Vedanta pauses bond sale plans amid Adani-fueled market volatility
Thursday, November 21,2024,03:37
Vedanta Resources is delaying a potential dollar bond sale due to market instability caused by the indictment of Adani Group's founder. Despite holding investor calls, Vedanta might postpone the offering until next week, hoping for yield stabilization. The delay highlights the broader market impact of the Adani situation, as investors exercise caution amidst the uncertainty. .. read more..
French Manufacturing Confidence Improves In November
Thursday, November 21,2024,03:30
The confidence among French manufacturers rebounded somewhat in November after weakening sharply in the prior month. The manufacturing sentiment index rose to 97 from 93 in October. However, the index is still below its long-term average of 100. The expected score was 95.0. All of the balances of opinion defining the climate have contributed to its rebound, except the general output prospects. .. read more..
Europe New Car Sales Recover In October
Thursday, November 21,2024,02:59
Europe's new car registrations increased in October after two consecutive declines, the European Automobile Manufacturers' Association, or ACEA, reported Thursday. New car sales registered a moderate growth of 1.1 percent, reversing a decline of 6.1 percent in September. The rebound was driven by robust performances in Spain and Germany. Registrations in Spain grew 7.2 percent from a year ago. .. read more..
Mainland Norway's GDP Expands 0.5% In Q3
Thursday, November 21,2024,02:44
The Mainland Norwegian economy expanded more than expected in the third quarter. Gross domestic product advanced 0.5 percent sequentially in the September quarter after rising 0.3 in the June quarter. Economists had forecast a stable increase. Meanwhile, overall GDP decreased 1.8 percent in the third quarter, reversing a 2.0 percent growth in the second quarter. .. read more..
Dutch Consumer Confidence Weakens, Jobless Rate Remains Stable
Thursday, November 21,2024,01:35
Consumers in the Netherlands remained somewhat more negative in November, while the unemployment rate held steady in October. The consumer confidence index dropped to -25 in November from -22 in October. Further, the indicator in November was well below the 20-year average of -10 points. .. read more..
Adani Green withdraws $600 million bond offering amid bribery allegations
Thursday, November 21,2024,00:45
Adani Green Energy Ltd. cancelled its $600 million bond offering. The offering was linked to a US court order related to bribery allegations against Adani Group executives. This is the second time Adani Green has withdrawn a bond issuance. .. read more..
European Economic News Preview: UK Public Sector Finance Data Due
Wednesday, November 20,2024,23:32
Public sector finances from the UK and new car registrations data from Europe are due on Thursday. At 2.00 AM ET, the Office for National Statistics releases UK public sector finance data for October. The budget deficit is expected to narrow to GBP 14.1 billion from GBP 16.6 billion in September. .. read more..
Adani scraps $600 million bond, other notes drop on US charges
Wednesday, November 20,2024,21:26
Adani Group canceled a $600 million bond offering after US prosecutors accused founder Gautam Adani of bribery. The charges allege Adani promised over $250 million in bribes to secure solar energy contracts. .. read more..
Adani Group scraps $600 million bond after US bribery charges against founder
Wednesday, November 20,2024,21:26
The Adani Group has scrapped a $600 million bond offering following US charges against its founder, Gautam Adani, for alleged bribery. The charges sent the group's US dollar bonds tumbling, reflecting investor concerns. Adani is accused of orchestrating payments to secure solar energy contracts in India. .. read more..
Adani dollar bonds tumble after US bribery charges
Wednesday, November 20,2024,21:12
Dollar bonds issued by Adani Group companies experienced a significant decline in early Asian trading on Thursday. This followed an indictment in New York against Gautam Adani, the conglomerate's chairman, on allegations of bribery and fraud. The price drop, the most substantial since February 2023, was triggered by U.S. .. read more..
Vedanta Resources may raise $1.2 billion to refinance debt
Wednesday, November 20,2024,19:39
The company is in talks with investors to raise $500 million in the coming weeks through a bond issue to partly refinance $606 million of outstanding 13.875% notes maturing in 2028. This is a re-tap of the bonds raised in September and the instrument is likely to be priced around 10.2%, where the bond is trading. .. read more..
BoB, Axis plan to raise Rs 6,500 crore via bond issues
Wednesday, November 20,2024,19:34
State-run Bank of Baroda will likely offer tier-2 bonds worth ₹3,500 crore for 15 years, while private lender Axis Bank is looking at raising ₹3,000 crore through tier-1 bonds. .. read more..
