Analytics, 12 November 2019
Daily comment Nov 12
- Wall St opens flattish ahead of Trump speech
- Disney + goes live today
- Visa to take minority take in Interswitch
- BA -1.3%, to return 737 Max deliveries in Dec
- Burger King launched meatless burger in Europe
- Gold and Yen slip
- WTI +0.7%
Market movers:
- Disney (+0.9%): The Co’ long-anticipated streaming service launched today with a subscription cost of $6/month. DIS sees ~60mn-90mn subscribers by 2024. (https://cnb.cx/34Tohh1)
- Visa (+0.4%): The Co. plans to acquire a “significant minority” stake in Nigeria-based payments platform Interswitch. (https://cnb.cx/32Ec7Y2)
- Boeing (-1.3%): Boeing 737 Max deliveries could restart as soon as December. (https://cnb.cx/2CAxQVZ)
- Burger King (QSR: +1%): The restaurant chain launched a vegetarian Whopper across the Europe. (https://reut.rs/2CymguH)
Macro:
- President Trump will give a trade speech at the NY Economic Club at 12:00 PM (EST). (https://bloom.bg/34V6nus)
- The Trump administration is expected to delay EU auto-tariffs again this week. (https://bloom.bg/2KejJtP)
- BofAML’ Fund Manager Survey for November showed the fund’s cash level dropped to 4.2% from 5%. (https://reut.rs/2NI0L0N)
Commodities:
- WTI (+0.7%): Oil rose on hopes for positive trade comments from Trump today.
- US crude inventories probably fell 1.2mn bls in the week ended 8 Nov. (https://tmsnrt.rs/36YuA4L)
- Morgan Stanley sees the crude oil price dropping by ~30% to $45 in case of no action from OPEC+. Citigroup and BNP forecast a barrel price at ~$50. (https://bloom.bg/36WwwL9)
Coming up:
- On Wed (11/13): Fed Chairman Powell addresses the Joint Economic Committee of Congress in Washington