Company / Analytics

Daily comment Sep 23

Daily comment Sep 23

• Wall St opens lower on trade concerns after China cancelled US farms visit and weak euro-zone PMI data
• Thomas Cook collapsed Sunday night
• Eurozone economy is close to stalling
• WTI +0.3% on oil supply uncertainty

Market movers:

• Apple (+0.3%): US trade regulators approved 10 out of 15 Apple’ requests for tariff exemptions. (https://bloom.bg/2mxECqU)
• Thomas Cook’ shareholders announced compulsory company liquidation after failure of fundraising talks. The UK government will bear the repatriation costs for 150k UK travelers ended-up abroad. The Co. shares were suspended in London and its bonds plunged 72%. (https://on.ft.com/2kPZedA)

Macro:

• China delegation canceled a planned visit to American farmers at the request of the US. Nevertheless, both parties gave positive feedback on mid-level trade meetings and agreed to continue talks of early October. (https://bloom.bg/2kIakkN)
• German manufacturing PMI dropped to 41.4 from 43.5 prior vs est. 44.0. Eurozone Composite PMI fell to 50.4 from 51.4 vs est. 52. (https://bloom.bg/2kvNtsn)
• US Sep manufacturing PMI came at 51.0 vs est. 50.4 and 50.3 prior month. (Bloomberg)

Commodities:

• WTI (+0.3%): According to WSJ, the full repairs of Aramco facilities may take longer than expected. (https://on.wsj.com/2ktZ4Ir)
• Aramco reiterated its ability to restore production as planned, according to Reuters Friday’s report. (https://reut.rs/2kQyp9b)
• Hedge funds net-long positions in Brent fell 3.1% on the week ended Sep 17. (https://bloom.bg/2kXU6E8)
• US working oil rigs declined by 14 last week to 719. (https://bit.ly/2mtH7uc)

Coming up:

• Annual United Nations General Assembly is in NY this week.
• On Tues (9/24), UK Supreme Court ruling over PM Johnson’ Parliament suspension will be issued.
• On Fri (9/27), US Core PCE data is due