Adani Green Energy raises $600 million via 20-year bonds
Wednesday, November 20,2024,18:52
The company priced the bond at 7.45% and the proceeds of the issue will be used to refinance existing loan facilities of the company. The pricing of these bonds is much higher than the 7% targeted by Adani Green in the issue that was pulled out ultimately on October 15. Bankers said the more expensive pricing reflects the rise in the benchmark US treasury yield since that date. .. read more..
New Zealand Credit Card Data Due On Thursday
Wednesday, November 20,2024,17:34
New Zealand will on Thursday release October figures for credit card spending, highlighting a light day for Asia-Pacific economic activity. In September, card spending was down 3.2 percent on year. .. read more..
Sticky UK services inflation to keep BoE cutting gradually (for now)
Wednesday, November 20,2024,17:00
UK services inflation was a tad hotter than the economist consensus had expected in October. But at 5%, it’s only fractionally higher than in September and in line with the Bank of England’s (and our own) forecast. Interestingly though, when we drill down into the details, you discover that much of the recent stickiness is ... .. read more..
ECB warns of ‘bubble’ in AI stocks as funds deplete cash buffers
Wednesday, November 20,2024,17:00
The European Central Bank warned on Wednesday about a “bubble” in stocks related to artificial intelligence (AI), which could burst abruptly if investors’ rosy expectations are not met. The warning came as part of the ECB’s twice-yearly Financial Stability Review, a laundry list of risks ranging from wars and tariffs to cracks in the plumbing ... .. read more..
UK inflation jumps to 2.3%, underscoring BoE’s stance for gradual rate cuts
Wednesday, November 20,2024,17:00
British inflation jumped by more than expected last monthto riseback above the Bank of England’s 2% target and underlyingprice growth gathered speed too, showing why the BoE is moving cautiously oninterest rate cuts. Consumer prices rose by an annual 2.3% in October, pushed up almost entirelyby an increase in regulated domestic energy tariffs, after a ... .. read more..
In high-wage Germany, VW’s labour costs outstrip the competition
Wednesday, November 20,2024,17:00
As Volkswagen VOWG_p.DE and unions gear up for the next round of talks over wages and plant closures in Germany, company and industry data reviewed by Reuters show that the automaker spends a higher proportion of sales on labour costs than major rivals. The data, in an internal memo by Volkswagen’s works council reviewed by ... .. read more..
Taiwan October export orders beat forecasts on AI, China demand remains soft
Wednesday, November 20,2024,17:00
Taiwan export orders maintained strong momentum going into the final quarter by beating expectations for October, as the island benefits from demand for artificial intelligence (AI) technology, though also grappling with softness from China. Export orders rose 4.9% last month to $55.45 billion from a year earlier, the economy ministry said on Wednesday. That topped ... .. read more..
Euro zone negotiated pay growth accelerates in Q3, adding to rate cut caution
Wednesday, November 20,2024,17:00
Euro zone negotiated wage growth accelerated in the third quarter, adding to the case for caution in cutting interest rates quickly as the labour market remains tight despite some signs of cooling, data from the European Central Bank showed on Wednesday. Growth in negotiated wages picked up to 5.42%in the third quarter from 3.54% in ... .. read more..
Greece sees 2025 economic growth at 2.3%, lower fiscal deficit
Wednesday, November 20,2024,17:00
Greece’s economy will continue to rebound next year thanks to higher investment and tourism receipts, allowing the government to reduce its fiscal deficit, the finance minister said on Wednesday after submitting the 2025 budget to parliament. Athens is forecasting economic growth of 2.3% in 2025, it said on Wednesday, outperforming Europe’s major economies. That is ... .. read more..
Crude oil futures settled at $68.87
Wednesday, November 20,2024,14:37
Crude oil futures are settling at $68.87. That is down $0.52 or -0.75%. The weekly EIA inventory data today showed: Crude oil inventories build of 0.545Mvs build 0.138M estimate. Prior week +2.089 million Gasoline inventories build of 2.054M vs build 0.859M estimate. Prior week -4.407M Distillate inventories drawdown of -0.114M vs drawdown -0.020M estimate. Prior week -1.394M Cushing inventories drawdown of -0.140M vs. drawdown -0.688M last week. This article was written by Greg Michalowski at www.forexlive.com. .. read more..
