Asian stocks traded mixed Wednesday as yields on Treasuries retreated from a seven-year peak. The dollar edged lower against major peers.
Shares in Japan rose after four days of losses while those in China reversed gains. Hong Kong stocks outperformed with their South Korean counterparts lagging after a holiday. Earlier, the S&P 500 Index was dragged down by materials shares, after a profit warning in the sector, while technology shares rebounded from a three-day rout. Treasuries steadied with the yield on the 10-year benchmark little changed at 3.21 percent, while the greenback remained under pressure after President Donald Trump said the Federal Reserve is moving too fast with interest-rate hikes.
US after Hours IDT +28%, TSE -6% following earnings/guidance, PPG +4.9% on Nelson Peltz/Trian stake disclosure
Nikkei +0.21% Hang Seng +0.52% CSI -0.37% Shanghai -0.12% Shenzen -0.26%
Eur$ 1.1512 CNH 6.9185 CNY 6.9173 JPY 112.98 GBP 1.3172 CHF 0.9911 RUB 66.0516 TRY 6.0907 WTI$ 74.65 -0.41%
S&P +0.02% EuroStoxx -0.06% FTSE -0.14% Dax -0.02% SMI +0.15%
Macro :
- Italy Finance Chief Admits Government Worried About Markets
- Macron Tests French Tempers as Cabinet Drama Drags Into Week Two
Keep an eye on :
- AYDEN NA : Adyen Not Interested in Acquisitions, CEO Tells Tribune
- ASL GY : Akasol Gets ’Strategically Important’ E-Mobility Order
- ASM NA : Eminence Capital Lowers Stake in ASM International to 4.74%: AFM
- ASRNL NA : ASR Nederland Announces New Medium-Term Targets
- BOSN SW : Bossard Cuts Full Year Sales Forecast
- CGM FP : Cegedim SA Reports New Financing Structure for EUR200 Million
- CLN SW : Clariant Names Hans Bohnen to Executive Committee
- CE2 GY: CropEnergies First Half Operating Profit EU14.2 Mln
- BN FP : Danone to Develop, Make Infant Formula Products for Yashili
- DASNKE DC : Danske Bank Faces Higher Funding Costs, CFO Tells Berlingske
- DIA IM : Diasorin & Meridian Sign Pact on Helicobacter Pylori Test Sale
- EDIZ IM : Edizione to Sell 20% Stake in ConnecT to GIC-Owned Entity
- FGR FP : Eiffage Wins Ivory Coast Hydropower Plant Contract Worth EU110M
- FCA IM : Fiat Chrysler Is Said to Near Sale of Marelli to KKR’s Calsonic
- HOMI BB : Home Invest Belgium Names Sven Janssens CEO
- HSBA LN : HSBC to Pay $765m to Settle Mortgage-Backed Securities Claims
- KER FP : Kering PT Lowered at Jefferies on FX Adjustment; Stock ‘Cheap’
- MC FP : LVMH 3Q Sales Meet Estimates; 3Q Organic Growth 10%
- MC FP : LVMH 3Q Fashion, Leather Goods Figures Are ‘Reassuring:’ RBC
- MHG NO : Marine Harvest Names Gjerde COO Farming for all Farming Ops
- NN NA : NN Group Places Restrictions on Investments in Oil Sands
- NOVOB DC : Novo Nordisk CSO Thomsen Has Successor in His Team, Borsen Says
- NOVN SW : Novartis:More Patients Treated With Crizanlizumab Were Pain Free
- PUM GY : Puma’s First Basketball Shoe in 20 Years Goes on Sale Thursday
- ROG SW : Roche: Ocrevus Shows Early Treatment Cuts Disability Progression
- SAP GY : *AMAZON IS SAID TO LAND $1 BILLION IN DEALS WITH SAP, SYMANTEC
- SESG FP : Intelsat, SES Group Meets With U.S. FCC Chairman Ajit Pai
- STAN LN : Standard Chartered Seeking Resolution With U.S. Over Iran: WSJ
- SBUX US : Pershing Square Owns About 15.2m Shares in Starbucks
- TKWY NA : Takeaway Nine Month Orders +31%
U.S. stocks waffled on Tuesday amid concerns about growth, rising interest rates, and the impending arrival of Hurricane Michael in Florida's panhandle. The broader market seemed reluctant to make a decisive move in any direction, as the S&P 500 index crossed back and forth across the unchanged line numerous times during the trading session.
The S&P 500 finished 0.1% lower, the Dow Jones Industrial Average closed lower by 0.2%, and the tech-heavy Nasdaq Composite reset to its flat line.
An overnight spike in U.S. Treasury yields spooked investors this morning, as the benchmark 10-yr yield rose as high as 3.26%. However, renewed buying interest drove prices up and yields down, which eased some of the early angst. The 10-yr note yield settled Tuesday's session at 3.21%, down three basis points from Friday.
The latter move aside, the stock market looked to have gotten caught up on economic and earnings growth concerns that were fostered by the the International Monetary Fund (IMF) cutting its 2018 and 2019 global growth outlook to 3.7% from 3.9% and a third quarter earnings warning from specialty chemicals company PPG Industries (PPG 98.56, -11.02, -10.1%), which pinned some disappointing guidance on currency pressures, cost inflation, softer demand in China, and a lower end-user demand in Europe and the U.S.
PPG's warning rattled the materials sector, which plunged 3.4%. Several sector components finished trading at their 52-week lows.
