02 марта, 15:46

Furious World Responds To Trump Tariffs, Vows Retaliation

Trump may think that trade wars are "good and easy to win" but the rest of the world, which just happens to have a record trade surplus with the US (excluding petroleum)...  ... disagrees, and judging by the barrage of reactions overnight from manufacturers and trade partners from China to Europe, is rather furious ahead of Trump's import tariff order, expected to be signed next week. Start with China, the world’s largest steel producer however only the 11th largest US source of imported steel... ... where the official response was generally muted. Foreign Ministry spokeswoman Hua Chunying merely said in Beijing Friday that China urges the U.S. to follow trade rules. China's Ministry of Commerce added that US restrictions on steel trade hurt the global trade system, and that Chinese steel exports to the US do not "harm US security." Chinese industry insiders, however, were far less restrained. The U.S. measures "overturn the international trade order," Wen Xianjun, vice chairman of the China Nonferrous Metals Industry Association, said in a statement. “Other countries, including China, will take relevant retaliatory measures.” Also in China, the vice chairman of China Iron and Steel Association, Li Xinchuang, called the move "a stupid trade protection measure." Ultimately, the big question is whether, and how, China would retaliate: MOFCOM made it clear that it is considering just that when it cautioned that China "may take measures to protect its own interests." Nations closer to the US, including strategic American allies, responded with bafflement and dismay seeing their industries threatened. Some also panned the idea that metals imports pose a threat to national security. “Steel and aluminum imports from Japan, which is an ally, do not affect U.S. national security at all,” Japan’s Trade Minister Hiroshige Seko told reporters in Tokyo Friday. “I would like to convey that to the U.S. when I have an opportunity.” Canada, which is the biggest foreign supplier of steel to the U.S. was furious: Ottawa said the US measures were unacceptable. Australian Trade Minister Steve Ciobo called the move “disappointing” and said his country is seeking an exemption.   The Netherlands was especially vocal, and said it was "very disappointed" that the U.S. has announced trade measures against steel and aluminum against it and said it finds the reasoning behind the announced U.S. measures “invalid.” The Netherlands also said it “fully” supports the European Commission in defending the economic interests of the European Union and the member states The French finance Minister Bruno Le Maire echoed the sentiment, warning Europe will retaliate with a firm joint response if the Trump administration goes ahead with its tariff plans. Le Maire told journalists that "all options are on the table" and Washington could expect a“strong, unilateral and coordinated” response from the European Union. “These unilateral measures are not acceptable. They would have a major impact on the European economy and French companies like Vallourec and Arcelor,” Le Maire said, referring to Luxembourg-based European steel producer ArcelorMittal. And speaking of the European Union, it also vowed to “react firmly” with World Trade Organization-compliant countermeasures in the next few days. EU Commission spokesman Winterstein said that the EU already has counter-measures ready against US tariffs and stands ready to respond.  Reports in late February in the German press suggested that the European Union is drawing up a list of U.S. products to target — including orange juice and Kentucky bourbon — if Trump proceeds with aluminum and steel import tariffs. For the full European response we must wait until March 5, when EU officials said they would formalize their response to the tariffs. The angry response was not confined to foreign trade partners: U.S. companies from beer brewer MillerCoors to candymaker Hershey Co., which use aluminum for manufacturing and packaging, also warned that operations would be hurt by the tariffs. “We buy as much domestic can sheet aluminum as is available, however, there simply isn’t enough supply to satisfy the demands of American beverage makers like us,” MillerCoors said in a tweet. “American workers and American consumers will suffer as a result of this misguided tariff.” * * * Meanwhile, as reported previously, according to Barclays calculations, the direct economic effects of anti-trade policies to the US would be limited, given their small share in total goods imports. On the issue of what, if any, inflationary impulse will be generated from higher tariffs, it depends on whether firms view the increase as permanent and if the current state of the business cycle would contribute to a high pass-through rate from tariffs to final goods. That said, Barclays estimates tariffs at these levels to boost y/y rates of core CPI and PCE by an almost negligible 0.1pp.  Separately, in regard to activity, the tariffs could reduce trade volumes and higher prices could restrain consumer and business spending. Together Barclays estimates they could reduce GDP growth by 0.1-0.2pp. Others agreed: "China’s total exports of steel and aluminum are equal to about 0.5% of GDP, most of that from steel,” said Bloomberg’s Chief Asia Economist Tom Orlik. “Relative to fears from Trump’s campaign trail rhetoric, in which he threatened an across-the-board 45% tariff on all imports from China, these measures are extremely limited.” And while the direct threat to the US economy from Trump's tariffs is negligible, the risk of course, lies in the response of US trading partners and whether the administration’s decision to impose restrictive trade policies is only the first in a series of moves. As Bloomberg notes, "A U.S. move on tariffs risks provoking retaliation, particularly from Beijing. China has already launched a probe into U.S. imports of sorghum, and is studying whether to restrict shipments of U.S. soybeans -- targets that could hurt Trump’s support in some farming states. While China accounts for just a fraction of U.S. imports of the metals, it’s accused of flooding the global market and dragging down prices." To be sure, as noted earlier, in light of the record US trade deficit (ex petroleum), it is likely that the White House will seek to enact further steps to restrict trade should a retaliatory tit-for-tat impulse emerge. Still, some remain hopeful. According to Alex Wolf, economist at Aberdeen Standard Investments who previously worked at the U.S. State Department, the impact of the step hinges in part on which nations will be affected. "It’s not much ado about nothing, but until we see the final scope of the tariffs and the response from global trading partners it’s hard to say it’s the start of a tit-for-tat trade war." Then again, with tweets like this... When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy! — Donald J. Trump (@realDonaldTrump) March 2, 2018 ... a "tit-for-tat" trade war is all but assured.