US treasury sells $16 million of 20 year bond the high yield of 4.680%
Wednesday, November 20,2024,13:14
US treasury sell $16 billion of 20 bonds a high yield of 4.68%: High yield 4.68% WI level at the time of the auction 4.65%. Tail 3.0 basis points versus the six-month averages 0.1 basis points Directs (domestic buyers) 7.9% versus six with average of 17.2% Indirects 69.5% versus six-month average of 71.6% Dealers 22.6% vs six with average of 11.2% Auction Grade: F There are no redeeming qualities of the auction with low domestic demand, below average international demand, a tail of 3.0 basis points, well above the 0.1 bp average over the last 6 months. The Dealers are caught holding the bag and needed to distribute the balance. This article was written by Greg Michalowski at www.forexlive... .. read more..
Twenty-Year Bond Auction Attracts Well Below Average Demand
Wednesday, November 20,2024,13:09
The Treasury Department announced the results of this month's auction of $16 billion worth of twenty-year bonds on Wednesday, revealing the sale attracted well below average demand. .. read more..
India’s Q3 growth to pick up after festive boost, cenbank says in bulletin
Wednesday, November 20,2024,13:00
India’s economic growth is expected to pick up in the current quarter after a slowdown in July-September, the country’s central bank said in its monthly bulletin on Wednesday, citing a rebound in private consumption in the festive period. The Reserve Bank of India (RBI) projected third-quarter gross domestic product growth at 7.6%, faster than an ... .. read more..
Uncertainty clouds holiday shopping season after mixed forecasts from Walmart...
Wednesday, November 20,2024,13:00
Retailers are in for a mixed holiday season this year ahead of Black Friday and Christmas, marked by watchful consumers keeping big spending on a tight leash and vigilantly comparing prices on their mobile phones to look for the best deals on apparel, electronics and toys. Against this backdrop, bellwether Walmart WMT.N lifted annual sales ... .. read more..
China leaves lending benchmark LPRs unchanged, as expected
Wednesday, November 20,2024,13:00
China left benchmark lending rates unchanged at the monthly fixing on Wednesday, after lenders slashed the rates by higher-than-expected margins last month to revive economic activity. WHY IT’S IMPORTANT The steady monthly loan prime rate (LPR) fixings come within market expectations, as recent rate cuts squeeze banks’ profitability and the yuan comes under fresh pressure ... .. read more..
Putin, ascendant in Ukraine, eyes contours of a Trump peace deal
Wednesday, November 20,2024,13:00
Vladimir Putin is open to discussing a Ukraine ceasefire deal with Donald Trump but rules out making any major territorial concessions and insists Kyiv abandon ambitions to join NATO, five sources with knowledge of Kremlin thinking told Reuters. U.S. President-elect Trump, who has vowed to swiftly end the conflict, is returning to the White House ... .. read more..
US state payrolls numbers confirm the cooling jobs narrative
Wednesday, November 20,2024,13:00
State jobs numbers indicate a broad cooling Admittedly, this is a little bit niche at this stage, but I suspect it will become an important story over the next couple of weeks… The US state non-farm payrolls numbers have been released today and give us a guide as to how impactful Hurricane Milton was in ... .. read more..
The US treasury is to sell $16 billion of 20 year bonds at the top of the hour
Wednesday, November 20,2024,12:54
The US treasury will sell... well auction.... $16 billion of 20 year bonds at the top of the hour. The six-month averages of the major components shows: Bid to cover 2.60X Tail 0.1 bps Directs (domestic demand): 17.2% Indirects (international demand): 71.6% Dealers: 11.2% This article was written by Greg Michalowski at www.forexlive.com. .. read more..
European indices close lower
Wednesday, November 20,2024,11:42
The major European indices are closing lower. The German DAX and Italy's FTSE MIB is on a four-day losing streak. German DAX, -0.31% France's CAC, -0.43% UK's FTSE 100 -0.17% Spain's Ibex unchanged Italy's FTSE MIB -0.29% Looking at European benchmark 10 year yields: Germany 2.345%, unchanged France 3.097%, +1.1 basis points UK 4.473%, +2.6 basis points Spain 3.055%, +0.3 basis points Italy 3.575%, +2.2 basis points As London/European traders head for the exits, US stocks are weak and lower as well: Dow industrial average -112 points or -0.26% at 43156 S&P index -38 points or -0.65% at 5879 NASDAQ index -149 points or -0.79% at 18837 Russell 2000 is down -10.26 points or -0.44% and 23... .. read more..
U.S. Crude Oil Inventories Edge Modestly Higher
Wednesday, November 20,2024,10:42
Crude oil inventories in the U.S. saw a modest increase in the week ended November 15th, according to a report released by the Energy Information Administration on Wednesday. .. read more..
