Analytics, 29 September 2019
Daily comment Sep 30
Daily comment Sep 30
- Wall St opens higher after US denied implying China investment limits
- AAPL +1.3% after JPM raised TP to $265
- FB might delay launch of Libra
- Forever 21 went bankrupt
- Chinese manufacturing PMI better than expected
- WTI -1.4%
Market movers:
- Apple (+1.3%): JPM raised its TP from $243 to $265 (21% upside). Analysts forecast stronger iPhone volume as well as improved investors sentiment. (https://cnb.cx/2mh4nfd)
- Facebook (+0.2%): FB said it may be forced to delay the launch of its Libra cryptocurrency due to regulatory opposition. (https://reut.rs/2mnxP39)
- Forever 21 filed for bankruptcy on Sunday, saying the restructuring will allow it to focus on the profitable core part of its operations and shut some international locations. (https://reut.rs/2ov82a1)
- BP (-0.2%): CEO Bob Dudley is planning to step down within 12 months. (http://bit.ly/2om4S8D)
Macro:
- White House denied plans on delisting of Chinese companies from US exchange this time. (https://bloom.bg/2mVfKtR)
- Chinese manufacturing PMI came at 49.8 vs est. 49.6 and the Caixin manufacturing PMI - at 51.4 vs est. 50.2. (Bloomberg)
- House Democrats said they would take necessary steps to initiate president impeachment by the end of the year. (https://wapo.st/2noKZgC)
Commodities:
- WTI (-1.4%): Saudi Arabia restored production to 9.8ml bls/d, the level just before the attacks. (https://on.wsj.com/2ngGWmq)
- A war between Saudi and Iran would lead to a “total collapse of the global economy”, Saudi Prince said. (https://bloom.bg/2n68Fq9)
- US working oil rigs declined by 6 last week to 713, the lowest since May 2017. - Baker Hughes. (https://bit.ly/2mh63p2)
Coming up:
- WTO decision on US tariffs on EU goods over Airbus case is expected this week.