief Executive Marissa Mayer as part of her planned departure from what's left of the company after it sells its core assets to Verizon Communications Inc. http://on.wsj.com/2ni1BWe - The New York attorney general accused Exxon Mobil Corp of withholding documents from his office as it investigates whether the energy company misrepresented its understanding of climate change to investors and the public. http://on.wsj.com/2ni79jc - Top executives at United Parcel Service Inc took home higher compensation in 2016 even as the parcel carrier missed many of its performance targets. http://on.wsj.com/2nhRgcK - A SpaceX rocket scheduled to boost a commercial satellite into orbit from Florida before dawn on Tuesday carries five times as much liability coverage for prelaunch operations as launches in previous years. The higher limit, mandated by federal officials, reflects heightened U.S. concerns about the potential extent of damage to nearby government property in the event of an accident before blastoff. http://on.wsj.com/2nhWZ20   FT British Prime Minister Theresa May is on track to start Brexit negotiations in the last week of March after parliament passed legislation on Monday that gives her the power to do so and the Lords balked at picking a fight over their own efforts to soften it. Scotland's First Minister Nicola Sturgeon on Monday demanded a new independence referendum in late 2018 or early 2019, handing Theresa May the challenge of keeping the UK united just as she grapples with the country's plans to leave the European Union. UK hiring is expected to slow down in the second quarter of this year according to Manpower's quarterly survey of about 2,000 employers that found corporate Britain in a slightly less bullish mood in the second quarter compared with the first. A parliamentary committee preparing a report about Charlotte Hogg's suitability for the post of the Bank of England's new deputy governor is waiting to see whether Hogg will tough it out or abandon her candidature, according to those involved in the discussions. British oilfield services company John Wood Group Plc agreed to buy its struggling rival Amec Foster Wheeler Plc in a 2.2 billion pounds ($2.68 billion) all-share deal that highlights the pressure on the UK North Sea oil industry from weak crude prices. British homebuilder Redrow Plc said on Monday it will continue its pursuit of rival Bovis Homes Plc, despite discussions having been "terminated" while its target is in separate talks with another suitor, Galliford Try Plc   Canada THE GLOBE AND MAIL ** Tim Hortons franchisees are banding together to push back against the cost-cutting campaign run by its parent company, Restaurant Brands International Inc, saying that it is causing product shortages, declining quality and even safety concerns that are harming the brand. https://tgam.ca/2mmMEgp ** After issuing an apology earlier this month saying that it "did not live up to" its relationship with members, Air Miles is making changes to its loyalty program in an effort to hold on to customers. https://tgam.ca/2mmDXTy ** The British Columbia Liberal government has opened the door to limits on political donations for the first time, promising to establish an independent panel to shape reform of what has been described as the "wild west" of campaign finance in Canada. https://tgam.ca/2mmFRDz ** British Columbia's highest court has ruled drug dealers pushing fentanyl should receive sentences of up to 36 months - three times longer than other street-level dealers – to recognize the "scourge" of the deadly synthetic opioid. https://tgam.ca/2mmUB5k NATIONAL POST ** Canadians don't trust U.S. President Donald Trump to treat Canada gently in upcoming North American Free Trade Agreement re-negotiations, according to a new poll from the Angus Reid Institute. http://bit.ly/2mn2He1 ** Western Canadian natural gas producers could get a $25 billion boost in revenue with a pipeline shipping deal struck with TransCanada Corp on Monday, analysts said. http://bit.ly/2mmYfvR ** Canadian financial technology provider DH Corp has entered into an agreement to be acquired by Texas-based Vista Equity Partners for roughly C$2.7 billion ($2.01 billion), the companies announced Monday. http://bit.ly/2mn0aAD   Britain The Times * Nicola Sturgeon shocked her political opponents and Westminster in equal measure when the Scottish First Minister said on Monday that she intends to hold a second referendum on Scottish independence. Sturgeon added she would hold a fresh poll within the next two years to prevent Scotland from being taken out of the European Union "against its will". http://bit.ly/2mDcOz5 * Thousands of employees are facing an uncertain future as a result of oil services company Wood Group's all-share takeover of rival Amec Foster Wheeler. The deal values Amec Foster Wheeler at about 2.3 billion pounds ($2.7 billion). http://bit.ly/2n1BYs6 The Guardian * The Southern franchise has been hit by a series of strikes in recent months, but Monday's industrial action also involved the Merseyrail and Northern networks. The RMT union is protesting against plans to introduce new trains with doors that can be operated by the driver, and change the role of guard to on-board supervisors. http://bit.ly/2nhhNXE The Telegraph * British Prime Minister Theresa May has ruled out Nicola Sturgeon's plans for a new Scottish independence referendum before Brexit, but postponed triggering Article 50 after the First Minister's demands caught her by surprise. http://bit.ly/2nw1YIq * Hutchison China MediTech's chief executive said 2017 would be a "very important year" for the pharmaceuticals company, paving the way for it to launch the first China-made oncology drug onto the market. http://bit.ly/2mG4bUo Sky News * Two-thirds of Britons oppose a second Scottish independence referendum, a Sky Data poll reveals. The UK public would strongly oppose such a move, with 65 percent saying there should not be a second independence referendum, while 30 percent say there should. http://bit.ly/2mlgL8H * British energy supplier SSE has followed a majority of its rivals in announcing inflation-busting hikes to its standard tariffs. The company said it was raising its standard electricity tariff by 14.9 percent from April 28 but would not hike gas prices. http://bit.ly/2lUP3U4 The Independent * The British Chambers of Commerce has upgraded its GDP growth forecast for this year from 1.1 percent to 1.4 percent, though this rate of growth would still be considerably lower than what is expected by the Bank of England and the Office for Budget Responsibility. http://ind.pn/2nne3Ay * The EU has said an independent Scotland would have to join a queue of nations seeking membership of the bloc, after Nicola Sturgeon announced plans for a second independence referendum. http://ind.pn/2n0P9JH  