14 декабря 2017, 13:53

Экс-аналитик S&P во Франции проводил инсайдерские сделки со счета матери

Власти Франции и Бельгии вскрыли инсайдерские сделки бывшего аналитика Standard & Poor's с акциями французской компании Vallourec SA, специализирующейся на выпуске стальных труб, сообщает агентство Bloomberg.

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07 ноября 2017, 19:07

"Интерпайп" подтверждает одобрение антимонопольными органами Германии создание СП с трубной компанией Vallourec

Международная вертикально интегрированная трубно-колесная компания (ТКК) "Интерпайп" подтвердила одобрение антимонопольными органами Германии одобрение создания совместного предприятия (СП) с ведущим производителем бесшовных труб в Европе Vallourec (Франция).

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25 апреля 2017, 09:25

Труба шейхам: ТМК спорит с китайцами за ближневосточный рынок

У компании одна из лучших рентабельностей в отрасли

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12 апреля 2016, 14:36

Le Huffington Post: кому выгодно падение цен на нефть?

До первого кризиса 1974 года цена на нефть устанавливали страны-потребители. Так, в послевоенные годы за баррель стабильно давали 1 доллар, несмотря на устойчивый рост спроса в 6% в год. Затем, после 1974 года цены перешли в руки производителей, в частности через квоты ОПЕК. Как бы то ни было, с начала 2000-х годов черное золото все сильнее подчиняется закону спроса и предложения. Так, с конца 2014 года по конец 2015 года котировки упали со 110 долларов за баррель до менее чем 30 долларов.

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08 апреля 2016, 14:38

Vallourec launches €1bn capital raising

Struggling steel pipes manufacturer will use funds to help finance its restructuring

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01 февраля 2016, 13:29

Vallourec to raise capital and cut jobs

Steel manufacturer to close some plants as energy price falls bite

12 января 2016, 09:50

Если негативные прогнозы по Китаю оправдаются, сырьевой рынок может столкнуться с еще более серьезны

Рынки акций Европы растеряли к завершению торгов накопленный в течение дня прирост и закрылись в минусе (EuroTOP100: -0,5%; DAX: -0,2%). Наибольшее снижение продемонстрировали акции горно-металлургических и трубных компаний (Glencore: -5.2%; Vallourec: -6.6%; BHP Billiton: -2.5%; Rio Tinto: -2.4%), а также нефтегазовой Royal Dutch Shell (-1.5%). Фондовый рынок США завершил сессию маловыразительно, продемонстрировав разнонаправленную динамику индексов (S&P500:+0,1%; Dow Jones: +0,3%; NASDAQ Composite: -0,1%). Выходу рынка в слабо положительную область к концу сессии способствовал рост акций технологического сектора, что позволило компенсировать снижение котировок акций представителей горно-металлургического и нефтегазового секторов. В послеторговой сессии акции Alcoa снизились, несмотря на превзошедшие ожидания рынка финрезультаты.

