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- Trading day in one post 07.09.2017
Trading day in one post 07.09.2017
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Loading...Overview of the Asian stock markets: Asia markets rose on Thursday, following the stronger lead from Wall Street overnight on political developments out of Washington. Japan's Nikkei 225 rose 0.48 percent. Across the Korean Strait, the Kospi jumped 1.21 percent after falling previously for five consecutive sessions. Brokerages, automakers and most tech stocks recorded gains: Samsung Electronics rose 2.04 percent and Hyundai Motor rose 2.21 percent. The S&P/ASX 200 gained 0.31 percent on strength in the telecommunication services and utilities sub-indexes. Greater China markets were mostly higher. Hong Kong's Hang Seng Index tacked on 0.48 percent. On the mainland, the Shanghai Composite slipped 0.04 percent while the Shenzhen Composite climbed 0.28 percent.
Currency markets: The dollar lost some ground after strengthening against the Japanese currency on the news overnight. The greenback fetched 109.07 yen at 9:46 a.m. HK/SIN after slipping below the 109 handle briefly in early trade. The greenback was slightly higher against a basket of currencies. The dollar index last stood at 92.229, compared to levels around 92.185 seen in the last session. The euro rise before the ECB meeting. Investors are hedging the risk that the euro may gain regardless of what the European Central Bank says on Thursday. The cost of one-week call options on the currency relative to puts is the most expensive in a month even though analysts say ECB President Mario Draghi may seek a weaker euro. The common currency has strengthened about 13 percent this year, the second-best performance among the Group-of-10 exchange rates. CAD vols tumble after BOC raises rates 25bp to 1% while EUR vols remain elevated ahead of ECB meeting Thursday. CAD 1-mo. vol drops from around 23.0000 to 12.4500 after the rate increase, a substantial reduction in premium given that EUR overnight vols hold near 20.0000 EUR/CAD spot bounces off the 200-DMA at 1.44883 EUR 1-week vols rise to 10.1300, highest level since May 5, while EUR 1-week riskies advance for third day, climbing to 0.3200 CAD 1-week vol erases September gains, dropping to 8.7600.
Commodities markets: Gold was steady at $1,334.93 an ounce after falling 0.4% on Wednesday. West Texas Intermediate Crude was down 0.1% to $49.10 a barrel after jumping 1%. WTI advances to the highest level in 4 weeks as Gulf refineries restart operations following Hurricane Harvey, sparking demand. API is said to report U.S. crude stockpiles rose last week. “The refineries are coming back online,” Craig Bethune, a senior portfolio manager who focuses on natural resources investments at Manulife Asset Management in Toronto, says by telephone. But “the market still views pricing as range-bound”.
European stock markets:European stocks put in their strongest showing in a week. Automakers helped spur a recovery for the Stoxx Europe 600 Index after equities slid from Hong Kong to Sydney as traders girded for a potential intercontinental ballistic missile launch by Pyongyang. The euro rose for a third day despite an unexpected decline in German factory orders. Today the European markets will open little changed. UKX is down 8 points, German DAX lost 5 points. French CAC will open unchanged. Today's focus will be on ECB's Interest Rate Decision at 14:45 local time. Market players will also keep a close eye on ECB's pressconference, scheduled 45 minutes later at 15:30. At the conference, the president of the Central Bank Mario Draghi will talk about the future of the QE program, as well as the value of the common currency. Higher than regular volatility is expected.
U.S. stock markets: U.S. markets showed signs of optimism Wednesday, even as as North Korean tensions continued to simmer, another hurricane tore through the Caribbean, the debt ceiling loomed and a key member of the Fed resigned. The S&P 500 Index rose, while Treasuries edged lower and West Texas Intermediate crude traded above $49 a barrel for the first time in a month. Meanwhile, the loonie jumped to a two-year high against the U.S. dollar after Canada’s central bank raised its benchmark interest rate to 1 percent.