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13 марта, 20:06

Wood Group to buy Amec Foster Wheeler for $2.7 billion

Wood Group PLC has agreed to acquire the entire issued and to be issued share capital of fellow oil field services firm Amec Foster Wheeler PLC in a deal valued at $2.7 billion.

13 марта, 19:34

Нефтесервисные компании Wood Group и Amec Foster Wheeler объявили о слиянии

В понедельник было объявлено о слиянии британской нефтесервисной компании Wood Group с ее конкурентом Amec Foster Wheeler. Сумма сделки составит $2,7 млрд. Акционеры Amec получат по 0,75 новой акции Wood Group за каждую свою акцию, тем самым премия составит 29% в сравнении со средней стоимостью акций Amec за последние 30 дней. Генеральный директор Wood Group Робин Уотсон сохранит свой пост после слияния, четыре члена совета директоров Amec войдут в совет директоров Wood Group. Сделка может завершиться во втором полугодии 2017 года.По мнению экспертов, слияние Wood Group с Amec — еще одно свидетельство консолидации нефтесервисной отрасли. В октябре прошлого года стало известно о том, что General Electric (GE) приобретает третью в мире по величине нефтесервисную компанию Baker Hughes. После слияния стоимость Wood Group составит $6 млрд, тем самым она станет одной из крупнейших нефтесервисных компаний…

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13 марта, 17:43

John Wood приобретет Amec Foster Wheeler за $2,7 млрд

Британский поставщик услуг в сфере энергетики John Wood Group заключил соглашение о приобретении компании Amec Foster Wheeler, предоставляющей услуги в сфере консалтинга, инжиниринга и проектного менеджмента, за 2,23 млрд фунтов стерлингов ($2,7 млрд) акциями. Так, John Wood сообщила, что акционеры Amec получат 0,75 её новой бумаги за каждую свою. Таким образом, по данным на 10 марта, бумаги Amec Foster Wheeler оцениваются в 564 пенса за каждую, что на 28,7% превышает среднюю цену за 30 дней. Также стало известно, что, по условиям сделки, акционеры Amec станут владельцами 44%-ной доли в объединенной компании.

