• USA

    by Published on 10-08-2015 12:40 PM
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    A study released on Tuesday, by two non-profit groups - Citizens for Tax Justice and the U.S. Public Interest Research Group Education Fund - shows that 500 of the largest American corporations hold over $2.1 trillion in accumulated profits offshore, to avoid U.S. taxes. Of the firms, 30 alone account for $1.4 trillion or 65% of the total accumulated profits. The study showed that between 2008 and 2014, the amount of offshore cash holdings for American multinationals doubled.

    The study said, "For many companies, increasing profits held offshore does not mean building factories abroad, selling more products to foreign customers, or doing any additional real business activity in other countries. Instead, many companies use accounting tricks to disguise their profits as 'foreign,' and book them to a subsidiary in a tax haven to avoid taxes." ...
    by Published on 10-02-2015 10:53 AM
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    Number 1 U.S. automaker, General Motors Company (GM - NYSE), announced on Thursday that the company is targeting an increase in earnings per share to between $5 and $5.50 per share before items, for 2015. During 2014 before items, GM earned $3.05 per share. The Detroit-based automaker reported a 12% rise in U.S. September sales.

    For the year, GM said it will have revenue of $155 billion, global margins of 6.8% and a 24% return on invested capital. With operating efficiencies in manufacturing, administration and purchasing paying for investments in technology and brand development, the automaker reportedly will save about $5.5 billion in the next three years. Through 2018, savings will "more than offset" the technology and brand investments, GM said. By 2020, GM expects $9 billion to $10 billion of annual free cash flow. ...
    by Published on 10-01-2015 10:45 PM
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    US futures were up very modestly earlier today, but the gains evaporated quickly in thin trading after the open. There was a degree of cognitive dissonance as investors saw another very strong month for US auto sales even as the ISM manufacturing index slipped closer to flatlining. As of writing, the DJIA is down 0.63%, S&P500 has given up 0.43% and the Nasdaq is off 0.67%, weighed down by tech losses.

    The September ISM manufacturing reading brought the index closer to contraction, sinking to 50.2 from 51.1, with the new orders index dropping to 50.1 and prices paid falling to 38.0. Survey respondents cited concerns about the global economy and consumer confidence for the continuing declines. The continuing claims reading of 2.19 million marked a freash cycle low for the series, passing the prior low of 2.204 million seen four months ago. ...
    by Published on 10-01-2015 11:22 AM
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    Notes/Observations
    - PMI data out of Europe generally dissapointing
    - Chinese Mfg PMI beats, although remains in contractionary territory
    - Glencore shares continue to rise, wiping out weeks losses


    SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

    Equities
    Indices [Stoxx50 +0.7% at 3,120, FTSE +1.7% at 6,160, DAX +0.4% at 9,690, CAC-40 +1.1% at 4,506, IBEX-35 1.4% at 9,676, FTSE MIB 0.7% at 21,390, SMI 0.7% at 8,590, S&P 500 Futures +0.7%] ...
    by Published on 10-01-2015 07:21 AM
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    Private company - Berg - co-founded in 2006 by Silicon Valley real estate billionaire Carl Berg, uses artificial intelligence to discover new drugs and diagnostics. The company, based in Boston, Massachusetts will help England's national genomics project mine DNA and health data from thousands of British citizens for potential drug targets. The Genomics England 100,000 Genomes Project, is the latest partner with Berg. The Genomes Project aims to accelerate development of new diagnostics and treatments through a year-long industry trial, focusing on patients with rare diseases and six common cancers.

    Berg plans to open an office in the UK office in 2016, to shepherd the project as well as to seek new collaborations with drug company and academic partners in Europe. ...
    by Published on 09-30-2015 04:51 PM
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    US stocks are on a tear higher today, the final day of the third quarter, as overall trading volumes remain about 18% below average. Note that the 10-year UST yield has come in again after giving up a few basis points. Despite the gains, analysts point out that the DJIA would need to gain 1,570 points to just finish the quarter unchanged, while the S&P 500 would need to gain about 180 points to break even. Even with today's gains so far, it still looks like Q3 will end up seeing the worst performance in four years. As of writing, the DJIA is up 1.25%, the S&P500 is up 1.40% and the Nasdaq is up 1.66%. ...
    by Published on 09-30-2015 06:56 AM
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    As the arena of over-the-air updates (OTAs), wireless software updates to cars are heating up as carmakers are scramble to catch up with technology driving Tesla Motors, Inc. (TSLA - Nasdaq).

    Tesla is set to deliver an OTA for hands-free cruise control this month which will allow its electric Model S sedan to drive itself on freeways. Tesla has already introduced over 75 features via OTA ranging from raising the ground clearance of cars to boosting acceleration. Tesla is as much a tech company as an automaker, free of the constraints its rivals face. ...
    by Published on 09-29-2015 06:17 PM
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    US equities are seeing modest gains this morning after two days of losses. The S&P500 briefly traded below the key 1880 level that also held in the late August slide, and has moved higher in midday trading. As of writing, the DJIA is up 0.16%, the S&P500 is up 0.35% and the Nasdaq is up 0.39%.