In addition, transportation stocks weighed on the industrials sector (-1.5%), as worries about higher fuel costs and likely transportation disruptions related to Hurricane Michael weighed on investor sentiment. The Dow Jones Transportation Average tumbled 1.9% and is now down 3.4% this month.
American Airlines (AAL 33.55, -2.35, -6.6%) was a notable laggard despite saying it expects its third quarter total revenue per available seat mile to be up approximately 2-3% year-over-year versus its prior guidance of up 1-2%.
Conversely, the heavily-weighted S&P 500 information technology sector (+0.4%) outperformed on Tuesday, rebounding modestly from recent selling that had it down 3.4% for the month entering today's trading, and lent an important measure of support to the S&P 500, which closed right on top its 50-day moving average.
Apple (AAPL 226.87, +3.10, +1.4%) and Microsoft (MSFT 112.33, +1.48, +1.3%) helped carry the load after failing to show gains the previous three sessions.
Separately, WTI crude climbed 0.8% to $74.86/bbl, as some oil production has been shut down in the Gulf of Mexico in anticipation of Hurricane Michael. The oil-sensitive energy sector led the sector standings, closing 1.0% higher.
Investors received the NFIB Small Business Optimism Index for September was released earlier today, decreasing to 107.9 from 108.8.
Nasdaq Composite +12.1% YTD
S&P 500 +7.7% YTD
Dow Jones Industrial Average +7.0% YTD
Russell 2000 +5.6% YTD
iPad Pro Face ID details, 4K HDR video over USB-C, AirPods-like Apple Pencil 2 pairing, more
Apple is widely expected to hold an event this month to introduce new 2018 iPad Pro models, new Macs, and more. Much of this has been confirmed by evidence within the iOS 12.1 beta, which includes references to an iPad2018Fall device.
Today, sources familiar with the development of the new 2018 iPad Pro have offered additional details about the device, its features, and more.
The model codes for the Wi-Fi models of the 2018 iPad Pro will be iPad8,1, iPad8,2, iPad8,5 and iPad8,6. Meanwhile, the cellular-capable models will be iPad8,3, iPad8,4 and iPad8,7 and iPad8,8.
This means there will be two Wi-Fi models in both size options, and two LTE models in both size options.
2018 IPAD PRO DISPLAY
The new iPad Pros will have an edge-to-edge display and will not feature a Home button, much like the iPhone. Unlike the iPhone, however, the iPad Pro will not have a notch.
Even though the new 2018 iPad Pro models will sport thinner bezels, those bezels will still be wide enough to accommodate the TrueDepth camera system necessary for Face ID.
FACE ID IN LANDSCAPE
The 2018 iPad Pro will include Face ID with the same image signal processor as the iPhone XS, iPhone XS Max and iPhone XR. Further, we can confirm that Face ID on the new iPad Pro will work in both portrait and landscape orientations, though it won’t work upside down.
The Face ID setup process on the new iPad Pros will be very similar to the process introduced with the iPhone X. Notably, despite post-setup support for landscape Face ID, the setup process must be completed in portrait orientation.
It’s not clear if the new landscape support requires a special hardware feature, or if it can be made available to iPhones with a simple software update.
EXTERNAL DISPLAYS
With its USB-C port, the 2018 iPad Pro will be able to output 4K HDR video to external displays. To accommodate this feature, there will be a new panel in the settings app where users will be able to control resolution, HDR, brightness and other settings for connected external displays.
NEW APPLE PENCIL
A new version of the Apple Pencil will be released for the 2018 iPad Pro, sources tell us. The new Apple Pencil will be paired with iPad Pro by proximity, much like AirPods or HomePod. Switching between devices will be possible without connecting the Apple Pencil to the charging port. It’s unclear whether the current model of Apple Pencil will work with the new iPad.
MAGNETIC CONNECTOR
The new iPad Pro will have a brand new connector for accessories. The Magnetic Connector will be at the back of the iPad and will allow for the connection of different accessories, such as a new version of the Smart Keyboard and other third-party accessories.
Are you excited for this new iPad Pro? Let us know in the comments below!
Remo Ruffini's Investment Company Takes Stake in Attico
Founded by Italian influencers Gilda Ambrosio and Giorgia Tordini, the buzzy young ready-to-wear and accessories brand has sold a 49 percent stake to Moncler's chief executive.
The founders were already internationally known among fashion insiders for their street style and social media presence when they launched the opulent, vintage-inspired dresses in robes in February 2016, and that exposure helped catapult Attico into more than 140 stockists by the following year. Both former freelance designers and consultants, Ambrosio and Tordini together now count more than 630,000 followers on Instagram in addition to another 217,000 followers on Attico's account.
Attico is sold at Bergdorf Goodman, Net-a-Porter, Moda Operandi and Matches Fashion, among other global retailers, and has expanded into footwear, handbags and jewellery. Celebrities including Margot Robbie, Michelle Williams and Naomi Campbell have all worn their designs and prices range from $250 for a drawstring pouch to over $4,000 for a python printed leather coat.
"The deal — to be considered a mere financial investment — is in line with Archive diversification strategy whose mission is to invest in the ready-to-wear as well as in the food and beverage and hospitality business," said a representative for Archive in a statement.
Ambrosio and Tordini told BoF in 2017 that they had major ambitions for their growing label. “What we would love is to create a world that we started narrating with clothing and accessories and adding furniture, books and eventually make a platform that’s going to contain all these objects and you can navigate around the world of Attico,” said Tordini.
With a new influx of cash from Archive, the founders have a chance to realise those ambitions.