13 марта, 14:31

Основные фондовые индексы Европы растут

Европейские фондовые индексы сдержанно растут в ходе сегодняшних торгов, поскольку укрепление горнорудного сектора помогло компенсировать потери акций энергокомпаний, однако инвесторы сохраняют осторожность в преддверии заседания ФРС и выборов в Нидерландах. Горнорудные компании прервали падение: индекс производителей сырья повышается впервые за восемь сессий, поскольку аналитики JPMorgan Chase & Co. пересмотрели оценку отрасли с "нейтральной" до "выше рынка". Инвесторы европейских рынков акций предпочли выжидательную позицию перед заседаниями центробанков по всему миру: на этой неделе денежно-кредитную политику пересматривают Федеральная резервная система США, Банк Японии, Банк Англии, Швейцарский национальный банк. "Хотя вероятность повышения ставки ФРС учтена на 100%, наблюдатели будут акцентировать внимание на графическом прогнозе ставок, чтобы отследить любые намеки на будущее денежно-кредитной политики ФРС", - считает рыночный аналитик London Capital Group Ипек Оскардескайя. Сводный индекс крупнейших предприятий региона Stoxx Europe 600 поднялся на 0,1%, до 373,23 пункта. Горнорудный сектор продемонстрировал наибольший рост среди секторов, так как цены на медь подорожали на фоне снижения доллара и сбоев поставок. Однако рост акций сектора нивелировало снижение стоимости нефти до трёхмесячного минимума, оказавшее давление на энергетические акции, а также слабость банковского сектора. Индекс сырьевых компаний Stoxx 600 Europe Basic Resources вырос на 2,3%, в том числе акции Anglo American подорожали на 4,1%, Rio Tinto - на 3,1%, Centamin - на 3%, Antofagasta - на 2,8%. Акции британской John Wood Group Plc подорожали на 7,7% после объявления о покупке AMEC Foster Wheeler Plc за 2,23 млрд фунтов стерлингов ($2,7 млрд) с оплатой ценными бумагами. Акционеры AMEC будут владеть 44% объединенной компании. Цена бумаг AMEC взлетела на 18,4%, тогда как условия сделки предполагают премию в размере 28,7% к средней стоимости ее бумаг за последние 30 дней. Курс ценных бумаг HSBC Holdings Plc повысился на 1%. С 1 октября совет директоров банка возглавит Марк Такер, CEO крупнейшего гонконгского страховщика AIA Group. Аналитики и инвесторы выражают одобрение в связи с тем, что HSBC, получающий значительный объем выручки в Азии, выбрал для этого поста человека с большим опытом работы в регионе. Акции Aryzta просели на 7,1%, поскольку швейцарская продовольственная компания отчиталась о снижении чистой прибыли. На текущий момент FTSE 7354.32 11.24 0.15% DAX 11975.50 12.32 0.10% CAC 4995.80 2.48 0.05% Информационно-аналитический отдел TeleTradeИсточник: FxTeam

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13 марта, 13:29

Global Stocks Rise, S&P Futs Flat As Dollar Rebounds Ahead Of Critical Week For Markets

