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- Mined Copper Output Could Be in for a Two-Year-Long ‘Sugar Rush’
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- Commerzbank (CBK TH) -1.3%
- Commerzbank 9% ROTE a Step Too Far, Downgrades Likely: BI Focus
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- Watch Italian Banks After Surprise New Tax on ‘Extra’ Profits
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- Watch Italian Banks After Surprise New Tax on ‘Extra’ Profits
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DAX:
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- Watch International Flavors European Peers on Sales Outlook Cut
- Commerzbank (CBK TH) -1%
- Bayer (BAYN TH) -1%
- Bayer Lowers Revenue Forecasts for Crops and Drugs Units
MDAX:
- Fraport (FRA TH) +0.2%
- Fraport 1H Ebitda Beats Estimates
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- TeamViewer SE (TMV TH) -1.2%
- SoftBank Vision Fund Swings to Profit on Global Tech Rebound
SDAX:
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- Norma 2Q Adjusted Ebit Beats Estimates
- Wacker Neuson (WAC TH) +1.7%
Chinese exports suffer worst fall since start of pandemic
Flagging trade piles pressure on Beijing to take greater measures to revive economic growth
China’s exports and imports fell more sharply than expected in July, adding to a prolonged trade slump that is fuelling concerns over growth prospects for the world’s second-largest economy.
Exports declined by 14.5 per cent year on year in dollar terms, official data showed on Tuesday, the steepest fall since the outset of the coronavirus pandemic in February 2020. Imports tumbled 12.4 per cent, the biggest decline since a wave of infections hit the mainland in January and one of the worst in recent years.
Economists polled by Reuters had forecast falls of 12.5 and 5 per cent respectively.
Weakness in international trade is one of the main sources of pressure for policymakers in Beijing, who are also grappling with a paralysed property sector and flagging domestic demand since anti-pandemic measures were lifted in December.
China’s exports helped prop up its economy during three years of closure to the world, but have struggled in 2023 as high global inflation and rising interest rates damped demand for its goods. Exports have declined year on year in each of the past three months, dropping 12.4 per cent in June, when imports also shed 6.8 per cent.
Manufacturing activity has also contracted for four straight months, according to purchasing managers’ indices, reflecting a weaker export environment and undercutting one of the anticipated engines of China’s economic recovery.
July’s unexpectedly severe fall in imports also demonstrated how disappointing domestic consumption was fuelling trade concerns, more than half a year after Covid-19 swept through the country.
“The imports data was pretty bad,” said Julian Evans-Pritchard, head of China economics at Capital Economics. “On our estimates, pretty much all the recovery in import volumes since the start of the year was unwound in July, which is concerning, to say the least, and suggests the domestic picture was weakening quite rapidly in the last month or two.”
In Hong Kong, the Hang Seng China Enterprises index was down 1.8 per cent following Tuesday’s trade data release.
“There’s a lot of selling happening today on the back of this export data,” said Louis Tse, managing director of Hong Kong-based broker Wealthy Securities.
In a statement, China’s customs administration said imports were down 7.6 per cent to $1.46tn in the first seven months of the year, while exports were down 5 per cent at $1.94tn.
President Xi Jinping’s government has set a cautious growth target of 5 per cent this year, the lowest in decades. In the second quarter, the economy added 6.3 per cent compared with the same period last year, when Shanghai and other big cities were locked down, but growth was just 0.8 per cent in quarter-on-quarter terms.
Beijing has not enacted major stimulus but has gradually cut cornerstone borrowing rates and taken steps to encourage activity.
Inflation data, which is set to be released on Wednesday, has for months been edging closer to deflation and will provide further evidence on domestic spending.
