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OFFON

Romain
Fournier

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GLOBAL MARKETS LIVE: Facebook, The Fed, Reckitt Swiss Re…

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07/11/2019 | 09:40am EDT

On today's agenda, Fed President Jerome Powell adopts a very negative rhetoric towards Facebook's Libra, while a German bank is being investigated in the United States. We also talk about the cancellation of the IPO of Swiss Re's British subsidiary due to a lack of investor support. U.S. equity-index futures, European and Asian stocks rise.

U.S. MARKETS:

S&P 500 futures up 0.2% to 3,002.75
Brent Futures up 0.7% to $67.47/bbl
Gold spot up 0.3% to $1,422.57
U.S. Dollar Index down 0.2% to 96.89

GLOBAL NEWS:

Earnings season. Fast Retailing, Delta Air Lines, Entergy, Fastenal, DNB, Norwegian, Barry Callebaut, Deutsche Lufthansa and Bossard are among companies reporting earnings today.

$5 billion. Qatar Airways has confirmed its order for five Boeing 777F aircraft, on top of signing multiple engine and maintenance contracts with GE Aviation. It said the deals are worth more than $5 billion.

The Fed is tightening the screw on cryptos. Fed President Jerome Powell adopts a very negative rhetoric towards Facebook’s Libra. "I don't think the project can go forward (...) without broad approval on how the company responds (to concerns) about money laundering, and all these types of questions," Powell said. An announcement that weighed on Bitcoin but not on the title of the famous social network, which closed up. The Libra project raises many questions, particularly for central banks, whose power could be shaken, and even for the dollar, whose hegemony is obviously a major economic tool for Washington.

In all the good moves. U.S. authorities are investigating Deutsche Bank's role in the 1MDB case, according to the Wall Street Journal. The "DoJ" (Department of Justice) is investigating whether the German bank has been guilty of money laundering in this scandal, which is spreading to several institutions, including Goldman Sachs.

Vigilance. The United States opened an investigation against France after the decision to introduce a tax on tech giants, raising concerns about retaliatory measures on certain products.

Balance of all accounts. Reckitt Benckiser has agreed to pay $1.4 billion to the U.S. authorities in exchange for the termination of proceedings in the Suboxone marketing and promotion conditions case, distributed by its former subsidiary Indivior. The group will increase its provisions from $400 million to $1.5 billion.

No IPO. Swiss Re has postponed the initial public offering of its British life insurance subsidiary, ReAssure, due to a lack of investor interest.

In other news. Moody's confirmed on Wednesday Telecom Italia's debt rating of "Ba1", but lowered its outlook from "stable" to "negative". Ryanair's boss questioned the major disruptions to be feared in the British air transport sector in the event of Brexit without agreement. McAfee is considering returning to the stock market for a valuation of some $5 billion. Atlantia is considering taking a 35 to 40% stake from Alitalia for about 300 million euros, according to Il Sole 24 Ore. Lalique raised 48 million francs thanks to its capital increase. Bandai Namco makes a surprise entrance into the Nikkei 225.
Stocks mentioned in the article
ChangeLast1st jan.
BANDAI NAMCO HOLDINGS INC -0.16% 6280 End-of-day quote.31.24%
BARRY CALLEBAUT -0.05% 1955 Delayed Quote.25.60%
BITCOIN - UNITED STATES DOLLAR 0.53% 10166.744 End-of-day quote.164.66%
BOEING COMPANY (THE) 4.24% 354.41 Delayed Quote.9.89%
BOSSARD HOLDING AG -4.14% 127.5 Delayed Quote.-7.30%
DELTA AIR LINES INC. -0.09% 57.96 Delayed Quote.16.25%
DEUTSCHE LUFTHANSA AG -0.07% 14.69 Delayed Quote.-35.99%
DJ INDUSTRIAL 0.19% 26252.24 Delayed Quote.12.54%
DNB 8.15% 166.55 End-of-day quote.0.00%
ENTERGY CORPORATION -0.32% 111.31 Delayed Quote.29.33%
FACEBOOK -0.82% 182.04 Delayed Quote.38.87%
FAST RETAILING CO LTD -0.38% 63230 End-of-day quote.16.88%
FASTENAL 0.00%End-of-day quote.0.00%
LALIQUE GROUP SA 0.51% 39.8 Delayed Quote.-20.49%
LONDON BRENT OIL -0.17% 59.96 Delayed Quote.10.34%
NASDAQ 100 -0.33% 7707.427106 Delayed Quote.21.08%
NASDAQ COMP. -0.36% 7991.388419 Delayed Quote.19.79%
NIKKEI 225 0.05% 20628.01 Real-time Quote.3.31%
NORWEGIAN CRUISE LINE HOLDINGS -0.79% 50.5 Delayed Quote.19.13%
RECKITT BENCKISER GROUP PLC -1.70% 6119 Delayed Quote.1.76%
S&P 500 -0.05% 2922.95 Delayed Quote.16.66%
SWISS RE 1.04% 89.02 Delayed Quote.11.28%
TELECOM ITALIA 0.77% 0.4598 End-of-day quote.-7.47%
US DOLLAR INDEX -0.13% 98.17 End-of-day quote.1.54%

Romain Fournier
© MarketScreener.com 2019
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