Weekly crude oil inventory data shows build of 0.545M vs 0.138M estimate
Wednesday, November 20,2024,10:31
The weekly EIA inventory data shows: Crude oil inventories build of 0.545Mvs build 0.138M estimate. Prior week +2.089 million Gasoline inventories build of 2.054M vs build 0.859M estimate. Prior week -4.407M Distillate inventories drawdown of -0.114M vs drawdown -0.020M estimate. Prior week -1.394M Cushing inventories drawdown of -0.140M vs. drawdown -0.688M last week. The private inventory data released late yesterday showed: Crude oil is trading at $69.21. That's down marginally on the day. This article was written by Greg Michalowski at www.forexlive.com. .. read more..
Weekly oil inventory data from the EIA is due soon. The private survey showed...
Wednesday, November 20,2024,10:12
As a heads up the private (API) survey released Tuesday afternoon showed a much bigger build than was exp[ected: Oil - private survey of inventory shows a large headline crude oil build vs expectations Coming up at 1030 US Eastern time (1530 GMT) is the data from the U.S. Energy Information Administration (EIA). The EIA publishes the Weekly Petroleum Status Report (WPSR) every Wednesday, providing a comprehensive overview of the nation's petroleum supply and demand. This report includes data on crude oil and refined products such as gasoline and distillates, detailing production, imports, exports, and inventory levels. It serves as a crucial indicator for market participants, offering ins... .. read more..
Broader indices trading lower to start the new trading day
Wednesday, November 20,2024,09:38
The broader US stock indices are trading lower to start the new trading day: S&P index -9.50 points or -0.16% at 5907 NASDAQ index -45 points or -0.26% at 18937.50 Dow industrial average up two points or 0.01% at 48274 Russell 2000 -5.87 points or -0.25% at 2318.91 Shares of Nvidia trading down $1.50 or -1.03% at $145.54 ahead of earnings after the close. What are the expectations Earnings Expectations Adjusted quarterly earnings: $0.74 per share versus $0.40 last year (85% YoY increase) Revenue: $33.2 billion versus $18.12 billion last year (84% YoY increase) Fiscal Q4 sales guidance: $37.7 billion (KeyBanc estimate, down from $40 billion) Fiscal Q4 earnings outlook: $0.83 per share ... .. read more..
US stocks are looking to open little changed ahead of Nvidia earnings after t...
Wednesday, November 20,2024,09:18
The major US stock indices are little changed in premarket trading. Earlier higher gains have been eroded ahead of the opening bell in around 14 minutes. Dow industrial average up 53 points S&P index up 0.77 points NASDAQ index +6.5 points Comcast is to spin off its cable networks. Shares of the company are up $0.28 or 0.66% Target financed earnings that disappointed. EPS came in at $1.85 versus $2.29. Revenues were $25.67 billion which was less than $25.87 billion expected. Shares are down $-27.38 or -17.55% at $128.97. Nvidia will announce earnings after the close. Shares are trading up $0.19 or 0.12% at $147.20 in premarket trading. In the US debt market, yields are higher: 2-year ... .. read more..
US Commerce award $1.5B to GlobalFoundries as part of the Chips Act
Wednesday, November 20,2024,09:14
The US Chips Act was a bipartisan supported legislation designed to incentivize the building of chip manufacturing in the US. TSMC and Intel have been some of the key beneficiaries and as such each are building new facilities for manufacturing. The awarding of $1.5 billion to global foundry's seems to be part of that chips act funding At risk is the change in administrations and the Trump preference to support tariffs over grants. As a result, U.S. officials are rushing to finalize $39B in Chips Act manufacturing grants, primarily for Intel, before President Biden's term ends. $30B remains tied up in complex negotiations, with Intel's share reaching up to $11.5B for projects in AZ, NM, OH... .. read more..
Portugal Producer Price Inflation Slows To 0.1%
Wednesday, November 20,2024,09:11
Portugal's producer price inflation eased in October to the lowest level in six months amid cheaper energy costs. The producer price index rose 0.1 percent year-on-year in October, slower than the 1.0 percent rise in September. On a monthly basis, producer prices dropped 0.8 percent in October after falling 0.9 percent in the preceding month. .. read more..
UK House Price Growth Rises In September
Wednesday, November 20,2024,07:34
UK house prices increased at a faster pace in September, data from the Office for National Statistics showed on Wednesday. .. read more..