>>> Up
* Demant Raised to Buy at Nordea; PT 310 kroner
* Europris Raised to Buy at SpareBank; PT 72 kroner
* Haleon Raised to Hold at Investec; PT 320 pence
* Norrhydro Group Raised to Accumulate at Inderes; PT 2.60 euros
* Norrhydro Group Raised to Accumulate at Inderes; PT 2.60 euros
* Viafin Service Raised to Accumulate at Inderes; PT 14 euros
>>> Down
>>> Down
* Barclays Cut to Neutral at BNPP Exane
* Freshpet Cut to Neutral at JPMorgan; PT $84
* Topdanmark Cut to Neutral at Mediobanca SpA; PT 335 kroner
* Virgin Money UK Cut to Underperform at BNPP Exane
>>> Initiation
* Virgin Money UK Cut to Underperform at BNPP Exane
>>> Initiation
* Cerillion Rated New Add at Numis; PT 1,350 pence
* Deliveroo Rated New Buy at Panmure Gordon; PT 166 pence
* DS Smith Reinstated Equal-Weight at Barclays; PT 310 pence
* Huhtamaki Rated New Equal-Weight at Barclays
* Just Eat Takeaway Rated New Hold at Panmure Gordon
* Just Eat Takeaway Rated New Hold at Panmure Gordon
* Mondi Reinstated Equal-Weight at Barclays; PT 1,300 pence
* SIG Group Reinstated Underweight at Barclays; PT 19 Swiss francs
* Smurfit Kappa Rated New Overweight at Barclays; PT 3,830 pence
>>> Call
>>> Call
* Citi’s Montagu Says Stock Futures’ Long Positioning Moderates
* Smurfit New Overweight, DS Smith, Mondi Equal-Weight at Barclays
* Smurfit New Overweight, DS Smith, Mondi Equal-Weight at Barclays
Chinese shares in Hong Kong fell as concerns grew over the world’s second-largest economy after the latest trade data showed extended weakness. The dollar advanced. The Hang Seng China Enterprises Index fell 1.6%, the worst-performing stock gauge in the region. The rest of Asian equities were broadly stronger. The dollar gained on concern that China may be relaxing its grip on the yuan, which spurred risk aversion. Treasuries rallied. China’s exports fell for a third straight month in July amid a slump in global demand, while imports plunged as domestic pressures also undermine the economy’s recovery. The data added to concerns as signs of deflationary pressures continue to hit Chinese businesses amid weakening growth. A gauge of the dollar strength gained as signs that China may be relaxing its grip on the yuan spurred risk aversion. The People’s Bank of China set Tuesday’s yuan reference rate at 7.1565 per dollar, revising an earlier fixing in the morning when it had indicated a stronger fixing of 7.1365. The Chinese central bank has been supporting the currency, which helps anchor other foreign exchange rates in Asia. Contracts for US stocks slipped after the S&P 500 on Monday halted a four-day drop and the Dow Jones Industrial Average saw its biggest advance in more than seven weeks. Optimism in Wall Street was offset by the latest comments from a Federal Reserve official that pointed to more rate hikes to tame inflation. A report by Moody’s Investors Service lowering credit ratings for 10 small and midsize US banks also partially impacted sentiment with the rating agency saying it may downgrade major lenders. The yen led declines against the dollar among Group-of-10 currencies. Data earlier showed that growth in Japanese workers’ wages unexpectedly slowed in June, clouding prospects for the Bank of Japan’s sustainable inflation goal. Focus returned to company earnings on Monday. Berkshire Hathaway Inc. hit a record as its results beat estimates. Amazon.com Inc. rose after a news report it will meet with the Federal Trade Commission to avoid an antitrust lawsuit. Tesla Inc. slid as its chief financial officer stepped down in a surprise shakeup at Elon Musk’s company. Apple Inc. notched its longest losing streak this year. Oil edged higher ahead of US figures on the outlook and stockpiles as the global market tightened amid OPEC+ supply cuts. Gold was slightly lower. US After Hours CHGG +25.3%, KD +14.9%, HIMS +14.4%, PAY +10.3% up double-digits on earnings; AYX -21.9%, IFF -19.1%, MRVI -12.8%, MRC -10.4%, RNG -10.3% (appointed new CEO) down big on earnings
Nikkei +0,25% Hang Seng -1,37% CSI +0,07% Shanghai +0,01% Shenzen -0,06%
Eur$ 1,0988 CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P -0,16% Nasdaq -0,27% EuroStoxx -0,07% FTSE -0,07% Dax -0,07% SMI
Macro :
_ Italian Cabinet Approves Measures on Taxi Licenses, Airline Fees
- Italy Approves Tax on Banks’ ‘Extra’ Profits, Salvini Says: Ansa
- Charlie Ergen Nears Deal to Merge Dish, EchoStar: WSJ
- Charlie Ergen Nears Deal to Merge Dish, EchoStar: WSJ
- Bitdeer Says it Posted 41% Rise in Bitcoin Self-Mining in July
- Citi’s Montagu Says Stock Futures’ Long Positioning Moderates
Keep an eye on :
- ABI BB : AB InBev: Ricardo Moreira to Become Chief Supply Chain Officer
- AOX GY : Alstria Office 1H FFO EU47.9M Vs. EU59.5M Y/y
- AOX GY : Alstria Office 1H FFO EU47.9M Vs. EU59.5M Y/y
- APO US : *APOLLO TO OFFER $1 BILLION OF CONVERTIBLE PREFERRED STOCK
- BAYN GY : Bayer 2Q Crop Science Unit Adjusted Ebitda Misses Estimates