European bourses advance and Asian share rose led by a surge in Hong Kong stocks which rose the most in three months as Japan hit 15 month highs. U.S. futures are little changed along while the dollar rebounded from session lows after Friday's selloff. Crude oil has continued its retreat, down 0.2% and sliding for a 6th straight day after breifly dropping below $48 in overnight trading. The Hang Seng China Enterprises Index jumped the most since November amid easing concern that U.S.-China political tensions will weigh on the yuan after BlackStone's Steve Schwarzman, one of Trump's top economic advisers, said Sunday on CNN that Trump will likely temper his criticisms of China, including his campaign claim that the country manipulates its currency. South Korean equities rose to the highest since May 2015 following last Friday's impeachment of president Kim, while European shares headed for a fourth straight gain. The dollar fell against most major currencies, with the euro climbing for a third day. Oil kept sliding below $50 as U.S. drillers continued to boost activity, countering OPEC’s efforts to drain a global glut. Industrial metals advanced for a second day. Traders are tentative out of the gate ahead of a pivotal week for global markets with the focus falling on Wednesday when there is a trifecta of catalysts between the Fed's upcoming rate hike, the debt ceiling expiration and the Dutch general elections which comes amid a growing diplomatic spat with Turkey. In addition to the Fed, we will also get announcements by the BoJ, BoE and SNB all of which are expected to keep rates on hold. It's also possible that the UK could invoke Article 50 this week so another story to watch. President Trump may also dish out his first budget outline for fiscal year 2018 on Thursday while G-20 finance ministers gather in Germany for a series of meetings so there’s plenty to keep markets busy. Following last week's impressive payrolls reports, global equities are trading near a record high as indications of firming growth in the U.S. and Europe coincide with China’s economy showing signs of improvement. U.S. jobs data at the end of last week cleared the way for the Fed to raise interest rates without forcing it to accelerate the pace for future tightening. The euro built on gains from Friday, when European Central Bank policy makers were said to have considered their ability to raise rates before a bond-buying program comes to an end, although the common currency has erased all losses after the European open, and was back near session lows at publication time. By now it is no secret that traders view a quarter-point Fed hike this week as a virtual certainty after Friday’s data showed U.S. employers added more jobs than forecast in February. They’ll be watching the central bank’s policy decision for signals on what will come next. Futures indicate the market is moving toward policy makers’ December projection of three rate increases in 2017. It would be the first year with multiple Fed hikes since 2006. Fed fund futures prices showed investors pricing in more than a 90 percent chance of an increase in U.S. overnight interest rates and the market's attention is now firmly on the scale of tightening further out. "Improved growth and inflation prospects are allowing developed market central banks to sketch their exits from extreme accommodation at varying speeds," David Folkerts-Landau, group chief economist at Deutsche Bank wrote in a note to clients. Overnight Goldman flip-flopped on its long-standing bearish position over Chinese stocks, and joined the rush on Chinese shares, becoming the latest major brokerage to upgrade the market. China’s macroeconomy stabilized in the beginning of 2017, Ning Jizhe, head of the National Bureau of Statistics, said at the sidelines of the annual legislature meeting in Beijing on Sunday. Sterling rose 0.4% against the dollar ahead of a vote in Britain's lower house of parliament on legislation that will give the government permission to trigger Britain's exit from the European Union. "The push and pull between solid growth momentum and political risks look set to continue in the near-term," Folkerts-Landau said. The world's most powerful finance ministers and central bankers convene in the German spa town of Baden-Baden on March 17-18, their first meeting since Donald Trump's U.S. election victory in November where his protectionist stance on international trade is likely to be a key issue. The MSCI Asia Pacific Index advanced 0.7 percent as of 8:17 a.m. in London. The Hang Seng China Enterprises Index surged 1.9 percent, the biggest jump since Nov. 22. Japan’s Topix rose 0.2 percent, after the gauge rallied 1.2 percent on Friday to the highest level since December 2015.  The Kospi index jumped 1 percent, led by a 1.1 percent gain in Samsung Electronics Co. Korean shares extended gains from last week, climbing as President Park Geun-hye’s ouster removes some uncertainty from politics in the nation. The Stoxx Europe 600 added less than 0.1 percent, after similar gains in each of the previous three sessions. Gains in mining stocks and continued corporate deal-making activity helped European shares offset weakness in oil-related shares, with the benchmark STOXX 600 up 0.2 percent in early trades. The FTSE 100 was up slightly where along with mining blue chips a 1 percent gain for shares of HSBC supported the index. HSBC shares rose after Europe's biggest bank tapped an outsider, Mark Tucker, for its top job. In bond markets, euro zone government bond yields pulled back from multi-week highs, as nervous investors turned their focus to this week's Dutch parliamentary elections, the next key gauge of populism in Europe.  