12 января 2016, 09:45

ПАО "Промсвязьбанк": Мировые рынки акций демонстрируют стремительное движение вниз в начале года. Открытие торгов сегодня может пройти со снижением ММВБ около 1%, в течение дня негативная динамика, вероятно, будет усиливаться, что может отбросить индекс к отметке 1650 по итогам сессии.

Рынки акций Европы растеряли к завершению торгов накопленный в течение дня прирост и закрылись в минусе (EuroTOP100: -0,5%; DAX: -0,2%). Наибольшее снижение продемонстрировали акции горно-металлургических и трубных компаний (Glencore: -5.2%; Vallourec: -6.6%; BHP Billiton: -2.5%; Rio Tinto: -2.4%), а также нефтегазовой Royal Dutch Shell (-1.5%). Фондовый рынок США завершил

12 января 2016, 08:31

Промсвязьбанк: Комментарий к открытию рынков

Рынки акций Европы растеряли к завершению торгов накопленный в течение дня прирост и закрылись в минусе (EuroTOP100: -0,5%; DAX: -0,2%). Наибольшее снижение продемонстрировали акции горно-металлургических и трубных компаний (Glencore: -5.2%; Vallourec: -6.6%; BHP Billiton: -2.5%; Rio Tinto: -2.4%), а также нефтегазовой Royal Dutch Shell (-1.5%). Подробнее читайте на нашем сайте www.oilru.com

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11 января 2016, 19:56

Technip takes 20 pct stake in Vallourec's pipe welding unit

PARIS, Jan 11 (Reuters) - French oil services company Technip and Serimax, a welding subsidiary of steel pipe maker Vallourec have reached an agreement in which Technip will take a minority 20 percent stake in Serimax, the companies said.

07 сентября 2015, 19:35

ance stocks higher at close of trade; CAC 40 up 0.59%

France stocks were higher after the close on Monday, as gains in the Industrial Engineering, Gas&Water and Automobiles&Parts sectors led shares higher. At the close in Paris, the CAC 40 rose 0.59%, while the SBF 120 index gained 0.51%. The best performers of the session on the CAC 40 were Alstom SA (PARIS:ALSO), which rose 3.60% or 0.99 points to trade at 28.61 at the close. Meanwhile, Orange SA (PARIS:ORAN) added 2.31% or 0.32 points to end at 14.17 and Bouygues SA (PARIS:BOUY) was up 2.05% or 0.69 points to 34.34 in late trade. The worst performers of the session were Electricite de France SA (PARIS:EDF), which fell 0.53% or 0.10 points to trade at 17.73 at the close. Technip (PARIS:TECF) declined 0.45% or 0.21 points to end at 46.56 and Essilor International Compagnie Generale d`Optique SA (PARIS:ESSI) was down 0.37% or 0.40 points to 107.05. The top performers on the SBF 120 were Alstom SA (PARIS:ALSO) which rose 3.60% to 28.61, Eiffage (PARIS:FOUG) which was up 2.96% to settle at 56.96 and Ipsos (PARIS:ISOS) which gained 2.84% to close at 19.73. The worst performers were Vallourec (PARIS:VLLP) which was down 4.01% to 10.18 in late trade, Korian Medica SA (PARIS:KORI) which lost 3.54% to settle at 29.995 and Neopost (PARIS:NPOS) which was down 3.53% to 32.23 at the close. Rising stocks outnumbered declining ones on the Paris Stock Exchange by 355 to 352 and 57 ended unchanged. Shares in Electricite de France SA (PARIS:EDF) fell to 52-week lows; losing 0.53% or 0.10 to 17.73. Shares in Vallourec (PARIS:VLLP) fell to 5-year lows; falling 4.01% or 0.42 to 10.18. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 3.55% to 33.45. Gold for December delivery was down 0.25% or 2.80 to $1118.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 3.50% or 1.61 to hit $44.44 a barrel, while the October Brent oil contract fell 3.66% or 1.81 to trade at $47.80 a barrel. EUR/USD was up 0.14% to 1.1166, while EUR/GBP fell 0.59% to 0.7305. The US Dollar Index was down 0.11% at 96.15.