- BAYN GY : Bayer Lowers Revenue Forecasts for Crops and Drugs Units
- BRK/A US : Buffett’s Berkshire Rallies to Record High on Earnings Beat
- KKR US : KKR Said to Near $1.62 Billion Paramount Simon & Schuster Deal
- MC FP : Advent Said to Near $1 Billion Deal for Retail Brand Zimmermann
- RTL LX : RTL Cuts FY Revenue Forecast; Misses Estimates
- G24 GY : Scout24 SE 2Q Oper Ebitda Beats Estimates
- SIX2 GY : Sixt 2Q Pretax Profit Beats Estimates
- ZURN SW : Greensill Bank Administrator Sues Insurer Zurich for $250m: FT
>>> Up
* Norrhydro Group Raised to Accumulate at Inderes; PT 2.60 euros
* Norrhydro Group Raised to Accumulate at Inderes; PT 2.60 euros
* Viafin Service Raised to Accumulate at Inderes; PT 14 euros
>>> Down
>>> Initiation
>>> Down
>>> Initiation
* Deliveroo Rated New Buy at Panmure Gordon; PT 166 pence
* DS Smith Reinstated Equal-Weight at Barclays; PT 310 pence
* Huhtamaki Rated New Equal-Weight at Barclays
* Just Eat Takeaway Rated New Hold at Panmure Gordon
* Just Eat Takeaway Rated New Hold at Panmure Gordon
* Mondi Reinstated Equal-Weight at Barclays; PT 1,300 pence
* SIG Group Reinstated Underweight at Barclays; PT 19 Swiss francs
* Smurfit Kappa Rated New Overweight at Barclays; PT 3,830 pence
>>> Call
>>> Call
Chinese shares in Hong Kong fell as concerns grew over the world’s second-largest economy after the latest trade data showed extended weakness. The dollar advanced. The Hang Seng China Enterprises Index fell 1.6%, the worst-performing stock gauge in the region. The rest of Asian equities were broadly stronger. The dollar gained on concern that China may be relaxing its grip on the yuan, which spurred risk aversion. Treasuries rallied. China’s exports fell for a third straight month in July amid a slump in global demand, while imports plunged as domestic pressures also undermine the economy’s recovery. The data added to concerns as signs of deflationary pressures continue to hit Chinese businesses amid weakening growth. A gauge of the dollar strength gained as signs that China may be relaxing its grip on the yuan spurred risk aversion. The People’s Bank of China set Tuesday’s yuan reference rate at 7.1565 per dollar, revising an earlier fixing in the morning when it had indicated a stronger fixing of 7.1365. The Chinese central bank has been supporting the currency, which helps anchor other foreign exchange rates in Asia. Contracts for US stocks slipped after the S&P 500 on Monday halted a four-day drop and the Dow Jones Industrial Average saw its biggest advance in more than seven weeks. Optimism in Wall Street was offset by the latest comments from a Federal Reserve official that pointed to more rate hikes to tame inflation. A report by Moody’s Investors Service lowering credit ratings for 10 small and midsize US banks also partially impacted sentiment with the rating agency saying it may downgrade major lenders. The yen led declines against the dollar among Group-of-10 currencies. Data earlier showed that growth in Japanese workers’ wages unexpectedly slowed in June, clouding prospects for the Bank of Japan’s sustainable inflation goal. Focus returned to company earnings on Monday. Berkshire Hathaway Inc. hit a record as its results beat estimates. Amazon.com Inc. rose after a news report it will meet with the Federal Trade Commission to avoid an antitrust lawsuit. Tesla Inc. slid as its chief financial officer stepped down in a surprise shakeup at Elon Musk’s company. Apple Inc. notched its longest losing streak this year. Oil edged higher ahead of US figures on the outlook and stockpiles as the global market tightened amid OPEC+ supply cuts. Gold was slightly lower. US After Hours CHGG +25.3%, KD +14.9%, HIMS +14.4%, PAY +10.3% up double-digits on earnings; AYX -21.9%, IFF -19.1%, MRVI -12.8%, MRC -10.4%, RNG -10.3% (appointed new CEO) down big on earnings
Nikkei +0,25% Hang Seng -1,37% CSI +0,07% Shanghai +0,01% Shenzen -0,06%
Eur$ 1,0988 CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P -0,16% Nasdaq -0,27% EuroStoxx -0,07% FTSE -0,07% Dax -0,07% SMI
Macro :
_ Italian Cabinet Approves Measures on Taxi Licenses, Airline Fees
- Italy Approves Tax on Banks’ ‘Extra’ Profits, Salvini Says: Ansa
- Charlie Ergen Nears Deal to Merge Dish, EchoStar: WSJ
- Charlie Ergen Nears Deal to Merge Dish, EchoStar: WSJ
- Bitdeer Says it Posted 41% Rise in Bitcoin Self-Mining in July
Keep an eye on :
- ABI BB : AB InBev: Ricardo Moreira to Become Chief Supply Chain Officer
- AOX GY : Alstria Office 1H FFO EU47.9M Vs. EU59.5M Y/y
- AOX GY : Alstria Office 1H FFO EU47.9M Vs. EU59.5M Y/y
- APO US : *APOLLO TO OFFER $1 BILLION OF CONVERTIBLE PREFERRED STOCK
- BRK/A US : Buffett’s Berkshire Rallies to Record High on Earnings Beat
- KKR US : KKR Said to Near $1.62 Billion Paramount Simon & Schuster Deal
- MC FP : Advent Said to Near $1 Billion Deal for Retail Brand Zimmermann
- ZURN SW : Greensill Bank Administrator Sues Insurer Zurich for $250m: FT