ForexLive European FX news wrap: Dollar starts to perk up again
Wednesday, November 20,2024,07:28
Headlines: Dollar holds firmer in European morning trade USDJPY Technical Analysis – The JPY remains the weakest among the majors S&P 500 Technical Analysis – The path of least resistance remains to the upside ECB's de Guindos: Current low growth environment has more to do with structural policy ECB sounds warning on "bubble" in AI stocks in latest financial stability review UK October CPI +2.3% vs +2.2% y/y expected Eurozone negotiated wage growth seen accelerating in Q3 Germany October PPI +0.2% vs +0.2% m/m expected US MBA mortgage applications w.e. 15 November +1.7% vs +0.5% prior Economists see Trump tariffs to cut China GDP by around 0.5% to 0.9% next year Xi calls on Scholz to ... .. read more..
US MBA mortgage applications w.e. 15 November +1.7% vs +0.5% prior
Wednesday, November 20,2024,07:00
Prior +0.5% Market index 195.6 vs 192.4 prior Purchase index 136.0 vs 133.3 prior Refinance index 514.9 vs 506.0 prior 30-year mortgage rate 6.90% vs 6.86% prior Despite a continued rise in the average home loan rate, mortgage applications steadied in the past week with both purchases and refinancing activity showing a bounce. It's only a bit of a light comfort though, after having seen a sharp plunge in the first week of November. This article was written by Justin Low at www.forexlive.com. .. read more..
AI And Energy Transition Accelerate Capex Growth for Some U.S. Corporates
Wednesday, November 20,2024,06:00
Artificial intelligence (AI) and the secular energy transition will mean a high level of capital expenditures (capex) by U.S. corporates in 2025, says Fitch Ratings. Most sectors have sufficient operating cash flows to finance higher capex, but for utilities holding companies, widening negative FCF could pressure credit metrics in the coming years, unless funded in ... .. read more..
Trump 2.0 will see more European firms do a Holcim
Wednesday, November 20,2024,06:00
European corporate bosses may soon be following Jan Jenisch’s lead. In January, Holcim’s HOLN.S then-CEO announced he was splitting his U.S. business off from the rest of the Swiss building materials giant. President-elect Donald Trump’s return to the White House means that more companies could follow suit. Jenisch, who now chairs Holcim’s board, was motivated ... .. read more..
China is trying to fix its economy – Trump could derail those plans
Wednesday, November 20,2024,06:00
China has unveiled new measures aimed at boosting its flagging economy, as it braces for a second Donald Trump presidency. The country plans to tackle tens of billions of dollars of local government debt to prevent it being a drag on growth. Trump won the US election on a platform that promised steep import taxes, ... .. read more..
Blinders on’ but be prepared: In 2016, Fed took note of Trump’s plans
Wednesday, November 20,2024,06:00
Within weeks of Donald Trump’s 2016 election, U.S. Federal Reserve policymakers began mulling the impact of expected tax cuts and tariffs on the economy, penciling in rough estimates of what was to come, with some amongthem concluding higher interest rates may be needed to keep inflation in check. That included Jerome Powell, then a Fed ... .. read more..
US Post-Election Policy Changes May Have Implications for Europe’s Corporate ...
Wednesday, November 20,2024,06:00
Donald Trump’s election to the US presidency and the Republicans gaining control of both houses of Congress may mark a significant shift in US policy in many areas and affect several European corporate sectors, Fitch Ratings says. We will monitor the implementation of policy proposals and resulting credit implications for industries and rated issuers. Fitch ... .. read more..
Ukraine support is cheaper option for Europe
Wednesday, November 20,2024,06:00
Europe has many reasons, and enough funds, to keep supporting Ukraine. It could even make up for the lack of U.S. financing if President-elect Donald Trump withdraws all aid to the embattled country. Helping Kyiv resist Russia’s invasion won’t cost much in absolute terms to the European Union and the UK, just 0.2% in extra ... .. read more..
Eurozone Construction Output Falls 0.1%
Wednesday, November 20,2024,05:38
Eurozone construction output dropped 0.1 percent on month after remaining flat in August. The overall contraction in output was mainly driven by the 0.8 percent fall in construction of buildings and the 0.4 percent fall in specialized construction activities. Construction output in the EU also fell slightly by 0.1 percent on month and decreased 2.0 percent annually. .. read more..
Eurozone negotiated wage growth seen accelerating in Q3
Wednesday, November 20,2024,05:13
That's a bit problematic for the ECB as pay growth is seen accelerating once again. That is unlikely to put off a December rate cut though as the wages data here hasn't really translated to any significant reacceleration in consumer prices. So, the hope for policymakers is that wage pressures should fade going into next year. But we'll see. This article was written by Justin Low at www.forexlive.com. .. read more..
Indonesia Central Bank Retains Key Rate
Wednesday, November 20,2024,05:12
Indonesia central bank retained its interest rate for the second straight meeting on Wednesday after lowering the rate in September. .. read more..