Although the risk of a eurosceptic party coming to power in the Netherlands is small, a strong election performance could renew concerns about the popularity of the far-right in French presidential elections in April and May, said Erin Browne, head of macro investments at UBS O'Connor, a hedge fund manager within UBS Asset Management. "If you see a eurosceptic party gains a significantly larger share of the vote than current polls suggest that could spill over into concern about the French elections and the National Front doing better in the second round of voting than is currently being predicted," she said. "That's the risk for markets with a view to the Dutch elections." The yield on 10-year Treasuries fell one basis point to 2.56 percent, after falling three basis points in the previous session. The yield on 10-year Australian government bonds slid four basis points to 2.94 percent, tracking Friday’s Treasury rally. A sharp pullback in oil prices which fell to their lowest in three months and are on track for a fifth day of losses also kept investor confidence in check.  The slump in prices has occurred as more rigs are deployed to look for oil in the United States and as crude inventories in the United States, the world's biggest oil consumer, have surged to a record. Market Snapshot S&P 500 futures down 0.01% to 2,371.50 STOXX Europe 600 up 0.1% to 373.59 MXAP up 0.7% to 145.41 MXAPJ up 0.9% to 467.01 Nikkei up 0.2% to 19,633.75 Topix up 0.2% to 1,577.40 Hang Seng Index up 1.1% to 23,829.67 Shanghai Composite up 0.8% to 3,237.02 Sensex up 0.06% to 28,946.23 Australia S&P/ASX 200 down 0.3% to 5,757.35 Kospi up 1% to 2,117.59 German 10Y yield fell 2.4 bps to 0.461% Euro up 0.05% to 1.0678 per US$ Brent Futures up 0.08% to $51.41/bbl Italian 10Y yield rose 5.5 bps to 2.367% Spanish 10Y yield fell 0.4 bps to 1.885% Brent Futures up 0.08% to $51.41/bbl Gold spot up 0.3% to $1,208.62 U.S. Dollar Index up 0.02% to 101.27 Top Overnight News via BBG ECB Said to Have Discussed Whether Rates Can Rise Before QE Ends Oil Extends Decline as U.S. Drilling Accelerates Amid OPEC Cuts Libya Crude Oil Output Said to Fall 11% on Field, Port Closings Schwarzman Sees Donald Trump Dialing Back Criticisms of China BlackRock May Bid for U.K. Student-Loan Portfolio: Sunday Times Johnson Controls Said to Explore Sale of Scott Safety: Reuters Boeing Wins 5-Year Contract to Sustain South Korea’s F-15k Fleet Shuaa Capital to Buy Integrated Capital, Integrated Securities AES Plans $750m Solar Power Project in Vietnam EPAM Systems, Innophos Postpone Investor Days Due to Weather Asia equity markets trade mostly higher after the positive US close last Friday, although gains have been modest ahead of the looming FOMC. Conversely, ASX 200 (-0.3%) was weighed by a struggling energy sector after WTI crude futures extended on last week's 9.0% losses to briefly slip below USD 48/bbl, while Nikkei 225 (+0.2%) was initially subdued after poor Machine Orders data, but then recovered amid upside in JPY-crosses. Shanghai Comp. (+0.8%) and Hang Seng (+1.1%) traded higher after the PBoC resumed liquidity injections, while the KOSPI (+1.0%) continued the strength seen from last week's impeachment ruling as participants welcomed a fresh start. 10yr JGBs were uneventful with prices flat after the mildly positive sentiment in Japan was counterbalanced by the BoJ's presence in the market for JPY 520b1n of government debt. PBoC injected CNY 10bIn 7-day reverse repos, CNY 10bIn in 14-day reverse repos and CNY 10bIn in 28-day reverse repos. Top Asian News China H-Shares Advance the Most in Three Months; ChiNext Climbs Gulf Central Banks Want to Lower Visa, Mastercard Fees: Alrai Posco CEO Meets GE CEO Immelt to Discuss Ways to Strengthen Ties Indonesia Human Rights Agency to Review Freeport’s Record: Post China Moves to Make $9 Trillion Domestic Bond Market Global China Huarong’s Lai Expects Annual Profit Growth of 20%-30% Rupee Climbs on Modi’s Victory in State Election: Asia NDFs Singapore Bans Ex-Goldman Banker Leissner, Seeks Bar on Others Yingde Off-Exchange Trade of 79.67m Shares Crosses at HK$6 Each Hong Kong Regulator Said to Probe CCB International’s IPO Work European equities are modestly higher although with no clear direction in a quiet start to the week. Materials lead the way higher this morning while financials kicked off on the back foot, although have pared some of the early softness by mid-morning. The initial downside came in the wake of Friday's ECB source reports suggesting the central bank discussed hiking rates before the end of the QE program. Amec Foster Wheeler and John Wood Group are the two best performers in the Stoxx 600 after pre market reports of their tie up for GBP 2.23Nn. Away from equities, fixed income markets continue to rise across the board, with Bunds and Gilts both higher by almost 50 ticks this morning after some of the significant downside seen last week. Focus will continue to fall on central banks with ECB's Draghi Lautenschlaeger, Praet and Constancio all scheduled to speak today, ahead of several rate decisions later this week, including the FOMC, BoE, SNB and BoJ. Top European News Bayer CEO Sees EU6b Sales From 6 Pipeline Drugs: Welt am Sonntag HSBC Shares Gain After Bank Names AIA’s Tucker as Chairman Bovis Shares Jump After Amid Takeover Talks With Galliford Try Wood Group Acquires Amec in 2.2 Billion-Pound All-Share Deal Europe ‘Political Circus’ Has SNB Bracing for Stronger Franc U.K. House Prices Rise Fastest in a Year as London Rebounds Bund Futures Erasing Loss After ECB Report as Smets Pushes Back Le Pen Says Falling Currency Would Help More Than It Hurts Aryzta Sweeps Management Out Early After First-Half Loss Scotland Braced for ‘Important’ Speech as Brexit Process Looms In currencies, the Bloomberg Dollar Spot Index fell 0.1 percent, after dropping 0.6 percent on Friday. The yen rose 0.2 percent to 114.63 per dollar. The euro was unchanged 0.1 percent to $1.0685, extending its 0.9 percent surge on Friday. The British pound climbed 0.4 percent to $1.2221. The South Korean won jumped 1.1 percent. The Australian dollar advanced 0.5 percent, following Friday’s 0.5 percent gain. Monday morning action in the FX markets are largely a function of some repositioning ahead of the multitude of event risk this week. The FOMC meeting takes centre stage, as the Fed is expected to hike rates by 25bps, but the market is looking past this now and considering the impact on the future rate path from the accompanying statement. The USD has been reined in a little since, losing ground across the board, but less so against the JPY. The EUR has also been pulled back a touch, with the 1.0700+ push in EUR/USD running into offers to pull the lead rate back into the mid 1.0600's. The retracement has followed through in the crosses also, and perhaps more notably so against GBP, where exposure remains significantly skewed to the downside as we head closer to triggering Article 50. The amendments to the Brexit bill voted on by the House of Lords continue to cause headwinds for PM May and her government, who remain adamant that A50 will be triggered by the end of the month. Even so, EUR/GBP has found some resistance ahead of 0.8800, while Cable buyers from the mid 1.2100's stood resolute through last week's USD advance. In commodities, WTI crude dropped 0.2 percent to $48.39 a barrel. Crude has lost almost 10 percent over the past six days, breaking below the $50 a barrel level it had held above since OPEC and 11 other nations started trimming supply on Jan. 1. Gold climbed 0.5 percent to $1,210.18, adding to Friday’s 0.3 percent gain. Some say that the pull-back in Oil prices was to be anticipated, but with OPEC signalling near full compliance with the output agreement, the lack of upside may have inspired some profit taking given some of the heavy long positioning among the Hedge Fund community. Concerns over shale production has reared its head also, along with timing issues having a marginal impact in current inventory. WTI dipped below USD48.00 today, but remains heavy alongside Brent, which dipped below USD51.00. Fresh upside pressure for Copper as the striker union at Escondida rejects BHP Billiton. Peru's top copper mine Cerro Verde is also ground to a halt on strikes initiated on Friday so the combination of the above has seen prices recover through USD2.60. Gold has recovered through USD1200 on broad based USD trimming, with Silver reclaiming USD17.00. It’s a fairly quiet start to the week data wise, with little of interest in Europe this morning and just the labour market conditions index in the US this afternoon. US Event Calendar 10am: Labor Market Conditions Index Change, est. 2.5 DB's Jim Reid concludes the overnight wrap Maybe someone forgetting the keys to the padlock at the Fed Reserve building in DC might be the only thing stopping the Fed from hiking rates this Wednesday evening in what is a busy week ahead of data, BoJ/BoE meetings and the Dutch elections which comes amid a growing diplomatic spat with Turkey. It's also possible that the UK could invoke Article 50 this week so another story to watch. President Trump may also dish out his first budget outline for fiscal year 2018 on Thursday so there’s plenty to keep markets busy. Over the weekend it’s actually been relatively quiet for newsflow aside from a few smaller stories that are doing the rounds. In Japan there’s been some focus on a Bloomberg article suggesting that the BoJ’s bond-purchase plan for March is putting the Bank on track to miss the annual target (by about 18% if sustained) which in turn is throwing up questions about whether or not the BoJ is starting a ‘stealth tapering’. Meanwhile, in India PM Narendra Modi’s BJP has registered a sweeping victory in the state elections in Uttar Pradesh – the largest and most populous state of India. The victory should cement Modi’s stature within the BJP and may also be seen as a vote of support of Modi’s demonetisation exercise and his anti-corruption credentials which in turn should give a boost to pushing through domestic reforms. Finally there is one interesting piece of news to report in Europe and that comes from Iceland where, almost 9 years on from being imposed in 2008 following the collapse of its banks, the government has announced that all capital controls on its citizens, businesses and pension funds will be lifted from this Tuesday. In terms of markets for the most part it’s been a fairly positive start to the week in Asia. The Nikkei (+0.23%), Hang Seng (+0.92%) and Shanghai Comp (+0.42%) are all higher while South Korea’s Kospi (+1.15%) and the Won (+0.92%) are both stronger post the news that Park Geun-hye has officially left the presidential palace after judges backed the impeachment. This morning’s gains are also coming despite WTI Oil trading down another -0.85% to around $48/bbl. That’s after Oil tumbled over 9% last week for the biggest decline since November. That appears to be weighing