26 августа 2015, 19:35

ance stocks lower at close of trade; CAC 40 down 1.40%

France stocks were lower after the close on Wednesday, as losses in the Oil&Gas Producers, Oil&Gas and Basic Materials sectors led shares lower. At the close in Paris, the CAC 40 declined 1.40%, while the SBF 120 index fell 1.38%. The best performers of the session on the CAC 40 were Technip (PARIS:TECF), which rose 1.58% or 0.71 points to trade at 45.58 at the close. Meanwhile, Vinci SA (PARIS:SGEF) added 1.23% or 0.67 points to end at 54.96 and Compagnie de Saint Gobain SA (PARIS:SGOB) was up 0.24% or 0.10 points to 39.49 in late trade. The worst performers of the session were Total SA (PARIS:TOTF), which fell 3.56% or 1.39 points to trade at 37.70 at the close. ArcelorMittal SA (AMS:ISPA) declined 3.41% or 0.24 points to end at 6.68 and Air Liquide SA (PARIS:AIRP) was down 2.91% or 3.10 points to 103.35. The top performers on the SBF 120 were CGG (PARIS:GEPH) which rose 9.82% to 3.98, Vallourec (PARIS:VLLP) which was up 4.82% to settle at 11.52 and Neopost (PARIS:NPOS) which gained 2.85% to close at 31.20. The worst performers were Edenred (PARIS:EDEN) which was down 6.51% to 18.24 in late trade, Virbac (PARIS:VIRB) which lost 3.82% to settle at 200.00 and Ipsos (PARIS:ISOS) which was down 3.62% to 19.94 at the close. Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 472 to 347 and 45 ended unchanged. Shares in Total SA (PARIS:TOTF) fell to 52-week lows; losing 3.56% or 1.39 to 37.70. Shares in Edenred (PARIS:EDEN) fell to 3-years lows; losing 6.51% or 1.27 to 18.24. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 7.19% to 33.90. Gold for December delivery was down 1.33% or 15.10 to $1123.20 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 0.94% or 0.37 to hit $38.94 a barrel, while the October Brent oil contract fell 0.31% or 0.14 to trade at $43.08 a barrel. EUR/USD was down 1.07% to 1.1396, while EUR/GBP rose 0.27% to 0.7362. The US Dollar Index was up 0.96% at 94.81.

