Gap stock plunges on weak sales
Gap stock price falls 14%, dragged down by dip in sales
Source: Gap stock plunges on weak sales
Archive for the ‘Uncategorized’ Category
Gap stock plunges on weak sales
Gap stock price falls 14%, dragged down by dip in sales
Source: Gap stock plunges on weak sales
Oil Slides As US Rig Count Slumps To New Record 41-Year Lows
By Tyler Durden
The US Oil rig count continues to track lagged oil prices perfectly, falling 8 rigs in the last week to 354 – its lowest since Nov 2009. Oil rigs have now declined 15 of the last 16 weeks. While gas rigs rose by 1 this week, the total rig count slipped 7 to 443 – yet another fresh record low. While the reaction was delayed, crude prices are sliding from their exuberant rally highs.
Oil Rigs dropped to Nov 2009 lows…
As the total US rig count plunged to fresh record lows…
And oil prices are sliding after the data…
Source: Oil Slides As US Rig Count Slumps To New Record 41-Year Lows
Chinese shoppers are buying fewer Prada bags
Prada reported a 26.6% fall in net income in 2015 on Friday, blaming weak sales in China for the slump.
Source: Chinese shoppers are buying fewer Prada bags
Postage prices set to go down, and the USPS isn’t happy
Cost of first class stamp going down 2 cents to 47 cents on Sunday, but Postal Service files for new rate-setting process.
Source: Postage prices set to go down, and the USPS isn’t happy
When Will The BOJ Intervene: This Is What Wall Street Thinks Is Kuroda’s Breaking Point
By Tyler Durden
With the Yen soaring (and USDJPY plunging) some 10% in 2016, in the process crushing the tightly correlated Nikkei and leading to such outcomes as the
According to a poll by Bloomberg, Japanese authorities may intervene in the currency market if USD/JPY falls below 100 based on the median estimate of 14 analysts compiled by Bloomberg News.
Estimates range from 95 to 110.
As we reported earlier, the USDJPY hit a 17-month low – the lowest since BOJ’s QE expansion in Oct. 2014) before rebounding 0.5% today to 108.73 on warnings from Japanese Finance Minister Aso that abrupt yen movements are most undesirable.
Additionally, Japan Chief Cabinet Secretary Suga warned several times this week that the authorities are closely watching the FX mkt and will act appropriately if necessary as there have been one-sided moves in FX mkts.
Curiously, LDP lawmakers, who form the ruling party, are less eager for intervention Bloomberg writes. LDP policy chief Tomomi Inada said today now isn’t the time for FX intervention, echoing Keiichiro Tachibana earlier this week. Begs the question if the G-20 “Shanghai Accord” was mostly coordinated and precleared with political figure, and not so much with central banks?
In any event, an intervention by the BOJ is indeed just a matter of time, the only question is at what level in the USDJPY and how long before the determined shorts push the Yen as high as it will need for Kuroda to demand mercy.
Here are some analyst views:
“At the moment, there is no international support for intervention anywhere near current levels, particularly considering the yen is actually historically quite weak here,” says Ray Attrill, global co-head of FX strategy at National Australia Bank
Decline in USD/JPY below 100 “would mark the confirmation that psychology around the currency has completely changed,” says Gareth Berry, an FX strategist at Macquarie Bank.
“Chance for intervention at this level is quite low,” says Sim Moh Siong, an FX strategist at Bank of Singapore; cites G-7 meeting next month (the meeeting will take place May 26-27)
Here is a summary of what Wall Street thinks is the USDJPY level at which Kuroda will intervene
- Bank of Singapore: 100
- BofAML: 105
- CBA: 100
- Daiwa Securities: 100
- JPMorgan: 95
- Julius Baer: 100-105
- Macquarie: 100
- Mitsubishi UFJ Morgan Stanley: 99
- NAB: 100
- Nomura: 105
- RBS: 105-110
- Societe Generale: 104
- Swissquote Bank: 100
- Westpac: 106.5
Median: 100
Average: 101.75
Source: When Will The BOJ Intervene: This Is What Wall Street Thinks Is Kuroda’s Breaking Point
Adobe rolls out emergency update
Adobe has released an emergency update to Adobe Flash Player late last night, after security experts discovered a bug that allows attackers to crash and take control over users’ machines.
Source: Adobe rolls out emergency update
Stocks To Reopen In The Green For 2016 After Crude, USDJPY Rebound
By Tyler Durden
In the final day of the week, it has again been a story of currencies and commodities setting stock prices, however instead of yesterday’s Yen surge which slammed the USDJPY as low as 107.67 and led to a global tumble in equities, and crude slide, today has been a mirror imoage after a modest FX short squeeze, which sent the Yen pair as high as 109.1, before easing back to the 108.80 range. This, coupled with a 3.5% bounce in WTI, which is back up to $38.54 and up 4.9% on the week as speculation has returned that Russia and OPEC members can reach a production freeze deal on April 17, led to a global stock rebound which will see the S&P open back in the green for 2016.
This is the “unchanged for 2016” line:
And while it may seem that markets haven’t really gone anywhere this week, and we are back almost where we started off, it has been anything but a smooth ride because, in Bloomberg’s words, “markets whipsaw and currency volatility approach the highest since 2011” as shown in the chart below.
European equities trimmed a fourth weekly decline, their longest streak since October 2014, and U.S. index futures signaled the Standard & Poor’s 500 Index will climb after the biggest plunge since February. The yen’s first drop in six days buoyed Japanese shares, while Spanish 10-year bonds pared their worst week this year. Gold and Treasuries fell as demand for havens eased.
“Markets are so unpredictable right now – there are risk-on days and there are times when everyone exaggerates the negatives,” Dirk Thiels, head of investment management at KBC Asset Management in Brussels, told Bloomberg. “The rebound was just about bringing valuations back to average, and not really a sign that any bearish sentiment is easing. Maybe a better earnings season can change that, but right now you don’t need a lot for markets to get nervous.”
Late yesterday afternoon, the four Fed chairs sat down, in a session in which the Fed’s mission to be ” central planner of the world” was greenlight, after Alan Greenspan said global developments must inevitably be taken into account by U.S. policy makers, which Yellen, who was also on the panel, said she and her colleagues carefully consider the impact of their actions on the rest of the world.
In any case, for now it seems that futures and stocks will close off the week on a positive note and green for the year.
Market Wrap
- S&P 500 futures up 0.6% to 2048
- Stoxx Europe 600 up 0.5% to 329.77
- MSCI Asia Pacific up 0.2% to 126.15
- US 10Yr yield up 2 bps to 1.71%
- Dollar index little changed at 94.48
- WTI oil futures up 3.4% to $38.51/bbl
- Gold spot down 0.4% to $1235.19/oz
Global News
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Source: Stocks To Reopen In The Green For 2016 After Crude, USDJPY Rebound
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