Economic calendar for the European and U.S. trading sessions:
09:00 Europe - German Industrial Production
10:30 UK - Halifax House Price Index
12:00 Europe - GDP
14:45 Europe - ECB Interest Rate Decision
15:30 Europe - ECB Pressconference
15:30 USA - Initial Jobless Claims
15:30 Canada - Building Permits
16:45 USA - Bloomberg Consumer confidence
17:00 Canada - Ivey PMI
18:00 USA - Crude Oil Inventories
19:15 USA - FOMC Member Mester Speaks
US Equity Upgrades
ALEXION (ALXN) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
C.H. ROBINSON (CHRW) UPGRADED TO NEUTRAL FROM SELL AT UBS
FORMULA ONE GROUP (FWONA) UPGRADED TO BUY FROM NEUTRAL AT CITI
HORACE MANN (HMN) UPGRADED TO MARKET PERFORM FROM UNDERPERFORM AT KEEFE BRUYETTE
LULULEMON (LULU) UPGRADED TO POSITIVE FROM NEUTRAL AT SUSQUEHANNA
MUELLER WATER (MWA) UPGRADED TO OUTPERFORM FROM NEUTRAL AT BOENNING & SCATTERGOOD
NAUTILUS (NLS) RESUMED WITH A BUY FROM NEUTRAL AT B. RILEY
NAVIENT (NAVI) UPGRADED TO BUY FROM NEUTRAL AT COMPASS POINT
NMI HOLDINGS (NMIH) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT KEEFE BRUYETTE
PATTERSON-UTI (PTEN) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
PROLOGIS (PLG) UPGRADED TO BUY FROM HOLD AT SUNTRUST
REPSOL (REPYY) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
SKYWORKS (SWKS) UPGRADED TO BUY FROM SELL AT CITI
TECH DATA (TECD) UPGRADED TO BUY FROM NEUTRAL AT NORTHCOAST
U.S. Steel (X) upgraded to Buy from Neutral at BofA/Merrill
XOMA (XOMA) UPGRADED TO OUTPERFORM FROM NEUTRAL AT WEDBUSH
US Equity Downgrades
ALLISON TRANSMISSION (ALSN) DOWNGRADED TO SELL FROM HOLD AT DEUTSCHE BANK
AVALONBAY (AVB) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN SACHS
CALUMET SPECIALTY (CLMT) PRODUCTS DOWNGRADED TO NEUTRAL FROM BUY AT JANNEY CAPITAL
ROCKWELL COLLINS (ROC) DOWNGRADED TO NEUTRAL FROM BUY AT BUCKINGHAM
TELEFONICA (TEF) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
VIACOM (VIAB) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT WELLS FARGO
US Equity Initiations
AKAMAI (AKAM) INITIATED WITH A NEUTRAL AT CREDIT SUISSE
ALLISON TRANSMISSION (ALSN) INITIATED WITH A NEUTRAL AT BUCKINGHAM
AUTOZONE (AZO) REINSTATED WITH A BUY AT BOFA/MERRILL
BASIC ENERGY BAS) RESUMED WITH AN OUTPERFORM AT EVERCORE ISI
CARLISLE (CSL) INITIATED WITH A BUY AT BUCKINGHAM
CARTER'S (CRI) INITIATED WITH A BUY AT GOLDMAN SACHS
CHECK POINT (CHKP) INITIATED WITH A NEUTRAL AT CREDIT SUISSE
CMS (CMS) ENERGY INITIATED WITH A NEUTRAL AT GUGGENHEIM
DOWDUPONT (DWDP) INITIATED WITH A BUY AT UBS
DOWDUPONT (DWDP) INITIATED WITH A POSITIVE AT SUSQUEHANNA
DOWDUPONT (DWDP) INITIATED WITH AN OUTPERFORM AT MACQUARIE
ENERGY RECOVERY (ERII) INITIATED WITH AN OUTPERFORM AT JMP SECURITIES
FLOOR & DECOR (FND) REINSTATED WITH A BUY AT BOFA/MERRILL
FORTINET (FTNT) INITIATED WITH AN UNDERPERFORM AT CREDIT SUISSE
HELIX ENERGY (HLX) INITIATED WITH A NEUTRAL AT BOFA/MERRILL
HORTONWORKS (HDP) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
KEY ENERGY (KEG) RESUMED WITH AN IN-LINE AT EVERCORE ISI
LIGAND (LGND) ASSUMED WITH A BUY AT H.C. WAINWRIGHT
LOWE'S (LOW) REINSTATED WITH A BUY AT BOFA/MERRILL
LULULEMON (LULU) UPGRADED TO POSITIVE AT SUSQUEHANNA
MERITOR (MTOR) INITIATED WITH A BUY AT BUCKINGHAM
MICHAELS (MIK) REINSTATED WITH A BUY AT BOFA/MERRILL
OFFICE DEPOT (ODP) REINSTATED WITH A BUY AT BOFA/MERRILL
OLLIE'S BARGAIN OUTLET (OLLI) REINSTATED WITH A BUY AT BOFA/MERRILL
ONEOK (OKE) REINSTATED WITH AN EQUAL WEIGHT AT BARCLAYS
ORACLE (ORCL) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
OWENS-ILLINOIS (OI) INITIATED WITH A NEUTRAL AT UBS
PACCAR (PCAR) INITIATED WITH A NEUTRAL AT BUCKINGHAM
PALO ALTO NETWORKS (PANW) INITIATED WITH AN UNDERPERFORM AT CREDIT SUISSE
PALO ALTO NETWORKS (PANW) UPGRADED TO BUY FROM HOLD AT ARGUS
RANGER ENERGY (RNGR) INITIATED WITH A SECTOR PERFORM AT SCOTIA HOWARD WEIL
RANGER ENERGY (RNGR) INITIATED WITH AN EQUAL WEIGHT AT BARCLAYS
RANGER ENERGY (RNGR) INITIATED WITH AN OUTPERFORM AT EVERCORE ISI
RED HAT (RHT) INITIATED WITH A NEUTRAL AT CREDIT SUISSE
RPC, INC. (RES) INITIATED WITH AN EQUAL WEIGHT AT BARCLAYS
SANTANDER CONSUMER (SC) UPGRADED TO POSITIVE FROM NEUTRAL AT SUSQUEHANNA
SERVICENOW (NOW) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
SPLUNK (SPLK) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
VMWARE (VMW) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
WABCO (WBC) INITIATED WITH A NEUTRAL AT BUCKINGHAM
YOGAWORKS (YOGA) INITIATED WITH A BUY AT GUGGENHEIM
YOGAWORKS (YOGA) INITIATED WITH A BUY AT ROTH CAPITAL
YOGAWORKS (YOGA) INITIATED WITH AN OUTPERFORM AT COWEN
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