more on the ASX (-0.41%) while US equity index futures are also slightly in the red. Before we look at the week ahead, a quick recap now of how markets ended on Friday. Unsurprisingly the big focus was the release of the February employment report in the US which, for those who missed it, saw nonfarm payrolls come in at a slightly stronger than expected 235k gain (vs. 200k expected) with 9k of cumulative upward revisions to prior months. We’d argue though that given the strong ADP reading earlier in the week, the print was probably in and around where the whisper number was sitting. Private payrolls also came in a little better than expected (227k vs. 215k expected) while the unemployment rate dipped one-tenth to 4.7% and the U-6 rate dipped two tenths to 9.2% and equalling the cyclical low made in December. The participation rate ticked up from 62.9% to 63.0% However if there was one soft element of the report it was the slight miss on wages growth with average hourly earnings reported as rising +0.2% mom versus expectations for +0.3%. Still, at +2.8% yoy the annual rate was up two-tenths from the prior month and only a shade below the recent +2.9% high of December. Taken together the data all but confirmed a more than likely Fed hike this week barring any unexpected surprises. Treasuries actually ended up a little firmer on Friday with 2y and 10y yields down 1.9bps and 3.1bps respectively – the latter bringing to an end 9 consecutive days of higher yields. That said we still saw 2y yields end the week 4.8bps higher and 10y yields 9.7bps higher. Meanwhile the Greenback also eased back a little on Friday with the Dollar index -0.59% while US equities nudged a little higher. The S&P 500 was +0.33% but still suffered the first negative week (-0.44%) since January. In Europe equity markets were for the most part higher again, albeit very modestly, with the Stoxx 600 finishing +0.09%. The more interesting price action however came in bonds where selling pressure was evident once again. Indeed 10y Bund yields finished another 5.8bps higher on Friday and so putting them 12.9bps higher over the course of the week while yields in France and the periphery were also 3bps to 5bps higher on Friday. That largely seemed to reflect some of the ECB reports which emerged suggesting that the Bank could look to lift rates while still in the process of tapering QE, or before the QE programme ends. A Bloomberg report on Friday quoting ‘people familiar with the matter’ said that Governing Council members were said to have considered the matter at last week’s meeting although as we know Draghi did confirm last week that the forward guidance remains such that the ECB expects rates to remain at present or lower levels for an extended period of time and also past the horizon of net asset purchases. These sorts of articles always throw up the usual credibility questions but generally speaking there is no smoke without fire so worth keeping an eye on. In terms of the remaining data in Europe, the latest trade numbers in Germany showed a narrowing of the surplus in January led by a bigger than expected rise in imports (+3.0% mom vs. +0.5% expected) which overshadowed a +2.7% mom rise in exports. In France industrial production was soft in January (-0.3% mom vs. +0.5% expected) while the same could also be said for the UK (-0.4% mom vs. +0.5% expected). The other data in the US was the February monthly budget statement which revealed a budget deficit about the same size as 12 months earlier. With regards to the week ahead, it’s a fairly quiet start to proceedings this week with little of interest in Europe this morning and just the labour market conditions index in the US this afternoon. Tuesday kicks off in China where we’ll get the February retail sales, fixed asset investment and industrial production data. In Europe we’ll get the final February CPI revisions in Germany as well as the March ZEW  survey and January IP for the Euro area. Over in the US tomorrow we’ve got February PPI and the NFIB small business optimism reading. Wednesday starts in Japan where the final January IP revisions are due. Over in Europe we’ll get the final CPI revisions for France in February along with the January/February employment numbers in the UK. Wednesday is a huge day in the US with February CPI, March empire manufacturing, February retail sales, January business inventories and the March NAHB housing market index all coming before the FOMC meeting outcome in the evening. Thursday’s early focus will then be on the BoJ policy meeting outcome before the BoE outcome is then due around lunchtime. Data on Thursday includes Euro area CPI and US housing starts, building permits, initial jobless claims, JOLTS job openings and Philly Fed manufacturing index. We end the week on Friday with Euro area trade data, US IP and the University of Michigan consumer sentiment index for March. Away from the data the only notable central bank speak this week comes from Draghi this afternoon when he delivers the opening remarks at a conference. The draft Brexit law also returns to the House of Commons today following the House of Lords amendments so that is worth watching. President Trump is also due to meet German Chancellor Merkel at the White House on Tuesday. The other notable event is of course the Dutch election this Wednesday. China’s NPC also concludes on Wednesday while the US debt ceiling limit expires on Wednesday and is due to be reinstated on Thursday. The G20 finance  ministers meeting also kicks off on Friday. So plenty to keep us busy.