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14 августа 2015, 19:35

ance stocks lower at close of trade; CAC 40 down 0.61%

France stocks were lower after the close on Friday, as losses in the Pharmaceuticals&Biotech, Utilities and Healthcare sectors led shares lower. At the close in Paris, the CAC 40 declined 0.61%, while the SBF 120 index declined 0.43%. The best performers of the session on the CAC 40 were Safran SA (PARIS:SAF), which rose 2.37% or 1.64 points to trade at 70.88 at the close. Meanwhile, Renault SA (PARIS:RENA) added 1.18% or 0.97 points to end at 83.25 and Unibail Rodamco SE (AMS:UNBP) was up 0.84% or 2.05 points to 246.05 in late trade. The worst performers of the session were Electricite de France SA (PARIS:EDF), which fell 2.33% or 0.49 points to trade at 20.79 at the close. Lafargeholcim Ltd (PARIS:LHN) declined 1.99% or 1.22 points to end at 60.14 and Sanofi SA (PARIS:SASY) was down 1.77% or 1.69 points to 94.06. The top performers on the SBF 120 were Ingenico Group (PARIS:INGC) which rose 5.63% to 127.60, Klepierre (PARIS:LOIM) which was up 3.25% to settle at 42.58 and Safran SA (PARIS:SAF) which gained 2.37% to close at 70.88. The worst performers were Vallourec (PARIS:VLLP) which was down 2.76% to 12.53 in late trade, Electricite de France SA (PARIS:EDF) which lost 2.33% to settle at 20.79 and Solocal Group (PARIS:LOCAL) which was down 2.17% to 0.360 at the close. Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 427 to 376 and 57 ended unchanged. Shares in Safran SA (PARIS:SAF) rose to all time highs; gaining 2.37% or 1.64 to 70.88. Shares in Lafargeholcim Ltd (PARIS:LHN) fell to all time lows; down 1.99% or 1.22 to 60.14. Shares in Ingenico Group (PARIS:INGC) rose to all time highs; gaining 5.63% or 6.80 to 127.60. Shares in Vallourec (PARIS:VLLP) fell to 5-year lows; losing 2.76% or 0.35 to 12.53. Shares in Safran SA (PARIS:SAF) rose to all time highs; rising 2.37% or 1.64 to 70.88. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 1.32% to 21.87. Gold for December delivery was down 0.21% or 2.30 to $1113.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September rose 0.85% or 0.36 to hit $42.59 a barrel, while the October Brent oil contract fell 0.74% or 0.36 to trade at $49.27 a barrel. EUR/USD was down 0.21% to 1.1126, while EUR/GBP fell 0.41% to 0.7112. The US Dollar Index was up 0.16% at 96.51.

13 августа 2015, 19:35

ance stocks higher at close of trade; CAC 40 up 1.25%

France stocks were higher after the close on Thursday, as gains in the Industrial Transportation, Beverage and Leisure Goods sectors led shares higher. At the close in Paris, the CAC 40 gained 1.25%, while the SBF 120 index added 1.27%. The best performers of the session on the CAC 40 were Cap Gemini SA (PARIS:CAPP), which rose 3.66% or 3.03 points to trade at 85.91 at the close. Meanwhile, LVMH Moet Hennessy Louis Vuitton SA (PARIS:LVMH) added 2.92% or 4.55 points to end at 160.40 and Pernod Ricard SA (PARIS:PERP) was up 2.63% or 2.70 points to 105.50 in late trade. The worst performers of the session were ArcelorMittal SA (AMS:ISPA), which fell 1.84% or 0.15 points to trade at 7.97 at the close. Total SA (PARIS:TOTF) declined 0.35% or 0.15 points to end at 44.38 and Lafargeholcim Ltd (PARIS:LHN) was down 0.28% or 0.17 points to 61.36. The top performers on the SBF 120 were Bollore SA (PARIS:BOLL) which rose 5.05% to 4.95, Sopra Steria Group SA (PARIS:SOPR) which was up 3.78% to settle at 100.00 and Cap Gemini SA (PARIS:CAPP) which gained 3.66% to close at 85.91. The worst performers were CGG (PARIS:GEPH) which was down 2.91% to 4.00 in late trade, Vallourec (PARIS:VLLP) which lost 2.31% to settle at 12.88 and ArcelorMittal SA (AMS:ISPA) which was down 1.84% to 7.97 at the close. Rising stocks outnumbered declining ones on the Paris Stock Exchange by 561 to 248 and 54 ended unchanged. Shares in Lafargeholcim Ltd (PARIS:LHN) fell to all time lows; losing 0.28% or 0.17 to 61.36. Shares in CGG (PARIS:GEPH) fell to 5-year lows; falling 2.91% or 0.12 to 4.00. Shares in Sopra Steria Group SA (PARIS:SOPR) rose to 5-year highs; up 3.78% or 3.64 to 100.00. Shares in Vallourec (PARIS:VLLP) fell to 5-year lows; falling 2.31% or 0.30 to 12.88. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 4.17% to 22.16. Gold for December delivery was down 0.70% or 7.90 to $1115.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 2.56% or 1.11 to hit $42.19 a barrel, while the October Brent oil contract fell 1.36% or 0.68 to trade at $49.50 a barrel. EUR/USD was down 0.19% to 1.1137, while EUR/GBP fell 0.08% to 0.7140. The US Dollar Index was up 0.22% at 96.49.