    London-traded shares of Glencore are trading up more than 16% this morning on reports management has held talks with a group of investors upset about the company's recent equity raise. Glencore sought to calm investors' fears about the firm's balance sheet during a period of depressed commodity prices, claiming it has very strong lines of credit. ...
    by Published on 09-29-2015 06:54 AM
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    Down over 40% for the year and hurt by depressed aluminum prices, aluminum maker Alcoa Inc. (AA - NYSE) announced on Monday that the company plans to split into two publicly traded companies by the second half of 2016.

    All outstanding shares of both companies will be owned by Alcoa shareholders, which are expected to qualify as a tax-free transaction.

    Amidst the global aluminum glut, the aerospace and automotive divisions have been driving profit for Alcoa. Through its strength in areas such as jet engine and industrial gas turbine airfoils and aerospace fasteners, Alcoa said a big chunk of the company’s revenue will come from the aerospace industry. ...
    by Published on 09-28-2015 06:56 PM
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    Monday's equity losses come after two back-to-back weeks of stock market declines, and uncertainty remains the big theme. There was another unsettling Chinese datapoint out today, with August industrial profits down 8.8% y/y, for the biggest monthly decline since 2011. Biotech stocks continue to suffer, with the IBB off another 4%. WTI crude dipped back below $45, and commodities are broadly weaker. As of writing, the DJIA is down 1.27%, the S&P500 is off 1.26% and the Nasdaq is down 1.90%. The 10-year yield is off five basis points to trade 2.114%. ...
    by Published on 09-28-2015 07:02 AM
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    Key aspects of emissions tests whose results were faked were controlled by Volkswagen AG (VW) executives in Germany.

    Lab results showed emission levels of carbon dioxide or nitrogen oxides which differed by 10% or 20% from road results, tests never showed emissions 35 or 40 times greater than might have been expected, suggesting that any software tweak might have been installed before reaching the Californian testing sites. ...
    by Published on 09-25-2015 07:49 PM
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    The very good US GDP reading has sent US and European equities higher this morning, while sovereign yields reflecting the risk-on sentiment. The ten-year UST yield is up 4.8 bps to 2.175%, the DJIA is up 1.10%, the S&P500 has added 0.86% and the Nasdaq is up 0.37%.

    The third and final reading of US second-quarter GDP was raised to +3.9% from +3.7% in the preliminary reading and +2.3% in the advance data, with the additional strength coming from the services component of consumer spending. Nonresidential fixed investment, a key measure of business investment, rose to +4.1% from +3.2% in the preliminary data. Expectations for Q3 are lower, with the consensus view for US GDP in the quarter just above +2.0%. EUR/USD was stabbing toward 1.1130 in the US premarket but has risen back toward 1.1200 as of writing. ...
    by Published on 09-25-2015 06:10 AM
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    Documented in a preliminary study published in the British-based Journal of NeuroEngineering and Rehabilitation as well as on a YouTube video, a brain-computer interface application assisted 28-year-old paraplegic Adam Fritz in taking a few steps, could show promise for others as well. Fritz, a former graduate student, injured his back in a motorcycle accident.

    The study began nearly five years after Fritz became paralyzed, and involved months of mental training in which he practiced thinking about walking to produce necessary leg-moving brain waves. ...
    by Published on 09-24-2015 10:30 AM
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    Stem cell researchers from the Francis Crick Institute in London have applied for permission to edit the genes of human embryos.

    The goal of the British Scientists, is to find out more about the earliest stages of human development and hopefully reduce the incident of miscarriage, through a series of experiments.

    Kathy Niakan, one of the stem cell scientist who made the application to the Human Fertilization and Embryology Authority (HFEA), said she has no intention of genetically altering embryos for use in human reproduction, but aimed to deepen scientific understanding of how a healthy human embryo develops. ...
    by Published on 09-23-2015 05:53 PM
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    Asian markets closed deep in the red today after the prelim September Caixin China manufacturing PMI fell to the lowest level since the financial crisis and missed forecasts. US futures were down sharply on the news, however some better data out in the European session sent stocks higher and returned US futures to the green. Shares have been volatile in US cash trading, and as of writing the DJIA is down 0.47%, while the S&P500 and Nasdaq are flat.

    The September Markit manufacturing PMI data was not terribly encouraging, with the 53.0 headline reading unchanged at a 22-month low, but still in expansion territory. Markit noted that US manufacturing remained stuck at a crawling pace, fighting an uphill battle against the stronger dollar, slumping demand in many export markets and reduced capital spending, especially by the energy sector. ...
    by Published on 09-23-2015 07:20 AM
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    Daraprim (pyrimethamine), a 62-year-old medication used to treat toxoplasmosis, a parasite infection that can cause serious or even life-threatening problems for babies born to women who become infected during pregnancy and also treats people with compromised immune systems, like AIDS patients and certain cancer patients, costs about $1 to produce.

