Analytics, 16 September 2019
Daily comment Sep 17
Daily comment Sep 17
- Wall St opens mixed ahead of Fed rate decision this week
- AAPL +0.2% on solid pre-orders
- WeWork to delay IPO; MTCH +1.2% on “buy” initiation // WTI -5.0%.
Market movers:
- Apple (+0.2%): According to analyst Ming-Chi Kuo, Apple are showing strong pre-orders, even in China. Some other Wall St analysts are also predicting healthy sales start. (https://reut.rs/2mjLzf8)
- WeWork decided to postpone IPO to 30 Oct amid investors’ pressure following recent discount to company’s valuation. WeWork bonds dropped following the news. (https://on.wsj.com/2kFp6sz)
- Match (+1.2%): Citi initiated company with a “buy” rating labeling the stock “high risk. The bank set TP $95 implying 25% upside. (https://on.mktw.net/2kNEGlN)
Macro:
- According to Chinese state-run media, the low-level delegation will arrive in Washington on Wed to lay the groundwork for the principal level meeting. (https://bit.ly/2kkEaLP)
- US industrial production grew 0.6% m/m in August vs est. +0.2% and -0.2% in July. (Bloomberg)
- UK Supreme court started hearings on Boris Johnson’s Brexit strategy. Among others, the court will review the lawfulness of Parliament suspension decision. (https://bloom.bg/2kQwZLz)
Commodities:
- WTI (-5.0%) on uncertainty over oil output. Saudi’ Aramco oil production could take months to restore. The company already warned some customers of possible October loadings delay. (https://bloom.bg/2klDK7X)
- Saudi Foreign Minister said the attacks cut 50% of Aramco production. Initial investigation showed the weapons used in the attack were Iranian. (https://on.ft.com/2kEqg7E)
- Saudi EnMin will hold a press conference today at 1:15 PM (EST) to clarify the situation. Saudi’s OPEC+ colleagues are also waiting for briefing on oil outage. (https://reut.rs/2mkSl4i)
Coming up:
- FOMC decision on Wed 9/18
- BoJ decision on Thurs 9/19