Analytics, 07 October 2019
Daily comment Oct 7
- Wall St opens lower on trade concerns ahead of upcoming talks
- FB -1% as another Libra partner leaves
- UBER +1.2% on rating upgrade
- HSBC to cut 10k jobs
- Brexit deadlock continues
- WTI +1.0% on supply concerns
Market movers:
- Facebook (-1%): PayPal officially pulled out from Libra cryptocurrency initiative. (https://on.wsj.com/2oUe706)
- Uber (+1.2%): Citi upgraded company rating to “buy”, maintaining a TP at $45 (51.7% upside). (https://cnb.cx/2ARQzvj)
- HSBC (-0.1%): According to FT, the Co. is planning to slash 10k jobs in a cost-cutting move. (https://on.ft.com/2Is8c9m)
Macro:
- US and China will resume trade talks on 10 Oct in Washington. Several reports suggest China has limited a range of topics it’s planning to discuss during the meeting. (https://bloom.bg/2nrjjrU)
- EU officials question timing of Brexit as significant changes in the latest plan must be made. UK PM however is still insisting the country will leave the block on time. (https://bloom.bg/3397Ax7)
Commodities:
- WTI (+1.0%): Nigeria halted one of the pipelines that runs to export terminal due to leaks. (Bloomberg)
- The combined net-long positions on WTI and Brent dropped 17% to 388.7k contracts in the week ended Oct 1. (https://bloom.bg/2LRyh3G)
Coming up:
- On Tue (10/8): Fed Chairman Powell speaks on the final day of NABE’s annual conference in Denver
- On Wed (10/9): Minutes on the latest Fed’ meeting will be released
- On Thu (10/10): The US CPI data are due