    The rights to Daraprim were sold to privately held Turing Pharmaceuticals in August. Martin Shkreli, CEO of Turing Pharmaceuticals, made a brash move by increasing the price per pill in the USA by over 5,000% - from $13.50 to $750 per pill. ...
    by Published on 09-22-2015 04:55 PM
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    European equities closed sharply lower, while the VIX has risen above 22 and bond yields have come in sharply. The benchmark UST yield is down more than seven basis points, to trade 2.13%. The Asian Development Bank lowered its forecast for China 2015 GDP to +6.8% from +7.2% prior. Commodity prices have move notably lower, taking the miners and oil names lower along with them. Meanwhile the Volkswagen scandal has weighed heavily on German equities. As of writing, the DJIA is down 1.5%, the S&P500 is off 1.7% and the Nasdaq is down 1.9%. ...
    by Published on 09-22-2015 06:24 AM
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    With some buyers potentially put off by higher prices of previously owned homes, the month of August marked the first decline of existing-home sales in four months.

    The National Association of Realtors (NAR) said Monday that sales of existing-homes fell by 4.8% to an annual rate of 5.31 million during August, from a slightly revised 5.58 million in July - a number that reflects how many homes would be sold in a year, if they were purchased at the same rate as in August. ...
    by Published on 09-21-2015 07:29 PM
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    US stocks are seeing good gains this morning with broad strength seen across all sectors. The 10-year benchmark UST is up 5.5 basis points to 2.189%. As of writing, the DJIA is up 0.78%, the S&P500 is up 0.98% and the Nasdaq is up 0.53%.

    Fed hawks Bullard and Lacker were out over the weekend condemning the FOMC's decision to leave rates on hold last week. Bullard said there was a good chance of an October hike, given that last week's decision was a close call. Lacker, a dissenter at last week's decision, warned that further delay of liftoff would be a departure from past Fed behavior. ...
    by Published on 09-21-2015 06:22 AM
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    Deputy commander of U.S. Cyber Command Air Force Lieutenant General Kevin McLaughlin said on Thursday, to provide an overview ...
    by Published on 09-18-2015 06:12 PM
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    2. USA

    US equities saw wild swings after yesterday's Fed decision not to raise rates, and ended Thursday lower. Stocks were down sharply in Europe this morning, with both the CAC and DAX off more than 3% a piece at one point, US and European indices have bounced a bit higher mid-morning. Quad witching is greating boosting trading volumes. Bond yields were dramatically compressed, with the German 10-year bund down as much as 13 bps, UK Gilt down nearly 13 bps and the 10-year UST off 4.6 bps, although yields have widened as equities bounce higher. As of writing, the DJIA is down 1.1%, the S&P500 is off 1.0% and the Nasdaq is down 0.7%. ...
    by Published on 09-18-2015 07:32 AM
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    The U.S. Food and Drug Administration (FDA) has granted fast track designation for Can-Fite BioPharma Ltd. (CANF - NYSE) drug candidate CF102 for treatment of the most common form of liver cancer, hepatocellular carcinoma (HCC).

    Can-Fite is a biotechnology company with a pipeline of proprietary small molecule drugs that address inflammatory and cancer diseases. ...
    by Published on 09-17-2015 09:47 AM
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    Ranking member of the House Committee on Oversight and Government Reform, Representative Elijah Cummings, Maryland Democrat, has stepped up pressure on Securities and Exchange Commission (SEC) Chairwoman Mary Jo White, asking her to explain why major banks received waivers despite admissions of guilt to felony charges.

    The letter from Cummings, an influential House Democrat, comes as the appointee of President Barack Obama has been publically ridiculed from the left, over her alleged soft attitude toward Wall Street. ...
    by Published on 09-16-2015 07:39 PM
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    European equities are seeing strong gains this morning, while US indices are seeing more modest gains. As of writing, the DJIA is up 0.47%, the S&P500 is up 0.24% and the Nasdaq is up 0.20%.

    The headline m/m CPI reading turned negative for the first time since January, while the core (ex food and energy) figure showed very tepid growth. Core y/y growth was +1.8%, narrowly missing expectations. Airfares held back the core measures, as did flat medical care and rent costs. ...
    by Published on 09-16-2015 07:11 AM
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    Building a rocket manufacturing plant and launch site in Florida is next on the list for Amazon.com Inc. (AMZN - Nasdaq) founder Jeff Bezos.

    Bezos unveiled his plans on Tuesday, in an attempt to better compete with fellow billionaires using their fortunes and tech prowess to open a new frontier in human space travel and exploration. "I'm a huge believer that this is a viable and good business. I'm also kind of well known for being long-term oriented, although I think Blue Origin is going to set a new standard for me in that regard," Bezos said.

    Blue Origin, a rocket-making facility which will be located adjacent to NASA’s Kennedy Space Center, is the space startup of Bezos’ which will require an investment of over $200 million. ...
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