Выбор редакции
13 марта, 13:24

Wood Group to buy Amec Foster Wheeler for £2.2bn

Aberdeen-based oil services group launches all-share offer for struggling rival

Выбор редакции
13 марта, 11:41

John Wood приобретет Amec Foster Wheeler за $2,7 млрд

Британский поставщик услуг в сфере энергетики John Wood Group заключил соглашение о приобретении компании Amec Foster Wheeler, предоставляющей услуги в сфере консалтинга, инжиниринга и проектного менеджмента, за 2,23 млрд фунтов стерлингов ($2,7 млрд) акциями. Так, John Wood сообщила, что акционеры Amec получат 0,75 её новой бумаги за каждую свою. Таким образом, по данным на 10 марта, бумаги Amec Foster Wheeler оцениваются в 564 пенса за каждую, что на 28,7% превышает среднюю цену за 30 дней. Также стало известно, что, по условиям сделки, акционеры Amec станут владельцами 44%-ной доли в объединенной компании.

Выбор редакции
13 марта, 11:32

Wood Group agrees takeover of rival Amec Foster Wheeler

Wood Group's takeover of Amec Foster Wheeler will bring together two of the UK's largest energy services firms.

Выбор редакции
06 февраля, 21:51

Yuhuang Chemical lets contract for Louisiana methanol complex

Yuhuang Chemical Inc. (YCI), a subsidiary of China’s Shandong Yuhuang Chemical Co. Ltd. (SYCC), has let a contract to a division of Amec Foster Wheeler PLC (AFW) to supply an auxiliary boiler for YCI’s proposed $1.85-billion methanol manufacturing complex now under construction along the Mississippi River in St. James Parish, La.

03 февраля, 07:45

Азат Вильданов, ИВКАЗ: «Плохой нефти нет, надо просто ее грамотно перерабатывать»

«У компании Chevron, в начале 90-х купившей Тенгизский ГПЗ, возникла потребность поставлять нефть в Европу. Но «Транснефть» не давала на это добро из-за высокого содержания в ней меркаптанов. Нефть нужно было чистить. Мы были единственными, кто смог решить эту проблему», — вспоминает профессор и совладелец компании «ИВКАЗ» Азат Вильданов. О том, чем пахнет нефть и чем она отличается у разных НГДУ «Татнефти», о совещаниях в Англии и интересе в Иране он рассказал «БИЗНЕС Online».

30 января, 15:24

Jacobs (JEC) Boosts Inorganic Growth on Aquenta Buyout

Renowned construction company, Jacobs Engineering Group Inc. (JEC) recently acquired Aquenta Consulting for an undisclosed amount.

10 января, 13:35

Rolls-Royce назвал имена партнеров по разработке малых АЭС

Компания Rolls-Royce объявила имена компаний-партнеров по разработке собственного малого модульного реактора, среди которых: Amec Foster Wheeler, Nuvia, Arup и Nuclear Advanced Manufacturing Research Centre. В октябре прошлого года Rolls-Royce заявил, что малые реакторы смогут принести дополнительные £100 миллиардов фунтов экономике Великобритании в период от 2030 до 2050 годов, открыть экспортный...