Analytics, 30 September 2019
Daily comment Oct 1
Daily comment Oct 1
- Wall St opens higher ahead of manufacturing data
- Chinese market closed until 7 Oct for the holiday
- AAPL +1.3% on Tim Cook’s positive iPhone sales comments
- AMZN +1.0% on cashierless technology plans
- WeWork withdraws its IPO
- Bond sell-off spreads outside Japan
- WTI +1.0%
Market movers:
- Apple (+1.3%): Tim Cook said in an interview that he’s happy with a strong start of iPhone 11 sales. (https://bit.ly/2mGZE6Y)
- Amazon (+1.0%): The Co. in talks to implement its cashierless technology in airports and cinemas. (https://cnb.cx/2oPG9d4)
- WeWork filed for IPO withdrawal a week after CEO Adam Neumann stepped down. (https://reut.rs/2mtHHss)
- Treasury yields surge across the globe after lackluster Japan bond sales. The country said it might limit bond buying program. US 10-y yield +6.45bps to 1.74%, German 10-y yield +5bps to -0.52%, Japan 10-y yield +6bps to -0.15%. (https://bloom.bg/2oVCYk7)
Macro:
- According to Bloomberg, China bought ~1mn US soybeans for this year shipment after the latest tariff waivers. (https://bloom.bg/2o8i54S)
- Euro-area inflation slowed to 0.9% in Sep, vs est. 1%. Core CPI: 1% (in line with est.). (https://bloom.bg/2mDkjc3)
- Eurozone manufacturing PMI for Sep: 45.7 vs est. 45.6. German PMI of 41.7 was the weakest since financial crisis in 2009. (https://bloom.bg/2mx8Mea)
- WTO slashed its global trade growth outlook to 1.2% from 2.6% prior amid US-China trade uncertainty. (https://reut.rs/2mxmRbw)
Commodities:
- WTI (+1.0%): OPEC production fell 1.59mn bpd to 28.3mn bpd in September after Saudi’ oil disruption. (https://bloom.bg/2mGkoM6)
Coming up:
- Chicago Fed President, Fed Vice Chairman and Fed Governor are all scheduled to speak later today.
- Tesla deliveries are expected to be released this week.